Sunstone Metals (STM) RRS Gold Coast 2025 summary

Strategic direction and project overview

• Focus on value realization and maximizing the potential of two major gold-copper projects in Ecuador.

• Both projects, Bramaderos and El Palmar, have a combined resource of 4 million oz, with exploration targets exceeding 10 million oz each.

• Expectation for both projects to produce over 400,000 oz gold equivalent per year for multiple decades at all-in sustaining costs below $1,000/oz.

• Team includes experienced leaders with a track record of developing large-scale mining assets.

• Ecuador is positioned as a rapidly emerging copper and gold producer with strong government support.

Project specifics and operational advantages

• El Palmar sits on the Toachi Fault system, with a current resource of 1.2 million oz and an exploration target of 15–45 million oz.

• Bramaderos in southern Ecuador has a 2.7 million oz resource, with expectations to grow to at least 10 million oz.

• Both projects benefit from low-cost energy and labor, and Ecuador’s use of the US dollar provides inflation protection.

• Infrastructure advantages include proximity to highways, rivers, and power, plus supportive local communities.

• Mining potential is enhanced by low strip ratios and easy access to ore bodies.

Market context and financial outlook

• Recent $600 million acquisition in Ecuador highlights the region’s attractiveness for mining investment.

• Comparable projects in Ecuador, such as Fruta del Norte, demonstrate high profitability and significant market valuations.

• Gold and copper prices are expected to remain strong, further improving project economics.

• Current market cap is $130 million, with a valuation of $31/oz, significantly below peers.

• Cash position is stable, with ongoing option exercises keeping the company cash neutral.