Introduction Sunstone Metals Limited (“Sunstone” or “Company”) is an ASX-listed mineral exploration company with two world-class gold and copper projects in Ecuador: – The Bramaderos Project is located in southern Ecuador and has a 10Moz+ Exploration Target for the gold-copper porphyry deposits (including a 2.7Moz-qu Mineral Resource at Brama-Alba) and 0.9-1.7Moz Exploration Target at the Limon gold-silver epithermal system. The current drilling activity is focused on progressing Limon to a Mineral Resource and represents a near-surface high-grade goldsilver development opportunity. – The El Palmar Project is located in northern Ecuador, 60km north-west of Ecuador’s capital Quito. The property sits on the regionally significant Toachi Fault Zone that hosts a number of world-class copper porphyry systems. The Project has both at-surface and deeper porphyry systems and drilling to date has demonstrated a pathway to a large starter open pit development opportunity. The Company anticipates releasing a maiden Mineral Resource estimate in late 2024. Strategy The porphyry projects at Bramaderos and El Palmar have the potential to evolve into multi-decade gold-copper mining centres. At Bramaderos, the Limon epithermal deposit has been prioritised as a potential near-surface highgrade gold-silver development opportunity. This strategy allows for a scalable operation to be established first before developing the much larger porphyry gold-copper-silver opportunities at Bramaderos. The Company continues to evaluate potential new opportunities to continue to grow our business in Ecuador where clear shareholder value can be demonstrated. It is also evaluating potential partnerships for its projects where this may maximise the value of the portfolio. Overview Operating Review Track Record The team at Sunstone has been involved in significant discoveries of porphyry and epithermal copper-gold mineralisation at Tujuh Bukit in Indonesia and Cascabel in Ecuador, and the successful development of the King of the Hills Gold Mine in Western Australia and Koniambo Nickel Mine and Smelter in New Caledonia. The Company continues to attract specialist resources executives and is well-placed to repeat that success at Bramaderos and El Palmar. Excellent infrastructure All projects are supported by established infrastructure close to power, road and rail infrastructure and ports. Community support The Board and Management Team take their responsibilities to the host communities seriously and have endeavoured to implement the highest ESG standards from Day 1. Sunstone released its inaugural Sustainability Report in 2023, which details the level of support and engagement with local communities and project stakeholders. 4 Sunstone Metals Limited Annual Report 2024
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