Price Target Changed • Apr 23
Price target increased by 7.1% to AU$2.00 Up from AU$1.87, the current price target is an average from 3 analysts. New target price is 437% above last closing price of AU$0.37. Stock is up 3.5% over the past year. The company is forecast to post a net loss per share of AU$0.011 next year compared to a net loss per share of AU$0.014 last year. New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$8.3m). Currently unprofitable and not forecast to become profitable over next 3 years (AU$2.2m net loss in 3 years). Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$72.6m market cap, or US$51.1m). New Risk • Mar 14
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -AU$8.3m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$8.3m). Currently unprofitable and not forecast to become profitable over next 3 years (AU$2.2m net loss in 3 years). Market cap is less than US$100m (AU$89.5m market cap, or US$62.6m). New Risk • Jan 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 32% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$2.4m net loss in 3 years). Market cap is less than US$100m (AU$135.8m market cap, or US$90.8m). Price Target Changed • Dec 16
Price target increased by 9.4% to AU$0.062 Up from AU$0.057, the current price target is an average from 3 analysts. New target price is 246% above last closing price of AU$0.018. Stock is up 200% over the past year. The company is forecast to post a net loss per share of AU$0.00022 next year compared to a net loss per share of AU$0.00048 last year. Announcement • Dec 09
Sunstone Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 8 million. Sunstone Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 8 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 421,052,632
Price\Range: AUD 0.019
Discount Per Security: AUD 0.00114
Transaction Features: Subsequent Direct Listing New Risk • Oct 11
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$11m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$11m free cash flow). Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$2.2m net loss in 3 years). Market cap is less than US$100m (AU$141.0m market cap, or US$91.5m). Announcement • Sep 24
Sunstone Metals Limited, Annual General Meeting, Oct 24, 2025 Sunstone Metals Limited, Annual General Meeting, Oct 24, 2025. Location: at the offices of hlb mann judd, level 9, 550 bourke street, vic 3000, melbourne Australia New Risk • Sep 13
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -AU$11m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (42% increase in shares outstanding). Revenue is less than US$1m (AU$105k revenue, or US$70k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$11m). Currently unprofitable and not forecast to become profitable over next 3 years (AU$2.2m net loss in 3 years). Market cap is less than US$100m (AU$130.0m market cap, or US$86.5m). Price Target Changed • Sep 05
Price target increased by 13% to AU$0.035 Up from AU$0.031, the current price target is an average from 2 analysts. New target price is 75% above last closing price of AU$0.02. Stock is up 186% over the past year. The company is forecast to post a net loss per share of AU$0.00015 next year compared to a net loss per share of AU$0.00069 last year. Announcement • Apr 02
Sunstone Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 4 million. Sunstone Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 4 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 800,000,000
Price\Range: AUD 0.005
Discount Per Security: AUD 0.0003
Transaction Features: Subsequent Direct Listing Announcement • Mar 27
Sunstone Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 4 million. Sunstone Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 4 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 800,000,000
Price\Range: AUD 0.005
Discount Per Security: AUD 0.0003
Transaction Features: Subsequent Direct Listing New Risk • Mar 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$12m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$12m free cash flow). Share price has been highly volatile over the past 3 months (26% average weekly change). Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (47% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$2.5m net loss in 2 years). Market cap is less than US$100m (AU$36.0m market cap, or US$22.7m). New Risk • Jan 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings are forecast to decline by an average of 4.3% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$2.5m net loss in 3 years). Market cap is less than US$100m (AU$36.0m market cap, or US$22.4m). New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 48% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$33.5m market cap, or US$20.9m). Announcement • Nov 01
Sunstone Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 2.5 million. Sunstone Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 2.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 474,000,000
Price\Range: AUD 0.005
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 26,000,000
Price\Range: AUD 0.005
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing New Risk • Oct 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 66% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Shareholders have been substantially diluted in the past year (66% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$35.9m market cap, or US$23.8m). New Risk • Aug 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (AU$38.5m market cap, or US$25.6m). Announcement • May 15
Sunstone Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 2.022 million. Sunstone Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 2.022 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 165,114,091
Price\Range: AUD 0.011
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 5,067,727
Price\Range: AUD 0.011
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 13,636,364
Price\Range: AUD 0.011
Transaction Features: Subsequent Direct Listing Board Change • Apr 20
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Stephen Stroud was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 13
Sunstone Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 5.024 million. Sunstone Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 5.024 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 405,750,000
Price\Range: AUD 0.012
Discount Per Security: AUD 0.0006
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,916,667
Price\Range: AUD 0.012
Discount Per Security: AUD 0.0006
Transaction Features: Subsequent Direct Listing New Risk • Feb 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (33% increase in shares outstanding). Market cap is less than US$100m (AU$34.9m market cap, or US$23.0m). Announcement • Dec 15
Sunstone Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 5.179 million. Sunstone Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 5.179 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 418,666,667
Price\Range: AUD 0.012
Discount Per Security: AUD 0.0006
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,916,667
Price\Range: AUD 0.012
Discount Per Security: AUD 0.0006
Transaction Features: Subsequent Direct Listing Announcement • Nov 09
Sunstone Metals Limited Announces the Appointment of Patrick Duffy as Non-Executive Director Sunstone Metals Limited announced the appointment of a new Non-Executive director, Mr. Patrick Duffy, effective November 8, 2023. Mr. Duffy is a Chartered Accountant with extensive international leadership, mine development, financial and governance expertise. Mr. Duffy has held the roles of both Chief Corporate Development Officer and Chief Financial Officer for Red 5 Limited and is a key member of the Company’s leadership team that has established Red 5 as a successful mid-tier Australian gold producer through the development, construction and production ramp up of the new 5.5Mtpa King of the Hills (KOTH) Gold Mine in Western Australia. Mr. Duffy’s role has had responsibility for all financial, investor relations, business development and strategic activities, securing the global equity and debt funding requirements for the development of the KOTH Project and also facilitating the sale of the Company’s Siana Gold Mine in the Philippines. Mr. Duffy began his career with Ernst & Young and has since had broad leadership and executive roles in the international resource sector. He was CFO for the development of Xstrata’s USD 6 billion Tampakan Copper and Gold Project in the Philippines and was Director – Strategy & Performance for the construction and production ramp up of Glencore Xstrata’s USD 7 billion Koniambo Nickel Project in New Caledonia. He has worked extensively across Asia and the Pacific with mining and steel companies, including establishing a successful Hong Kong-based management consulting company, and has also had executive roles within mining private equity and the agricultural technology sector. With this new appointment, the Board of Directors is as follows: Mr. Graham Ascough – Non-Executive Chairman; Mr. Malcolm Norris – Chief Executive Officer and Managing Director; Mr. Stephen Stroud - Non Executive Director and Mr. Patrick Duffy - Non Executive Director. New Risk • Oct 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$27m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (AU$43.1m market cap, or US$27.5m). Announcement • Sep 15
Sunstone Metals Limited, Annual General Meeting, Oct 17, 2023 Sunstone Metals Limited, Annual General Meeting, Oct 17, 2023, at 11:30 E. Australia Standard Time. Location: Sunstone Metals Ltd, 9 Gardner Close Milton Queensland Australia Agenda: To receive the financial report of the Company and its controlled entities for the year ending 30 June 2023, together with the declaration of the directors, the directors' report, the Remuneration Report, and the auditor's report; to consider ratification of prior issue of placement Shares under Listing Rule 7.1; to consider issue of Options to Mr Graham Ascough; and to consider any other matters. New Risk • Aug 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$153k revenue, or US$100k). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (AU$77.0m market cap, or US$50.4m). New Risk • Jun 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$153k revenue, or US$105k). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (AU$74.0m market cap, or US$50.8m). Announcement • Feb 16
