SUNSTONE METALS LTD — Capital/Financing Update 2024

Nov 11, 2024

12 NOVEMBER 2024

Bramaderos Gold-Copper Project, Southern Ecuador New gold-copper porphyry discovery points to more growth at Bramaderos

The Copete discovery takes the Bramaderos mineralised cluster to 2km x 1.8km, highlighting scope for large open pit operation

Key Points

• Trench sampling results from the new Copete gold-copper porphyry target at Bramaderos have confirmed significant surface porphyry gold-copper mineralisation:
  • o 113m at 0.64g/t gold-equivalent2(0.51g/t gold, 0.07% copper, and 1.2g/t silver) in trench ML-01, within
  • o 214.0m at 0.50g/t gold equivalent2 (0.37g/t gold, 0.08% copper, and 1.1g/t silver)
• It is interpreted that copper is leached at surface and that higher grades of copper are expected in drilling
• The Copete discovery is next to the Brama-Alba Resource and the large Melonal target
• The Bramaderos cluster of gold-copper mineralised bodies at surface now covers 2km x 1.8km, highlighting the potential for a large open pit operation
• Bramaderos, along with the El Palmar project in northern Ecuador, is currently the subject of partnership discussions with third parties
• These discussions are aimed at accelerating exploration and Resource growth to help unlock the full value of the projects

Sunstone Metals Ltd (ASX: STM) is pleased to announce that it has discovered another significant gold-copper porphyry at its Bramaderos Project in southern Ecuador.

The Copete discovery is in addition to the previously released porphyry Exploration Target of 3.3 – 8.6Moz AuEq1,2 at Bramaderos and therefore presents significant scope for that Bramaderos Exploration Target to be increased. The potential tonnage, grade and quantity 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.

The Copete discovery means Sunstone has now outlined a 1.8km-long cluster of porphyry gold-copper mineralised intrusions across the Melonal – Copete trend. This trend runs parallel to the Brama-Alba trend and is located only a few hundred meters to the south (see Figures 1 and 2).

The Copete target remains largely under-explored, with no drilling by Sunstone – but now with a coherent and wide mineralised trench intersection, a 3-D modelled magnetic anomaly plunging to the SE comparable to that

seen at Brama and mapped stockwork veining interpreted to represent the upper levels of an intact porphyry system (see Figure 2).

It is interpreted that copper is leached at surface, and that higher grades of copper are expected in drilling. This is supported by individual 2m intervals returning up to 0.28% copper (ML-01c 31-33m grading 0.45g/t gold, 2.4g/t silver and 0.28% copper).

Sunstone Managing Director Patrick Duffy said*, "The Copete porphyry is another exciting new discovery that adds to the large-scale potential at Bramaderos, and we don't expect it to be the last.*

"Copete is located next to the 2.7Moz AuEq2 Brama-Alba Resource and the large Melonal exploration target, which further highlights the potential scale of the opportunity at Bramaderos.

"Taken together, it reinforces that Bramaderos is a world-class multi-decade mining opportunity and increases the Project's value to third parties looking for hard-to-find gold and copper projects with genuine scale".

Figure 1: Plan map showing the distribution of porphyry gold-copper targets at Bramaderos.

Figure 2: Cross section view along the Melonal-Copete trend.

Trench	Length	Au	Cu	Ag	Au-Eq	Comments
	(m)	(g/t)	(%)	(g/t)	(Au-Ag-Cu) (g/t)
ML-01	214	0.37	0.08	1.1	0.50	Local higher-grade copper;peak gold over 2m is 2.2g/t
includes	113	0.51	0.07	1.2	0.64

Table 1: Assay results from the recent trench sampling program at Copete.

Figure 3: Location of Sunstone's Bramaderos, El Palmar and Verde Chico projects, Ecuador.

Mr Patrick Duffy, Managing Director of Sunstone Metals Ltd., has authorised this announcement to be lodged with the ASX.

