# STM: Hong Kong Ignite presentation Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/stm-hong-kong-ignite-presentation--31779beb-8980-4b1b-b121-876e072eb7d9 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03152080 Publisher: asx Original announcement: 2026-10-13T22:22:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-14T00:12:16.972Z Atlas analysis updated: 2026-10-14T00:12:16.972Z - Company: Sunstone Metals Limited - Ticker: STM - Exchange: ASX - Region: Unavailable - Primary commodity: Gold - Secondary commodities: Copper, Silver - Document categories: Resource update, Other, Metallurgy - Extracted: 2026-10-14 00:12:17 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Sunstone Metals Limited announced a significant upgrade to its global mineral resource, now totaling 7.4 Moz AuEq, driven by a 72% increase at its Bramaderos project to 6.2 Moz AuEq. The Bramaderos update includes a substantial portion of Indicated Resources, enhancing project confidence. Additionally, the company reported improved metallurgical recoveries for gold and copper at Bramaderos, further de-risking future studies. Reasoning: Sunstone Metals announced a significant upgrade to its global mineral resource, primarily driven by a 72% increase at the Bramaderos project, with a substantial portion now in the Indicated category. This de-risks the project and is complemented by improved metallurgical recoveries for gold and copper. The El Palmar project also has a maiden resource, though with a large inferred component. - Positive factor: Resource growth - Positive factor: Category upgrade - Positive factor: Contained metal growth - Positive factor: Recovery improving - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Cut-off Undisclosed - Negative factor: Large inferred component for El Palmar Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 16 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The Bramaderos Mineral Resource grew 72% to 6.2Moz AuEq. Evidence · text > Bramaderos Oct-26 Mineral Resource grew 72% to 6.2Moz AuEq **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The expanded inventory includes Indicated Resources of 3.3Moz AuEq, derisking the Bramaderos resource. Evidence · text > Expanded inventory includes Indicated Resources of 3.3Moz AuEq **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The Bramaderos Mineral Resource grew 72% to 6.2Moz AuEq, indicating a significant increase in contained metal. Evidence · text > Bramaderos Oct-26 Mineral Resource grew 72% to 6.2Moz AuEq **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: Both Bramaderos and El Palmar resources are reported under JORC Code. Evidence · text > Maiden JORC Resource **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Ms Emily Henry and Mr Rob Spiers are named as Competent Persons for the respective Mineral Resources. Evidence · text > Ms Emily Henry, an employee of Exora Consulting Pty Ltd and a Member of the Australasian Institute of Mining and Metallurgy \(MAusIMM\). **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: The resource tables for Bramaderos and El Palmar do not explicitly state the cut-off grades used for the estimates. Evidence · table > JORC Classification Context: Tonnage \(Mt\) **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an updated Mineral Resource Estimate for Bramaderos. Evidence · text > Bramaderos Oct-26 MRE 6.2Moz AuEq **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: El Palmar contains an initial Mineral Resource estimate of 64Mt at 0.60g/t AuEq for 1.2Moz AuEq. Evidence · text > initial Mineral Resource estimate of 64Mt at 0.60g/t AuEq for 1.2Moz AuEq **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the El Palmar resource \(59 Mt\) is classified as Inferred. Evidence · table > Inferred Context: 59 **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: Metallurgical recoveries for gold improved from 85% to 93% and copper from 75% to 80% at Bramaderos. Evidence · text > Material upgrade to recoveries 1 Sept: Gold 85% -> 93% Copper 75% -> 80% **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) ## Extracted facts Stored fact records: 16. Some facts used in scoring do not have a stored record. ## Resource Estimates (12) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/stm-hong-kong-ignite-presentation--31779beb-8980-4b1b-b121-876e072eb7d9#fact-resource-facts-0) Bramaderos · gold #### Identity - Project: Bramaderos - Commodity: gold - Region: ecuador - Reported Region: Loja province, southern Ecuador - Ticker: STM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Emily Henry, Paul