Sunstone Metals Ltd Announces Extremely Promising Assays from Drilling At the Large T2 Geophysical Anomaly At its El Palmar Porphyry Gold-Copper Discovery in Northern Ecuador Sunstone Metals Ltd. announced extremely promising assays from drilling at the large T2 geophysical anomaly at its El Palmar porphyry gold-copper discovery in northern Ecuador. The assays contain gold grades of up to 2m at 3.2g/t from 72m, and 13.5m at 1.1g/t from 97.5m, from the edge of the anomaly, which is 1km long x 450m wide. Furthermore, the anomaly is bound by the regionally-significant Toachi Fault zone and associated orthogonal structures a scenario strongly similar to the 3 billion-tonne SolGold Alpala copper-gold porphyry deposit, within the Cascabel project, located 65km to the north-east. Recent preliminary age dating has confirmed that the mineralised gold-copper porphyry at Sunstone's El Palmar project is the same geological age as Alpala. T2 drilling results: Target T2, located east of the El Palmar T1 porphyry system is developing as a very compelling large porphyry gold-copper target based on several independent datasets. Three drill holes have been completed and further drilling to test the target is planned to commence in late March. Surface rock chip sampling defined an area of at least 220m x 50m averaging 0.4g/t gold and 0.1% copper in a strong porphyry stockwork underlying a silica-clay altered cap. The rock chip samples were consistently mineralised and included six samples which returned assays of greater than 1 g/t gold, which is encouragingly very high for porphyry systems. The geological interpretation is that this outcrop is part of the upper zones of a large porphyry system. Soil sampling at T2 defined a significant and coherent gold-copper-molybdenum anomaly coincident with an extensive alteration cap. Geophysical surveying defined a conductive body coincident with the surface metal anomalism and recent drilling results. This conductive body plunges, expands and intensifies southward for a further 800m where it abuts the regional Toachi Fault zone. The structural scenario at T2 is very significant and can be compared to the nearby Alpala copper-gold porphyry deposit at the SolGold Cascabel Project. Geological age dating from samples from El Palmar T1 have returned preliminary results that indicate these systems have a similar geological age as Alpala. The recent drilling results reinforce the concept of an upper-level porphyry/epithermal system with significant gold mineralisation grading down to a copper-gold system with porphyry B veins in the lower parts of EPDD024. Additional porphyry targets for testing at El Palmar: Drill hole EPDD021 was drilled into the T1 target. It intersected 866.6m at 0.26g/t gold and 0.1% copper from surface, including 24m at 0.39g/t gold and 0.19% copper from 45.5m, and 11.25m at 0.81g/t gold and 0.2% copper from 501m. This result confirms the significant vertical extent of mineralisation at T1 which requires follow-up drilling. 3-D geological modelling is being undertaken at T1 based on the 21 drill holes completed to date and follow- up drilling will be planned to target mineralisation in the down plunge extent. One hole has been completed into target T5 (EPDD025, with assay results expected in late March). One hole is planned to be drilled into porphyry target T4 in Second Quarter 2023. Tituana Epithermal Gold Targets preliminary results: Several epithermal gold targets have also been defined within the El Palmar concession, with the highest priority being the Tituana target. Three drill holes have now been completed and assay results are expected in late March. Holes 1 and 3 have intersected an epithermal system with mineralisation. The Tituana target is located on a NNE-trending structure, which may link to the south to the main El Palmar porphyry system a common scenario in porphyry and epithermal systems. The target exhibits coincident zinc and arsenic anomalies in soil sampling. Trenching has returned results of up to 6.7g/t gold. Rock chip sampling has yielded a >85m-long (and open) zone from which 101 surface samples averaged 1.2 g/t Au, 25 g/t Ag and 0.16% Cu, with peak values for these elements being 6.47 g/t Au, 225g/t Ag and 0.78% Cu. Announcement • Jan 19
Sunstone Metals Ltd Announce the Discovery from Drilling Undertaken in December 2022 of A Well Mineralised Gold-Copper Porphyry System At the Limon Target Within the Bramaderos Project in Southern Ecuador Sunstone Metals Ltd. announce the discovery from drilling undertaken in December 2022 of a well mineralised gold-copper porphyry system at the Limon target within the Bramaderos project in southern Ecuador. The Limon target area is located 2.7km north-east of the Brama-Alba gold-copper deposit, which hosts a porphyry Resource of 2.7Moz AuEq. This discovery reinforces the concept of multiple gold-copper porphyry systems within the 50km2 Bramaderos concession and highlights the potential for significant growth of mineral resources at higher grades. The scale of the Limon alteration system and coherency of geochemical anomalism suggests a large and/or multiple porphyry centers within and below the 1.5 x 1km area of surface alteration. On this basis exploration at Limon is progressing on 3 fronts: Current drilling on the high sulphidation targets located in the NE portion of Limon. This is following up previous drilling that returned 15.4m at 0.10g/t gold, 0.42% copper, and 2.3g/t silver from 57.8m in LMDD004, and 128m at 0.18 g/t gold from 3.5m in LMDD006. Planning for follow-up to hole LMDD010. Modelling of magnetics are suggesting a 300m plunge to a magnetic body that is likely related to the porphyry mineralisation. The magnetic body measures 100m x 100m x 300m and is connected to a larger magnetic feature at depth. Drill hole LMDD011 has been completed and intersected an intrusive breccia and marks the underside margin of the SW plunging target zone. Preparation for deeper drilling based on geological interpretations of a significant porphyry target, and as follow up to previous drilling that included results such as; 14m at 0.10g/t gold, 0.20% copper 0.4ppm molybdenum, and 1.7g/t silver in LMDD002 from 879.6m; 40m at 0.10g/t gold, 0.12% copper, and 19.4ppm molybdenum from 863.5m in LMDD004; and 21.8m at 0.11g/t gold, 0.12% copper, and 3.8g/t silver from 700m in LMDD007. The Bramaderos project straddles the Pan American highway, and is close to available hydroelectric power, supporting the economics of potential development opportunities. Ecuador sources 88% of its power from hydroelectricity and is ideally placed to participate in the global demand for clean energy sourced metals. The project is also supported by nearby commercial airports and significant cities (Loja, population 200,000) and has strong community support. At El Palmar, drilling of the first hole on the T5 target has just been competed, and the drill rig is now being mobilised to test the Tituana epithermal prospect while we await assays from drilling at T2 and T5. Announcement • Dec 14
Sunstone Metals Ltd Announces an Initial Mineral Resource Estimate (Mre) and an Initial Exploration Target for the Bramaderos Gold-Copper Porphyry Project in Southern Ecuador Sunstone Metals Ltd. announced an initial Mineral Resource estimate (MRE) and an initial Exploration Target for the Bramaderos gold-copper porphyry project in southern Ecuador. The initial MRE, from the Brama-Alba target only, reported in accordance with the JORC Code 1 is 156Mt at 0.53g/t AuEq (0.35g/t gold and 0.11% copper), for 2.7Mozs AuEq. Preliminary pit optimisation was applied to the deposit to constrain the MRE and demonstrate the potential to be mined economically by open pit methods. In addition, the initial Exploration Target, reported in accordance with the JORC Code consists of between approximately 255 and 360Mt at a grade between 0.40 and 0.74g/t AuEq2 (gold + copper) for contained metal of between 3.3Mozs and 8.6Mozs AuEq. The Exploration Target range is in addition to the initial MRE. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource for the target area reported. It is uncertain if further exploration will result in the estimation of a Mineral Resource. Mr. Norris said the results of preliminary metallurgical studies to produce a clean gold-copper-silver concentrate were positive and recent preliminary leach tests suggested that an even larger opportunity may present itself with leaching of low-grade material. The gold equivalent calculation formula 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 USD 1,800/oz gold and USD 9,500/t copper and USD 22/oz silver. Recoveries are estimated at 89% for gold, 85% for copper, and 60% for silver based on metallurgical studies. In Sunstone's opinion all the elements included in the metal equivalents calculation have reasonable potential to be recovered and sold. population 200,000) and has a supportive community keen to benefit from all that a responsible mining development brings". The MRE is based on 53 drills for 27,338m of drilling, and 3,064 linear metres of trenching in 13 trenches. International geological and mining consulting firm CSA Global, an ERM Group company, has prepared the initial MRE for the Brama-Alba gold-copper porphyry deposit. CSA Global completed a site visit, laboratory inspection, review of the Brama-Alba geological database and assessment of reasonable prospects for eventual economic extraction in preparation for MRE. Early-stage metallurgical testwork has been completed on a range of mineralisation styles from the Brama- Alba gold-copper porphyry deposit. Studies were undertaken by Base Metallurgical Laboratories in Kamloops, British Columbia. The geology of other targets included in the Exploration Target show strong similarities to Brama-Alba (not uncommon in a clustered porphyry geological environment) and it is considered valid to apply metallurgical testwork results to these other areas when deriving a metal equivalent value. Sighter metallurgical test work indicate that recoveries in excess of 85% for copper and 88% for gold can be achieved with a combined flotation and leach circuit when targeting a saleable concentrate grade of above 20% copper. Further test work, including alternative reagent and grind size regimes, will focus on improving recovery responses in a flotation-only circuit configuration to determine whether that configuration is feasible. Additional optimisation testing of the current flotation-leach selection, to further improve recoveries, will also be conducted. Additional metallurgical testwork has also commenced analysing the potential for a supplementary heap leach flowsheet targeting material currently flagged as waste due to low copper sulphide content but carrying a gold tenor above the selected cut-off. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. Independent Non-Executive Director Stephen Stroud was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • Nov 06
MD, CEO & Director exercised options to buy AU$179k worth of stock. On the 4th of November, Malcolm Norris exercised options to buy 6m shares at a strike price of around AU$0.031, costing a total of AU$174k. This transaction amounted to 15% of their direct individual holding at the time of the trade. Since December 2021, Malcolm's direct individual holding has increased from 31.71m shares to 37.76m. Company insiders have collectively bought AU$578k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Oct 20
