Slide 1: Motheo Financial Community Site Visit
ASX:SFR 21 SEPTEMBER 2026 MOTHEO FINANCIAL COMMUNITY SITE VISIT Sandfire Resources Ltd (Sandfire) will be hosting members of the financial community at its Motheo mining complex (Motheo), located in the central portion of the Kalahari Copper Belt, Botswana, on 21 and 22 September 2026. Motheo includ
Slide 2: Motheo Financial Community Site Visit
Motheo Financial Community Site Visit 21 – 22 September 2026 We mine copper sustainably to energise the future.
Slide 3: Important information and disclaimer
Important information and disclaimer This presentation has been prepared by Sandfire Resources Limited (ABN 55 105 154 185) (Sandfire or the Company) and contains Forward-Looking Statements information about Sandfire that is current as at the date of this presentation. The presentation is in summary
Slide 4: A strategic position in the Kalahari Copper Belt
A strategic position in the Kalahari Copper Belt Processing plant Motheo Site Visit Presentation | 3
Slide 5: Motheo at a glance
Motheo at a glance FY26 performance Strong safety metrics, and record operating and financial outcomes A cornerstone copper asset in the heart of the Kalahari Copper Belt (KCB) 0.7 59.7kt $1.09/lb 62% Total recordable injury Copper equivalent Implied C1 Unit Cost2 Underlying Operations Safe, consist
Slide 6: Motheo – a success story for Sandfire and Botswana
Motheo – a success story for Sandfire and Botswana October 2019 2020 December 2020 July 2021 October 2021 Sandfire acquires MOD A4 discovery drilling and T3 DFS, 3.2Mtpa FID, A4 maiden T3 mining licence approval, Declared maiden Ore Reserve Resources progressing T3 Feasibility Study resource, 5.2Mtp
Slide 7: The Sandfire Way
The Sandfire Way Our values Our purpose We mine copper sustainably to energise the future Honesty Our strategic pillars Respect Deliver safe, consistent Reduce our Increase Demonstrate and predictable carbon intensity our reserves capital discipline performance Collaboration We deliver our purpose b
Slide 8: A globally significant copper portfolio
A globally significant copper portfolio MATSA Results FY26 Black Butte(a) Ore processed 4.5Mt Copper Silver CuEq production 94.5kt Copper Zinc Lead Implied C1 Unit Costs $0.88/lb Operating margin 55% Strategic review of the Black Butte project’s fit in our global portfolio is nearing completion FY26
Slide 9: High-quality operations competitively positioned on the global cost curve
High-quality operations competitively positioned on the global cost curve Total cash cost 2023 and 2026 Copper Mines Cost Curves(a) The steepening of the global cost curve (US$/lb payable Cu) reinforces the quality of our operations 5.00 1st quartile 2nd quartile 3rd quartile 4th quartile • Supply g
Slide 10: A modern mining complex with strong operating and sustainability credentials
A modern mining complex with strong operating and sustainability credentials T3 open pit Motheo Site Visit Presentation | 9
Slide 11: A high margin copper producer in a highly prospective geological province
A high margin copper producer in a highly prospective geological province Asset location A modern mining complex within a highly prospective mining region of Botswana Preferred mining jurisdiction • Ranked among Africa’s most stable and transparent jurisdictions • Ranked 7th globally for investment
Slide 12: Motheo Operations overview
Motheo Operations overview Motheo location Modern operating footprint • Two producing open pit mines and one development project, feeding a 5.6Mtpa central processing facility • ~$630M invested in the construction of Motheo, sustaining and strategic capital, and waste stripping to date • Produces co
Slide 13: A district-scale position in a proven sediment-hosted copper system
A district-scale position in a proven sediment-hosted copper system Regional geology The belt’s unique geological setting hosts a multitude of deposit types • Motheo's deposits are sediment hosted stratiform copper-silver, a globally significant deposit style • The Ngwako Pan Formation (NPF) is a th
Slide 14: Motheo site layout
Motheo site layout Motheo Site Visit Presentation | 13
Slide 15: Building a proactive safety culture
Building a proactive safety culture Motheo TRIF trend (FY22 to FY26) FY26 outcomes 3.5 Reducing our TRIF(a) 3.0 Risk and critical controls 0.7 • 169 critical control verifications across 2.5 12 principal hazards 2.0 • 113 improvements identified FY26 total recordable 1.5 injury frequency rate 1.0 0.
