Slides
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FY26 Financial Results Presentation We mine copper sustainablyto energisethe future. 26 August 2026 Access the live webcast commencing at 10.00am (AWST) / 12.00pm (AEST) here.
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This presentation has been prepared by Sandfire Resources Limited (ABN 55 105 154 185) (Sandfire or the Company) and contains information about Sandfire current at the date of this presentation. The presentation is in summary form, has not been independently verified and does not purport to be all inclusive or complete. To the maximum extent permitted by law, the Company is not responsible for providing updated information and assumes no responsibility to do so. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation. This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction and may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction. This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. Past performance cannot be relied on as a guide to future performance. To the fullest extent permitted by law, Sandfire, its related bodies corporate, and each of their officers, employees, agents and advisers expressly disclaim, to the maximum extent permitted by law, all liabilities (however caused, including negligence) in respect of, make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted. Certain statistical and other information included in this presentation is sourced from publicly available third-party sources and has not been independently verified. Sandfire does not make any representation or warranty about the accuracy, completeness or reliability of this information. This presentation includes operating and financial information and should be read in conjunction with the Company’s ASX announcements including the 2026 Annual Report released on 26 August 2026, and other periodic announcements which are available at www.asx.com.au or at https://www.sandfire.com.au/investors/asx-announcements/. This presentation includes unaudited information including non-IFRS measures and unreconciled production results which may be subject to change. Unless otherwise stated, all figures in this presentation are presented in USD. Figures, amounts, percentages, estimates, calculations of value and other factors used in this presentation are subject to the effect of rounding. Any footnotes referred to throughout this presentation are set out in the Appendix to this presentation. This presentation is authorised for market release by Sandfire’s CEO and Managing Director, Mr Brendan Harris. Forward-Looking Statements Certain statements within or in connection with this release contain or comprise certain forward-looking statements regarding Sandfire’s Mineral Resources and Ore Reserves, exploration and project development operations, production rates, life of mine, projected cash flow, capital expenditure, operating costs and other economic performance and financial condition as well as general market outlook. Forward-looking statements can generally be identified by the use of forward-looking words such as ‘expect’, ‘anticipate’, ‘may’, ‘likely’, ‘should’, ‘could’, ‘predict’, ‘propose’, ‘will’, ‘believe’, ‘estimate’, ‘target’, ‘guidance’ and other similar expressions. You are cautioned not to place undue reliance on forward-looking statements. Forward- looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Although Sandfire believes that the expectations reflected in such forward-looking statements are reasonable, such expectations are only predictions and are subject to inherent risks and uncertainties which could cause actual values, results, performance or achievements to differ materially from those expressed, implied or projected in any forward-looking statements and no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, delays or changes in project development, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in metals prices and exchange rates and business and operational risk management. Unless otherwise stated, the forward-looking statements are current as at the date of this announcement. Except as required by law or regulation, each of Sandfire, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in these forward-looking statements and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in forward-looking statements or any error or omission. Sandfire undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events other than required by the Corporations Act and ASX Listing Rules. Accordingly, you should not place undue reliance on any forward-looking statement. Statutory and Non-statutory measures Sandfire adopts a combination of International Financial Reporting Standards (IFRS) and non-IFRS financial measures to assess performance. These include Underlying Earnings measures, EBITDA, cash flows from operating activities excluding exploration and evaluation and tax, and net cash/(debt), which are used to assist internal and external stakeholders better understand the financial performance of the Group and its operations. Non-IFRS financial measures should not be considered as alternatives to an IFRS measure of profitability, financial performance or liquidity. Underlying Earnings measures provide an insight into Sandfire’s core business performance by excluding the effects of events that are not part of the Group’s usual business activities, but should not be indicative of, or a substitute for, profit/(loss) after tax as a measure of actual operating performance or as a substitute to cash flow as a measure of liquidity. Underlying Earnings measures are used internally by the Chief Operating Decision Makers, being Sandfire’s executive management team and its Board of Directors, to assist with decisions regarding operational performance, the allocation of resources and investments. Sandfire’s Underlying financial results are outlined and reconciled to Statutory earnings measures in the Segment Note to the financial statements. The following Underlying Earnings Adjustments are applied each period to calculate Underlying Earnings: • Foreign exchange rate (gains) / losses. • Impairment losses / (reversals). • (Gains) / losses on contingent consideration and other investments measured at fair value through profit or loss. • Expenses from organisational restructures. • The tax effect of Underlying Earnings Adjustments. • Other significant items. Important information and disclaimer 2FY26 Financial Results Presentation |
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Motheo – Crushed ore stockpile Executive Summary 3FY26 Financial Results Presentation |
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Safety We remain devastated by the loss of Iván Manuel Vázquez Garrido who was fatally injured at MATSA on 25 February 2026. We will never forget Iván and the impact of his passing on his family, friends, colleagues and the broader workforce. Nothing is more important than the safety and wellbeing of our people. Sandfire’s year in review Notes: a. Sandfire holds an exclusive right to acquire an 80% interest in the project, subject to a further Stage 2 payment, and no interest has yet been acquired. All references to Kalkaroo in this presentation, including all Mineral Resource, Ore Reserve, production, drilling and project information, relate to the project as a whole and are not attributable to Sandfire. Sandfire does not own, and does not report, any Kalkaroo Mineral Resources or Ore Reserves. b. Arrows on this slide indicate FY26 actuals compared to FY25. 4FY26 Financial Results Presentation | FY26 Financial Highlights Record financial outcomes $1.7B Group sales revenue (up 41% YoY) $867M Underlying EBITDA1 (up 64% YoY) $350M Underlying Earnings1 (up 214% YoY) $354M Profit after tax (up 294% YoY) Balance sheet $353M Net cash2 (up $750M over two years with all debt repaid in FY26) Portfolio opportunities Kalkaroo Copper-Gold Project Exclusive right to acquire 80%3,(a) (planned ~130km infill and extension drilling program commenced) Shareholder returns 35 Australian cents per share Fully franked final dividend (48% of H2 FY26 Underlying Earnings) Operational performance 154.2kt Group CuEq production4 (up marginally YoY) $89/t $46/t MATSA Motheo Underlying Operating Costs5 (up 14% YoY) (up 16% YoY) $650M Additional liquidity (undrawn capacity on the Corporate Revolver Facility) MATSA – processing facility
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5FY26 Financial Results Presentation | FY27 Outlook Production and cost guidance 150kt to 166kt (FY26: 155.2kt)(a) Group CuEq production4 Steady performance at MATSA and higher-grade ore feed at Motheo $90/t $47/t (FY26: $89/t) (FY26: $46/t) MATSA Motheo Underlying Operating Costs Expect incremental FY27 unit cost uplift • Higher mining and processing at MATSA • Full year contribution of the higher grade and higher cost A4 mine $68M (FY26: $40M) Underlying Exploration and Evaluation expense Acceleration of regional exploration drilling, including the commencement of activity in the Curnamona Province $299M (FY26: $230M) Group capital expenditure Includes $51M at Kalkaroo to advance the PFS and planned ~130km drilling program, deferred waste stripping at the T3 Stage 4 cut-back, and development of the new tailings dam at MATSA Exploration and Development Projects Sustainability Kalkaroo PFS Progress the Kalkaroo PFS and planned ~130km drilling program A1 development Progress feasibility study and environmental approvals Black Butte Complete our strategic review of the project's fit within our global portfolio Targeted exploration Progress near-mine drilling at MATSA, and continue to test the open extent of the T3, A4 and A1 orebodies at Motheo Community investment Make a tangible difference by progressing our strategic community investment projects in Australia, Botswana and Spain Diversity and inclusion Maintain 40:40:20 gender diversity at Board and Executive levels, and increase women in leadership positions Reduce our carbon intensity Commission MATSA and Motheo solar facilities in H2 FY27 Motheo – T3 mining Notes: a. FY26 Group CuEq production has been restated based on the following average forward prices for FY27 as at 30 June 2026 (all in USD): Cu $13,280/t, Zn $3,456/t, Pb $1,927/t, Ag $58.9/oz.
