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 AuEq10F6 (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 AuEq6 (reported in accordance with the JORC Code11F7, 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 5 – El Palmar Mineral Resource estimate Average Grade Material Content JORC Classification Tonnage AuEq6 Au (g/t) Ag (g/t) Cu (ppm) Cu (%) AuEq (Koz) Au (Koz) Ag (Koz) Cu (Kt) Indicated 5 0.63 0.42 0.81 1,456 0.15 100 100 100 7 Inferred 59 0.59 0.40 0.65 1,290 0.13 1,100 700 1,200 70 Total 64 0.60 0.41 0.66 1,301 0.13 1,200 800 1,300 80 Table 6 – 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 0.08 100 200 100 0 0.20 8 0.39 0.39 0.63 923 0.09 100 200 100 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 1,000 1,600 120 0.20 101 0.48 0.31 0.55 1,088 0.11 1,600 1,000 1,500 110 0.30 80 0.54 0.36 0.61 1,203 0.12 1,400 900 1,300 100 0.40 61 0.60 0.40 0.66 1,311 0.13 1,200 800 1,100 80 0.50 41 0.67 0.45 0.73 1,435 0.14 900 600 900 60 0.60 25 0.75 0.51 0.82 1,566 0.16 600 400 600 40 All 0.10 131 0.42 0.28 0.51 966 0.10 1,800 1,200 1,700 120 0.20 109 0.47 0.32 0.55 1,076 0.11 1,700 1,200 1,600 110 0.30 85 0.54 0.36 0.61 1,193 0.12 1,500 1,000 1,400 100 0.40 64 0.60 0.41 0.66 1,301 0.13 1,200 800 1,300 80 0.50 43 0.67 0.46 0.74 1,424 0.14 900 600 900 60 0.60 26 0.75 0.52 0.82 1,548 0.15 600 400 600 40 Due to the effect of rounding, the total may not represent the sum of all components 19 Sunstone Metals Limited Annual Report 2026
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