SUNSTONE METALS LIMITED (STM)
Share Price Analysis and Chart

23/04/2026

1

Speculative Buy

$0.95

186.14%

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.

19/05/2026

1

Buy

$2.10

532.53%

Shaw and Partners retains a Buy rating for Sunstone Metals with an unchanged $2.10 target price following strong assay results at the Bramaderos Project.

Mineralised intersections up to 250m at the Porotillo and Melonal prospects confirm gold-copper zones outside the existing 3.6moz resource footprint.

The broker comments that this consistent discovery of porphyry systems supports an overarching strategy to scale the project and de-risk a significant exploration target.

Engagement with potential strategic partners continues as corporate-level transactions and project-level earn-ins are explored amid record gold prices.

The broker considers the Ecuadorian assets significantly undervalued and capable of evolving into a tier 1 production hub.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.20 cents.
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.90 cents.