SUNSTONE METALS LTD — Share Issue/Capital Change 2025

Sep 15, 2025

Appendix 2A - Application for quotation of securities

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Announcement Summary

Entity name

SUNSTONE METALS LTD

Announcement Type

New announcement

Date of this announcement

Tuesday September 16, 2025

The +securities to be quoted are:

+Securities issued under an +employee incentive scheme that are not subject to a restriction on transfer or that are to be quoted notwithstanding there is a restriction on transfer

Total number of +securities to be quoted

ASX +security		Number of +securities to
code	Security description	be quoted	Issue date
STM	ORDINARY FULLY PAID	12,000,000	12/09/2025

Refer to next page for full details of the announcement

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Appendix 2A - Application for quotation of securities

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Part 1 - Entity and announcement details

1.1 Name of entity

SUNSTONE METALS LTD

We (the entity named above) apply for +quotation of the following +securities and agree to the matters set out in Appendix 2A of the ASX Listing Rules.

1.2 Registered number type

Registration number

ABN 68123184412

1.3 ASX issuer code

STM

1.4 The announcement is

New announcement

1.5 Date of this announcement

16/9/2025

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Appendix 2A - Application for quotation of securities

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Part 2 - Type of Issue

2.1 The +securities to be quoted are:

+Securities issued under an +employee incentive scheme that are not subject to a restriction on transfer or that are to be quoted notwithstanding there is a restriction on transfer

2.2 The +class of +securities to be quoted is:

Additional +securities in a class that is already quoted on ASX ("existing class")

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Appendix 2A - Application for quotation of securities

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Part 3B - number and type of +securities to be quoted (existing class) where issue has not previously been notified to ASX in an Appendix 3B

Additional +securities to be quoted in an existing class issued under an +employee incentive scheme FROM (Existing Class) ASX +security code and description STMAS : PERFORMANCE RIGHTS

TO (Existing Class) ASX +security code and description STM : ORDINARY FULLY PAID

Please state the number of +securities issued under the +employee incentive scheme that are not subject to a restriction on transfer or that are to be quoted notwithstanding there is a restriction on transfer 12,000,000

Please provide details of a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms Employee performance rights approved at a General Meeting held in July 2024: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02812857-2A1526313&v=c2533a54e25 14fb77a8f93f84db686e1125273e9

Are any of these +securities being issued to +key management personnel (KMP) or an +associate Yes

Provide details of the KMP or +associates being issued +securities

Provide details of the KMP	or +associates being issued +securities
Name of KMP	Name of registered holder	Number of +securities
Patrick Duffy	Patrick Duffy	5,000,000
Lucas Welsh	Lucas Welsh	7,000,000

Issue date

12/9/2025

Will the +securities to be quoted rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

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Appendix 2A - Application for quotation of securities

Issue details

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Number of +securities to be quoted

12,000,000

Are the +securities being issued for a cash consideration?

No

Please describe the consideration being provided for the +securities

Performance rights issued under the Employee Performance Rights Plan (last approved at the 2024 AGM). Value indicated below per independent valuation of the rights at time of issue.

Please provide an estimate (in AUD) of the value of the consideration being provided per +security for the +securities to be quoted

0.004000

Any other information the entity wishes to provide about the +securities to be quoted

5,000,000 rights vested for Mr Duffy relating to the TSR vesting condition at 30 June 2025. 10,000,000 rights lapsed as both share price targets were not achieved.

4,000,000 rights vested for Mr Welsh relating to the achievement of a share price target during the period to 30 June 2025; and 3,000,000 rights vested relating to achieving the TSR component at 30 June 2025. 3,000,000 rights lapsed as the second share price target was not achieved.

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Appendix 2A - Application for quotation of securities

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Part 4 - Issued capital following quotation

Following the quotation of the +securities the subject of this application, the issued capital of the entity will comprise:

The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.

4.1 Quoted +securities (total number of each +class of +securities quoted on ASX following the +quotation of the +securities subject of this application)

+securities subject of this application)
	Total number of
ASX +security code and description	+securities on issue
STM : ORDINARY FULLY PAID	6,268,696,436
4.2 Unquoted +securities (total number of each +class of +securities issued but not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
STMAS : PERFORMANCE RIGHTS	161,176,005
STMAL : OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES	355,707,199

4.2 Unquoted +securities (total number of each +class of +securities issued but not quoted on ASX)

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Appendix 2A - Application for quotation of securities

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Part 5 - Other Listing Rule requirements

5.1 Are the +securities being issued under an exception in Listing Rule 7.2 and therefore the issue does not need any security holder approval under Listing Rule 7.1? Yes

5.1a Select the number of the applicable exception in Listing Rule 7.2

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