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MATSA – Remote operations Business Overview 6FY26 Financial Results Presentation |
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Deliversafe, consistent and predictable performance We mine copper sustainably to energise the future Our strategic pillars Honesty Respect Collaboration Accountability Performance Our values Our purpose Our operating model and way of working Reduce our carbon intensity Increase our reserves Demonstrate capital discipline We deliver our purpose by remaining focused on the four pillars of our intentionally simple strategy, with our unwavering commitment to SUSTAINABILITY permeating everything we do. Empowerour people and define clear lines of accountability Fit for purpose andsimple by design Scalable for the future Decisions are made where the work is done The Sandfire Way 7FY26 Financial Results Presentation |
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Nothing is more important than the safety and wellbeing of our people FY26 Financial Results Presentation | Notes: a. Contractors accounted for approximately 74% of total hours worked at our Assets in FY26. Our commitment to safety includes all personnel working on our behalf, with contractor-specific performance also tracked separately due to its materiality. “The tragic loss of our colleague at MATSA and the occurrence of high potential incidents underlies the importance of the work we are doing to further strengthen our safety systems, risk management processes and leadership behaviours that encourage everyone to speak up and stop work when something doesn’t look or feel right.” MATSA 8 FY27 plan • Principal Hazard verification – continue to strengthen critical controls by ensuring they are understood, in place and effective • Don’t Walk Past – continue to reinforce behavioural expectations for all employees and contractors, recognising everyone is a leader • Psychological Safety – create an environment where everyone feels safe to speak up and intervene Safety outcomes FY26 FY25 Fatalities 1 Nil Group TRIF 1.6 1.7 Total recordable injuries (TRI) 16 16 High potential incidents (HPI) 17 28 TRIF outcomes FY26 FY25 MATSA TRIF 2.2 2.3 Motheo TRIF 0.7 1.1 Contractor TRIF(a) 1.7 1.3
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Our intentionally simple strategy, delivered with real intent 9FY26 Financial Results Presentation | Living our purpose Deliver safe, consistent and predictable performance Reduce our carbon intensity Increase our reserves Demonstrate capital discipline • Reduced Group TRIF to 1.6 (30 June 2025: 1.7) • Delivered record Group CuEq production4 of 154.2kt supported by strong performance at both assets • Costs well controlled in line with local inflation despite geopolitical and inflationary headwinds • Continued to source +70% of electricity from renewables • Construction of our solar facilities commenced at both MATSA and Motheo • Broadly replaced depletion at MATSA and Motheo with our updated Resource and Reserve estimates • Declared maiden A1 Ore Reserve(a) of 5.6Mt @ 0.91% Cu and 7.4g/t Ag • Commenced Kalkaroo PFS including planned ~130km infill and extension drilling program • Balance sheet transformed with a return to net cash • Returning excess capital to shareholders • Secured an exclusive right to acquire an 80% interest in the Kalkaroo Copper-Gold Project An unwavering commitment to sustainability 40:40:20 gender diversity maintained within our Board and Executive team 33.3% women in senior leadership(b) an increase year-on-year 0.5% of Operations EBITDA $4.7M committed to strategic community investment Collaboration with Yugunga-Nya and Gingirana peoples at DeGrussa as we progress closure and rehabilitation activities Notes: a. Further information can be found in Appendix I (slide 38): ‘Motheo Mineral Resources and Ore Reserves Update’ released to the ASX on 26 August 2026. b. Senior leadership roles include the Executive Leadership Team and senior leaders. Ghanzi community stalls Motheo
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10 A globally significant copper portfolio FY26 Financial Results Presentation | Notes: a. Sandfire’s effective interest in Black Butte is held via an 87% equity stake in TSX listed Sandfire Resources America Inc. (TSX-V: SFR), which owns 100% of Black Butte. b. Sandfire holds an exclusive right to acquire an 80% interest in the Kalkaroo Copper-Gold Project in South Australia. c. CuEq production for continuing operations. MATSA Copper Silver Zinc Lead Results FY26 Ore processed 4.5Mt CuEq production 94.5kt Net C1 unit costs6 $0.88/lb Operating margin 55% Motheo Copper Silver Results FY26 Ore processed 6.1Mt CuEq production 59.7kt Net C1 unit costs6 $1.09/lb Operating margin 62% Black Butte(a) Strategic review of the Black Butte project’s fit in our global portfolio is nearing completion Copper Kalkaroo(b) Planned ~130km infill and extension drilling program commenced and PFS underway Copper Gold Legend Operating Study phase Exploration Care and maintenance Office DeGrussa Progressing closure and rehabilitation activities 154 - 160 FY23 FY24 FY25 FY26 +66% since FY23 CuEq production4,(c) kt Group FY26 revenue by commodity Cu Zn Pb Au Ag
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High quality operationscompetitively positioned on the global cost curve 11FY26 Financial Results Presentation | Motheo MATSA (2.00) (1.00) 0.00 1.00 2.00 3.00 4.00 5.00 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 Cumulative Annual Forecast Payable Cu Production, kt 2026 Copper Mines Cost Curve(a) Our commodities are in demand given their role in the energy transition • Copper is benefitting from a structural increase in demand, while supply growth is constrained as the existing mining fleet is ageing, lead times for new mines are increasing and they are becoming increasingly capital intensive • Zinc is also benefitting from the energy transition as a critical enabler of major infrastructure • Silver, as a precious metal, has been in high demand in the current inflationary environment, while also benefitting from its use in solar energy generation Two high-quality operations in the lower half of the global cost curve • MATSA is a high-grade polymetallic operation with its zinc, silver and lead by-products further strengthening its competitiveness • Motheo's scale, low-strip, relatively shallow open-pit mining operation, and its particularly attractive mineralogy, ensures it is a high margin operation Total cash cost (US$/lb payable Cu) Notes: a. Source: AME 2026 Copper Mine Cash Excluding Royalties Costs Curve. 1st quartile 2nd quartile 3rd quartile 4th quartile
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Building long-term value through targeted exploration and development programs Increase our reserves 12FY26 Financial Results Presentation | Mt 37 36 42 43 9 14 0 20 40 60 80 100 120 140 160 180 200 FY25 Additions Depletion FY26 MATSA Motheo Black Butte Kalkaroo potential FY26 Ore Reserves(a) Established a right to secure an 80% interest in 100Mt Kalkaroo reserve A1 maiden reserve Kalkaroo Copper-Gold Project • Exclusive right to acquire 80% interest in Kalkaroo • Ore Reserve 100Mt @ 0.47% Cu and 0.44g/t Au(b) • Remains open at depth and along strike, with the current reserve constrained by available drilling • Planned ~130km drilling program underway targeting resource extension and conversion • 80-person camp and core shed structure established • The PFS is expected to be completed in H2 FY28 Exploration projects(b) that provide further potential to grow reserves La Juliana • Newly identified prospect near Aguas Teñidas • Intersected high-grade massive sulphide mineralisation • Includes: CCM-90 – 14.4m @ 0.4% Cu, 14.5% Zn, 4.4% Pb, 0.6g/t Au and 158.1g/t Ag from 307m Magdalena West • Successfully extended the Mineral Resource ~150m to the west • Subsequently confirmed mineralisation is still present a further 200m west of this expanded resource A1 Extension • Seven holes drilled north of the existing A1 Mineral Resource • All seven drillholes intersected copper mineralisation A4 West • Three holes completed to test the extent of mineralisation located ~800m west of A4 • Intersected copper mineralisation supports the thesis • Includes: A4DD318 – 19m @ 1.1% Cu and 9.5g/t Ag from 742m Notes: a. Effective dates for Ore Reserves are 31 December 2024 for MATSA and Motheo, and 19 October 2020 for Johnny Lee in FY25; and 31 December 2025 for MATSA and Motheo (T3 and A4),14 November 2025 for Johnny Lee, and 30 June 2026 for Lowry and A1 in FY26. Black Butte reserves are displayed on a 100% basis, whereas the Kalkaroo potential reserves are on an 80% basis. Refer to slide 38 for additional information. b. Further information can be found in Appendix I (slide 38): ‘Agreement to Advance Kalkaroo Copper-Gold Project’ dated 13 November2025, and ‘Sandfire Near-Mine Exploration Update’ dated 26 August 2026.