Sunstone Metals Ltd. Announces More Wide Intersections for Inclusion in Maiden Resource Sunstone Metals Ltd. announced more wide intersections, including some of more than 1g/t gold-equivalent, which will further underpin the upcoming initial Mineral Resource Estimate (MRE) at its Brama-Alba porphyry discovery in southern Ecuador. Sunstone is also pleased to announce the resumption of discovery drilling at three other porphyry targets within the Bramaderos concession and can report that drilling at two of those targets has returned visible copper mineralisation with the third not yet at target depth. All holes reported in this release for Brama-Alba intersected wide zones of gold-copper mineralisation. The Bramaderos project is located immediately adjacent to the Pan American highway, and close to available hydroelectric power, supporting the economics of potential development opportunities. Ecuador sources 88% of its power from hydroelectricity and is ideally placed to participate in the global demand for clean energy sourced metals. The project is also supported by nearby commercial airports and significant cities (Loja, population 200,000) and has strong community support. At El Palmar, drilling is in progress on target T2 and several additional drill targets have been defined. These will be tested over the coming months. Key points Strong assay results received from six drill holes at Alba and four holes from the eastern end of the Brama system; Alba and Brama form part of the Bramaderos Project Broad zones of gold-copper mineralisation have been intersected, including sub-zones of higher grade Significant results include: 49.45m at 0.60g/t AuEq (0.37g/t gold and 0.13% copper), from 392m in BMDD035; 32m at 1.20g/t AuEq (0.87g/t gold and 0.20% copper), from 386m in BMDD036; 115m at 0.66g/t AuEq (0.41g/t gold and 0.15% copper), from 12m in BMDD039, including; 24.15m at 1.10g/t AuEq (0.46g/t gold and 0.38% copper), from 31.35m and 69m at 0.61g/t AuEq* (0.36g/t gold and 0.14% copper), from 21m in BMDD043. Drilling for the initial Mineral Resource Estimate has been completed but mineralization is open in several areas beyond the planned initial resource boundary. An Exploration Target will also be released in December to provide some guidance on opportunities to continue growing the scale of the Brama-Alba system. Exploration drilling has commenced at nearby porphyry targets Melonal, Sandia and Limon; The first hole has been completed at Melonal; Logging of the Sandia and Melonal holes indicate that they are altered and mineralised consistent with Brama porphyry type systems. Announcement • Sep 27
Sunstone Metals Ltd Announces Mineralised Area Continues to Grow as Drilling Delivers More Strong Results Sunstone Metals Ltd. announced that the latest assays from its El Palmar porphyry gold-copper discovery in northern Ecuador continue to expand the area of known mineralisation, with compelling new targets also defined for drill testing commencing in October. The latest assay results continue to return wide zones of significant gold-copper mineralisation within the main target area at El Palmar. Mineralisation extends from surface with gold and copper grades and overall dimensions of the mineralised system in-line with other major porphyry deposits. Drill-holes EPDD018 and 019, completed in the west-central area of the main El Palmar target, intersected gold-copper mineralisation from near surface. This area had previously only been tested with a portion of hole EPDD005. The new assay results, together with hole EPDD005, have now defined a new mineralised body measuring at least 120m in diameter, and open at depth and to the east. There has been no significant exploration of this mineralised body down-plunge. Drill-hole EPDD020, which was designed to test the area underneath hole EPDD011, has continued to identify gold-copper mineralisation to the north. It is well mineralised from surface to nearly 300m down-hole, with weaker mineralisation encountered from 440 to 670m down-hole (approximately 600m vertically below surface). The geology of this area is not well understood at this stage with gold-copper mineralisation hosted in several different rock types with poorly defined geometries. Importantly, the mineralisation is open to depth, as well as to the east and northeast (due for drilling in 2022), and to the north-west. Ongoing drilling at El Palmar continues to outline a large mineralised system that requires further drilling with several areas not yet drilled in all dimensions. Target T2, located east of the El Palmar porphyry system, has emerged as a very compelling porphyry gold-copper target based on several independent datasets. Two drill holes have been planned and access is currently being established. Surface sampling has defined an area of at least 70m x 50m with rock chip sampling averaging 0.4g/t gold and 0.1% copper in a strong porphyry stockwork underlying a silica-clay altered cap. The rock chip samples were consistently mineralised and included six samples which returned assays of greater than 1 g/t gold, which is encouragingly very high for porphyry systems. Soil sampling at T2 has defined a significant and coherent gold-copper-molybdenum anomaly coincident with an extensive alteration cap. Geophysical surveying has defined a conductive body coincident with the surface metal anomalism. Recent mapping and additional rock chip sampling in the area has significantly enhanced the quality of this target, with porphyry vein stockworks being mapped over a strike length of 220m under the northwest edge of the alteration cap. Drilling will commence at T2 as a priority in October, with the goal to deliver another porphyry gold-copper discovery within the El Palmar concession. Several epithermal gold targets have also been defined within the El Palmar concession, with the highest priority at this stage being the Tituana target. The target is currently undergoing trenching and in-fill soil sampling in areas where rock chip sampling has yielded a >85m-long (and open) zone from which 101 surface samples averaged 1.2 g/t Au, 25 g/t Ag and 0.16% Cu, with peak values for these elements being 6.47 g/t Au, 225g/t Ag and 0.78% Cu. The Tituana epithermal anomaly is being prepared for drilling. The Tituana target is located on a NNE trending structure, which may link to the south to the main El Palmar porphyry system a common scenario in porphyry and epithermal systems. The interpreted geometry of the Tituana epithermal system is consistent with known epithermal mineralisation in the district such as at the nearby operating El Corazon gold mine and the historically defined Verde Chico gold system. El Palmar is located in northern Ecuador in the same regional structural belt that hosts the 2.66Bt Alpala copper-gold deposit grading 0.25g/t gold and 0.37% copper, and the 0.53Bt Tandayama-America deposit grading 0.19g/t gold and 0.24% copper, within the Cascabel project, and in the vicinity of the 1Bt Llurimagua copper-molybdenum porphyry deposit grading 0.89% copper and 0.04% molybdenum. Several targets have been defined within the El Palmar concession including porphyry targets in the south-east near the Toachi fault, and also immediately east, north-east and south-east of the main El Palmar circular magnetic target, and these will be systematically explored. Testing of the epithermal targets is advancing well, and these have the opportunity to deliver higher grade discoveries. Sunstone's cash and equity investments remain strong at AUD 19 million, allowing expanded exploration activities at both El Palmar in northern Ecuador and Bramaderos in southern Ecuador. Announcement • Sep 23
Sunstone Metals Limited, Annual General Meeting, Oct 27, 2022 Sunstone Metals Limited, Annual General Meeting, Oct 27, 2022, at 11:30 E. Australia Standard Time. Location: BDO Offices Level 10 12 Creek Street Brisbane Queensland 4151 Queensland Australia Agenda: To receive the financial report of the company and its controlled entities for the year ending 30 June 2022 together with the declaration of the directors, the directors' report, the Remuneration Report, and the auditor's report. Announcement • Aug 30
Sunstone Metals Limited Announces Drilling Results of Bramaderos Gold-Copper Project, Southern Ecuador Sunstone Metals Ltd. announced its best intersection yet which further strengthens the outlook for the upcoming maiden JORC Resource at its Brama-Alba porphyry discovery in southern Ecuador. The results from hole BMDD034 expand the size of the Alba discovery with a wide higher-grade intersection of 202m at 0.88g/t gold equivalent with sub-domains that exceed 1.0g/t gold equivalent. The wide interval of 202m at 0.88g/t gold equivalent is within a broader interval of 363m at 0.71g/t gold equivalent. Drill hole BMDD034 had a shallow dip of -30 degrees and therefore this strong intersection is within 150m of surface. The intersection in BMDD034 is orthogonal to well mineralised previously reported holes BMDD020 and 021 and therefore helps define a higher grade, wider zone of mineralisation at Alba. The Brama-Alba system remains open in a number of directions, and these areas are being tested as part of the current drilling program. Adjacent targets with the potential for new discoveries include Playas to the east, Sandia to the south, Limon to the north, and Melonal to the west and are expected to be drill tested in 2022, once the resource drilling at Brama-Alba is complete in late September. Announcement • Jul 20
Sunstone Metals Limited Expands the Size of Its Brama-Alba Porphyry Discovery in Southern Ecuador Sunstone Metals Ltd. announced more strong assays which continue to expand the size of its Brama-Alba porphyry discovery in southern Ecuador. These assays will be incorporated into an initial Mineral Resource Estimate for the Brama-Alba deposit later this year. The results from all holes drilled at Brama-Alba show that higher grade mineralisation occurs in sub-domains within the larger 1.2km-long Brama-Alba system and that these higher-grade domains cluster in the upper 400m. The results provide more firm evidence that Brama hosts a substantial gold-copper porphyry system. There is also potential for this system to extend significantly to adjacent targets Melonal (west) and Playas (east). These areas are expected to be drill tested in 2022. Gold equivalent results from all Sunstone drill holes at Brama-Alba are shown in Table 2 and clearly show the broad significant grades identified in this deposit. Early-stage metallurgical testwork completed on a range of mineralisation styles from the Brama-Alba gold- copper porphyry deposit was undertaken by Base Metallurgical Laboratories in Kamloops, British Columbia. Sighter metallurgical test work completed on the breccia and diorite lithologies, of the Alba and Brama deposits, yielded very encouraging results. The results indicate that recoveries in excess of 86% for copper and 88% for gold can be achieved with a combined flotation and leach circuit when targeting a saleable concentrate grade of above 20% copper. Further test work, including alternative reagent and grind size regimes, will focus on improving recovery responses in a flotation-only circuit configuration to determine whether that configuration is feasible. Additional optimisation testing of the current flotation-leach selection, to further improve recoveries, will also be conducted. Recent Insider Transactions Derivative • Jul 16
