SUNSTONE METALS LIMITED (STM)
Share Price Analysis and Chart

23/04/2026

1

Speculative Buy

$0.95

375.00%

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.

14/09/2026

1

Buy

$1.40

600.00%

Shaw and Partners maintains a Buy rating for Sunstone Metals with a $1.40 target price following the release of the final two drill holes from a 30-hole resource growth drilling programme at the Bramaderos project.

One hole intersected a high-grade zone midway between the Alba and Melonal systems, returning 9.35m at 17.23g/t gold equivalent, including a peak two-metre assay of 55.9g/t gold with visible mineralisation.

A second hole drilled into the Melonal diorite intrusion delivered a 368m intersection at 0.45g/t gold equivalent, confirming mineralisation into the base of the current pit shell.

The analyst notes all 30 completed holes successfully intersected mineralisation outside the existing 3.6m ounce gold equivalent resource, providing strong support for grade and tonnage upside ahead of an updated mineral resource estimate scheduled for the December quarter of 2026.

Shaw and Partners highlights impending assay results from trenching at the Porotillo porphyry alongside the recommencement of deeper drilling at the El Palmar project as additional near-term catalysts.

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.