For further information, please visit www.sunstonemetals.com.au
Mr Patrick Duffy	Media:
Managing Director	Paul Armstrong
Sunstone Metals Ltd	Read Corporate
Tel: 07 3368 9888+61 8 9388 1474
Email: info@sunstonemetals.com.au

About Sunstone Metals

Sunstone Metals Limited ("Sunstone" or "Company") is an ASX-listed mineral exploration company with two world-class gold and copper projects in Ecuador:

1. The Bramaderos Project, located in Southern Ecuador, has both at-surface and deeper porphyry goldcopper systems and contains an initial Mineral Resource estimate of 156Mt at 0.53g/t AuEq for 2.7Moz AuEq1,2 .

JORCClassification	Tonnage (Mt)	Au (g/t)	Cu (%)	Ag (g/t)	AuEq2 (g/t)	AuEq2 (Mozs)
Indicated	9	0.38	0.09	1.1	0.53	0.2
Inferred	147	0.35	0.11	1.3	0.53	2.5
Total	156	0.35	0.11	1.3	0.53	2.7

Additionally, the Bramaderos Project has a porphyry Exploration Target7 of between 3.3Moz and 8.6Moz AuEq within 255Mt to 360Mt at a grade between 0.40 and 0.74g/t AuEq1,2 , and the Limon epithermal gold-silver Exploration Target7 of 0.9 - 1.7Moz AuEq4 within 30Mt - 44Mt at a grade between 0.9 - 1.2g/t AuEq3,4 .

1. The El Palmar Project is located in northern Ecuador, 60km north-west of Ecuador's capital Quito. The property sits on the regionally significant Toachi Fault Zone that hosts a number of world-class copper porphyry systems. The Project has both at-surface and deeper porphyry gold-copper systems and an initial Mineral Resource estimate of 64Mt at 0.60g/t AuEq5,6 for 1.2Moz AuEq6 .

		Average Grade			Material Content
JORC Classification	TonnageMt	AuEq6(g/t)	Au(g/t)	Ag(g/t)	Cu(ppm)	Cu(%)	AuEq6(Koz)	Au(Koz)	Ag(Koz)	Cu(Kt)
Indicated	5	0.63	0.42	0.81	1,456	0.15	100	100	100	7
Inferred	59	0.59	0.40	0.65	1,290	0.13	1,100	700	1,200	70
TOTAL	64	0.60	0.41	0.66	1,301	0.13	1,200	800	1,300	80

Additionally, the El Palmar Project has a porphyry Exploration Target7 of between 15Moz and 45Moz AuEq within 1.0 to 1.2Bt at a grade between 0.3 - 0.7g/t gold and 0.1 – 0.3% copper5 .

1 Refer ASX Announcement on 13 December 2022.

2 The gold equivalent calculation formula for porphyry gold-copper-silver mineralisation at Bramaderos is AuEq(g/t) = (Au grade x Au price x Au recov / 31.1035) + (Ag grade x Ag price x Ag recov / 31.1035) + (Cu grade x Cu price x Cu recov / 100)) / (Au price x Au recov / 31.1035). The prices used were US$1,800/oz gold and US$9,500/t copper and US$22/oz silver. Recoveries are estimated at 89% for gold, 85% for copper, and 60% for silver based on metallurgical studies.

3 Refer ASX Announcement on 5 February 2024.

4 The gold equivalent calculation formula for the Limon epithermal gold-silver mineralisation is AuEq(g/t) = Au(ppm) + (Ag (ppm)/82). The prices used were US$1,800/oz gold and US$22/oz silver. Recoveries are estimated at over 90% for gold and 90% for silver from metallurgical studies.

5 Refer ASX Announcement on 22 October 2024.

6 The gold equivalent calculation formula for porphyry gold-copper-silver mineralisation at El Palmar 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 applied were US$1,800/oz gold, US$4.50/lb copper and US$22/oz silver. Recoveries are estimated at 90% for gold, 78% for copper (excluded for oxide material), and 60% for silver based on metallurgical studies.

7 The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Resource for the exploration target area reported. It is uncertain if further exploration will result in the estimation of a Resource.

Strategy

The porphyry projects at Bramaderos and El Palmar have the potential to evolve into multi-decade goldcopper mining centres. At Bramaderos, the Limon epithermal deposit has been prioritised as a potential nearsurface high-grade gold-silver development opportunity. This strategy allows for a scalable operation to be established first before developing the much larger porphyry gold-copper-silver opportunities at Bramaderos.

