SUNSTONE METALS LIMITED (STM)
Share Price Analysis and Chart

23/04/2026

1

Speculative Buy

$0.95

163.89%

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.

22/04/2026

1

Buy

$2.10

483.33%

Shaw and Partners maintains a Buy recommendation and $2.10 price target for Sunstone Metals following a compelling scoping study for the Bramaderos project.

The study outlines a path to transforming Ecuadorian assets into a top-tier gold-copper district with an initial 23-year mine life.

The analysts observe the project generates a post-tax NPV of $0.9bn at a base case gold price of $3,500/oz, significantly below current spot levels.

Strategic advantages include low-altitude operations adjacent to the Pan-American Highway and access to regional hydroelectric power.

Management continues engaging with potential strategic partners to accelerate development and support a final investment decision by 2029.

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.