MD, CEO & Director exercised options to buy AU$235k worth of stock. On the 13th of July, Malcolm Norris exercised options to buy 6m shares at a strike price of around AU$0.04, costing a total of AU$226k. This transaction amounted to 17% of their direct individual holding at the time of the trade. Since December 2021, Malcolm's direct individual holding has decreased from 31.71m shares to . Company insiders have collectively bought AU$720k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jun 29
Sunstone Metals Limited Announces the Latest Assays at El Palmar Continued to Expand the Area of Known Mineralisation and Reveal Significant Higher-Grade Zones of >0.2% Copper and 0.35G/T Gold Sunstone Metals Limited announced that the latest assays at El Palmar continued to expand the area of known mineralisation and reveal significant higher-grade zones of >0.2% copper and 0.35g/t gold. The results demonstrate that El Palmar now has substantial scale and grades which are in line with those seen in many of the world's high-profile porphyry deposits, including those nearby such as Alpala and Tandayama-American described below. El Palmar is located in northern Ecuador in the same regional structural belt that hosts the 2.66Bt Alpala copper-gold deposit grading 0.25g/t gold and 0.37% copper, and the 0.53Bt Tandayama-America deposit grading 0.19g/t gold and 0.24% copper, within the Cascabel project, and in the vicinity of the 1Bt Llurimagua copper-molybdenum porphyry deposit grading 0.89% copper and 0.04% molybdenum. The El Palmar results reported in this release comprise all assays from drill holes EPDD0012, 013, 014, 015 and 017, with intersections primarily in the upper 500m zone of the eastern sector of the main El Palmar target. Hole EPDD012 drilled deeper and tested the margin position of the deeper porphyry target. It intersected strongly mineralised intervals in shallow domains and several intervals between 673.5m and 1087m of anomalous gold, copper, molybdenum, lead and zinc. Hole EPDD013 drilled a well mineralized gold and copper interval in the upper 100m of the southern portion of the main El Palmar target and was extended towards the SE satellite target but is interpreted to have passed along the edge of that target at depth and intersected 0.11g/t gold and 0.07% copper from 402m to 461.1m. The SE satellite target has outcropping stockwork and grades an average of 0.33g/t gold and 0.12% copper from surface rock chip sampling over a strike length of 60m. Previously released drilling results from El Palmar are collated in ASX releases dated 23rd February 2022 and 25th May 2022. Geological modelling of the El Palmar system is suggesting a steep northerly plunge to the group of intrusives that host, and are coeval with, the gold-copper mineralisation. This interpretation, which is evolving based on 3-D modelling of drill hole logs and assays, is guiding the location of future drill holes. Holes EPDD020 and 021 are testing this model. Soil sampling is also rapidly progressing and providing definition to additional targets within the concession in preparation for drill testing. Porphyry targets have been defined to the southeast near the Toachi fault, and also immediately northeast of the main El Palmar target. Both of these regions exhibit geochemical signatures typical of the alteration caps that lie above porphyry systems. Soil sampling is now progressing to the north and covering multiple areas of outcropping epithermal gold mineralisation, including where historical surface rock chip sampling yielded an 85m-long (and open) zone from which 101 surface samples averaged 1.2 g/t Au, 25 g/t Ag and 0.16% Cu, with peak values for these elements being 6.47 g/t Au, 225g/t Ag and 0.78% Cu. Interpretation of the Spartan magnetotelluric (MT) survey data is ongoing and is being integrated with magnetic models. It is expected that an Orion 3D-DCIP survey will also be completed at El Palmar during 2022 to deliver high confidence deep drill targets. Announcement • Jun 22
Sunstone Metals Limited (ASX:STM) is pleased to announce that it has agreed to acquire the Verde Chico Project from Verde Chico Group for AUD 27 million. Sunstone Metals Limited (ASX:STM) is pleased to announce that it has agreed to acquire the Verde Chico Project from Verde Chico Group for AUD 27 million on June 21, 2022. The consideration is paid in cash and equity. Announcement • Jun 02
Sunstone Metals Ltd Announces Strong Assays Which Extend Its Brama-Alba Porphyry Discovery in Southern Ecuador to 1.1Km Long by 400M Wide Sunstone Metals Ltd. announced strong assays which extend its Brama-Alba porphyry discovery in southern Ecuador to 1.1km long by 400m wide. These assays will be incorporated into an initial Mineral Resource Estimate for the Brama-Alba deposit later this year. The results from holes BMDD014 through 018 clearly show that higher grade mineralisation occurs in sub- domains within the larger 1.1km long Brama-Alba system, and that these higher-grade domains extend to surface. The potential for Brama to host a substantial gold-copper porphyry system is being reinforced with ongoing drilling. There is also potential for this system to extend significantly to adjacent targets Melonal and Playas. These areas are expected to be drill tested in Third Quarter and Fourth Quarter 2022 respectively. Sunstone Managing Director Malcolm Norris said: "We are pleased with the latest round of results from Brama-Alba. These strengthen the potential and increase the scale of the Brama porphyry system. Reasonable distance of available hydroelectric power, supporting the economics of potential development opportunities. The project is also supported by nearby commercial airports and significant cities (Loja) and the project has strong community support. Drill holes BMDD014, 15 and 16 were drilled from the collar of hole BMDD008, towards the east, southeast, and south-southwest respectively. BMDD014 and 15 were drilled to test higher grade intrusive breccias previously drilled in hole BMDD008 and 008W1, which intersected 505.1m at 0.43g/t gold, 0.1% copper from surface, including 84.3m at 0.80g/t gold, 0.11% copper from 179.7m. The majority of mineralisation in drill hole BMDD016 is also hosted in syn-mineral intrusion breccias. Drill hole BMDD017 was drilled at the eastern end of the Brama porphyry system and drilled towards the southeast. It intersected a sequence of alternating syn-mineral diorite, late hornblende-quartz diorite, and minor intrusive breccia, with the upper 84m being well mineralised. The bottom 200m drilled mainly syn- mineral diorite with disseminated and vein hosted chalcopyrite, bornite and trace covellite and chalcocite. The bottom 5.6m of hole 17 is well mineralised and it is planned to re-enter this hole and deepen it to test the possible extension of the deep mineralised zone. Four drill holes have been planned to test eastern extensions of the deposit and to test an undrilled magnetic target at depth just east of Brama. Drill hole BMDD018 was drilled between holes BMDD004 and BMDD017, at a shallow angle, and tested an interpreted domain of higher-grade mineralised porphyry near surface. This zone was intersected in the upper 84m of the drill hole and was then disrupted by post-mineral dykes, and then passed into early host quartz diorite towards the southwest, consistent with other drill holes. The vertical extent of the higher-grade zone remains poorly tested and will be followed-up. Drill hole BMDD026 was drilled from the collar of hole BMDD008, towards the west to test an area of magnetic targets that are located between Brama and Alba. Drilling at the Bramaderos project will continue throughout 2022 and be spread across several target areas. At Brama it is expected that 1 drill rig will continue drilling at least 5 holes for a total of 2,000m. At Alba, at least 6 holes are planned for a total of 2,400m. Drilling will also be undertaken at Limon (commencing early June) and complete at least 6 holes for 3,500m. Planning for drilling is also underway at Melonal (located southwest of Alba) where at least one hole for 500m is expected. The drilling programs at Brama and Alba will form the basis for an initial Mineral Resource Estimate (MRE). The goal of this MRE is to establish an initial resource estimate that can then be expanded as exploration continues at Brama-Alba and the other nearby targets such as Limon, Playas, and Melonal. The Brama-Alba system is currently at least 1,100m x 400m lateral dimension and has a vertical extent of at least 400m. Mineralisation grade is variable within this envelope, as evidenced by today's announcement where discrete higher-grade sub-vertical cylinders are enclosed within broader mineralised diorite. Drilling at Limon is targeting chargeability and conductivity anomalies defined in the recently completed Spartan MT and Orion DCIP surveys, and geological follow-up to previously drilled high-sulphidation mineralisation which returned 59.6m at 0.16% copper, including 13.3m at 0.43% copper and 0.11g/t gold, and stockwork veining in surface trenches which returned 97.6m at 0.71g/t gold and 0.23% copper. Announcement • May 26
Sunstone Metals Limited Announces Strong Assays from Four More Holes in the Upper 500M At El Palmar Sunstone Metals Limited announce strong assays from four more holes in the upper 500m at El Palmar which confirm that the project hosts a significant gold-copper porphyry discovery. The latest assays extend the known, continuous mineralisation to an area of at least 500m x 300m by 500m vertical extent, from surface. In addition, early-stage deep drilling has intersected peripheral mineralisation in wallrock that is interpreted to be close to higher grade mineralisation, providing further exploration targets at depth. El Palmar is located in northern Ecuador in the vicinity of the 1Bt Llurimagua copper-molybdenum porphyry deposit and in the same regional structural belt that hosts the 2.6Bt Alpala copper-gold deposit within the Cascabel project . The El Palmar results reported in this release comprise all assays from drill holes EPDD007, 008, 010 and 011 in the upper 500m zone of the southeast sector of El Palmar, and holes EPDD009 and 016, which drilled deeper into the El Palmar system in the central sector of El Palmar. Previously released results are collated. Drill hole EPDD007 targeted the area below the high-grade mineralisation in EPDD002, and defined continuity of mineralisation at depth below and north of EPDD002. Drill hole EPDD008 drilled above strong mineralisation in EPDD001 and defined continuity of mineralisation from EPDD001 northward to surface. Drill hole EPDD010 drilled over and to the south of EPDD002, 006 and 007, and also defined continuity of mineralisation both above and south of EPDD002. Drill hole EPDD011 drilled to the north and into a previously undrilled area. This hole was drilled at a shallow angle of -350 and as such has defined a broad mineralised zone which will now be explored to depth. No holes to date have drilled underneath this mineralised domain. All holes within the south-eastern and eastern portions of the El Palmar intrusive complex have defined strong mineralisation from surface. This zone measures at