The Company continues to evaluate potential new opportunities to continue to grow our business in Ecuador, where clear shareholder value can be demonstrated. It is also evaluating potential partnerships for its projects where this may maximise the value of the portfolio.

Track Record

The team at Sunstone has been involved in significant discoveries of porphyry and epithermal copper-gold mineralisation at Tujuh Bukit in Indonesia and Cascabel in Ecuador, and the successful development of the King of the Hills Gold Mine in Western Australia and Koniambo Nickel Mine and Smelter in New Caledonia. The Company continues to attract specialist resources executives and is well-placed to repeat that success at Bramaderos and El Palmar.

Excellent infrastructure

All projects are supported by established infrastructure close to power, road and rail infrastructure and ports.

Community support

The Board and Management Team take their responsibilities to the host communities seriously and have endeavoured to implement the highest ESG standards throughout our business. Sunstone released its inaugural Sustainability Report in 2023, which details the level of support and engagement with local communities and project stakeholders.

Competent Persons Statement

The information in this report that relates to exploration results is based upon information reviewed by Dr Bruce Rohrlach who is a Member of the Australasian Institute of Mining and Metallurgy. Dr Rohrlach is a fulltime employee of Sunstone Metals Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dr Rohrlach consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Targets is based upon information reviewed by Mr Malcolm Norris who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Norris is a fulltime employee of Sunstone Metals Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Norris consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information relating to the Bramaderos Mineral Resource is extracted from the ASX announcement on 13 December 2022. The information relating to the El Palmar Mineral Resource is extracted from the ASX announcement on 22 October 2024. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented for their respective Mineral Resource estimates have not been materially modified from the original market announcements.

TABLE 1 – Section 1: Sampling Techniques and Data
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Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industry standardmeasurement tools appropriate to the minerals underinvestigation, such as downhole gamma sondes, orhandheld XRF instruments, etc.). These examples shouldnot be taken as limiting the broad meaning of sampling.	• The new results announced here are from trenchsamples. The trench sampling was carried out along ~1-2m intervals from the base of an excavated trench.
	•Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used.	• Sample recovery was good.
	•Aspects of the determination of mineralisation that areMaterial to the Public Report. In cases where 'industrystandard' work has been done this would be relativelysimple (e.g. 'reverse circulation drilling was used toobtain 1 m samples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In other cases,more explanation may be required, such as where thereis coarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (e.g.submarine nodules) may warrant disclosure of detailedinformation.	• Trench, rock chip and channel sampling points havebeen guided by geological mapping. Thetrenchsamples from Copete were dried, crushed to 70%passing 2mm, Split 1000g and pulverised to 85%passing 75microns. A 20g portion of this sample wasused for multi-element analysis (IMS-230) and a 30gsample for Fire Assay Au (FAS-111).
Drillingtechniques	•Drill type (eg core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc) anddetails (e.g. core diameter, triple or standard tube, depthof diamond tails, face-sampling bit or other type,whether core is oriented and if so, by what method, etc).	• Previous drilling by Sunstone at the Bramaderos projectcomprises diamond core drilling and has drilled tovarious depths up to 1200m. The diamond core wasdrilled delivering either HTW (70.9mm) or NTW(56mm) core. Drill core is oriented using a Reflex ACTII tool for bottom of hole.
Drill samplerecovery	•Method of recording and assessing core and chip samplerecoveries and results assessed.	• Diamond core recovery data for the Bramaderosdrilling was measured for each drill run and capturedin a digital logging software package. The data hasbeen reviewed and core recovery was approximately100% throughout.
	•Measures taken to maximise sample recovery and ensurerepresentative nature of the samples.	• Core recovery at Bramaderos was good, no extrameasures were taken to maximise sample recovery.
	•Whether a relationship exists between sample recoveryand grade and whether sample bias may have occurreddue to preferential loss/gain of fine/coarse material.	• No relationship between sample recovery and gradehas been established.
Logging	•Whether core and chip samples have been geologicallyand geotechnically logged to a level of detail to supportappropriateMineralResourceestimation,miningstudies and metallurgical studies.	•Trench, channel and rock chip samples were loggedfor lithology, weathering, structure, mineralogy,mineralisation, colour, and other features. Logging andsampling were carried out according to Sunstone'sinternal protocols and QAQC procedures whichcomply with industry standards.
	•Whether logging is qualitative or quantitative in nature.Core (or costean, channel, etc.) photography.•The total length and percentage of the relevant	•Trench, channel and rock chip samples are logged forlithology,weathering,structure,mineralogy,mineralisation, colour, and other features.Trenches are logged in full, from start to finish of the
	intersections logged.•If core, whether cut or sawn and whether quarter, half or	excavation.•Newtrenchsamplingonlyreportedinthis
Sub-samplingtechniquesand samplepreparation	all core taken.	announcement.
	•If non-core, whether riffled, tube sampled, rotary split,etc. and whether sampled wet or dry.	•N/A.
	•Forallsampletypes,thenature,qualityandappropriateness of the sample preparation technique.	• Surface samples from Copete were sent to the LAC yAsociados Cia. Ltda. Sample Preparation Facility inCuenca, Ecuador for sample preparation. The standardsample preparation for trench samples (Code PRP-910)is: Drying the sample, crushing to size fraction 70%<2mm and splitting the sample to a 250g portion byriffle or Boyd rotary splitter. The 250g sample is thenpulverised to >85% passing 75 microns and then splitinto two 50g pulp samples. Then one of the pulpsamples was sent to the MS Analytical Laboratory in

