Overview Operating Review continued Bramaderos Mineral Resource The initial Mineral Resource estimate (MRE), from the Brama-Alba target, reported in accordance with the JORC Code2 is 156Mt at 0.53g/t AuEq (0.35g/t gold and 0.11% copper), for 2.7Mozs AuEq3 (see Table 1 below for more detail). Preliminary pit optimisation was applied to the deposit to constrain the MRE and demonstrate the potential to be mined economically by open pit methods. In addition to this MRE, the Bramaderos project has a porphyry Exploration Target reported in accordance with the JORC Code. It consists of between approximately 255 and 360Mt at a grade between 0.40 and 0.74g/t AuEq3 (gold + copper) for contained metal of between 3.3Mozs and 8.6Mozs AuEq3 (see Table 2). Further, an initial Exploration Target for the Limon epithermal gold-exploration target was developed during the year in accordance with the JORC code consists of 0.9Moz to 1.7Moz AuEq within 30 to 40Mt at a grade of 0.9 to 1.2g/t AuEq4 (see Table 3). Table 1 - Mineral Resource estimate at various cut-off grades Cut Off AuEq (g/t) Tonnage (Mt) AuEq (g/t) AuEq (Moz) Au (g/t) Au (Moz) Cu (%) Cu Metal (Kt) Ag (g/t) Ag Metal (Moz) 0.2 176 0.50 2.8 0.33 1.9 0.10 180 1.2 7.0 0.3 156 0.53 2.7 0.35 1.8 0.11 169 1.3 6.5 0.4 117 0.59 2.2 0.40 1.5 0.12 138 1.4 5.1 0.5 75 0.68 1.6 0.46 1.1 0.13 97 1.4 3.5 The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement for the Mineral Resource estimate and Exploration Target referred to above and, that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. The potential quantity and grade of the Exploration Target is conceptual in nature as there has been insufficient exploration to estimate a Mineral Resource for the target area reported. It is uncertain if further exploration will result in the estimation of a Mineral Resource for an Exploration Target. 2 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The JORC Code, 2012 Edition. Prepared by: The Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC). 3 The gold equivalent calculation formula for porphyry gold-copper-silver mineralisation is AuEq(g/t) = (Au grade x Au price x Au recov / 31.1035) + (Ag grade x Ag price x Ag recov / 31.1035) + (Cu grade x Cu price x Cu recov / 100)) / (Au price x Au recov / 31.1035). The prices used were US$1,800/oz gold and US$9,500/t copper and US$22/oz silver. Recoveries are estimated at 89% for gold, 85% for copper, and 60% for silver based on metallurgical studies. In Sunstone’s opinion all the elements included in the metal equivalents calculation have reasonable potential to be recovered and sold. 4 The gold equivalent calculation formula for epithermal gold-silver mineralisation is AuEq(g/t) = Au(ppm) + (Ag (ppm)/82). The prices used were US$1,800/oz gold and US$22/oz silver. Recoveries are estimated at over 90% for gold and 90% for silver from metallurgical studies. 14 Sunstone Metals Limited Annual Report 2024
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