least 500 x 300m, with a vertical extent of at least 500m, which remains open . Drill hole EPDD009 was drilled to test a deep magnetic anomaly below and west of the two shallower mineralised zones in EPDD004, but the hole deviated and lifted so that it passed over the upper section of the anomaly . Nevertheless, EPDD009 intersected 513m @ 0.17m Au, 0.09% Cu from 225m, including 68m at 0.14g/t gold and 0.1% copper within a syn-mineral bi-modal quartz diorite body. The broad interval of 513m of anomalous gold and copper comprises two of these syn-mineral intrusives and the intervening mineralised wallrock. Drill hole EPDD016 was drilled to test a sub-vertical magnetic anomaly in the north-west area of the El Palmar target. The drillhole intersected two phases of diorite with variable veining, and traces of chalcopyrite and molybdenite to the end of hole at 974m. The mineralisation graded up to 0.78g/t gold with anomalous copper at 840m, and 0.3g/t gold and 0.23% copper at 740m. These narrow intervals sit below broader highly anomalous intervals of 77m at 0.29g/t gold and 0.14% copper from 549m within a bi-modal quartz diorite, similar to the mineralised intrusions in BMDD009. Figure 3 shows combined El Palmar magnetic models 1 and 6, with drill holes, and a portion of the models removed to better visualise the lack of drill holes piercing the deep magnetic targets. The geometry of the magnetic models at this depth are less reliable than at shallower positions, and therefore will be combined with the recently completed MT models to further refine deep drill hole targeting. It is clear that mineralisation at El Palmar occurs in a variety of rock types, including in higher-grade syn- mineral intrusions, in lower-grade syn-mineral intrusions, and in their immediate wallrocks. In porphyry systems it is the amalgamation of these multiple mineralised domains that contribute to the large tonnage and hence economies-of-scale that apply to their eventual extraction. In this regard El Palmar is displaying these same characteristics. Whilst chalcopyrite is the dominant copper-sulphide mineral that is being observed in drilling, bornite, covellite and chalcocite are associated with more strongly mineralised sections of drill core. These sulphides have higher copper tenor and are also being modelled to understand their distribution as drilling progresses. Several highly prospective satellite anomalies that are also related to deeper magnetic bodies will be drilled in 2022. Announcement • Apr 28
Sunstone Metals Reports Further Strong Assays Which Confirm Its Alba Discovery Within the Bramaderos Project in Southern Ecuador Sunstone Metals reported further strong assays which confirm that its Alba discovery within the Bramaderos Project in southern Ecuador is a significant high-grade gold-copper porphyry deposit. Sunstone Managing Director Malcolm Norris said: "With each set of assay results the Alba gold-copper porphyry grows in scale. "The mineralisation extends from surface to greater than 400m deep, where the system is wide open and untested. The grades are in line with or better than those seen in many gold-copper porphyries around the world. Results from hole BMDD022 now include the extension of the original hole which ended in mineralisation. The extension added an additional 106m down-hole of gold-copper mineralised rock. The hole was drilled at a low angle and therefore has significantly broadened the gold-copper porphyry deposit near surface. Drill hole BMDD024 was drilled well south-west of the main target area during a period when electrical geophysics was being completed over the main target zone, precluding drilling in the target area. Significantly BMDD024 intersected a narrow massive sulphide zone which also contained gold, suggesting potential for high- grade roots of epithermal veins also over-printing porphyry mineralisation in the area. BMDD025 was drilled below hole BMDD023 (which intersected 84.2m at 0.51g/t gold and 0.16% copper from 183m, within 222.4m at 0.37g/t gold and 0.13% copper from 76.4m). BMDD025 has added nearly 200m of additional vertical extent to this well-mineralised system below BMDD023. Drill hole BMDD027 has further tested this vertical extent a further 100-250m below BMDD025 on this section (assays pending). This additional drilling is adding to the scale of the system which now measures at least 300m in diameter and a vertical extent exceeding 400m (and potentially up to 1,000m based on geophysics. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. Independent Non-Executive Director Stephen Stroud was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 07
Sunstone Metals Limited Announces Alba High Grade Gold-Copper Porphyry Drilling Results Sunstone Metals reported new assays which confirm the Alba target within the Bramaderos Project in southern Ecuador is a significant high-grade gold-copper porphyry discovery. Holes BMDD021 and BMDD022 were drilled below and above the previously reported holes BMDD012 and 020. Hole BMDD023 was drilled to the south, with an approximate 50m step out from BMDD012. Drill hole BMDD012 intersected 111m at 2.35g/t gold, including an upper very high-grade interval of 7.2m at 27g/t gold, and drill hole BMDD020 intersected 193.7m at 0.5g/t gold and 0.16% copper, including a high-grade zone of 21m at 0.91g/t gold and 0.17% copper. Adequate drilling and analysis of results has now been completed, enabling Alba to be interpreted as a high-grade gold rich porphyry environment with visible gold occurring in the upper zones of the porphyry and delivering locally very high grades. The main porphyry system at Alba has only been intersected in five drill holes to date (BMDD012, 020, 021, 022, 023) and further drilling is underway. It has some very high grades including 60.7m at 1.01g/t gold and 0.19% copper in BMDD021. On section, the immediate area of drilling has dimensions of ~250m wide and a vertical extent exceeding 350m. Drilling currently underway will define the system laterally. Copper minerals within locally intensely stockwork veined porphyry include chalcopyrite, bornite and covellite - the latter two minerals being high tenor copper sulphides. A second mineralised porphyry intrusion (apophyse) was previously intersected in BMDD007 on the southwest side of Alba, and this section of the broader Alba area will also be followed up in up-coming drilling. The latest results from Alba are extremely significant for the Bramaderos project for several reasons: The currently known size of the high-grade porphyry is expected to grow as more holes are drilled. Alba delivers a high-grade domain that could play a critically important role in a development scenario at Bramaderos, particularly given its potential to provide high-grade feed at the start of an operation, The Alba results have significant flow-on effects for the potential value of the directly adjacent Brama system, Plans for the maiden Mineral Resource Estimate for Brama will likely be expanded to incorporate Alba, Other Alba-style exploration targets are now being defined within the broader Bramaderos concession including at Limon where porphyry targets remain below the gold-bearing lithocap. Announcement • Feb 24
Sunstone Metals Limited Announces Strong Assays from Two More Holes Confirm El Palmar Is A Large Mineralised Porphyry Sunstone Metals Ltd. announced strong assays from two more holes which confirm that the El Palmar deposit in northern Ecuador is a significant gold-copper porphyry discovery. In light of these results and the abundant evidence that El Palmar is a major discovery, Sunstone has initiated the process to increase its interest in the project from 51% to 70% by paying USD 300,000 to the project vendor under the Staged Acquisition Agreement. The project is located in northern Ecuador in the vicinity of the 1.0Bt Llurimagua copper-molybdenum porphyry deposit, and in the same regional structural belt that hosts the 2.6Bt Alpala copper-gold deposit within the Cascabel project. The El Palmar results reported in this release comprise all assays from drill holes EPDD004, 005 (abandoned), and 006. Sunstone MD Malcolm Norris said it was now clear that El Palmar is a large mineralised system with an expanding footprint. Drill hole EPDD004 targeted the central portion of the large circular magnetic zone that makes up the main El Palmar target. The hole drilled 2 intervals of gold-copper mineralisation within a large broad lower grade domain. The intervals of mineralisation are interpreted to relate to the upper portions of the very large El Palmar system. Drill hole EPDD005 was stopped at 330m at the intersection with an aquifer which compromised the hole. The hole did not reach the main target zone. Consequently, the western target domain of the main 700m diameter El Palmar magnetic anomaly remains untested, despite a significant magnetic signature. Drill hole EPDD006 has further tested the southeast part of the El Palmar complex. Hole EPDD006 commenced from the collar of historical hole CED01 and drilled towards the SSW as a scissor hole to EPDD002 which was well mineralised. All holes to date have intersected various, and sometimes multiple, phases of syn-mineral intrusives which are associated with the higher-grade gold-copper intervals. Drill holes EPDD007 - 011 have now been completed (assays pending), and holes EPDD0012 and 13 are in progress. Deep drilling is progressing well. Hole EPDD009 was completed at 901m depth and hole EPDD012 is underway at 930m depth. Both holes exhibit mineralisation over several intervals, but assays are required to define the grade. Announcement • Feb 15
United Lithium Corp. (CNSX:ULTH) completed the acquisition of a 83.6% stake in Finland Lithium Project from Sunstone Metals Limited (ASX:STM) for CAD 0.87 million. United Lithium Corp. (CNSX:ULTH) signed a letter of intent to acquire Finland Lithium Project from Sunstone Metals Limited (ASX:STM) and Nortec Minerals Corp. (TSXV:NVT) on May 4, 2021. United Lithium Corp. entered into definitive agreement to acquire 83.6% stake in Finland Lithium Project from Sunstone Metals Limited for CAD 0.81 million on December 15, 2021. As per the terms, United Lithium will acquire 83.6% stake and 16.4% stake in Finland Lithium project from Sunstone Metals Limited and Nortec Minerals Corp respectively. Under the terms, United Lithium will pay CAD 0.42 million in cash and will issue 0.42 million shares to Sunstone. The transaction is subject to consummation of due diligence investigation and definitive agreement. As of December 15, 2021, The Consideration for the transaction is comprised of an aggregate of CAD 0.42 million in cash and 697,442 common shares in the capital of ULTH. The ULTH Shares will be issued at a deemed price of CAD 0.6022 per share and subject to an escrow restriction whereby 70% of such ULTH Shares shall be released four months following the closing date of the Acquisition, and the remaining 30% ULTH Shares shall be released eight months following the Closing Date. The closing of the transaction is subject to customary conditions, including receipt of all necessary regulatory and other approvals.