Slide 16: Building a high-performing and inclusive workforce
Building a high-performing and inclusive workforce Motheo leadership team Strengthening our leadership capability and organisational resilience Leadership capability • Focusing on leadership visibility, workforce engagement and recognition to reinforce Sandfire’s values and performance culture • Rec
Slide 17: A stable, local and diverse workforce
A stable, local and diverse workforce Our approach prioritises opportunities for Key FY26 Botswana workforce metrics(a) Batswana and strengthens the local talent pipeline We have local capability and continue to invest in our people We invest in our people’s skills and development, empowering them t
Slide 18: Demonstrated commitment to our environment
Demonstrated commitment to our environment Our approach to environmental management focuses on responsible water stewardship, safe tailings management and the protection of biodiversity White-backed Vultures Porcupine Pan Tailings storage facility Stage 3 lift Tree nursery and vegetables garden Biod
Slide 19: Contributing to Citizen Economic Empowerment and the Botswana economy
Contributing to Citizen Economic Empowerment and the Botswana economy $449M Government initiated Citizen Economic FY26 Direct economic contribution Empowerment (CEE) Program priorities Taxes, royalties, wages and local procurement • Local supplier development and localised procurement • Support for
Slide 20: Commitment to our host communities
Commitment to our host communities Creating sustainable, long-term value while remaining responsive to the immediate needs of our host communities ✓ 0.5% of Operations EBITDA committed to fund strategic community projects ✓ $4.7M allocated globally in FY26 Ghanzi market stalls Local community Kuke V
Slide 21: Our commitment to reducing carbon emissions
Our commitment to reducing carbon emissions Investing in reliable, low carbon energy to support Motheo's long-term sustainability and competitiveness Decarbonisation • Sandfire Group sourced 72% of its electricity requirements from renewable sources in FY26 • Targets − Achieve a 35% reduction in Sco
Slide 22: Ore Reserves
Ore Reserves Extensive drilling program focused on Regional exploration program focused 43Mt Ore Reserve with expanding reserves at T3, A4 and A1 on discovery within the Motheo hub a reserve life of 8 years(a) Ore Reserve replacement history(a) Mt SFR acquires First ore mined to MOD (existing T3 sto
Slide 23: Mining and production
Mining and production Potential to further increase life with Two open pit mines using Modern processing facility delivering development of A1 and our broader conventional truck and shovel strong copper and silver recoveries infill and extension drilling program T3 open pit A4 open pit Central proce
Slide 24: T3 open pit overview
T3 open pit plan view (b) T3 open pit overview Mining • Conventional open-pit operation using a truck-and-excavator fleet • Five pit stages provide sequenced access to ore and support progressive waste stripping • T3 is adjacent to the central processing facility, enabling direct ore haulage Mine ge
Slide 25: A4 open pit overview
A4 open pit plan view (b) A4 open pit overview Mining • Conventional open-pit operation using truck-and-excavator mining • Located approximately 8km west of T3, with ore hauled to the central processing facility • Diversion channels and dewatering infrastructure support resilience to extreme water e
Slide 26: A1 development project overview
A1 development plan view A1 development project overview PFS outcomes • Declared a maiden Ore Reserve(a) of 5.6Mt at 0.91% Cu and 7.4g/t Ag • Conventional open pit operation, located ~22km north-east of T3 • Incorporated into the life of mine plan providing for an additional 1-year of mine life at c
Slide 27: Processing and product
Processing and product Two open pit mines feed a central Conventional processing plant Copper concentrates trucked processing facility located near T3 to produce copper concentrate to Walvis Bay in Namibia Central Processing Facility (capacity 5.6Mtpa) T3 open pit mine Copper (Sediment-hosted T3 ROM
Slide 28: Sales and logistics
Sales and logistics Motheo to Walvis Bay logistics route Overview • Copper concentrate product is exported from Walvis Bay, Namibia, located ~1,100km by road transport • Walvis Bay is a globally recognised port facility • We have engaged Namibian logistics provider Pindulo to assist with our concent
Slide 29: Focusing on the basics to achieve consistency and predictability
Focusing on the basics to achieve consistency and predictability Operating Motheo for value by balancing throughput, grade and recovery at 5.6Mtpa Ore mined Ore processed Recoveries Mt Mt % Cu % 7.0 8.0 1.2% 100% 1.0% 93% 7.0 1.0% 6.0 5.6 0.8% 90% 87% 6.0 5.6 5.0 0.6% 5.0 0.4% 80% 4.0 0.2% 4.0 0.0%
Slide 30: Applying technology and innovation across Motheo
Applying technology and innovation across Motheo Mine dispatch system Advanced process control Flotation circuit upgrades Molybdenum potential StackCell tailings returning to rougher circuit Two StackCells in modular arrangement Concentrate hopper Tailings hopper Enabling improvement in Implementing
Slide 31: Consistent production, disciplined cost outlook
Consistent production, disciplined cost outlook Reliable production Disciplined cost management • CuEq production of 61kt to 67kt is expected in FY27, supported by optimised plant • Gross Operating Costs, which include Underlying Operating Costs6 and deferred stripping, throughput of 5.6Mtpa with a
