Project Overview BRAMADEROS GOLDCOPPER PORPHYRY PROJECT (SUNSTONE 87.5%) The Bramaderos Project is ideally located immediately adjacent to the Pan American highway in Loja province, southern Ecuador, some 90km (1.5-hour drive) from the city of Loja, and within reasonable distance of available hydroelectric power, supporting the economics of potential development opportunities. The project has gentle topography with an average elevation of around 1,100m above sea level and is also supported by nearby commercial airports and significant population centres like the city of Loja. The project employs members of the local communities and has ongoing community support. Brama-Alba target During the year, a significant discovery was achieved at the Alba target with assays returning 111m at 2.3g/t gold, including 7.2m at 26.9g/t, from hole BMDD012 (see ASX announcement dated 18 November 2021). The Alba gold-copper porphyry discovery at Bramaderos hosts grades in line with or better than those seen in many gold-copper porphyries around the world. The system is consistently well mineralised with local higher grades of a significant scale which now measures at least 300m in diameter and a vertical extent exceeding 400m (see ASX announcement dated 17 March 2022). The results at Alba have extended the scale of the combined Brama-Alba target with the system currently at least 1,100m x 400m lateral dimension and a vertical extent of at least 400m. Mineralisation grade is variable within this envelope with discrete higher-grade sub-vertical domains enclosed within broader mineralised diorite. Some of these higher-grade domains extend to surface (Figure 3). During the year 22 holes were drilled at Brama-Alba for 12,386m. The potential for Brama-Alba to host a substantial gold-copper porphyry system is being reinforced with ongoing drilling. There is also potential for this system to extend significantly towards adjacent targets Melonal and Playas (Figure 4). Drilling at the Bramaderos project will continue throughout 2022 and be spread across several target areas. At Brama it is expected that 1 drill rig will continue drilling at least 5 holes for a total of ~2,000m. At Alba, at least 6 holes are planned for a total of ~2,400m. Drilling will also be undertaken at Limon (commenced during June) and complete at least 6 holes for ~3,500m. Planning for drilling is also underway at the Melonal (located southwest of Alba) and Sandia targets where at least one hole for ~500m is expected at each target. The drilling programs at Brama-Alba will form the basis for an initial Mineral Resource Estimate (MRE). The goal of this MRE is to establish an initial resource estimate that can then be expanded as exploration continues at Brama-Alba and the other nearby targets such as Limon, Playas, Melonal, and Sandia. SUNSTONE METALS LIMITED ANNUAL REPORT 2022 5 Sunstone Metals Limited Annual Report 2022
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