United Lithium Corp. (CNSX:ULTH) completed the acquisition of a 83.6% stake in Finland Lithium Project from Sunstone Metals Limited (ASX:STM) for CAD 0.87 million on February 14, 2022. Announcement • Jan 20
Sunstone Metals Limited Announces Gold-Copper Porphyry At Alba Below Gold Zonewell Mineralised Gold-Copper Porphyry Intersected Below Alba Gold Discovery Sunstone Metals advised that the second hole drilled at its Alba gold discovery within the Bramaderos Project in southern Ecuador has returned a 193.7m porphyry intersection grading 0.5g/t gold and 0.16% copper from 164m. Mineralisation remains open at depth and along strike. Hole BMDD020 was drilled below the maiden hole BMDD012 at Alba, which returned 111m at 2.3 g/t, including 7.2m at 26.88 g/t. Hole BMDD020 also intersected the Upper Gold Zone returning 7.0m at 1.77g/t gold. The results show that the Alba discovery comprises a gold zone sitting above a well mineralised gold-copper porphyry that remains open and largely untested. The Upper Gold Zone is currently interpreted to be a structurally controlled epithermal system. A geological model is being developed for this system. Petrographic studies are underway. Visible gold was identified in drill holes BMDD012 and 020, and importantly in BMDD020 it was observed in both the Upper Gold Zone and within the broader porphyry zone leading to the potential for future high grade gold intervals. Additional follow-up drill holes BMDD021 and 022 at Alba have been completed, and hole BMDD023 is well advanced and are being sampled for laboratory submission. All holes have intersected rock types and alteration similar to that documented in holes BMDD012 and 020. The drill holes appear to have drilled the equivalent of the Upper Gold Zone (significant anhydrite veining), and well developed stockwork at depth with some visible copper sulphides representing the porphyry zone. Sunstone Managing Director Malcolm Norris said the latest results provided more firm evidence that Alba was emerging as a major discovery. Visible gold was also identified in drill hole BMDD013 and correlated with an interval of 2m at 2g/t gold, locatedapproximately 100m from the BMDD012 and BMDD020 Upper Gold Zone intervals. The Upper Gold Zone is currently interpreted as a late-stage gold-rich event superimposed over a broad and deeper gold-copper porphyry mineralised system. The grades in the porphyry system in BMDD020 are some of the best seen at Bramaderos since Sunstone commenced drilling. This is very encouraging as exploration is advanced across the broader Alba target.A conventional IP survey comprising 6 x 1,600m long lines has been planned for the Alba target and is expected to commence in late January. A 3-D Magnetotellurics (MT) survey will also be undertaken over the Alba target. MT is a geophysical method which uses natural time variations of the Earth's magnetic and electric fields to measure the electrical resistivity of the sub-surface. Application of MT in exploration for porphyry systems has advanced significantly over the last several years and it is anticipated that the combination of MT and conventional IP will deliver multiple drill targets for both high grade epithermal systems and porphyry gold- copper mineralisation, as currently interpreted at Alba. El Palmar Update: Two drilling rigs continue to operate at the El Palmar gold-copper porphyry discovery in northern Ecuador. Hole EPDD009 is targeted on part of the deep magnetic anomaly and at the time of announcement is at a depth of 837m. Based on visual `quick logs' of the core, and the results from a handheld XRF instrument it can be confirmed that the deep magnetic anomaly is mineralised. Hole EPDD009 has lifted and deviated to the west so that it is drilling the margin of the main magnetic anomaly. The hole is likely to be stopped soon and a better positioned hole (to account for increased lift and deviation) will be commenced. This new hole is then likely to form the parent hole for future wedge holes to test the broad anomaly. It is very encouraging to see the geology, alteration and intervals of mineralisation throughout this deep hole as it validates the deep magnetic anomaly as a significant target. Assay results from holes EPDD004, 005 and 006 will be available in February. Drill holes EPDD007 and 008 are currently being logged in preparation for sampling. Drill hole EPDD010 is nearing completion. Highlights: Significant intersections from the first follow-up drillhole (BMDD020) at Alba include: 264.7m at 0.49g/t gold and 0.13% copper, from 95m to end of hole; including; 20m at 0.91g/t gold from 119m (Gold Zone), including, 7.0m at 1.77g/t gold, from 126m; and. 193.7m at 0.5g/t gold and 0.16% copper from 164m (Porphyry Zone), including 9.1m at 0.91g/t gold and 0.16% copper from 173m; and 7.8m at 0.81g/t gold and 0.15% copper from 185m; and 21.0m at 0.91g/t gold and 0.17% copper from 203m. Further follow-up drilling is underway, and assays are pending for 3 drillholes. Deep drilling at El Palmar in northern Ecuador returns visible copper and signific alteration from the margin of the large magnetic target zone. Announcement • Dec 16
United Lithium Corp. (CNSX:ULTH) signed a definitive agreement to acquire 83.6% stake in Finland Lithium Project from Sunstone Metals Limited (ASX:STM) for CAD 0.81 million. United Lithium Corp. (CNSX:ULTH) signed a definitive agreement to acquire 83.6% stake in Finland Lithium Project from Sunstone Metals Limited (ASX:STM) for CAD 0.81 million on December 15, 2021. As per the transaction, United Lithium Corp. 0.42 million in cash and 697,442 common shares which are subject to an escrow restriction whereby 70% of such shares shall be released four months following the closing date of the acquisition and the remaining 30% shares shall be released eight months following the closing Date. Closing of the acquisition is subject to customary conditions, including receipt of all necessary regulatory and other approvals. Announcement • Dec 13
Sunstone Metals Ltd Identifies Additional Targets Sunstone Metals Ltd. announced strong soil sampling assays which confirm that the El Palmar project in northern Ecuador (Figure 8) comprises a growing cluster of gold-copper mineralised porphyry deposits. Drilling of hole EPDD008 at the main El Palmar target is underway. The second drilling rig has arrived at the project and commenced hole EPDD009 which will test the deep magnetic targets (Figure 3). The El Palmar auger soil sampling program is covering several additional targets surrounding the main El Palmar target with the aim of advancing these to the drill testing stage (Figures 1 & 6). In addition to the two satellite targets reported here, an additional five satellite targets will be covered by auger soil sampling in the first quarter of 2022 (Figure 6). The project is located in northern Ecuador in the vicinity of the 1Bt Llurimagua copper-molybdenum porphyry deposit and in the same regional structural belt that hosts the 2.6Bt Alpala copper-gold deposit within the Cascabel project (Figures 7 & 8). Detailed geological mapping and rock chip sampling is being undertaken in parallel with the soil sampling and is continuing to identify multiple areas of interest within the El Palmar concession. The south-east satellite target area comprises a bullseye magnetic anomaly with coincident surface soil copper, gold, and silver (Figures 2 & 3). This area also has had some historical surface rock chip sampling (25 samples) which delivered 60m of 0.33g/t gold and 0.12% copper. The target area has been expanded with recent mapping and sampling which identified additional areas of oxidised stockwork veined diorite (Figure 5) visually similar to the host rocks of mineralisation at the main El Palmar drilling area. The north-east satellite target has been modelled as a deeper magnetic body, possibly linked to the main El Palmar magnetic body (Figure 4). The surface geochemistry is anomalous in silver, lead and zinc and other typically `high level' porphyry pathfinder elements interpreted to represent the upper alteration zone of a porphyry system. This interpretation is shown very clearly in Figure 3 where the significance of the NE satellite target becomes very obvious. The soil sampling has also identified a new Eastern Anomalous Zone, with coincident gold and copper and molybdenum (porphyry signature) results, which expands the size of the overall El Palmar target (Figure 2). This area will be further investigated. Recent Insider Transactions Derivative • Dec 06
MD, CEO & Director exercised options to buy AU$70k worth of stock. On the 1st of December, Malcolm Norris exercised options to buy 800k shares at a strike price of around AU$0.08, costing a total of AU$64k. This transaction amounted to 2.6% of their direct individual holding at the time of the trade. Since June 2021, Malcolm's direct individual holding has increased from 22.10m shares to 30.91m. Company insiders have collectively bought AU$468k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Nov 27
Sunstone Metals Ltd announces more outstanding assays from the El Palmar deposit in northern Ecuador Sunstone Metals Ltd. announced more outstanding assays which confirm that the El Palmar deposit in northern Ecuador is a significant gold-copper porphyry discovery. The El Palmar results reported in this release comprise all assays from drill hole EPDD003 and the previously unreported assays from portions of EPDD002. Geological logging of holes EPDD001 to 006 has identified an extensive porphyry system with multiple phases of intrusive rocks, and local areas of epithermal overprint. At least three porphyry mineralizing episodes hosted by high-level dioritic intrusives have been identified, with mineralization extending into the wallrock intrusions. Assays now show significant grades and widths of gold and copper porphyry mineralization in five holes (EPDD001-EPDD003, and historic holes CED01 and 02) across a 300m long zone, which remains open, on the south side of the El Palmar magnetic complex. This is a substantial area of consistent mineralization in the southern portion of the broader magnetic anomaly. Drill holes EPDD004 and 005 have partially tested the northern portion of the anomaly. With each drill hole the mineralization area is being expanded. The degree of veining is variable and includes multiple phases of quartz and quartz-sulphide veins, and multiple phases of copper-sulphide bearing magnetite veins. Chalcopyrite continues to be the dominant copper sulphide, with some associated bornite, and minor hypogene covellite and chalcocite. The El Palmar auger soil sampling program has resumed and is covering several additional targets to the southeast, northeast, and northwest of the main El Palmar target to bring these to the drill testing stage. Some infill sampling has also been undertaken over the main target area. The 2 closest satellite targets, to the immediate southeast and northeast have been soil sampled and results are expected in December. The southeast area has had some historical rock chip sampling and 25 samples over a strike length of 60m, on the margin of a coincident bullseye magnetic anomaly, returned an average of 0.33g/t gold and 0.12% copper. Recent Insider Transactions Derivative • Nov 16