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13FY26 Financial Results Presentation | Motheo – Processing plant Financial Results
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FY26 financial results overview Key financial metrics FY26 FY25 YoY Comments Sales revenue $M 1,654 1,176 41% A full year record MATSA Underlying Operating Cost5 $/t 89 78 14% Stronger Euro (FY26: 1.17, FY25: 1.09) and local inflation Motheo Underlying Operating Cost5 $/t 46 40 16% Higher price linked royalties and commencement of higher cost A4 production Underlying Operations EBITDA7 $M 960 610 57% Strong commodity markets and low TCRCs Operating margin – MATSA % 55 45 10pp Significant increase in by-product credits Operating margin – Motheo % 62 60 2pp A low cost and high margin operation Underlying EBITDA $M 867 528 64% Underlying EBITDA margin % 52 45 7pp Underlying Earnings $M 350 111 214% More than threefold increase in Underlying Earnings Profit after tax $M 354 90 294% Operating cash flow8 $M 887 575 54% Strong cash conversion Net cash/(debt)2 $M 353 (123) n.m.(a) Achieved our targeted net cash position Fully franked final dividend Acps 35 - n.m.(a) Returning excess capital to Shareholders Commodity revenue mix (FY26, % of payable metal by value) 14FY26 Financial Results Presentation | Notes: a. The percentage movement is not meaningful due to the change in signage from FY25, or a nil value in FY25. 70% 14% 1% 15% Group 60%25% 2% 13% MATSA 83% 17% Motheo Copper Zinc Lead Gold Silver
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528 478 (111) (12) (16) 867 (318) 549 (20) (179) 350 - 100 200 300 400 500 600 700 800 900 1,000 1,100 FY25 Underlying EBITDA Sales revenue Underlying Operating Costs Movement in finished goods inventory Underlying admin, other expenses & Other gains/losses FY26 Underlying EBITDA Depreciation & amortisation FY26 Underlying EBIT Underlying net finance expense Underlying income tax expense FY26 Underlying Earningsa b FY26 Underlying Earnings analysis b b 15FY26 Financial Results Presentation | $M H1 H2 FY26 Sales revenue 672 982 1,654 Underlying EBITDA 304 563 867 Underlying Earnings 107 243 350 Profit after tax 96 258 354 528 200 137 2 867 FY25 MATSA Motheo Other FY26 Underlying EBITDA comparison by segment 443 39 (4) Price TCRC Volumes & freight Revenue comparison by nature c More than threefold increase in Underlying Earnings to $350M 237 81 1 MATSA Motheo Other Depreciation & amortisation by segment Notes to the chart a. Underlying Operating Costs includes Underlying mine operations costs that reflect an allocation of statutory employee benefits expense, freight expenses, royalties expense, and changes in inventories of work in progress. b. Depreciation & amortisation, Underlying net finance expense and Underlying income tax expense are actual FY26 results, not year-on-year variances. c. Freight relates to freight rollback at MATSA which is included within sales revenue. Primary drivers: • ($28M) impact of a stronger Euro (FY26: 1.17, FY25: 1.09) at MATSA • ($29M) A4 transition to production • ($11M) increase in price-linked royalties • ($7M) higher power and fuel prices
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(123) (234) 111 464 464 (266) (24) (91) (56) (234) (16) 353 - 353 (200) (100) - 100 200 300 400 500 600 700 800 900 1,000 1,100 FY25 net debt ¹ FY25 debt ¹ FY25 cash MATSA operating cash flow ² Motheo operating cash flow ² Exploration, sustaining & growth capex ³ Lease repayments Tax Other ⁴ Debt repayments ⁵ Interest & other financing costs FY26 cash FY26 debt ¹ FY26 net cash ¹ FY26 Group cash flow analysis 16 $M a a a a b b c d e Notes to the chart a. Debt and net cash/(debt) excludes capitalised transaction costs, leases, and accrued interest. b. MATSA and Motheo cash flows from operating activities exclude exploration and income tax. c. Exploration, sustaining and growth capital expenditure presented above is reflected on a cash basis and differs from the capital expenditure presented elsewhere in this report which is on an accruals basis of accounting. d. Other includes the KalkarooStage 1 cash payment (A$31.5M) and transaction costs, proceeds from the sale of DeGrussa processing plant ($4M), corporate cash costs, DeGrussacare and maintenance expenditure and other miscellaneous items. e. Debt repayments refer to the full repayment of the Corporate Revolver Facility. f. Australia includes KalkarooPFS cash expenditure in Q4 FY26 ($3M). FY26 Financial Results Presentation | Cash flow prior to debt service $491M 83 41 47 32 13 22 18 8 MATSA Motheo Australia Black Butte Mine devp Sustaining Exploration f
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Sales | Continuing to benefit from buoyant commodity prices 17FY26 Financial Results Presentation | Key metrics FY26 FY25 YoY MATSA Payable copper sales kt 51.3 51.3 (0%) Copper price achieved $/t 11,779 9,131 29% Payable zinc sales kt 79.6 74.4 7% Zinc price achieved $/t 3,138 2,708 16% Payable silver sales koz 2,093 1,997 5% Silver price achieved $/oz 65 32 102% MATSA sales revenue(a) $M 914.1 642.9 42% Motheo Payable copper sales kt 50.4 51.9 (3%) Copper price achieved $/t 12,017 9,272 30% Payable silver sales koz 1,786 1,766 1% Silver price achieved $/oz 67 33 107% Motheo sales revenue(b) $M 739.6 533.1 39% Notes: a. Includes other by-product sales revenue of $20.3M (FY25: $17.0M) and is net of TCRCs of $49.7M (FY25: $68.1M) and freight costs of $46.2M (FY25: $40.0M). b. Net of TCRCs of -$13.3M (FY25: $5.2M). Pure exposure to a preferred suite of base metals • Future concentrate sales are unhedged, and linked to index pricing • MATSA contracted under a third-party sales agreement linked to benchmark treatment and refining charges (TCRCs) − CY26 benchmark copper TCRCs are set at $0/t and 0c/lb, and the zinc TC is set at $85/t • Competitive tender secured ~75% of Motheo's FY27 sales volumes under term contracts − Remaining volumes provide flexibility and exposure to spot pricing Managing short term pricing risk • Maintained Quotational Period (QP) hedges for MATSA and Motheo copper, zinc and silver sales, to mitigate against working capital volatility • QPs range up to five months after the month of shipment for copper and up to three months for zinc
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A disciplined approach to capital management 18FY26 Financial Results Presentation | Free cash flow and Balance sheet • Generated operating cash flow8 of $887M in FY26 • Net cash of $353M and no debt as at 30 June 2026 • $650M Corporate Revolver Facility available to March 2029 Optimising investment in the business • Intensifying drilling activity in the basins we’ve chosen for their prospectivity, as we expect to nearly double regional exploration expenditure to $56M in FY27 • Expect to spend $94M on sustaining and strategic capital expenditure in FY27, including $14M specifically targeting resource conversion • Increasing mine development and deferred waste stripping to $151M in FY27 to provide access to valuable ore as defined by our mine plans Deploying and returning excess capital in a disciplined way Shareholder returns 35 Acps fully franked final dividend for FY26 Kalkaroo project Planned $51M investment at Kalkaroo in FY27 to progress the PFS and planned ~130km drilling program Discretionary investments All other discretionary investments will compete for capital