Criteria	JORC Code explanation	Commentary
		Vancouver (Unit 1, 20120 102nd Avenue, Langley, BCV1M 4B4, Canada) for gold and base metal analysis.
		• The sample preparation is carried out according toindustry standard practices using highly appropriatesample preparation techniques.
	•Quality control procedures adopted for all sub-samplingstages to maximise representivity of samples.	• SunstoneusedanindustrystandardQAQCprogramme involving Certified Reference Materials"standards" and blank samples, which were introducedin the assay batches.• Standards (Certified Reference Materials) or analyticalblanks were submitted at a rate of 1 in 28 samples.Fieldduplicates were also taken at a rate ofapproximately 1 in 28 samples.• The check or duplicate assay results are reported alongwith the sample assay values in the final analysisreport.
	•Measures taken to ensure that the sampling isrepresentative of the in-situ material collected, includingfor instance results for field duplicate/second-halfsampling.	•For diamond core, the routine sample procedure is toalways take the half/quarter core to the right of theorientation line (looking down hole) or the cut line (incases where the orientation line was not reliable).•Once assay results are received the results fromduplicatesamplesarecomparedwiththecorresponding routine sample to ascertain whether thesampling is representative.
	•Whether sample sizes are appropriate to the grain size ofthe material being sampled.	•Sample sizes are considered to be appropriate for thestyle of sampling undertaken and the grainsize of thematerial, and correctly represent the style and type ofmineralisation at the exploration stage.
Quality ofassay data andlaboratorytests	•The nature, quality and appropriateness of the assayingand laboratory procedures used and whether thetechnique is considered partial or total.	•Sunstone uses a fire assay gold technique for Auassays (FAS-111) and a four acid multi elementtechnique (IMS-230) for a suite of 48 elements. FAS111 involves Au by Fire Assay on a 30-gram aliquot,fusion and atomic absorption spectroscopy (AAS) attrace levels. IMS-20 is considered a near total 4 acidtechnique using a 20g aliquot followed by multielement analysis by ICP-AES/MS at ultra-trace levels.•This analysis technique is considered suitable for thisstyle of mineralisation.
	•For geophysical tools, spectrometers, handheld XRFinstruments, etc., the parameters used in determining theanalysis including instrument make and model, readingtimes, calibrations factors applied and their derivation,etc.	•Handheld XRF data, together with detailed geologicallogging, are used as a guide to areas of potentialmineralisation and samples from these areas are sentfor laboratory analysis as described above.
	•Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy (i.e.lack of bias) and precision have been established.	•Standards, blanks and duplicates are inserted ~1/28samples. The values of the standards range from lowto high grade and are considered appropriate tomonitor performance of values near cut-off and nearthe mean grade of the deposit.•The check sampling results are monitored, andperformanceissuesarecommunicatedtothelaboratory if necessary.
Verification ofsampling and	•The verification of significant intersections by eitherindependent or alternative company personnel.	•Procedure checks have been completed by theCompetent Person for exploration results for thisannouncement.
assaying	•The use of twinned holes.	•Twin holes have not been drilled in these areas.
	•Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic)protocols.	•Sunstone sampling data were imported and validatedusing Excel.
	•Discuss any adjustment to assay data.	•Assay data were not adjusted.
Location ofdata points	•Accuracy and quality of surveys used to locate drill holes(collar and down-hole surveys), trenches, mine workingsand other locations used in Mineral Resource estimation.	•Sample co-ordinates are located by GPS and for trenchsamples measured along the length of the trench.
	•Specification of the grid system used.	•Ecuador projection parameters:

