Overview Chairman’s Review Discovering new deposits and increasing our mineral resources Dear Fellow Shareholders, The past year has seen Sunstone continue to advance the Bramaderos Project with a resource upgrade in November 2025, a scoping study published in April 2026 and the discovery of a new gold-copper porphyry system at Porotillo and Copete. Pleasingly, we announced in November 2025 a 33% increase in the mineral resource estimate at Bramaderos, from 2.9Moz AuEq2 to 3.6Moz AuEq2. This increase was achieved primarily through the inclusion of the adjacent Melonal deposit into the existing Brama-Alba pit shell. When contemplating Bramaderos’ full resource potential, it’s important to note that the Bramaderos pit shell still excludes 31% of mineralised material which falls just below the current optimal pit shell. Given the increasingly predictable nature of the mineralisation, we expect that much of this material will eventually convert into mineral resources through further drilling at Alba, Brama and Melonal. We were also pleased to restart drilling in the March Quarter with an initial 5,000 metre diamond drilling campaign to investigate the large exploration target at Porotillo and Copete, just south of the current Brama-Alba-Melonal resource. The drilling program has been very successful, establishing a new discovery with consistently long intercepts with solid porphyry-style grades. The drill results are expected to add to the Bramaderos mineral resource estimate when we perform an MRE update in the December 2026 Quarter. The release of the Bramaderos Scoping Study during the year highlighted Bramaderos’ enormous multi-decade and strategic potential. Although the high proportion of Inferred resources in the mine plan meant the ASX required us to retract the full production targets, the scoping study showed the project was viable using only the small amount of Indicated resources. The study highlighted the potential value upside at Bramaderos, given the multiple opportunities to grow the Indicated resource base and the expected increase in resources when including the recent Porotillo and Copete results. Ongoing metallurgical testwork at Bramaderos continues to help optimise process flowsheets, gold-copper recoveries, and ultimately the value of the project. Baseline studies for water management and power options will also commence during FY2027. On behalf of the Board of Directors, it is my pleasure to present the 2026 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 2026
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