Note 23. Subsidiaries Ownership interest held by group1 Name of entity Country of incorporation Class of shares 2026 2025 Scandian Metals Pty Ltd Australia Ordinary 100% 100% Scandian Metals AB Sweden Ordinary –2 100%2 Sunstone Metals Canada Limited Canada Ordinary 100% 100% Sunstone Metals Ecuador S.A. Ecuador Ordinary 100%3 100%3 Bramaderos S.A. Ecuador Ordinary 87.5% 87.5% Gold Exploration Ecuador S.A. Ecuador Ordinary 74.5%4 74.5%4 Compania Minera Verde Chico CIA LTDA Ecuador Ordinary 0%4 0%4 Verde Chico Exploraciones VCE SAS Ecuador Ordinary 100%5 100%5 Notes: 1 The proportion of ownership interest is equal to the proportion of voting power held. 2 Scandian Metals AB was a 100% owned subsidiary of Scandian Metals Pty Ltd, and was liquidated in July 2025. 3 Sunstone Metals Ecuador is a 100% owned subsidiary of Sunstone Metals Canada. 4 Golden Exploration Ecuador S.A. and Compania Minera Verde Chico CIA LTDA are subject to Staged Acquisition Agreements for Sunstone to ultimately hold 100%. Following the signing of an Amended Staged Acquisition Agreement 3 July 2026, ownership increased to 82.6% following a payment of US$540,000 on 6 July 2026. Sunstone can increase ownership to 100% with a final payment of US$1,160,000 due by 1 July 2027. 5 Verde Chico Exploraciones VCE SAS is a 100% owned subsidiary of Sunstone Metals Canada and is the company responsible for exploration on the Verde Chico project. Note 24. Contingent assets and liabilities Future consideration of $1.5 million is receivable from NewPeak Metals Limited contingent on delivery of at least 500,000 ounces of gold in Measured and Indicated Resources from the acquired permits in Finland. As the project is at an early stage of exploration it is not considered virtually certain that this milestone will be met, as required under AASB 137, and therefore the Group has not recognised a receivable for this further consideration. The Group is not aware of any other material contingent assets or liabilities at 30 June 2026 not otherwise disclosed in the Financial Statements. Note 25. Dividends No dividend was paid or declared by the Company in the period since the end of the previous financial year, and up to the date of this report. The Directors do not recommend that any amount be paid by way of dividend for the financial period ended 30 June 2026 (2025: nil). The balance of the Company’s franking account is nil (2025: nil). Note 26. Events occurring after reporting date Except as noted below, no matter or circumstance has occurred subsequent to year end that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations or the state of affairs of the Group or economic entity in subsequent financial periods: – On 29 June 2026, Sunstone announced it had raised A$9,940,591 (before fees) by way of a share placement. Funds were received on 7 July 2026, and 56,803,378 shares were issued on 8 July 2026. – On 3 July 2026, Sunstone signed an Amended Staged Acquisition Agreement with respect to Gold Exploration Ecuador S.A (“GOEX”) to amend the final payment terms to acquire 100% of the project. A payment of US$540,000 was made on 6 July 2026 to increase Sunstone’s ownership in GOEX from 75.5% to 82.6%. Sunstone can increase ownership in GOEX to 100% with a final payment of US$1,160,000 due by 1 July 2027. 63 Sunstone Metals Limited Annual Report 2026
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