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Our Board has declared a fully franked final dividend for FY26 35 Australian cents per share Underpinned by: • Strong operating performance and a 214% increase in Underlying Earnings • Strong liquidity with $353M of cash and a further $650M available in our undrawn CRF • Maintenance of a cash buffer to navigate geopolitical uncertainty while preserving capacity to invest in the business and pursue value-accretive growth opportunities Dividend information: • Fully franked final dividend paid in Australian dollars • Healthy franking credit balance of $226M (A$330M) remaining following dividend payment • Payment date 30 September 2026 Returning excess capital to shareholders 19FY26 Financial Results Presentation | Expected Q1 FY27 payments: • $54M tax payments at Motheo • $20M seasonal Group costs • $117M (A$164M) dividend payment 353 (400) (300) (200) (100) - 100 200 300 400 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Net cash/(debt)2 +$750M added to the balance sheet over two years
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20FY26 Financial Results Presentation | Motheo – Concentrate storage shed Operational Overview
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Key metrics FY26 FY25 YoY Production Plant throughput Mt 4.5 4.5 (0%) Copper Equivalent production4 kt 94.5 93.9 1% Copper production kt 53.9 55.0 (2%) Zinc production kt 96.5 91.2 6% Lead production kt 6.8 7.5 (9%) Silver production Moz 3.2 3.1 3% Costs Underlying Operating Cost5 $M 403 353 14% Underlying Operating Cost5 $/t 89 78 14% Implied C1 Unit Cost6 $/lb 0.88 1.54 (43%) Capital expenditure Total capital expenditure $M 146 122 20% Underground development $M 79 79 (1%) Sustaining and strategic $M 67 42 58% Financials Underlying Operations EBITDA7 $M 499 292 71% Operating margin % 55 45 10pp MATSA | The most modern mining complex in the Iberian Pyrite Belt Iberian Pyrite Belt 21 2,649km2 of Sandfire landholding across the Iberian Pyrite Belt FY26 Financial Results Presentation | Operational resilience and consistency characterised FY26 • Maintained an annual processing rate of 4.5Mt for CuEq production of 94.5kt in FY26, a slight increase YoY • Capitalised on strong commodity markets and low TCRCs to deliver a 71% increase in Underlying Operations EBITDA to $499M, at an operating margin of 55% • 20% increase in capital expenditure to $146M as we completed the penultimate raise of our existing tailings dam and the initial phase of earthworks for our new tailings dam
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MATSA | FY27 and medium-term outlook 22FY26 Financial Results Presentation | - 10 20 30 40 50 60 70 80 90 100 FY25 FY26 FY27G FY28G FY29G CuEq production expected to remain broadly unchanged, within a range of 89kt to 99kt (1.50) (1.00) (0.50) - 0.50 1.00 1.50 2.00 - 20 40 60 80 100 120 140 160 180 FY25 FY26 FY27G Underlying Operating Unit Costs (LHS) Implied Net C1 Unit Costs (RHS) Unit costs are expected to increase only incrementally - 20 40 60 80 100 120 140 160 FY25 FY26 FY27G Mine Development Sustaining & Strategic Capital expenditure expected to remain stable at $149M MATSA CuEq production(a) MATSA Underlying Operating Unit Costs MATSA capital expenditure • Targeting a record ore processing rate of 4.7Mt • Annual CuEq production is expected to remain largely unchanged through to FY29, underpinned by our updated Mineral Resource and Ore Reserve estimates • Unit costs expected to increase by $1/t to $90/t: - higher mining and processing activity - an assumed Euro:USD rate of 1.15 (FY26: 1.17) with +90% of costs being Euro denominated kt • Benefits from an assumed reversion in the Euro:USD rate to 1.15 (FY26: 1.17) • Our new tailings storage facility is expected to be ready for first tailings deposition in FY27, with the footprint to support operations well beyond 2040 $/t $M $90/t $149M $/lb $0.67/lb Copper equivalent production Copper equivalent production guidance range Notes: a. CuEq production for FY25 to FY29 are calculated using the following metal price assumptions: Cu $13,280/t, Zn $3,456/t, Pb $1,927/t, Ag $58.9/oz. Refer to Appendix I (slide 38) for information regarding the Production Target.
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MATSA | Increasing our reserves Exploration and development metrics FY26 FY27G MATSA infill and near-mine exploration drilling Infill and near-mine exploration drilling km 82.3 67.0 Capitalised expenditure9 $M 10.9 5.6 Exploration and evaluation expense $M - 3.0 Iberian Pyrite Belt regional exploration, Spain and Portugal Regional drilling km 26.5 27.8 Exploration and evaluation expense $M 12.0 16.3 23FY26 Financial Results Presentation | 500m Aguas Teñidas FY26 Completed Drilling(a) Magdalena FY26 Completed Drilling(a) Multi-year infill and extension drilling program, primarily focused on Magdalena and Aguas Teñidas • Future targets modelled in 3D, ranked and prioritised • Substantial near-mine surface exploration conducted Expanded our regional program in Spain and Portugal in parallel • Drilling activity more than doubled in FY26 and will be maintained in FY27 • Prioritising greenfield targets around active mines and brownfield sites Notes: a. Further information can be found in Appendix I (slide 38): ‘Sandfire Near-Mine Exploration Update’ released to the ASX on 26 August 2026.
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MRE December 2024 MATSA | Magdalena West exploration update 24 Magdalena Masa 2 West Extension Progress FY26 Financial Results Presentation | Recent high-grade copper intercepts(a): • MAG-X-314-B: 5.5m @ 3.1% Cu, 0.1% Zn, 0.1% Pb, 0.9g/t Au and 7.2g/t Ag from 524m • MAG-X-327: 8.6m @ 1.3% Cu, 0.1% Zn, 0.1% Pb, 1.3g/t Au, 5.8g/t Ag from 556.2m • MAG-X-324: 4.15m @ 3.0% Cu, 0.1% Zn, 0.1% Pb, 3.9g/t Au, 11.9g/t Ag from 655m Drilling has further extended known mineralisation at Magdalena West Overview • Our highest priority exploration prospect at MATSA given the proximity to existing workings and the typically high net smelter return of Magdalena ore • 46 drill holes completed at Masa 2 West and Masa Olivo for 28.0km Results • FY26 Mineral Resource extent advanced ~150m to the west when compared to FY25 • Mineralisation is still present a further 200m beyond the limits of this new Resource boundary Next steps • Continue to test Masa 2 West extension potential through underground drilling from the exploration drive and from surface, where plausible Note: Further information can be found in Appendix I (slide 38): ‘Sandfire Near-Mine Exploration Update’ released to the ASX on 26 August 2026.
