El Palmar Mineral Resource estimate Based on drilling to date at the T1 target at El Palmar, the Company released the inaugural Mineral Resource estimate (MRE) for the T1 target at El Palmar on 22 October 2024 of 64Mt at 0.60g/t AuEq (0.41g/t gold, 0.13% copper and 0.7g/t silver) for 1.2Mozs AuEq5,6. The MRE is based on 21 drill holes for 17,699m of drilling (18 drilled by Sunstone in the period August 2021 to July 2022 and 3 drilled by Codelco in 2012) and 1,498 linear metres of trenching in 5 trenches. T1, which is at surface, is one of five target gold-copper porphyry deposits at El Palmar, and has the potential to be advanced as a large open pit opportunity before undertaking exploration and development of the deeper porphyry opportunities. This MRE establishes a strong platform on which to build a worldscale gold and copper resource inventory at El Palmar. Following the placement completed in July 2026, the Company is planning on drilling a series of diamond drill holes at El Palmar, including two deep holes targeting the deep gold-copper porphyry target at T3. These holes are expected to be completed within the first half of FY2026, with assay results to be announced when available. Figure 7: El Palmar T1 resource block model for grades >0.2 g/t Au-Eq and pit outline along a 240-060o cross-section and showing the exploration targets which are located within, on the sides, and immediately below the modelled T1 open pit. Overview Operating Review continued 5 Refer ASX Announcement on 22 October 2024. 6 The gold equivalent calculation formula for porphyry gold-copper-silver mineralisation at El Palmar 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. Grades for the Exploration Target are 0.30g/t Au and 0.10% Cu. In Sunstone’s opinion all the elements included in the metal equivalents calculation have reasonable potential to be recovered and sold. 12 Sunstone Metals Limited Annual Report 2026
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