Good morning, everyone. Sunstone has two world-class gold and copper assets in Ecuador. Since joining the company last year, I've taken a very deliberate pathway to define a strategy where we prioritize value realization and ultimately realize the full potential of these two projects. I think today we've got great momentum in the story. We've got a number of new A-grade fund managers that are backing Sunstone now. There's certainly a belief that with the funding in place, these projects will get built in the next 5-10 years. Bramaderos and El Palmar, our two projects combined, have 4 million oz in resource. There's an expectation at both projects, with an exploration target for both projects of over 10 million oz.
We have an expectation that both ultimately will produce over 400,000 oz gold equivalent/ annum for multiple decades, with an all-in sustaining cost of less than $1,000 each. A great comparison to that is, and there's obviously multiple, but one is Genesis . Everyone would know producing 200,000 oz/ annum, aspiring to grow to 400,000 oz/ annum at a $6 billion market cap. Sunstone has two assets that both have the capability of producing over 400,000 oz/ annum. We have a great team. Some I've brought in when I started, some who have been with the company for a long time. A team that's a track record of making world-class discoveries, including Bramaderos and El Palmar, and experience developing assets of this scale. Obviously, we're in gold and copper, which are two key commodities to be involved in right now.
Gold continues to go from strength to strength. In this process of prioritizing shareholder value, we've been growing the resource base whilst minimizing expenditure. We're looking at options to scale the development of these two projects. Importantly, we've been looking to find a sustainable funding pathway that I'll talk about at the end of the presentation. The two projects, El Palmar in the north of Ecuador, sit in this Toachi Fault system, which has some phenomenal deposits already. This is elephant country, and El Palmar has the potential to be just as big, if not bigger, than some of these neighboring deposits. We have an ore body that comes to surface. We've got a small resource, relatively so far, of 1.2 million oz, but an exploration target somewhere between 15 million oz- 45 million oz. This is a huge ore body, which we'll cover today.
In the south of Ecuador, we have Bramaderos , which is a large tonnage, low cost, highly profitable potential opportunity in one of the most ideal locations you'd want to develop a project of this scale in South America. So far, a resource of 2.7 million oz, but an expectation that it will grow to at least 10 million oz here at Bramaderos . I mentioned our team. I started last year having come across from Red 5 . We took Red 5 from $70 million market cap in 2019 to a $3 billion company when I left in 2024 on the back of the success of King of the Hills. Prior to that, I was with Glencore and Xstrata overseas for a long time, building big projects of this scale with Bramaderos and El Palmar. I'm very pleased to be able to join the team.
Malcolm Norris, who was previously the CEO, stepped up to be our Chairman. Malcolm and Bruce Rohrlach, our Chief Geologist, have worked together for many decades and made some amazing discoveries in that time. We have an A-grade board. We have an excellent team, very, very capable and right-sized for where we are today. Ecuador is a rapidly emerging copper and gold producer. It's on the same Andean copper belt as Peru and Chile. There are 10 or 15 world-class projects, including ours, that in the next 5-10 years will get developed. Importantly, in April, we had the elections, and President Daniel Noboa, who's very much pro-mining, pro-business, was re-elected for four years and can serve another four years after that.
Post-election, China Molybdenum acquired a project near us called Cangrejos for $600 million, all cash, a huge gold deposit, just reaffirming that belief that Ecuador is rapidly emerging. I want to highlight there's two world-class mines in Ecuador. One is a Chinese-owned huge copper mine. The other is Lundin Gold's Fruta del Norte project. Fruta del Norte produces 450,000 oz- 500,000 oz/ annum, all-in sustaining cost of about $900/ annum, 10-year mine life, and it has a market cap of $20 billion. It's a single asset, probably the most valuable single asset mining company in the world, a huge premium for the quality of the asset, a premium for Ecuador and its potential, and representative of what Bramaderos and El Palmar could be in the future. A big advantage of Ecuador is its low-cost base.
Energy is half of what it is in Australia, reflective of the huge hydro infrastructure that Ecuador has. Also, labor, not surprisingly, is a third or a quarter of what it is in Australia. If we took King of the Hills that we built with Red 5 , 200,000 oz producer, about a AUD 2,600 all-in sustaining cost, and we put that into Ecuador, we would immediately halve the cost structure of King of the Hills. That's how big of an advantage we have in Ecuador, and we have two great projects to be able to take advantage of that. Importantly, in Ecuador, the currency is $ . It gives it protection from hot inflation that you see elsewhere in South America. Last night with gold, we had interest rates lowered in the U.S.