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MATSA | La Juliana new high-grade massive sulphideintersection 25FY26 Financial Results Presentation | La Juliana – VMS Horizon La Juliana Cross Section New high-grade polymetallic massive sulphide intersection identified near Aguas Teñidas La Juliana overview • Identified through a systematic near-mine exploration drilling and geophysical program • The prospect is located near Aguas Teñidas, 700m south-east of the Castillejitos orebody • Four drill holes completed at the La Juliana prospect for 2.6km Results • Drill hole CCM-90 intersected 14.4m of massive sulphide: 14.4m @ 0.4% Cu, 14.5% Zn, 4.4% Pb, 0.6g/t Au and 158.1g/t Ag from 307m Next steps • Follow-up drilling to test the strike and dip extent of known massive sulphide intersection • Follow-up drilling is supported by electromagnetic plates modelled from geophysics conducted on CCM-90 Note: Further information can be found in Appendix I (slide 38): ‘Sandfire Near-Mine Exploration Update’ released to the ASX on 26 August 2026.
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Iberian Pyrite Belt |Regional exploration update 26FY26 Financial Results Presentation | Spain Northern Corridor – FY27 Areas of Interest and DHEM Gaps Maintaining a sharp focus on the highly prospective northern corridor in Spain Overview • Completed 26.5km of exploration drilling across the Iberian Pyrite Belt in Spain and Portugal during FY26 FY27 plan • Targeted, systematic drilling across the highly prospective northern corridor in Spain • Numerous areas of interest have been identified where prospective stratigraphy is present and there is a lack of drilling or geophysical data • In Portugal, exploration will focus on testing underexplored prospective horizons at depth
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Motheo | A modern, high margin business Key metrics FY26 FY25 YoY Production Plant throughput Mt 6.1 5.5 10% Copper Equivalent production4 kt 59.7 59.6 0% Copper production kt 51.8 52.3 (1%) Silver production Moz 2.1 2.0 8% Costs Underlying Operating Cost5 $M 282 221 27% Underlying Operating Cost5 $/t 46 40 16% Implied C1 Unit Cost6 $/lb 1.09 1.37 (20%) Capital expenditure Total capital expenditure $M 79 86 (8%) Waste stripping $M 41 54 (24%) Sustaining and strategic $M 38 24 60% Construction and development $M 0 8 (100%) Financials Underlying Operations EBITDA7 $M 461 318 45% Operating margin % 62 60 2pp 27 11,985km2 of Sandfire landholding across the Kalahari Copper Belt(a) FY26 Financial Results Presentation | Notes: a. We have submitted applications to relinquish lower priority tenements in alignment with our exploration strategy, and we haveacquired new land north-east of our existing tenure. Following the completion of these processes, our collective tenure will comply with the new 10,000km2 cap on the cumulative area of prospective licences held by a corporate group. A strong finish to the year delivered record mill throughput and CuEq production • Achieved record mill throughput of 6.1Mt for record CuEq production of 59.7kt in FY26, a slight increase YoY and within our annual guidance range • Established access to higher grade ore at T3 and A4, setting a solid foundation for FY27 • Capitalised on strong commodity markets and low TCRCs to deliver a 45% increase in Underlying Operations EBITDA to $461M, at an operating margin of 62% Kalahari Copper Belt
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Motheo | FY27 and medium-term outlook 28FY26 Financial Results Presentation | - 10 20 30 40 50 60 70 FY25 FY26 FY27G FY28G FY29G - 20 40 60 80 100 FY25 FY26 FY27G Waste Stripping Sustaining & Strategic Construction Exploration Projects Motheo CuEq production(a) kt $/t $M $98M CuEq production expected to increase marginally and be within a range of 61kt to 67kt Unit costs expected to increase incrementally to $47/t Capital expenditure expected to increase to $98M • Align mill throughput with the optimised 5.6Mtpa rate in FY27 and maintain a focus on grade and recovery • Reflects the first full year contribution from the higher grade A4 open pit • The life of mine plan is expected to support relatively steady CuEq production(a) out to FY29 • Unit cost guidance of $47/t reflects: - An increase in price-linked royalties - A full year contribution from the higher cost A4 mine - A progressive build of high-grade ROM stocks at A4 - Elevated diesel prices through H1 FY27 • Forecast capital expenditure of $98M includes: - A $26M YoY increase in waste stripping as we progress the Stage 4 cut-back at T3 - $8M for critical infrastructure projects including the TSF expansion, camp upgrades and broader water management works - $9M for resource conversion drilling Motheo Underlying Operating Unit Costs Motheo capital expenditure (1.50) (1.00) (0.50) - 0.50 1.00 1.50 - 10 20 30 40 50 60 70 80 90 100 FY25 FY26 FY27G Underlying Operating Unit Costs (LHS) Implied Net C1 Unit Costs (RHS) $/t $/lb $47/t $0.63/lb Copper equivalent production Copper equivalent production guidance range Notes: a. CuEq production for FY25 to FY29 are calculated using the following metal price assumptions: Cu $13,280/t, Zn $3,456/t, Pb $1,927/t, Ag $58.9/oz. Refer to Appendix I (slide 38) for information regarding the Production Target.
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Motheo | Optimising the mine plan 29FY26 Financial Results Presentation | - 10 20 30 40 50 60 70 80 FY23 FY24 FY25 FY26 FY27G FY28E T3 pre-stripping T3 deferred stripping A4 pre-stripping A4 deferred stripping $M Motheo deferred stripping costs T3 Stage 4 cut-back A4 Stage 1-3 cut-backs T3 Stage 4 cut-back Optimising and derisking our plans to smooth the production profile Deferred stripping profile • Following the successful development of A4, waste stripping activity shifts to the T3 Stage 4 cut-back in FY27 • Deferred stripping costs are expected to moderate in FY28 • The deferred stripping profile will continue to be a function of the optimised mine plan T3 open pit and staging design • The Stage 4 cut-back of T3 provides access to valuable ore below Stages 1 to 3, from FY28 onwards • The Stage 5 cut-back is planned for FY29 T3 open pit and staging design Notes: a. Further information can be found in Appendix I (slide 38): ‘Motheo Mineral Resources and Ore Reserves Update’ released to theASX on 26 August 2026.
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Motheo | A1extension potential Exploration and development metrics FY26 FY27G Motheo infill exploration drilling T3 and A4 infill drilling km 11.1 31.0 A1 infill drilling km 22.0 - Capitalised expenditure9 $M 8.4 8.8 Kalahari Copper Belt near-mine, extension and regional exploration, Botswana Near mine, extension and regional drilling km 17.0 27.5 Exploration and evaluation expense $M 15.5 21.8 30FY26 Financial Results Presentation | A1 Resource and Extension Drilling Plan View A1 Extension Drilling and Pit Outline Cross Section A1 near-mine exploration drilling overview • A1 extension drilling has intersected copper mineralisation in all seven drillholes • Confirms high-grade extension potential that is a focus of follow-up drilling • The A1 system remains open beyond currently defined limits • Significant results intersected include: − A1RD229: 10m @ 5.3% Cu and 111.6g/t Ag from 225m − A1RD277: 10.85m @ 2.1% Cu and 30.1g/t Ag from 226.5m − A1RD278: 3.58m @ 1.1% Cu and 18.1g/t Ag from 204.42m − A1RD279: 9.5m @ 3.2% Cu and 46g/t Ag from 223m − A1RD280: 2m @ 1.3% Cu and 20.9g/t Ag from 256m Note: Further information can be found in Appendix I (slide 38): ‘Motheo Mineral Resources and Ore Reserves Update’ dated 26 August2026 and ‘Sandfire Near-Mine Exploration Update’ dated 26 August 2026.
