Overview Operating Review continued El Palmar Mineral Resource and Exploration Target The initial MRE, from the T1 target only, is 64Mt at 0.60g/t AuEq11 (0.41g/t gold, 0.13% copper and 0.7g/t silver) for 1.2Mozs AuEq1 at a cut-off grade of 0.4g/t AuEq11 (reported in accordance with the JORC Code12, see Table 4 below for more details). Preliminary pit optimisation was applied to the deposit to constrain the MRE and demonstrate the potential to be mined economically by open pit methods (Figures 7 and 8). A very low strip ratio is implied by the block model geometry within the pit. Table 4 – El Palmar Mineral Resource estimate at various cut-off grades (Total as both Indicated and Inferred) Average Grade Material Content Material Cutoff AuEq (g/t) Tonnage (Mt) AuEq (g/t) Au (g/t) Ag (g/t) Cu (ppm) Cu (%) AuEq (Koz) Au (Koz) Ag (Koz) Cu (Kt) Oxide 0.10 12 0.30 0.29 0.56 793 0.08 100 100 200 0 0.20 8 0.39 0.39 0.63 923 0.09 100 100 200 0 0.30 5 0.48 0.48 0.71 1,036 0.10 100 100 100 0 0.40 3 0.55 0.54 0.75 1,109 0.11 100 100 100 0 0.50 2 0.65 0.64 0.84 1,138 0.11 0 0 0 0 0.60 1 0.74 0.73 0.73 1,067 0.11 0 0 0 0 Transitional and Fresh 0.10 119 0.43 0.28 0.51 984 0.10 1,600 1,600 1,000 120 0.20 101 0.48 0.31 0.55 1,088 0.11 1,600 1,500 1,000 110 0.30 80 0.54 0.36 0.61 1,203 0.12 1,400 1,300 900 100 0.40 61 0.60 0.40 0.66 1,311 0.13 1,200 1,100 800 80 0.50 41 0.67 0.45 0.73 1,435 0.14 900 900 600 60 0.60 25 0.75 0.51 0.82 1,566 0.16 600 600 400 40 All 0.10 131 0.42 0.28 0.51 966 0.10 1,800 1,700 1,200 120 0.20 109 0.47 0.32 0.55 1,076 0.11 1,700 1,600 1,200 110 0.30 85 0.54 0.36 0.61 1,193 0.12 1,500 1,400 1,000 100 0.40 64 0.60 0.41 0.66 1,301 0.13 1,200 1,200 900 80 0.50 43 0.67 0.46 0.74 1,424 0.14 900 900 600 60 0.60 26 0.75 0.52 0.82 1,548 0.15 600 600 400 40 The initial El Palmar Exploration Target is between approximately 1.0Bt and 1.2Bt at a grade between approximately 0.3g/t to 0.7g/t gold and approximately 0.1% to 0.3% copper for contained metal of between 10M ozs to 27Mozs gold and 1.0Mt to 3.7Mt copper (see Table 5). The Exploration Target range is in addition to the maiden MRE. 11 The gold equivalent calculation formula 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 applied were US$1,800/ oz gold, US$4.50/lb copper and US$22/oz silver. Recoveries are estimated at 90% for gold, 78% for copper (excluded for oxide material), 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. 12 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). 19 Sunstone Metals Limited Annual Report 2025
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