Project Overview Bramaderos Gold-Copper Porphyry Project (Sunstone 87.5%) The Bramaderos Project is ideally located immediately adjacent to the Pan American highway in Loja province, southern Ecuador, some 90km (1.5-hour drive) from the city of Loja. It is within close proximity to available hydroelectric power, supporting the economics of potential development opportunities. The project has gentle topography with an average elevation of around 1,100m above sea level. It is supported by nearby commercial airports and significant population centres including the regional city of Loja. The project employs members of the local communities and has ongoing strong community support. Bramaderos Nov-25 Mineral Resource and Exploration Target In November 2025, the Company updated the Bramaderos Mineral Resource Estimate (“MRE”), reported in accordance with the JORC Code 2012, of 220Mt at 0.50g/t AuEq (0.33g/t gold and 0.10% copper), for 3.6Mozs gold-equivalent1,2. Preliminary pit optimisation was applied to the deposit to constrain the MRE and demonstrate its potential to be mined economically by open pit methods. In addition, the Total Bramaderos Project Exploration Target (covering both porphyry and epithermal deposit styles) is now between 345 - 549Mt at a grade between 0.45g/t AuEq and O.73 g/t AuEq for 5.0 and 12.9 Moz AuEq2. The Exploration Target range is in addition to the MRE (see Mineral Resource Estimate information on page 17). Overview Operating Review 1 Refer ASX Announcement on 24 November 2025. 2 The gold equivalent calculation formula for porphyry gold-copper-silver mineralisation at Bramaderos 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 used were US$1,800/oz gold and US$4.50/lb copper and US$22/oz silver. Recoveries are estimated at 89% for gold, 85% for copper, and 60% for silver based on metallurgical studies. Grades for the Exploration Target are 0.24g/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. 6 Sunstone Metals Limited Annual Report 2026
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