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Motheo | A4extension potential 31FY26 Financial Results Presentation | A4 and A4 West Plan View A4 West Exploration Drilling Cross Section Overview • A4 West drilling has been designed to evaluate the prospectivity of copper mineralisation associated with the Ngwako Pan Formation (NPF) contact • Three diamond drillholes were completed during FY26 to test the continuity and extent of historically identified mineralisation located ~800m west of A4 − Nine historical drillholes were completed prior to FY26 Copper mineralisation intersected at A4 West • Drill hole A4DD318 intersected copper mineralisation, supporting the interpretation of mineralised fluids along the NPF contact − A4DD318: 19m @ 1.1% Cu and 9.5g/t Ag from 742m • Historical drilling also included the following NPF contact intercepts: − A4DD215: 47m @ 0.9% Cu and 8.3g/t Ag from 744m − A4DD213: 9.66m @ 0.8% Cu and 8.8g/t Ag from 621.81m − A4DD217: 20m @ 0.8% Cu and 7.9g/t Ag from 499m − A4DD220: 27m @ 0.8% Cu and 7.3g/t Ag from 508m Next steps • 13km of drilling is planned for FY27 at A4 and A4 West • The drilling will test extensions to known mineralisation Note: Further information can be found in Appendix I (slide 38): ‘Sandfire Near-Mine Exploration Update’ released to the ASX on 26 August 2026.
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Black Butte | Strategic review 32FY26 Financial Results Presentation | Legend Mineral Resources Measured Indicated Inferred Johnny Lee and Lowry mine design Mine design elements Johnny Lee Lowry Proposed decline portal Note: Sandfire’s effective interest in Black Butte is held via an 87% equity stake in TSX listed Sandfire Resources America Inc. (TSX-V: SFR), which owns 100% of Black Butte. Further information can be found in Appendix I (slide 38): ‘Black Butte Copper Project Study Update’ released to the ASX on 16 December 2025, and ‘Black Butte Copper Project Study Update’ released to the ASX on 9 July 2026. Johnny Lee Lowry Proposed decline portal Johnny Lee and Lowry deposits plan view and long section maps 500m Planned Johnny Lee underground workings can be used to gain access to the Lowry deposit at a relatively low capital cost 500m Proposed Lowry decline Proposed Lowry decline Updated Black Butte PFS confirms the economic case for development incorporating both Johnny Lee and Lowry Overview • Has the potential to produce: − ~35ktpa of contained copper in the initial four years − ~31ktpa of contained copper over an initial 12-year life • Development approach is underpinned by: − Combined Mineral Resource of 53.8Mt at 1.7% Cu (930kt contained Cu) − Combined Ore Reserve of 14.3Mt at 2.6% Cu (370kt contained Cu) Maiden Lowry Ore Reserve • Confirmed its potential to extend mine life at an incremental capital cost • Could be accessed from the Johnny Lee underground workings • Requires separate environmental review and permitting approvals Next steps • Have committed a further $9M of support in FY27 • Our review to determine the project’s strategic fit within our global portfolio is well advanced and expected to be completed in Q1 FY27
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33FY26 Financial Results Presentation | Kalkaroo Copper-Gold Project, South Australia Kalkaroo Copper-Gold Project and Exploration Strategic Alliance
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Kalkaroo Copper-Gold Project 34FY26 Financial Results Presentation | Kalkaroo project and infrastructure location map A formidable partnership between Sandfire and Havilah Resources to advance one of the largest copper-gold deposits in Australia3 • Located on the traditional lands of the Ngadjuri, Adnyamathanha and Wilyakali peoples • One of Australia’s largest undeveloped copper-gold deposits with a defined reserve of 100Mt at 0.47% copper and 0.44g/t gold(a) • Located in proximity to critical infrastructure, including: − Barrier Highway − HV powerlines − Potential renewable energy access • Remains open at depth and along strike, with the current resource envelope constrained by available drilling results • Project supported by Sandfire's strong balance sheet, and proven exploration and development team • We are continuing to build relationships with the Traditional Owners, State Government and broader local community Notes: a. Further information can be found in Appendix I (slide 38): ‘Agreement to Advance Kalkaroo Copper-Gold Project’ released to the ASX on 13 November 2025.
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Planned drilling and PFS update 35FY26 Financial Results Presentation | Notes: a. All forward-looking activities and expenditure are subject to receipt of all required regulatory approvals. b. Further information can be found in Appendix I (slide 38): ‘Agreement to Advance Kalkaroo Copper-Gold Project’ released to the ASX on 13 November 2025. Kalkaroo Mineral Resources(b) and planned infill and extension drill holes PFS and drilling update(a) • ~130km infill and extension drilling program commenced in FY26: − Designed to test the open extent of the already large copper-gold resource along strike and at depth to underpin an updated and higher confidence reserve estimate − Provides valuable metallurgical, geotechnical and groundwater data • Commenced early works for the new PFS which is expected to: − Further develop our baseline understanding of future access agreements and approvals − Consider potential development cases by assessing the geotechnical and metallurgical characteristics of the deposit, local utility and infrastructure requirements, and other key design and cost inputs − Determine a preferred development case and confirm its capacity to deliver excess returns for shareholders • PFS expected to be completed in H2 FY28 Modest near-term spend to unlock a compelling risk-reward opportunity • $5M was capitalised in FY26 as we commenced activity • $51M expected to be capitalised in FY27 as we ramp-up activity to a full complement of six drill rigs (including four diamond and two RC)
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A large and highlyprospective package 36FY26 Financial Results Presentation | Notes: a. All forward-looking activities and expenditure are subject to receipt of all required regulatory approvals. Strategic Alliance Agreement tenements Exploration strategic alliance overview(a) • 8,847km2 of highly prospective tenure offering the potential for future discoveries within close proximity to Kalkaroo • Leverages Havilah's ~30 years of experience in the province and Sandfire’s experienced team of geoscientists • Sandfire will invest A$30M over two years, with A$15M already funded to support drilling to February 2027 − Expenditure will be recognised as incurred − Havilah to manage the program • Sandfire has the right to acquire 80% of any discovery of interest by sole funding a drilling program to a maiden Mineral Resource Next steps(a) • The initial 12-month exploration work plan and budget has been agreed • Drilling commenced at Brooks Dam in July to be followed with drill testing at Eurinilla Dome • A second drill rig is expected to commence activities on the Homestead and Kalkaroo West prospects in Q2 FY27, directly along strike from Kalkaroo
