Overview 1 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. Limon The Limon Epithermal Target is a high-grade system covering 1.7km x 0.7km with mineralisation extending from surface to at least 250m deep. During November 2023, successful drilling programs (see results discussed below) resulted in an initial Exploration Target for the atsurface Limon epithermal discovery, reported in accordance with the JORC Code, of between approximately 30 and 44Mt at a grade between 0.9 and 1.2g/t AuEq (gold + silver) for contained metal of between 0.9Mozs and 1.7Mozs AuEq. Located 2.7km north-east of the Brama-Alba gold-copper deposit, the Limon opportunity is emerging as a potential strategy to deliver a lower capital cost standalone operation or a starter pit for the large-tonnage Bramaderos gold-coppersilver porphyry development. Several holes drilled during 2023-24 highlighted the significant potential of the Limon Central Shoot. Hole LMDD026 was reported on 3 July 2023 and returned 185m at 2.85g/t AuEq1 (2.67g/t gold and 15g/t silver) from 90m, including 31m at 12.93g/t AuEq1 (12.53g/t gold and 32.7g/t silver from 146m). This mineralisation extends through to surface and is representative of the very compelling Central Shoot. Current geological interpretations suggest that strong mineralisation occurs at Limon where structures of different orientation intersect one another, and where there is evidence of brecciation. Other holes drilled during the year include; – LMDD030 intersected 42m at 3.9g/t AuEq1 (3.37g/t gold and 43.3g/t silver) from 152m within 243m at 1.32g/t AuEq1 (1.11g/t gold and 16.9g/t silver) from 46m; – LMDD038 intersected 180.1m at 0.96g/t AuEq (0.87g/t gold and 7.7g/t silver) from 6m, including 88.1m at 1.50g/t AuEq1 (1.36g/t gold and 11.6g/t silver) from 98m, and including 5.0m at 6.27g/t AuEq1 (5.29g/t gold and 80.6g/t silver) from 102m, and 5.3m at 5.74g/t AuEq1 (5.41g/t gold and 27.4g/t silver) from 158m – LMDD040 intersected 269m at 1.05g/t AuEq1 (0.82g/t gold and 18.5g/t silver) from 74m, including 124m at 1.93g/t AuEq1 (1.54g/t gold and 31.8g/t silver) from 190m, and including 11.0m at 14.15g/t AuEq1 (12.33g/t gold and 149.3g/t silver) from 280m Trenching programs followed to further define mineralisation at surface to guide future drilling programs and to feed into, at the appropriate time, a maiden Mineral Resource estimate. These trenching programs delivered some very promising results such as 7.1m @ 3.0 g/t gold, and 2.8 g/t silver in ENE trending epithermal veins in LM-04; 18.0m at 4.8g/t gold and 6.1g/t silver, including a peak result of 2.0m at 32.9g/t gold and 29.5g/t silver in LM-05; 7.9m at 3.2g/t gold and 8.9g/t silver, also in LM-05 and open at the end of trench; and 2.0m at 5.9g/t gold and 1.0g/t silver in LM-06; 3.9m at 8.4 g/t gold and 191.8 g/t silver in LM-07b, including 1.9m at 16.2g/t gold and 376g/t silver; and 2.2m at 6.2g/t gold and 19.9g/t silver in LM-07. Interpretation of previous drilling, ongoing analysis of the process for moving from Exploration Target to an MRE, and the recent trenching results delivered into another round of drilling in mid2024. In August 2024, strong assay results from recent drilling in the Central Shoot reported 50.85m at 1.43g/t AuEq (1.01g/t gold and 34.0g/t silver) from 135.15m in hole LMDD051, and included 5m at 5.81g/t AuEq (3.38g/t gold and 199.4g/t silver). Hole LMDD051 also included high silver grade of 1,610g/t over 0.45m from 145m. Other highgrade results from the recent drilling program demonstrate that mineralisation extends into new areas and strengthens the geological model ahead of a resource estimate. Outstanding assays received during the year from trenching in the Western Target, including 3.9m @ 8.4g/t gold and 191.8g/t silver in trench LM-07b, highlight the potential for a significant extension of the mineralisation outside of the Central Shoot. Several of these additional targets within the broader Limon epithermal area are being worked up to drill status. Operating Review continued 7 Sunstone Metals Limited Annual Report 2024
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