MD, CEO & Director exercised options to buy AU$85k worth of stock. On the 10th of November, Malcolm Norris exercised options to buy 1m shares at a strike price of around AU$0.065, costing a total of AU$89k. This transaction amounted to 4.6% of their direct individual holding at the time of the trade. Since June 2021, Malcolm's direct individual holding has increased from 22.10m shares to 29.55m. Company insiders have collectively bought AU$404k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Nov 05
MD, CEO & Director exercised options to buy AU$495k worth of stock. On the 1st of November, Malcolm Norris exercised options to buy 7m shares at a strike price of around AU$0.041, costing a total of AU$286k. This transaction amounted to 31% of their direct individual holding at the time of the trade. Since June 2021, Malcolm's direct individual holding has increased from 22.10m shares to 22.58m. Company insiders have collectively bought AU$315k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Oct 08
Sunstone Metals Limited Announces 480m Intersection of Gold and Copper in Its First Drill Hole At El Palmar Sunstone Metals Limited announce a 480m intersection of gold and copper in its first drill hole at El Palmar, that includes high gold-grade sections that are characteristic of gold-rich porphyry systems. These strong first assay results indicate a significant gold-copper porphyry discovery at the El Palmar project in Ecuador. Sunstone is acquiring 100% of the El Palmar project under the Stage Acquisition Agreement signed on 12 August 2020. Sunstone has met all the obligations under the Staged Acquisition Agreement to move to 51% ownership, with the process to transfer the shares currently underway. The project is located in northern Ecuador in the vicinity of the 1.0Bt Llurimagua copper-molybdenum porphyry deposit, and in the same regional structural belt that hosts the 2.6Bt Alpala copper-gold deposit within the Cascabel project. The El Palmar results comprise all assays from the first hole (EPDD001) and those from a portion of the second hole (EPDD002). Assays from the rest of the second hole and the third hole, which has been completed, are expected in about six weeks. Drill hole EPDD004 is nearing completion. All holes are mineralised. The assay results include 163.55m at 0.71g/t gold and 0.20% copper (1.05g/t gold equivalent1) from 52.35m, within a broad interval of 480.85m at 0.41g/t gold and 0.15% copper (0.66g/t gold equivalent) from 11.3m in EPDD001; 167.50m at 0.58g/t gold and 0.26% copper (1.02g/t gold equivalent1) in EPDD002 only 167.5m assayed to date from 250m to 417.5m; Peak values are 1m at 1.34g/t gold and 0.41% copper (2.03g/t gold equivalent) in EPDD001 from 192.2-193.2m; Peak values are 1m at 1.65g/t gold and 0.59% copper (2.64g/t gold equivalent) in porphyry mineralization in EPDD002 from 266-267m; Local epithermal overprint in EPDD002 delivering assay results of 9.25m at 1.22g/t gold and 6.92g/t silver from 388.75m. Announcement • Aug 25
Sunstone Metals Limited Provides Update on El Palmar Copper-Gold Porphyry Target, Northern Ecuador Sunstone Metals Ltd. announced that the first drill hole at the El Palmar copper-gold porphyry target in northern Ecuador, EPDD001, was completed at 708.5m and has intersected a copper mineralised porphyry system from surface. Importantly, there appears to be a correlation between the presence of copper minerals and magnetite. This is considered highly promising because it supports the 3-D magnetic model, which highlights areas that are prospective for mineralisation. The upper 550m of EPDD001 displayed copper mineralisation as fine-grained disseminated chalcopyrite and some bornite. The magnetic model suggested that the mineralisation may decrease beyond 550m in this area, which appears to be the case. The upper 400m of drill core from EPDD001 is being prepared for submission to the assay laboratory. The remainder of EPDD001 will be prepared in coming days. Assays are expected in late September. Detailed logging and core photography will be completed over the next few weeks and reported accordingly. Hole EPDD002 has commenced from the same drill pad as EPDD001 and is being drilled to the NNE to also test the circular magnetic domain. EPDD002 will drill under the best mineralisation intersected in the historical Codelco hole EPD01 that appeared to drill above the main magnetic target. A third hole is also planned from this same drill pad and will drill to the WNW targeting magnetic rocks at depth just north of the mineralised historical hole EPD02. El Palmar is located in northern Ecuador in the vicinity of the one-billion-tonne Llurimagua copper-molybdenum porphyry deposit and in the same regional structural belt that hosts the 2.6Bt Alpala copper-gold deposit within the Cascabel project. Announcement • Jul 15
Sunstone Metals Limited Announces Drilling About to Commence at El Palmar Copper-Gold Project, Ecuador Sunstone Metals Ltd. announced that drilling is about to start at the highly prospective El Palmar copper-gold porphyry target in northern Ecuador. Logistical preparations are being finalised and the drill rig is on the pad of the first hole. Sunstone will undertake a Phase 12,000m drilling program targeting the upper 400m of a significant circular magnetic anomaly interpreted to be a mineralised porphyry body. Drilling will continue beyond 400m if mineralisation and alteration are encountered in the upper portions of the hole. In parallel with preparation for drilling, a soil sampling program has been underway for several weeks. The area of the main magnetic target has been sampled and results define copper and gold anomalism consistent with a porphyry signature. Historical prospecting and sampling identified areas of significant stockwork and sheeted veins at surface, typical of porphyry mineralisation, with anomalous gold and copper rock chip assays of up to 2.2g/t gold and 0.3% copper. Three diamond drill holes were completed by a previous explorer at El Palmar in 2012 and delivered significant intersections of copper and gold porphyry mineralisation but did not test the area of mineralised veining at surface, nor the magnetic anomaly recently defined by Sunstone. The initial 2,000m drill program planned by Sunstone will test both the significant magnetic anomaly and the surface mineralisation. Some surface leaching of copper may have occurred based on outcrop inspection of highly weathered stockwork veining. Four drill pads have now been prepared at El Palmar to allow for an expanded drill program should the early results warrant. El Palmar is located in northern Ecuador in the vicinity of the 1.0Bt Llurimagua copper-molybdenum porphyry deposit, and in the same regional structural belt that hosts the 2.6Bt Alpala copper-gold deposit within the Cascabel project. A small historical drilling program at El Palmar of only 3 holes in 2012 confirmed the presence of a gold and copper porphyry system. Recent detailed analysis of that drill core by Sunstone has confirmed local chalcopyrite and bornite within typical porphyry alteration assemblages, with mineralisation starting from surface. Integrating those historical drill hole results with Sunstone's recently completed ground magnetic survey show that the historical drilling was located on the margins of the main porphyry target and drilled away from the target. Announcement • Jun 22
Sunstone Metals Limited Announces Strong Assay Results Which Show Drilling Intersected 505M of Mineralised Gold-Copper Porphyry At the Brama Prospect Sunstone Metals Limited announced strong assay results which show drilling intersected 505m of mineralised gold-copper porphyry at the Brama prospect within its Bramaderos project in Ecuador. The results from hole BMDD008W1 that was drilled as a wedge off hole BMDD008 commencing at 347.1m downhole, further highlight the potential for Brama to host a substantial gold-copper porphyry system. Holes BMDD008W1 and parent hole BMDD008 are located on the north-west side of the main Brama system. BMDD008 had intersected a strongly mineralised high-level intrusive breccia body located above the north-west edge of the main Brama system. The BMDD008W1 wedge hole has extended that intersection by 50m to intersect a 505m-long intersection from surface. This intersection very likely extends deeper, but still remains to be further tested in the area south and east of BMDD008W1 in similarly magnetic domains. Both drill holes BMDD008 and BMDD008W1 extended towards a deeper magnetic anomaly but failed to intersect that target. Gold equivalent values are included here to enable comparison, in general terms in an early-stage exploration context, to other large lower-grade gold systems, and to other porphyry systems which are often reported in metal-equivalent terms and are invariably gold and copper deposits, with both metals being targeted by exploration. Drill hole BMDD009 was drilled in the east and central parts of the main Brama porphyry system. It was drilled from the east and towards a modelled deep magnetic anomaly that lies central to the 0.1% Cu contour depicted in Figures 3 and 4. Visual inspection of drill core from BMDD009 reveals it intersected a strongly and continuously veined porphyry system hosted by diorite in its upper 515m, with visual chalcopyrite associated with intense stockwork veining. The drill hole continued to test the deeper magnetic domain, that corresponds to the deeper target in BMDD008 and BMDD008W1, and encountered peripheral stockwork magnetite veinlets that likely explain the magnetic anomaly in the wall rocks south of the main mineralised intrusive body. The long and well-mineralised sections of holes BMDD001, BMDD002 and BMDD009 indicate that the main porphyry target on the eastern sector of Brama is defined by strongly veined diorite with moderate magnetic character. Announcement • May 08