Merriner - Resource group id: resource:be4b6ce965286376da77 #### Resource Data - Category: indicated - Tonnes: 229000000 - Grade: 0.32 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-10-13 #### Metal Equivalent - Metal Eq. Grade: 0.45 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: This Indicated gold resource at Bramaderos represents a significant portion of the upgraded resource, enhancing confidence and de-risking the project. - Positive factor: Category upgrade - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Cut-off Undisclosed Evidence · table > 0.32 Context: 229 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/stm-hong-kong-ignite-presentation--31779beb-8980-4b1b-b121-876e072eb7d9#fact-resource-facts-1) Bramaderos · copper #### Identity - Project: Bramaderos - Commodity: copper - Region: ecuador - Reported Region: Loja province, southern Ecuador - Ticker: STM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Emily Henry, Paul Merriner - Resource group id: resource:be4b6ce965286376da77 #### Resource Data - Category: indicated - Tonnes: 229000000 - Grade: 0.11 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-10-13 #### Metal Equivalent - Metal Eq. Grade: 0.45 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: This Indicated copper resource at Bramaderos contributes to the overall resource upgrade and project de-risking. - Positive factor: Category upgrade - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Cut-off Undisclosed Evidence · table > 0.11 Context: 229 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/stm-hong-kong-ignite-presentation--31779beb-8980-4b1b-b121-876e072eb7d9#fact-resource-facts-2) Bramaderos · silver #### Identity - Project: Bramaderos - Commodity: silver - Region: ecuador - Reported Region: Loja province, southern Ecuador - Ticker: STM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Emily Henry, Paul Merriner - Resource group id: resource:be4b6ce965286376da77 #### Resource Data - Category: indicated - Tonnes: 229000000 - Grade: 1.23 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-10-13 #### Metal Equivalent - Metal Eq. Grade: 0.45 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: This Indicated silver resource at Bramaderos adds to the polymetallic nature of the deposit and contributes to the overall resource. - Positive factor: Category upgrade - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Cut-off Undisclosed Evidence · table > 1.23 Context: 229 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stm-hong-kong-ignite-presentation--31779beb-8980-4b1b-b121-876e072eb7d9#fact-resource-facts-3) Bramaderos · gold #### Identity - Project: Bramaderos - Commodity: gold - Region: ecuador - Reported Region: Loja province, southern Ecuador - Ticker: STM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Emily Henry, Paul Merriner - Resource group id: resource:78590e4b82089927de68 #### Resource Data - Category: inferred - Tonnes: 236000000 - Grade: 0.26 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-10-13 #### Metal Equivalent - Metal Eq. Grade: 0.38 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: This Inferred gold resource contributes to the overall tonnage growth at Bramaderos, indicating significant potential for future conversion. - Positive factor: Tonnage Growth - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Inferred Resource - Negative factor: Cut-off Undisclosed Evidence · table > 0.26 Context: 236 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stm-hong-kong-ignite-presentation--31779beb-8980-4b1b-b121-876e072eb7d9#fact-resource-facts-4) Bramaderos · copper #### Identity - Project: Bramaderos - Commodity: copper - Region: ecuador - Reported Region: Loja province, southern Ecuador - Ticker: STM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Emily Henry, Paul Merriner - Resource group id: resource:78590e4b82089927de68 #### Resource Data - Category: inferred - Tonnes: 236000000 - Grade: 0.1 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-10-13 #### Metal Equivalent - Metal Eq. Grade: 0.38 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: This Inferred copper resource adds to the overall potential of the Bramaderos project, requiring further drilling for higher confidence. - Positive factor: Tonnage Growth - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Inferred Resource - Negative factor: Cut-off Undisclosed Evidence · table > 0.10 Context: 236 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stm-hong-kong-ignite-presentation--31779beb-8980-4b1b-b121-876e072eb7d9#fact-resource-facts-5) Bramaderos · silver #### Identity - Project: Bramaderos - Commodity: silver - Region: ecuador - Reported Region: Loja province, southern Ecuador - Ticker: STM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Emily Henry, Paul Merriner - Resource group id: resource:78590e4b82089927de68 #### Resource Data - Category: inferred - Tonnes: 236000000 - Grade: 0.52 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-10-13 #### Metal Equivalent - Metal Eq. Grade: 0.38 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: This Inferred silver resource contributes to the polymetallic potential of Bramaderos, but its inferred status indicates lower confidence. - Positive factor: Tonnage Growth - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Inferred Resource - Negative factor: Cut-off Undisclosed Evidence · table > 0.52 Context: 236 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/stm-hong-kong-ignite-presentation--31779beb-8980-4b1b-b121-876e072eb7d9#fact-resource-facts-6) El Palmar · gold #### Identity - Project: El Palmar - Commodity: gold - Region: ecuador - Reported Region: Imbabura province, northern Ecuador - Ticker: STM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rob Spiers, Dr. Bruce Rohrlach - Resource group id: resource:a81af7d0666a13f539ff #### Resource Data - Category: indicated - Tonnes: 5000000 - Grade: 0.42 - Grade Unit: g/t - Contained Metal: 100 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-10-22 #### Metal Equivalent - Metal Eq. Grade: 0.63 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: This Indicated gold resource is part of the initial resource estimate for El Palmar, providing a baseline for the project. - Positive factor: Maiden Resource - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Cut-off Undisclosed Evidence · table > 0.42 Context: 5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/stm-hong-kong-ignite-presentation--31779beb-8980-4b1b-b121-876e072eb7d9#fact-resource-facts-7) El Palmar · silver #### Identity - Project: El Palmar - Commodity: silver - Region: ecuador - Reported Region: Imbabura province, northern Ecuador - Ticker: STM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rob Spiers, Dr. Bruce Rohrlach - Resource group id: resource:a81af7d0666a13f539ff #### Resource Data - Category: indicated - Tonnes: 5000000 - Grade: 0.81 - Grade Unit: g/t - Contained Metal: 100 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-10-22 #### Metal Equivalent - Metal Eq. Grade: 0.63 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: This Indicated silver resource contributes to the polymetallic nature of the initial El Palmar resource estimate. - Positive factor: Maiden Resource - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Cut-off Undisclosed Evidence · table > 0.81 Context: 5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/stm-hong-kong-ignite-presentation--31779beb-8980-4b1b-b121-876e072eb7d9#fact-resource-facts-8) El Palmar · copper #### Identity - Project: El Palmar - Commodity: copper - Region: ecuador - Reported Region: Imbabura province, northern Ecuador - Ticker: STM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rob Spiers, Dr. Bruce Rohrlach - Resource group id: resource:a81af7d0666a13f539ff #### Resource Data - Category: indicated - Tonnes: 5000000 - Grade: 0.15 - Grade Unit: % - Contained Metal: 7 - Contained Unit: kt #### Prior Estimate - Resource Date: 2024-10-22 #### Metal Equivalent - Metal Eq. Grade: 0.63 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: This Indicated copper resource is part of the initial resource estimate for El Palmar, adding to its overall metal content. - Positive factor: Maiden Resource - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Cut-off Undisclosed Evidence · table > 0.15 Context: 5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stm-hong-kong-ignite-presentation--31779beb-8980-4b1b-b121-876e072eb7d9#fact-resource-facts-9) El Palmar · gold #### Identity - Project: El Palmar - Commodity: gold - Region: ecuador - Reported Region: Imbabura province, northern Ecuador - Ticker: STM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rob Spiers, Dr. Bruce Rohrlach - Resource group id: resource:5edc2089668e341ef4ee #### Resource Data - Category: inferred - Tonnes: 59000000 - Grade: 0.4 - Grade Unit: g/t - Contained Metal: 700 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-10-22 #### Metal Equivalent - Metal Eq. Grade: 0.59 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: This Inferred gold resource forms a large part of the initial El Palmar estimate, indicating potential but requiring