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Group FY27 guidance Notes to the table a. FY27 CuEq is calculated based on the average forward price for FY27 in USD as at 30 June 2026. Cu $13,280/t, Zn $3,456/t, Pb $1,927/t, Ag $58.9/oz. Comparisons between FY27 Guidance and FY26 CuEq are based on FY27 pricing assumptions. b. MATSA: Includes costs related to mining, processing, general and administration and transport, and excludes shipping costs which are offset against sales revenue for statutory reporting purposes. Motheo: Includes costs related to mining, processing, general and administration, transport (including shipping) and royalties. Underlying operating costs displayed above exclude changes in finished goods inventories. c. Includes exploration outside the mine halo and does not include infill and resource drilling. 37FY26 Financial Results Presentation | FY27 Guidance (FY26 Actuals, CuEq restated on FY27 prices) MATSA Motheo Corporate & Other Group Production Ore processed (Mt) 4.7 (4.5) 5.6 (6.1) 10.3 (10.6) Copper (kt contained) 49 – 55 (53.9) 50 – 56 (51.8) 99 – 111 (105.7) Zinc (kt contained) 96 – 106 (96.5) 96 – 106 (96.5) Lead (kt contained) 9.4 – 10.4 (6.8) 9.4 – 10.4 (6.8) Silver (Moz contained) 3.2 – 3.6 (3.2) 2.4 – 2.6 (2.1) 5.6 – 6.2 (5.3) Copper Equivalent (kt contained) a 89 – 99 (94.1) 61 – 67 (61.1) 150 – 166 (155.2) Operating Costs Underlying Operating Cost ($M) b 426 (403) 261 (282) 688 (685) Underlying Operating Cost ($/t ore processed) b 90 (89) 47 (46) D&A ($M) 242 (237) 125 (81) 2 (-) 369 (318) Underlying Corporate G&A ($M) 41 (38) 41 (38) Underlying Exploration and Evaluation ($M) c 19 (12) 22 (16) 27 (13) 68 (40) Capital Expenditure ($M) Current Operations Mine Development and Deferred Waste Stripping 84 (79) 67 (41) 151 (120) Sustaining and Strategic 65 (67) 28 (38) 1 (0) 94 (106) Total Current Operations 149 (146) 95 (79) 1 (0) 245 (225) Exploration and Development Projects Kalkaroo PFS Costs 51 (5) 51 (5) Exploration projects 3 (-) 3 (-) Total Exploration and Development Projects 3 (-) 51 (5) 54 (5) Total Capital Expenditure 149 (146) 98 (79) 52 (6) 299 (230) Motheo – Processing plant
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Appendix I 38FY26 Financial Results Presentation | SFR Exploration Results, Mineral Resources and Ore Reserves estimates The information in this presentation that relates to SFR’s Exploration Results, Mineral Resources or Ore Reserves and prepared by Competent Persons in accordance with the JORC Code (2012) are extracted from SFR’s ASX releases and are available at https://www.sandfire.com.au/investors/asx-announcements/ OR www.asx.com.au. The market announcements (public reports) relevant to SFR’s Exploration Results, Mineral Resources and Ore Reserves estimatespresented in this presentation are: • ‘Agreement to Advance Kalkaroo Copper-Gold Project’ released to the ASX on 13 November 2025. • ‘Black Butte Copper Project Study Update’ released to the ASX on 16 December 2025. • ‘Black Butte Copper Project Study Update’ released to the ASX on 9 July 2026. • ‘Sandfire Near-Mine Exploration Update’ released to the ASX on 26 August 2026. • ‘MATSA Mineral Resources and Ore Reserves Update’ released to the ASX on 26 August 2026. • ‘Motheo Mineral Resources and Ore Reserves Update’ released to the ASX on 26 August 2026. Sandfire confirms that it is not aware of any new information or data that materially affects the information included in therelevant market announcements, and, in the case of estimates of Mineral Resources or Ore Reserves confirms that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Sandfire confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement. Production Target Disclosure The information in this presentation that refers to the FY27 to FY29 Production Target for MATSA is based on Proved (75%) andProbable (16%) Ore Reserves, and Measured (9%) Mineral Resources, and was originally disclosed in the 'MATSA Mineral Resources andOre Reserves Update' released to ASX on 26 August 2026. The information in this presentation that refers to the FY27 to FY29 Production Target for Motheo is based solely on Proved (16%) and Probable (84%) Ore Reserves and was originally disclosed in the 'Motheo Mineral Resources and Ore ReservesUpdate' released to ASX on 26 August 2026. Mineral Resources and Ore Reserves underpinning the Production Targets have been prepared by Competent Persons in accordance with therequirements of the JORC Code (2012). Sandfire confirms that all material assumptions underpinning the Production Targets continueto apply and have not materially changed. Footnotes: 1. Underlying measures provide insight into Sandfire’score business performance by excluding the effects of events that are not part of the Group’s usual business activities, but should not be indicative of, or a substitute for, profit/(loss) after tax as a measure of actual operating performance or as a substitute to cash flow as a measure of liquidity. 2. Net cash/(debt) excludes capitalised transaction costs, leases, accrued interest, and revolving short-term (VAT) working capital facilities. 3. Refer to ‘Agreement to advance the Kalkaroo Copper-Gold Project and regional exploration’, dated 13 November 2025 and ‘Kalkaroo Copper-Gold Project and exploration strategic alliance update’ dated 6 February 2026 for details. 4. Copper Equivalent (CuEq) calculation All CuEq production figures and guidance for costs, including Underlying Operating Costs and implied Net C1 Unit Costs, are afunction of specific prices which are detailed below. Actual cost outcomes are a function of realised prices and exchange rates during the period. Unless otherwise stated, CuEq for FY25 and FY26 are calculated based on the following average forward prices for FY26 in USD as at 30 June 2025 (all in USD): Cu $9,871/t, Zn $2,795/t, Pb $2,067/t, Ag $36.9/oz. CuEq guidance for FY27 to FY29 are calculated based on the following average forward prices for FY27 as at 30 June 2026 (all in USD): Cu $13,280/t, Zn $3,456/t, Pb $1,927/t, Ag $58.9/oz. Guidance for Payable Metal is based on current commercial terms. Copper equivalent is calculated using the following formula: Copper metal tonnes + Zn metal tonnes x (Zn price/Cu price) + Pbmetal tonnes x (Pb price/Cu price) + Ag metal ounces x (Agprice/Cu price). 5. Underlying Operating Costs MATSA: Includes costs related to mining, processing, general and administration and transport, and excludes shipping costs which are offset against sales revenue for statutory reporting purposes. Motheo: Includes costs related to mining, processing, general and administration, transport (including shipping) and royalties. Underlying Operating Costs displayed above exclude changes in finished goods inventories. 6. Implied C1 Unit Cost: Total cost net of by–product credits divided by payable pounds of copper. C1 Costs include mining, processing, general and administration and transport (including rollback for MATSA). 7. Underlying Operations EBITDA is Underlying EBITDA before Exploration and Evaluation expense and Underlying administration and other expense. 8. Operating cash flow excludes payments for exploration and evaluation and tax. 9. Capitalised expenditure is included in strategic and sustaining capital. Thefollowingabbreviationsandunitsof measureareusedthroughoutthispresentation: AustralianBusinessNumber(ABN); Australian(A); AustralianEasternStandardTime(AEST); Silver(Ag); AustralianSecuritiesExchange(ASX); AustralianWesternStandardTime(AWST); Gold(Au); direct,on-sitecashoperatingcost requiredto producea unitof copper(C1); centsper share(cps); CorporateRevolverFacility(CRF); Copper(Cu); CopperEquivalent(CuEq); Calendaryear(CY); Depreciationand amortisation(D&A); Downholeelectromagnetic(DHEM); Estimate(E); Earningsbeforeinterestand tax (EBIT); EarningsbeforeInterest,tax, depreciationandamortisation(EBITDA); Exchangerate(FX); FinancialYear(FY); grams(g); Guidance(G); Generalandadministrative(G&A); Half(H); Highpotentialincidents(HPI); Highvoltage(HV); InternationalFinancialReportingStandards(IFRS); IberianPyriteBelt(IPB); JointOreReservesCommittee(JORC); Kilo (k); KalahariCopperBelt(KCB); Pound(lb); Lefthand side (LHS); Metre(m); Million(M); MineralResourceEstimate(MRE); Megawatts(MW); Not meaningful(n.m.); NgwakoPan Formation(NPF); Net smelterreturn(NSR); troyounce(oz); Lead (Pb); Pre-feasibilitystudy(PFS); Percentagepoints(pp); Quarter(Q); Quotationalperiod(QP); Reversecirculation(RC); Righthandside(RHS); Runofmine(ROM); Sandfire(SFR); Tonne(t); Treatmentcharges(TC); Treatmentandrefiningcharges(TCRCs); Tonnesperannum(tpa); Totalrecordableinjuries(TRI); TotalRecordableInjuryFrequency(TRIF); Tailingsstoragefacility(TSF); Total shareholderreturns(TSR);TorontoStockExchange(TSX); TSXVentureExchange(TSX-V); UnitedStatesdollar(USD);Valueaddedtax(VAT); Volcanogenicmassivesulphide(VMS); Year-on-year(YoY); Zinc(Zn).