Sunstone Metals Ltd Identifies A Compelling Copper-Gold Porphyry Target At Its El Palmar Project in Northern Ecuador Sunstone Metals Ltd. announce that it has identified a compelling copper-gold porphyry target at its El Palmar project in northern Ecuador. The target is based on the outstanding results of a ground magnetic survey and is supported by a review of historical holes which contained chalcopyrite and bornite within typical porphyry alteration assemblages, and were drilled on the edge of the target area. In light of these strong results, Sunstone has contracted a drilling rig and expects to start drilling this quarter. El Palmar is located in northern Ecuador in the vicinity of the 1.0Bt Llurimagua copper-molybdenum porphyry deposit, and in the same regional structural belt that hosts the 2.6Bt Alpala copper-gold deposit within the Cascabel project. Processing of recently collected ground magnetic data has defined a large anomaly with a diameter of ~700m exhibiting features consistent with a large porphyry system. Importantly, the historical drilling completed by Codelco in 2012 took place at high levels on the margins and away from the newly defined magnetic anomaly, and into country rock. The results of that historical drilling confirmed the presence of a gold and copper porphyry system. Recent detailed analysis of that drill core by Sunstone has confirmed local chalcopyrite and bornite within typical porphyry alteration assemblages, with mineralisation starting from surface. Sunstone will undertake a Phase 1, 2,000m drilling program. Drill preparations are well advanced. Initial drilling will target the upper 400m of the system, but drill holes may be extended if mineralisation and alteration continue to depth, towards the modelled deeper roots of the system. The first drill hole is planned to test the magnetic anomaly west of known mineralisation from historical drilling and to drill under the highest grade gold in surface rock chips, where values up to 2.24g/t gold and 0.3% copper have been recorded. Announcement • May 06
United Lithium Corp. (CNSX:ULTH) signed a letter of intent to acquire Finland Lithium project from Sunstone Metals Limited (ASX:STM) and Nortec Minerals Corp. (TSXV:NVT). United Lithium Corp. (CNSX:ULTH) signed a letter of intent to acquire Finland Lithium Project from Sunstone Metals Limited (ASX:STM) and Nortec Minerals Corp. (TSXV:NVT) on May 4, 2021. As per the terms, United Lithium will acquire 83.6% stake and 16.4% stake in Finland Lithium project from Sunstone Metals Limited and Nortec Minerals Corp respectively. Under the terms, United Lithium will pay CAD 0.42 million in cash and will issue 0.42 million shares to Sunstone. The transaction is subject to consummation of due diligence investigation and definitive agreement. Announcement • Mar 19
Sunstone Metals Limited's First Hole of the Phase 2 Program at Brama Hits Mineralised Porphyry over Shallow 300m Intersection Sunstone Metals Ltd. announced highly encouraging visual results from its first hole at the Brama porphyry prospect within its Bramaderos project in Ecuador. Drilling resumed at the Brama gold-copper porphyry target in February. The hole (BMDD008), which is now at ~735m, is targeting a vertically extensive porphyry system interpreted from 3-D processing of detailed magnetics. The upper part of the targeted porphyry comprises a mineralised intrusive breccia previously drilled in holes BMDD005 and historical hole CURI-13. BMDD005 intersected 127m at 0.57g/t gold and 0.1% copper, including 39m at 0.72g/t gold and 0.13% copper, and drilled the margins of the upper magnetic body based on the recent higher resolution 3-D magnetic model. The core of the upper magnetic anomaly is now being targeted in BMDD008. Visual inspection of the BMDD008 drill core is highly encouraging, with the intersection of copper mineralised diorite and a mineralised intrusive breccia in the interval from 150 450m. The interpreted 3-D magnetic model shows a sub-vertical elongated magnetic high anomaly below this intrusive breccia which broadens at depth and is also being targeted by this drill hole. Drilling is expected to continue through March and assay results should be available in May. The pipe-like porphyry target being tested at Brama by hole BMDD008 is the first of a significant number of similar vertically extensive pipe-like targets that can be seen in 3-D magnetic data across the Brama, Playas and Melonal porphyry targets on the Bramaderos property. A ground magnetics survey is well advanced at El Palmar and is being undertaken to assist in the definition of a magnetite-rich potassic-altered core to the porphyry system. A gold-copper mineralised porphyry system has been identified from 3 historical drill holes, and the magnetic survey will help to further define drill targets for testing in 2021. The El Palmar project is located in northern Ecuador in the vicinity of the 1.5Bt Llurimagua copper- molybdenum porphyry deposit, and in the same regional structural belt that hosts the 2.6Bt Alpala copper- gold deposit within the Cascabel project. The ground magnetic survey at El Palmar will be completed during March and 3-D inversion modelling is expected to be completed in early April. This will enable initial drill hole targeting. It is expected that a drill rig will be mobilised to site in second quarter. Announcement • Mar 17
Sunstone Metals Ltd Provides Drilling Results from the Espiritu Silver-Gold Discovery Sunstone Metals Ltd. to announce more promising drilling results from the Espiritu silver- gold discovery within its Bramaderos project in Ecuador. Assay results and geological interpretation from holes ESDD008 and ESDD009 show multiple silver-gold bearing structures with various orientations with local high-grade mineralisation, including the highest gold grades yet drilled at Espiritu. The company is seeing the suggestion of groupings of discrete surface anomalies, that probably reflect higher grade shoots, and which will be the focus on ongoing work. The company will be exploring individual targets within an area 700m x 1,500m. Locally these areas contain very high grades of silver and the company is getting closer to understanding the controls on those higher grades. Drilling of hole ESDD008 was completed at 359.97m. Drill hole ESDD009 was completed at 451.35m and intersected veins a further 250m south of ESDD008, now taking the strike extent of the Espiritu silver-gold system to 700m. Drill Holes ESDD008 and 009 were drilled at shallow angles to surface, and partly following topography, and have only tested to a maximum vertical depth of 140m below surface. Evidence of multiple lodes continues to be identified in drilling. Narrow high-grade zones show variable widths, and better mineralisation is interpreted to occur at vein intersections. This is interpreted to generate sub- vertical higher-grade shoots as seen in holes ESDD005 and 006, and to be tested with hole ESDD011 in progress. Announcement • Jan 22
Sunstone Metals Ltd Announces Ecuador Exploration Update Sunstone Metals Ltd. announced more bonanza drilling results from the Espiritu silver- gold discovery within its Bramaderos project in Ecuador. Assay results and geological interpretation from hole ESDD006 show multiple silver-gold bearing structures with various orientations (Tables 1, Figures 1, 2, 3) with high-grade mineralisation including: 3.75m at 11.8g/t silver, 1.54g/t gold from 102m, 0.4m at 355g/t silver, 0.36g/t gold, 3.55% zinc from 173m, 0.5m at 187g/t silver, 1.44g/t gold from 206m, 0.5m at 550g/t silver, 0.26g/t gold from 278m, 0.5 at 93g/t silver, 0.68g/t gold, 2.45% zinc from 313m. Drilling of hole ESDD008 has just been completed at 359.97m and has intersected altered and mineralised intervals that deliver increasing confidence in the interpreted geometry and demonstrate that the Espiritu discovery has the potential to be a large system with currently over 200m of strike containing local bonanza silver grades. On a gold or silver-equivalent basis, the intersections reported are very significant. Drill hole ESDD009 has been commenced and is targeting an area 250m south of ESDD008. Drilling to date has only tested to a depth of 250m below surface in two locations at Espiritu. Evidence of multiple lodes means there are several opportunities to follow-up bonanza grades across the area drilled to date. Narrow high-grade zones and intervening lower grade zones can be bulked and outline larger mineralised bodies. Both concepts are being explored - high grade narrow veins and larger lower grade systems. Exploration has commenced at El Palmar, with historical drill holes being re-logged and the upper zones that were not previously assayed have now been sampled and assayed. They have returned gold- copper mineralised intervals with up to 0.9g/t gold and 0.26% copper over individual samples of 1.0m. Work to date has focussed on stakeholder engagement, review and sampling of historical drill core, and planning for a ground magnetic survey which will commence in the next few weeks. It is expected that drilling can commence during March. As stated above, the upper 33-51m of each of the 3 historic drill holes from 2012 had not been previously sampled and assayed. Sunstone has now done this, and the results returned encouraging intervals of gold- copper mineralisation, adding to the previously defined mineralised areas. Importantly, thin younger cover intersected in drill core from surface that is not mineralised masks the porphyry mineralisation hence limiting significantly the surface expression of the El Palmar system. New intersections from the recent sampling of historic drillholes include: EPD-02: 35.4m @ 0.34 g/t Au, 0.18% Cu from 8.12m, adding to the 34.5m historical intersection of 0.31g/t gold and 0.16% copper. EPD-01: 16.9m @ 0.20 g/t Au, 0.13% Cu from 12.89m, adding to the 186m historical intersection of 0.33g/t gold and 0.16% copper. Announcement • Aug 12
Sunstone Metals Limited (ASX:STM) signed a binding term sheet to acquire El Palmar copper-gold porphyry project in Ecuador for $2.9 million Sunstone Metals Limited (ASX:STM) signed a binding term sheet to acquire El Palmar copper-gold porphyry project in Ecuador for $2.9 million on August 12, 2020. Under the terms of transaction, Sunstone will pay an initial cash payment of $0.05 million upon signing of the Staged Acquisition Agreement which is expected to enter into later this quarter. Payments of $0.25 million in stages linked to advancement through to the commencement of a phase 2 drilling program in the first two years. Payments of $0.6 million over the 2 years from July 1, 2022; Final cash payment of $2 million on July 1, 2024. The current shareholders of Sunstone that holds El Palmar will receive a 1% net smelter royalty. Sunstone will have the right to buy back 75% of the royalty (taking it to 0.25%) for $1 million. Sunstone plans to undertake a two- to three-month surface exploration program before prioritizing drill targets, subject to completion and signing of the formal Staged Acquisition Agreement. A valid drill permit is currently in place for the El Palmar project and drilling is planned to commence in late 2020. 