Criteria	JORC Code explanation	Commentary
		Parameter	Value
		Reference Ellipsoid	International 1924
		Semi Major Axis
		Inverse Flattening (1/f)
		Type of Projection	UTM Zone -17S (DatumPSAD56)
		Central Meridian:	-81.0000
		Latitude of Origin	0.0000
		Scale on Central Meridian	0.9996
		False Northing	10000000
		False Easting	500000
	•Quality and adequacy of topographic control.	• The topographic control was compared againstpublished maps and satellite imagery and found to begood quality.
Data spacingand	•Data spacing for reporting of Exploration Results.	• The trench samples were collected from the base of ahand-excavated trench from the Bramaderos Copete
distribution	•Whether the data spacing, and distribution is sufficientto establish the degree of geological and gradecontinuity appropriate for the Mineral Resource and OreReserve estimation procedure(s) and classificationsapplied.	target, and with sample length generally around 2.0m.• The data from these samples does not contribute to anyresource estimate nor implies any grade continuity.
	•Whether sample compositing has been applied.	•No sample compositing was done.
Orientation ofdata in	•Whether the orientation of sampling achieves unbiasedsampling of possible structures and the extent to whichthis is known, considering the deposit type.	•were appropriate for the interpreted geologyproviding representative samples.	Trench, channel orientations and rock chip locations
relation togeologicalstructure	•If the relationship between the drilling orientation andthe orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material.	•No sampling bias is expected at this stage.
Samplesecurity	•The measures taken to ensure sample security.	• Sunstone sampling procedures indicate individualsamples were given due attention.• Sample security was managed through sealedindividual samples and sealed bags of multiplesamples for secure delivery to the laboratory bypermanent staff of the joint venture.• MS Analytical is an internationally accreditedlaboratory that has all its internal procedures heavilyAnalytical is accredited to ISO/IEC 17025 2005Accredited Methods.	scrutinised in order to maintain their accreditation. MS
Audits orreviews	•The results of any audits or reviews of samplingtechniques and data.	• Sunstone's sampling techniques and data have beenaudited multiple times by independent miningaudits have concluded that the sampling techniquesand data management are to industry standards.• All historical data has been validated to the bestdegree possible and migrated into a database.	consultants during various project assessments. These

