Sunstone Metals (STM) Q2 2026 TU earnings summary

Executive summary

• Bramaderos Mineral Resource Estimate (MRE) increased by 900,000oz AuEq to 3.6Moz AuEq, a 33% rise year-over-year, with 600,000oz AuEq now in the Indicated category, supporting an open-pit scoping study.

• El Palmar project released a maiden MRE of 1.2Moz AuEq at the T1 target, with significant exploration targets identified across multiple porphyry systems.

• Drilling to resume at Bramaderos in the March quarter, targeting Melonal, Copete, and Porotillo.

• Partnership and corporate transaction discussions are ongoing, with RBC Capital Markets appointed as financial advisor.

Financial highlights

• Cash at 31 December 2025 was $7.8 million.

• $8 million raised via share placement in December 2025, with $0.5 million from exercised options during the quarter.

• Exploration expenditure for the quarter was A$1.6 million; corporate and other expenditure was A$0.6 million.

• No sales revenue generated; funding primarily from equity issuance.

Outlook and guidance

• Drilling programs planned for Melonal, Copete, and Porotillo at Bramaderos, and further exploration at El Palmar and Verde Chico.

• Scoping study for Bramaderos open-pit development set for completion in the June quarter.

• Estimated 3.5 quarters of funding available based on current cash and outgoings.