Slide 32: Disciplined investment, strong cash generation
Disciplined investment, strong cash generation Motheo capital expenditure profile $M A high-quality copper asset delivered with capital discipline 250 ~$630M of capital expenditure invested at Motheo to date • Our investment in Motheo has established: 200 − An expanded 5.6Mtpa processing plant produ
Slide 33: Near-mine and regional exploration opportunities
Near-mine and regional exploration opportunities Exploration core shed Motheo Site Visit Presentation | 32
Slide 34: A dedicated exploration team with a clear mandate
A dedicated exploration team with a clear mandate Exploration leadership team Building the capability, systems and pipeline to convert geological potential into reserves Dedicated capability • A focused exploration team runs the full cycle from target generation through drilling to geological interp
Slide 35: The Kalahari Copper Belt
The Kalahari Copper Belt Kalahari Copper Belt A district-scale position in a proven, underexplored copper province A premier emerging copper district • Hosts numerous copper-silver deposits along a mineralised corridor extending more than 1,000km • Sandfire holds 10,425km² of tenure, underpinned by
Slide 36: Building an understanding of the Kalahari mineral system
Building an understanding of the Kalahari mineral system Diverse mineralisation styles Integrated 3D regional model Enhancing target generation Multiple styles of mineralisation demonstrate the Our inhouse model combines deep understanding of the region’s Our enhanced orebody knowledge helps scale a
Slide 37: Increasing uncertainty and optionality
Ramping up our exploration investment in the Kalahari Copper Belt KCB near-mine and regional exploration activity A tiered program balancing resource km $M extension with discovery optionality 50 30 Spend prioritised on the basis of risk and reward Ramping up to a full Resource conversion: T3 and A4
Slide 38: Near-mine potential around the greater Motheo Hub
Near-mine potential around the greater Motheo Hub - Conceptual model of Motheo Hub folded geometries A1 A4 T3 Motheo Site Visit Presentation | 37
Slide 39: A1 extension potential
A1 Resource and Extension Drilling Plan View A1 extension potential Seven of seven holes mineralised, reflecting some of the highest- grade intercepts seen to date in the Kalahari Copper Belt Results confirm high-grade extension potential • Extension drilling north of the existing A1 Mineral Resourc
Slide 40: A4 extension and depth potential
A4 West Exploration Drilling Cross Section A4 extension and depth potential Testing the scale of the broader A4 mineral system A4 West – NPF contact thesis • Three diamond holes completed in FY26 tested mineralisation ~800m west of A4, following nine historical holes • A4DD318 intersected 19m @ 1.1%
Slide 41: Summary
Summary Concentrate storage shed Motheo Site Visit Presentation | 40
Slide 42: Motheo is delivering today and building the next phase of growth
Motheo is delivering today and building the next phase of growth A modern, high-margin copper operation with a strong local footprint and multiple organic growth pathways ✓ 43Mt Ore Reserves(a) ✓ 8-year reserve life(a) ✓ 5.6Mtpa processing plant ✓ Two producing open pits Robust operating outlook Dis
Slide 43: Group FY27 guidance
Group FY27 guidance FY27 Guidance Corporate MATSA Motheo Group (FY26 Actuals, CuEq restated on FY27 prices) & Other 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) L
Slide 44: Appendices
Appendices Emergency response training Motheo Site Visit Presentation | 43
Slide 45: Appendix I
Appendix I 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 is extracted from the market announcements listed below, except that three of the A4 intersections on sli
Slide 46: Appendix II: Motheo's exposure to attractive commodity markets
Appendix II: Motheo’s exposure to attractive commodity markets 61kt to 67kt 83% ~75% FY27 CuEq production guidance FY26 revenue from copper FY27 sales volumes secured under term contracts FY26 revenue profile Motheo sales overview • Unhedged exposure to copper and silver index pricing FY26 revenue b
Slide 47: Appendix III: Motheo's cost base concentrated in contracted mining
Appendix III: Motheo’s cost base concentrated in contracted mining FY27G Gross Operating Cost composition(a) Comprises: Underlying Operating Cost $261M Mine development $67M Services and contractors 52% Fuel 19% General and admin, and royalties 29% Gross Operating Costs $328M 71% of costs relate to
Slide 48: Appendix IV: Socioeconomic contribution in Botswana
Appendix IV: Socioeconomic contribution in Botswana $449M FY26 Direct economic contribution Supporting the local economy through Botswana-linked Taxes, royalties, wages and local procurement cost exposure including statutory, regulated and local-currency inputs Mining tax regime, effective 1 July 20
Slide 49: Appendix V: Mineral Resources and Ore Reserves
Appendix V: Mineral Resources and Ore Reserves Ore Reserves Mineral Resources Reserve Tonnes Copper Silver Contained Contained Resource Tonnes Copper Silver Contained Contained Deposit Category (Mt) (%) (g/t) Copper (kt) Silver (Moz) Category (Mt) (%) (g/t) Copper (kt) Silver (Moz) T3 Proved 1.1 1.1
Slide 50: Thank you
Thank you +61 8 6430 3800 www.sandfire.com.au Sandfire Corporate Office: 10 Kings Park Road West Perth WA 6005 Australia PO Box 1495 West Perth WA 6872 Australia