Sunstone Metals (ASX:STM) funding announcement

Sunstone Metals Limited (ASX:STM) has successfully completed a $2.5 million Placement, issuing 500 million new fully paid ordinary shares at 0.5 cents ($0.005) per share to institutional, professional, and sophisticated investors. The proceeds from the Placement will be used to prepare a maiden Mineral Resource Estimate at the El Palmar copper-gold project in northern Ecuador and to continue exploration at the high-grade Limon gold-silver discovery within the Bramaderos gold-copper project in southern Ecuador. Sunstone also aims to advance partnership opportunities at both El Palmar and Bramaderos to accelerate exploration and resource growth, with the goal of unlocking the full value of the projects in a timely manner.

Executive Commentary

We are determined to unlock the true value of our major discoveries at El Palmar and Bramaderos. The proceeds of this raising will help us do this by preparing for resource estimates in parallel with partnership discussions. We believe this twin-pronged approach will maximize value for shareholders in a highly effective and efficient manner.

Summary of Sunstone Metals' ASX announcement

Sunstone Metals (ASX:STM) has successfully raised $2.5 million to fund the preparation of a maiden Mineral Resource estimate at the El Palmar copper-gold project and continue exploration activities at the high-grade Limon deposit within the Bramaderos gold-copper project. The company also aims to advance discussions with potential partners at El Palmar and Bramaderos to accelerate future exploration and resource growth. Sunstone's Managing Director, Patrick Duffy, expressed confidence in the company's approach, emphasizing the goal of maximizing value for shareholders through a combination of resource estimation and partnership discussions. The company's projects in Ecuador, including the Bramaderos Gold-Copper Project and the El Palmar Copper-Gold Project, hold significant potential for the discovery of large porphyry gold-copper systems and high-grade epithermal gold systems. Sunstone's strategic focus on resource growth and partnership opportunities reflects its commitment to unlocking the full value of its projects in Ecuador.