I think now that will put us on a pathway to at least $4,000 gold price before the end of the year. It's making our projects ever increasingly profitable and sets the tone for a development for both Bramaderos and Limon. Copper is obviously a key metal, almost impossible for copper supply now to keep up with demand and stronger prices expected in the years ahead. I'll need to touch on these quickly. The two projects, Bramaderos in southern Ecuador, you can see we're in the valley 900 m above sea level. We have the Pan-American Highway run through our concession. We have a river that runs adjacent to the concession. We have access to power. We have a very supportive community. In the base of the valley, you can see these hills.
These hills are the gold and copper porphyry systems that have come up to surface, been eroded away to leave these perfect mine deposits that will have very low strip ratios, very easy to mine as open pits and these interconnected porphyry systems. There's a number of porphyries within the concession. There are these black circles on the diagram on the left. Bramaderos has the 2.7 million oz resource. In addition to Bramaderos, we have Melonal, which makes up the exploration target, a further 3.3 million oz- 8.6 million oz. It doesn't include a number of these other porphyry systems. You can see Copete in the bottom right of the diagram. We had a trench there early this year across the top of the hill that did 200 m averaging 0.5 g, over 100 m averaging 0.6 g, just in a two-meter deep trench, indicative of what could be underneath.
We can't wait to get some drill holes in there. Then some high-grade epithermal systems, including Limon in the concession that we've done drilling so far and looking to take that into a resource next year. You can see in this diagram the type of topography. These porphyries are very easy to access, low strip ratio, very profitable mining potential. Underneath the different style of mineralization at Limon, there's these interconnected porphyries which will ultimately become a big open pit, huge open pit that'll be mined over many years. At Limon, we had one hole that did 185 m at almost 3 g. There's phenomenal gold intercepts here, lots of high-grade intersections as well as 200 m-3 00 m averaging 1 g-3 g, a really exciting deposit.
Importantly, at Bramaderos , we have lots of optionality to be able to scale the development, whether it be smaller high-grade systems to pay for the bigger porphyry developments or going straight ahead with the Brama Alba resource and taking that into production while we continue to add additional resources. In the north, El Palmar, it's in the tropics, but it's all agricultural land. As you can see, it's very pretty, but there's mining in the area just next door. We have a huge Codelco project, a billion tons at 1% copper. Further north is the SolGold Cascabel project on the same Toachi Fault system. Barrick and BHP and Hancock are all concessions in these areas. We have this enormous porphyry finger system that comes up to surface, an open pit to start with that so far has a 1.2 million oz resource.
These areas where we have drilled below have been estimated to have an exploration target of 15 million oz- 45 million oz, a system that you just don't see here in Australia. There are lots of further targets here that could be expanded, what is already a huge target at El Palmar. I wanted to spend a few minutes at the end now just to summarize. We've obviously disclosed to the market we're in corporate discussions, and that's where most of the questions are this week. We've got good momentum in the share price. I mentioned the register has really been strengthened this year. We're up to $130 million market cap, but still incredibly cheap for what we have, given the scale of these two projects. We had $3 million of cash. We are still very well funded as a result of options that continue to get exercised.
We effectively are cash neutral based on the spending and the option money that continues to come in, which puts us in a great position to be able to negotiate the best outcome. We've disclosed, so ultimately the objective we're seeking here is to be able to find a sustainable funding model for these two large-scale projects. We've disclosed that we're looking at, we've got parties looking at joint ventures, at strategic investments, and potential takeover of Sunstone . We've disclosed to the market that we're in advanced discussions with two parties, one around a corporate takeover. The second was for asset consolidation. The second has fallen away due to other factors, but we've had a number of other groups that have advanced significantly since then. We are in a situation where we have quite a lot of competitive tension.
I'm quite confident, obviously cannot guarantee the final outcomes until we get that signature, but very confident we'll achieve the objectives we've set out as part of this strategic process. I do want to emphasize we are still on a dollars per oz basis, very cheap. We're $31/o z. Our peers are trading outside Australia, trading at $40- $60/ oz. If you look at Western Australian gold explorers, they're trading as high as $150/ oz. We have huge upside in these resources. We have 4 million oz so far, but an expectation for both projects to exceed 10 million oz. I do encourage you to take advantage of the situation we're in right now. I go back to the beginning when I talked about Genesis being a $6 billion company with a production profile of 200,000 oz.
I also mentioned at the beginning an all-in sustaining cost for both projects, $800/ oz compared to a gold price of $3,700/ oz. A cash margin of almost $3,000. We today have a $30/ oz valuation. A great opportunity to get involved. I encourage you to become shareholders of Sunstone to take advantage of the future growth in the stock. Thank you very much.