Overview Chairman’s Review A year of significant growth On behalf of the Board of Directors, it is my pleasure to present the 2023 Annual Report for Sunstone Metals Limited (‘Sunstone’ or ‘Company’), and to thank all shareholders for your continued support of Sunstone. Dear Fellow Shareholders, It has been a year of significant growth for the Company highlighted by two globally significant discoveries. At Bramaderos in Southern Ecuador, Sunstone announced the initial Mineral Resource Estimate in December 2022 for Brama-Alba, along with an additional Exploration Target, with the ultimate goal of defining a 10 million ounce gold district. Subsequent to this, a near surface high grade gold silver epithermal target at Limon was discovered which highlights the potential for a significant increase in the overall size and grade of the Mineral Resource estimate at Bramaderos. At El Palmar in Northern Ecuador, where the Company currently holds a 70% interest and is acquiring a 100% interest through a staged acquisition agreement, extremely promising assay results have been received in the first hole drilled into the very large T3 target showing substantial gold and copper widths and grades in line with other prominent porphyry deposits globally. The Sunstone El Palmar targets are located in the same structural belt hosting the 2.6Bt Alpala coppergold deposit (within the Cascabel project owned by SolGold) and bear many geological similarities, including the same geological age, with the Alpala system. The Company continues to grow its footprint in Ecuador in line with its aspirations to become a safe and responsible discoverer and developer in the porphyry copper gold space. In 2022 Sunstone signed a Staged Acquisition Agreement to acquire the Verde Chico Project located to the west of El Palmar. The Company has built a team in the junior resource sector that we believe is second to none. The teams previous work in Ecuador and overseas has led to significant discoveries and shareholder value growth, and the Sunstone team will work towards repeating that success at Bramaderos and El Palmar. During the year, the company monetised the remaining balance of its investment in Swedish listed copper development company, Copperstone Resources AB (listed on Nasdaq Sweden First North) which realised cash of approximately $1.9 million through sale of shares. In addition, a successful Placement was undertaken in May 2023 to raise $12 million before fees. At the end of the financial year the Company held $10.3 million in cash, providing a healthy cash balance for the Company. 2 Sunstone Metals Limited Annual Report 2023
RkJQdWJsaXNoZXIy MjE2NDg3