Overview Chairman’s Review Pursuing corporate partners to progress our projects Dear Fellow Shareholders, The past year has seen Sunstone move forward on several fronts – advancing our Ecuadorian projects with low cost exploration, advance funding options for ongoing exploration and development, and a strict focus on expenditures A small drilling program at the beginning of the year at Limon yielded promising high grade gold results, which continued to underlie its strategic importance as an initial lower-cost development option to the vast gold-copper porphyry deposits in the broader Bramaderos area. The potential of Bramaderos was further enhanced through the discovery of a new gold-copper porphyry deposit at Copete which is next to the current Brama-Alba resource, and adjacent to the large Melonal target. This discovery expanded the mineralised bodies at surface to 2.0km by 1.8km, highlighting the potential for a large pit operation. At El Palmar, we were pleased to publish an inaugural Mineral Resource estimate (MRE) of 1.2Moz gold equivalent (gold and copper). More importantly however was the establishment of a high conviction Exploration Target of 15M to 45Moz of gold equivalent in addition to the MRE. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Resource for the exploration target area reported. It is uncertain if further exploration will result in the estimation of a Resource. With the growth in the size of the opportunities at both the Bramaderos and El Palmar projects, the Board reviewed options to advance our exploration opportunities and the ultimate development of these two globally significant projects. This review resulted in the decision to pursue a process to invite interested parties with the aim to arrive at project level joint ventures, business combinations, direct investment or other corporate transactions. Given the extensive mineralisation and opportunity of Sunstone’s projects, this process attracted interest from several mining companies and global investors, who have reviewed information in our data room and attended On behalf of the Board of Directors, it is my pleasure to present the 2025 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 2025
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