TABLE 1 – Section 2: Exploration Results
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Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	•Type, reference name/number, location and ownershipincluding agreements or material issues with thirdparties such as joint ventures, partnerships, overridingroyalties, nativetitle interests,historicalsites,wilderness or national park and environmentalsettings.•The security of the tenure held at the time of reportingalong with any known impediments to obtaining alicence to operate in the area.	•The Bramaderos Exploration Concession is located inthe Loja Province of southern Ecuador. The concessionwas granted to La Plata Minerales S.A. ("PLAMIN") inJanuary 2017. PLAMIN is a subsidiary of SunstoneMetals Ltd. The concession is subject to a Joint Venturebetween SolGold Canada Inc. (12.5%) and SunstoneMetals Ltd. (87.5%). There are no declared wildernessareas or national parks within or adjoining the concessionarea. There are no established native title interests.•The Bramaderos Exploration Concession was granted toLa Plata Minerales S.A. ("PLAMIN") in January 2017.PLAMIN is now a subsidiary of Sunstone Metals Ltd.The Bramaderos Concession is subject to a Joint Venture
		between Sunstone Metals and SolGold. Sunstone has an87.5% interest in the JV. SolGold's 12.5% interest is loancarried.
Explorationdone by otherparties	•Acknowledgment and appraisal of exploration by otherparties.	•The historic exploration at Bramaderos was completedby various groups over the period 1970-1984, 2001-2002and 2004-2007. Most of the readily available historicdata has been acquired and compiled into databases anda GIS project. Exploration by other parties has includedstream sediment surveys, geological mapping, rock chipsampling (888 samples) and grid-based soil sampling(1324 samples), trenching and channel sampling (17trenches), ground magnetic surveys (31 line kilometres),electrical IP surveys and diamond drilling (10426m).
Geology	•Deposittype,geologicalsettingandstyleofmineralisation.	•The deposit style being explored for includes intrusionrelated and stockwork hosted porphyry gold-coppersystems plus epithermal gold-silver-polymetallic veins.The setting at the Bramaderos project is a volcanic arcsetting of Cretaceous age intrusions.
Drill holeInformation	•A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Materialdrill holes:a. easting and northing of the drill hole collarb. elevation or RL (Reduced Level – elevation abovesea level in metres) of the drill hole collarc.dip and azimuth of the holed. down hole length and interception depthe.hole length.	•Details of the samples discussed in this announcementare in the body of the text.•See Figures 1-2 for the location of trench, channel androckchip sampling, and soil survey coverage at Copeteand nearby areas.
	•If the exclusion of this information is justified on thebasis that the information is not Material and thisexclusion does not detract from the understanding ofthe report, the Competent Person should clearlyexplain why this is the case.	•Information included in the announcement.
Dataaggregationmethods	•In reporting Exploration Results, weighting averagingtechniques,maximumand/orminimumgradetruncations (e.g. cutting of high grades) and cut-offgrades are usually Material and should be stated.	•Weighted averages were calculated over reportedintervals according to sample length.•No grade cut-offs were applied.
	•Where aggregate intercepts incorporate short lengthsof high-grade results and longer lengths of low-graderesults, the procedure used for such aggregationshould be stated and some typical examples of suchaggregations should be shown in detail.	•No aggregating of intervals undertaken at this stage.
	•The assumptions used for any reporting of metalequivalent values should be clearly stated.	•Preliminary metallurgical studies are indicating astandard grind with a flotation circuit. Stage one willrecover copper and the majority of gold as a saleableconcentrate. Stage two is a finer grind with a cyanideleach for gold on site. Current, overall estimatedrecoveries for the combined process are 86% for copperand 89% for gold.

Criteria	JORC Code explanation	Commentary
Relationshipbetweenmineralisationwidths andinterceptlengths	•If the geometry of the mineralisation with respect to thedrill-hole angle is known, its nature should bereported.•If it is not known and only the down hole lengths arereported, there should be a clear statement to thiseffect (e.g. 'down hole length, true width not known').	•Figures 1-2 show the interpreted strike orientation of themineralised lodes based on mapping and interpretationof detailed magnetic data.•True widths of mineralised lodes are not known at thisstage.
Diagrams	•Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported. These shouldinclude, but not be limited to a plan view of drill holecollar locations and appropriate sectional views.	•See Figures 1-2 for maps showing the distribution ofsamples.
Balancedreporting	•Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting ofboth low and high grades and/or widths should bepracticed to avoid misleading reporting of ExplorationResults.	•Figures 1-2 show the current interpretations of geology.
Othersubstantiveexplorationdata	•Other exploration data, if meaningful and material,should be reported) including (but not limited to):geological observations; geophysical survey results;geochemical survey results; bulk samples – size andmethod of treatment; metallurgical test results; bulkdensity,groundwater,geotechnicalandrockcharacteristics; potential deleterious or contaminatingsubstances.	•Figures 1-2 above show various datasets that are beingused to identify target areas and to guide current andfuture drilling.
Further work	•The nature and scale of planned further work (e.g. testsfor lateral extensions or depth extensions or largescale step-out drilling).	•The planned exploration program is outlined in theannouncement.
	•Diagrams clearly highlighting the areas of possibleextensions,includingthemaingeologicalinterpretations and future drilling areas, provided thisinformation is not commercially sensitive.	•See Figures 1-2 which show areas for furtherexploration.