further drilling to increase confidence. - Positive factor: Maiden Resource - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Inferred Resource - Negative factor: Cut-off Undisclosed Evidence · table > 0.40 Context: 59 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stm-hong-kong-ignite-presentation--31779beb-8980-4b1b-b121-876e072eb7d9#fact-resource-facts-10) El Palmar · silver #### Identity - Project: El Palmar - Commodity: silver - Region: ecuador - Reported Region: Imbabura province, northern Ecuador - Ticker: STM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rob Spiers, Dr. Bruce Rohrlach - Resource group id: resource:5edc2089668e341ef4ee #### Resource Data - Category: inferred - Tonnes: 59000000 - Grade: 0.65 - Grade Unit: g/t - Contained Metal: 1200 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-10-22 #### Metal Equivalent - Metal Eq. Grade: 0.59 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: This Inferred silver resource contributes to the overall metal content of El Palmar but is at an early stage of confidence. - Positive factor: Maiden Resource - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Inferred Resource - Negative factor: Cut-off Undisclosed Evidence · table > 0.65 Context: 59 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stm-hong-kong-ignite-presentation--31779beb-8980-4b1b-b121-876e072eb7d9#fact-resource-facts-11) El Palmar · copper #### Identity - Project: El Palmar - Commodity: copper - Region: ecuador - Reported Region: Imbabura province, northern Ecuador - Ticker: STM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rob Spiers, Dr. Bruce Rohrlach - Resource group id: resource:5edc2089668e341ef4ee #### Resource Data - Category: inferred - Tonnes: 59000000 - Grade: 0.13 - Grade Unit: % - Contained Metal: 70 - Contained Unit: kt #### Prior Estimate - Resource Date: 2024-10-22 #### Metal Equivalent - Metal Eq. Grade: 0.59 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: This Inferred copper resource is part of the initial El Palmar estimate, indicating potential but requiring further drilling to increase confidence. - Positive factor: Maiden Resource - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Inferred Resource - Negative factor: Cut-off Undisclosed Evidence · table > 0.13 Context: 59 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ## Metallurgical Results (4) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/stm-hong-kong-ignite-presentation--31779beb-8980-4b1b-b121-876e072eb7d9#fact-metallurgical-facts-12) Bramaderos · gold #### Identity - Project: Bramaderos - Commodity: gold - Ticker: STM #### Recovery - Recovery: 93 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Gold recovery at Bramaderos has significantly improved from 85% to 93%, which is a positive development for project economics. - Positive factor: Recovery Improving Evidence · text > Gold 85% -> 93% ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/stm-hong-kong-ignite-presentation--31779beb-8980-4b1b-b121-876e072eb7d9#fact-metallurgical-facts-13) Bramaderos · gold Historical result Needs review: historical\_restatement #### Identity - Project: Bramaderos - Commodity: gold - Ticker: STM #### Recovery - Recovery: 85 % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: This represents the prior gold recovery figure for Bramaderos, which has since been improved upon. Evidence · text > Gold 85% -> 93% ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/stm-hong-kong-ignite-presentation--31779beb-8980-4b1b-b121-876e072eb7d9#fact-metallurgical-facts-14) Bramaderos · copper #### Identity - Project: Bramaderos - Commodity: copper - Ticker: STM #### Recovery - Recovery: 80 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Copper recovery at Bramaderos has improved from 75% to 80%, which is a positive step for the project's metallurgical performance. - Positive factor: Recovery Improving Evidence · text > Copper 75% -> 80% ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/stm-hong-kong-ignite-presentation--31779beb-8980-4b1b-b121-876e072eb7d9#fact-metallurgical-facts-15) Bramaderos · copper Historical result Needs review: historical\_restatement #### Identity - Project: Bramaderos - Commodity: copper - Ticker: STM #### Recovery - Recovery: 75 % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: This represents the prior copper recovery figure for Bramaderos, which has since been improved upon. Evidence · text > Copper 75% -> 80% #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 75% is below the weak band \(80%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.