Overview Chairman’s Review Pursuing resource growth and partnerships Dear Fellow Shareholders, The emergence of Limon as a potential high-grade initial open pit opportunity provides a pathway to unlocking the value of the potentially world-class Bramaderos Project. The past year has been pivotal for Sunstone as we have sought to take advantage of our significant gold and copper projects in the rapidly emerging mining jurisdiction of Ecuador. Solid progress has been made at both the Bramaderos and El Palmar Projects. As a result, we are looking to establish maiden Mineral Resources at both El Palmar and Limon (part of Bramaderos, complementing the Brama-Alba Resource of 2.7Moz). There have also been important changes at Board and Management level, with Patrick Duffy appointed Managing Director and CEO in April 2024, Neal O’Connor appointed Non-Executive Director in April 2024, and more recently the announcement in September 2024 to transition the Chair of the Board to Malcolm Norris. During the year, continued drilling at Limon revealed extensive gold and silver mineralisation across a very shallow epithermal system. Strategically, this is an important strategic step in unlocking the value both at Limon and the adjacent large-scale gold-copper-silver porphyry systems at Brama-Alba. The proposed strategy would be to develop Limon first as a lower capital cost operation, and provide the revenues and balance sheet to subsequently develop the large gold-copper porphyries at Brama-Alba and Melonal. Drilling at Limon during the period has further expanded the areas of known mineralisation. Although activities have been concentrated on the Central Shoot, encouraging trenching results at other areas within the broader Limon system suggest there may be a much larger mineralisation footprint at Limon. With exploration activities planned for Melonal, a highly prospective exploration target next to the established Brama-Alba mineral resource, the Bramaderos region is emerging as a significant gold-copper opportunity with a practical strategy to develop the at-surface epithermals to support the longer-term development of the extensive gold-copper porphyries which also occur at surface and extend to depth. On behalf of the Board of Directors, it is my pleasure to present the 2024 Annual Report for Sunstone Metals Limited (‘Sunstone’ or ‘Company’), and to thank all shareholders for your continued support of Sunstone. 2 Sunstone Metals Limited Annual Report 2024
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