SUNSTONE METALS LIMITED (STM)
Share Price Analysis and Chart

23/04/2026

1

Speculative Buy

$0.95

363.41%

Morgans highlights Sunstone Metals' Bramaderos (gold-copper porphyry concession in Loja Province) scoping study as demonstrating strong project economics.

The broker highlights a long-life project, with a low-strip open pit producing around 120kozpa gold equivalent over 23 years at competitive costs.

It's noted the study is based on a 3.6Moz gold equivalent resource, with significant exploration upside across the broader project and additional potential from El Palmar.

The broker sees scope for further resource growth and value uplift as drilling progresses.

Morgans points to an attractive valuation relative to peers and substantial development optionality.

The broker's previous target price was 5.3c per share prior to the 1-for-30 consolidation, equivalent to $1.59 per share on a post-consolidation basis.

The amended target lands at 95c after a number of project valuation adjustments.

14/10/2026

1

Buy

$1.40

582.93%

Shaw and Partners maintains its Buy rating for Sunstone Metals with its target price unchanged at $1.40 following a 72% increase in the Bramaderos Mineral Resource Estimate to 6.2moz gold equivalent.

Indicated Resources grew 450% to 3.3moz gold equivalent, expanding to represent 53% of total resources compared to 17% previously.

Resource growth comprised 60% from new drilling and 40% from revised price assumptions of US$3,000/oz gold, US$6.0/lb copper, and US$40/oz silver.

Metallurgical testwork supports 80% copper and 93% gold recoveries across core deposits, while exploration drilling has commenced at El Palmar to test additional deep porphyry targets.

The analyst views the substantial conversion to Indicated status as key support for an upcoming revised Scoping Study and maiden Ore Reserve.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.00 cents.
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.80 cents.