Sunstone Metals Limited (ASX: STM) announced on 29 June 2026 a successful $10 million equity raising through a share placement to institutional and sophisticated investors. Sunstone Metals is an Australian-based mineral exploration company focused on gold and copper projects in Ecuador, aiming to discover and develop significant porphyry and epithermal deposits. A cornerstone of this raising is a strategic 10% investment by DGR Global (ASX: DGR), an experienced resources investor, which committed to subscribe for half of the placement. Upon completion, DGR Global will secure a 10% ownership in Sunstone and gain the right to appoint one representative to the Sunstone Board, reflecting their proven track record in building successful resource companies, including London-listed SolGold.
The placement was priced at $0.175 per share, representing a 14.6% discount to Sunstone’s last closing price of $0.205 on 24 June 2026. This capital injection significantly bolsters Sunstone’s financial position, increasing its pro forma cash balance to approximately $13 million before transaction costs. The proceeds are earmarked to accelerate exploration drilling and other development activities at the company’s Bramaderos and El Palmar gold-copper projects in Ecuador.
Specifically, funds will support ongoing exploration drilling at both Bramaderos and El Palmar, undertake metallurgical test work and studies at Bramaderos, and increase Sunstone’s ownership of the El Palmar project from 74.5% to 82.6%. The company plans to upgrade the current 3.6 million ounce gold-equivalent Bramaderos Resource later in 2026 following successful drilling programs. At El Palmar, drilling and exploration will resume targeting opportunities within its substantial 15-45 million ounce gold-equivalent Exploration Target, with a focus on increasing copper exposure. Sunstone Managing Director Patrick Duffy highlighted DGR Global’s support as a strong validation of the company’s “world-class gold-copper projects” and its strengthened ability to expand existing resources and deliver new discoveries.