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Appendix II: MATSA – Mineral Resources(a) 39FY26 Financial Results Presentation | Mine/ Project Resource Category Tonnes (Mt) NSR ($/t) Copper (%) Zinc (%) Lead (%) Silver (g/t) Contained Copper (kt) Contained Zinc (kt) Contained Lead (kt) Contained Silver (Moz) Aguas Teñidas Measured 41 150 1.2 3.2 0.92 42 500 1,300 380 55 Indicated 12 110 1.0 2.3 0.62 30 120 270 73 11 Inferred 2.2 100 0.85 2.3 0.73 27 19 51 16 2.0 Total 55 140 1.2 3.0 0.85 39 640 1,600 470 68 Magdalena Measured 13 230 2.3 2.7 0.85 41 310 360 110 18 Indicated 8.6 180 1.9 1.5 0.47 25 160 120 40 6.8 Inferred 1.8 190 2.2 0.36 0.19 15 40 6.6 3.5 0.87 Total 24 210 2.2 2.1 0.66 33 510 490 160 25 Sotiel Measured 52 94 0.94 3.2 1.4 41 490 1,600 710 69 Indicated 28 84 0.87 2.8 1.2 40 250 790 350 36 Inferred 9.7 83 0.81 3.1 1.3 40 79 300 130 12 Total 90 90 0.90 3.0 1.3 41 810 2,700 1,200 120 Projects Measured - - - - - - - - - - Indicated - - - - - - - - - - Inferred 25 100 1.2 1.6 0.54 24 290 390 140 20 Total 25 100 1.2 1.6 0.54 24 290 390 140 20 Total Combined Measured 110 130 1.2 3.1 1.1 41 1,300 3,300 1,200 140 Indicated 49 110 1.1 2.4 0.96 35 530 1,200 470 54 Inferred 39 100 1.1 1.9 0.73 28 430 750 280 35 Total 190 120 1.2 2.7 1.0 37 2,300 5,300 2,000 230 Notes: a. As at 31 December 2025. Further information can be found in Appendix I (slide 38): ‘MATSA Mineral Resources and Ore Reserves Update’ released to the ASX on 26 August 2026.
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40FY26 Financial Results Presentation | Mine Reserve Category Tonnes (Mt) NSR ($/t) Copper (%) Zinc (%) Lead (%) Silver (g/t) Contained Copper (kt) Contained Zinc (kt) Contained Lead (kt) Contained Silver (Moz) Aguas Teñidas Proved 9.5 120 1.1 3.6 1.0 44 110 340 96 14 Probable 5.6 110 1.0 2.7 0.78 33 59 150 44 6.0 Probable (remnants) 1.6 120 1.0 3.7 1.3 48 16 57 20 2.4 Total 17 120 1.1 3.3 0.95 41 180 550 160 22 Magdalena Proved 9.0 160 1.9 2.1 0.66 31 170 190 59 9.0 Probable 6.9 130 1.6 1.4 0.46 23 110 99 31 5.2 Total 16 150 1.8 1.8 0.57 28 280 280 91 14 Sotiel Proved 1.7 100 1.6 1.0 0.46 29 27 17 7.6 1.5 Probable 1.4 72 0.92 2.5 1.2 37 13 35 16 1.7 Total 3.1 89 1.3 1.7 0.78 32 40 52 24 3.2 Total Combined Proved 20 140 1.5 2.7 0.81 37 300 550 160 24 Probable 16 120 1.3 2.2 0.72 31 200 350 110 15 Total 36 130 1.4 2.5 0.77 34 500 890 270 39 Appendix II: MATSA – Ore Reserves(a) Notes: a. As at 31 December 2025. Further information can be found in Appendix I (slide 38): ‘MATSA Mineral Resources and Ore Reserves Update’ released to the ASX on 26 August 2026.
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Appendix II: Motheo – Mineral Resources and Ore Reserves(a) 41FY26 Financial Results Presentation | Ore Reserves Mineral Resources Deposit Reserve Category Tonnes (Mt) Copper (%) Silver (g/t) Contained Copper (kt) Contained Silver (Moz) Resource Category Tonnes (Mt) Copper (%) Silver (g/t) Contained Copper (kt) Contained Silver (Moz) T3 Proved 1.1 1.1 20 12 0.72 Measured 1.2 1.1 20 14 0.79 Probable 26 0.80 12 210 10 Indicated 31 0.84 13 260 13 Inferred 5.1 0.78 15 40 2.4 Total 27 0.81 12 220 11 Total 38 0.84 13 310 16 A4 Proved 0.56 1.1 10 6.4 0.18 Measured 0.70 1.1 9.3 8.0 0.21 Probable 8.9 1.2 20 100 5.7 Indicated 9.9 1.2 20 120 6.5 Inferred 1.7 0.95 14 16 0.8 Total 9.5 1.2 19 110 5.9 Total 12 1.2 19 150 7.5 A1 Proved Measured - - - - - Probable 5.6 0.91 7.4 51 1.3 Indicated 5.4 1.2 9.9 64 1.7 Inferred 0.39 1.5 17 5.7 0.22 Total 5.6 0.91 7.4 51 1.3 Total 5.8 1.2 10 70 1.9 Stockpiles Proved 1.0 0.55 5.0 5.7 0.17 Measured 1.0 0.55 5.0 5.7 0.17 Probable Indicated - - - - - Inferred - - - - - Total 1.0 0.55 5.0 5.7 0.17 Total 1.0 0.55 5.0 5.7 0.17 Total Proved 2.7 0.88 12 24 1.1 Measured 3.0 0.73 11 27 1.2 Combined Probable 41 0.89 13 360 17 Indicated 47 0.82 13 450 21 Inferred 7.2 0.78 14 62 3.4 Total 43 0.89 13 390 18 Total 57 0.94 14 540 25 Notes: a. A4, T3 as at 31 December 2025; A1 Mineral Resource as at 31 May 2026; A1 Ore Reserve as at 30 June 2026. Further information can be found in Appendix I (slide 38): ‘Motheo Mineral Resources and Ore Reserves Update’ released to the ASX on 26 August 2026.
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Contact Details PO Box 1495 West Perth WA 6872 Australia +61 8 6430 3800 Corporate Head Office Level 2, 10 Kings Park Road West Perth WA 6005 Australia www.sandfire.com.au