Sandfire Resources Ltd · ASX:SFR
Sandfire Resources — Investor Presentation (December 2024)
98 slides from Sandfire Resources's investor presentation, Dec 3, 2024
Slide 1: Exploration Strategy – Increase Our Reserves (ASX announcement)
ASX:SFR 3 December 2024 EXPLORATION STRATEGY – INCREASE OUR RESERVES Sandfire Resources Limited (Sandfire) advises that it will be providing an update on one of the four pillars of its strategy, Increase our reserves, during a presentation to institutional investors and analysts in Sydney on 3 Decem
Slide 2: Exploration strategy: Increase our reserves
For personal use only Exploration strategy Increase our reserves 3 December 2024 Access the live webcast commencing at 7.00am (AWST) / 10.00am (AEDT) here. We mine copper sustainably to energise the future
Slide 3: Important Information and Disclaimer
15in5.pptx Important Information and Disclaimer This presentation has been prepared by Sandfire Resources Limited (ABN 55 105 154 185) (Sandfire or the Company) and Forward-Looking Statements contains information about Sandfire current at the date of this presentation. The presentation is in summary
Slide 4: Acknowledgement of Country
For personal use only ACKNOWLEDGEMENT OF COUNTRY Sandfire acknowledges the Traditional Custodians of the land on which we stand, the Gadigal people of the Eora Nation, as well as the First Nations peoples of the lands on which Sandfire conducts its business. We pay our respect to their Elders, past,
Slide 5: Today's agenda
Today’s agenda Business and Strategy Update For personal use only Exploration Strategy Motheo and Kalahari Copper Belt Exploration MATSA and Iberian Pyrite Belt Exploration Black Butte Update Closing Remarks Q&A Increase our reserves | 4
Slide 6: Brendan Harris, Chief Executive Officer
For personal use only Brendan Harris Chief Executive Officer Increase our reserves | 5
Slide 7: Key messages
Key messages • We own the most modern processing facilities in the Kalahari For personal use only Copper and Iberian Pyrite Belts • Our highly experienced and motivated team of geoscientists has unrivalled knowledge of these two target rich regions • We are now moving into the discovery phase of exp
Slide 8: The Sandfire Way
The Sandfire Way Our values Our purpose We mine copper sustainably to energise the future For personal use only Honesty Our strategic pillars Accountability Deliver safe, Reduce our Increase Demonstrate consistent and carbon intensity our reserves capital discipline predictable performance Respect W
Slide 9: Commodity revenue mix and global footprint
Commodity revenue mix (FY24, % of payable metal by value) Our global footprint Group For personal use only 6% 16% 76% Copper Zinc Lead Gold Silver MATSA 6% 25% 66% Motheo FY24 TRIF (at 30 June 2024) 8% Group: 1.6 92% Exploration: Legend Copper Zinc Lead Gold Silver 2.8
Slide 10: Our increasingly strong balance sheet underpins our exploration activities
Our increasingly strong balance sheet underpins our exploration activities • The capital intensive development and subsequent 22/11/2022 11/5/2023 14/9/2023 19/3/2024 For personal use only A$200M MATSA debt Motheo $200M expansion of Motheo to +5.2Mtpa is complete Equity raise facility amended & debt
Slide 11: Safe, consistent and predictable - on track to deliver FY25 guidance
Safe, consistent and predictable - on track to deliver FY25 guidance Corporate FY25 Guidance (Q1 % of FY25 Guidance) MATSA Motheo & Other Groupa December 2024 update Production Ore processed (Mt) 4.6 (25%) 5.2 (26%) 9.8 (25%) For personal use only Copper (kt contained) 56 (26%) 53 (24%) 109 (25%) Zi
Slide 12: Richard Holmes, Chief Development Officer
For personal use only Richard Holmes Chief Development Officer Increase our reserves | 11
Slide 13: Today's speakers
Today’s speakers For personal use only Brendan Harris Richard Holmes Jason Grace Chief Executive Officer Chief Development Officer Chief Operating Officer and Managing Director James Royall John Lauderdale Scott Thomas Peter Willems Head of exploration – Head of exploration – Geology Manager MATSA S
Slide 14: Strategically positioned processing hubs
Strategically positioned processing hubs Kalahari Copper Belt Iberian Pyrite Belt For personal use only Spain Motheo MATSA
Slide 15: Leveraging our capabilities and strategic position
Leveraging our capabilities and strategic position For personal use only Increase our reserves | 14
Slide 16: The advantages of polymetallic VMS deposits
The advantages of polymetallic Volcanogenic Massive Sulphide deposits • We have a strong track record of discovering and developing For personal use only Volcanogenic Massive Sulphide (VMS) deposits • Deposits often form in clusters and provinces can be very large - Iberian Pyrite Belt, Flin Flon Pr
Slide 17: The advantages of sedimentary copper belts
The advantages of sedimentary copper belts • The stratigraphy of sedimentary copper belts can be remarkably For personal use only consistent and mineralisation is often pervasive • Sediment hosted systems can be very large - Deposits discovered to date in Botswana range in size from 1Mt to +100Mt •
Slide 18: A focussed exploration plan to deliver years of reserves in 5 years
A focussed exploration plan to deliver 15 years of reserves in 5 years MATSA & Iberian Pyrite Belt Motheo & Kalahari Copper Belt For personal use only Step change in orebody ✓ Geology models updated ✓ Regional model updated knowledge ✓ Resource models updated ✓ Geology models updated ✓ Geometallurgi
Slide 19: Motheo and Kalahari Copper Belt
For personal use only Motheo and Kalahari Copper Belt Increase our reserves | 18
Slide 20: Motheo infill and extension exploration activity
Motheo infill and extension exploration activity Motheo & Kalahari Copper Belt Step change in orebody ✓ Regional model updated • Structural controls of economic mineralisation For personal use only knowledge ✓ Geology models updated confirmed to be asymmetric and isoclinal folds rather than being th
Slide 21: Motheo | T3 structural learnings
Motheo | T3 structural learnings For personal use only T3DD042 T3DD044 T3DD037 T3DD043 T3DD040 T3DD041 Further information can be found on: • Appendix I (slide 46) corresponding announcements, (1) - ‘Motheo Consolidated Mineral Resources and Ore Reserves’ released to the ASX on 29 August 2024 and (7
Slide 22: Motheo | A4 infill and extensional drilling
Motheo | A4 infill and extensional drilling For personal use only Further information can be found on: • Appendix I (slide 46) corresponding announcement, (1) - ‘Motheo Consolidated Mineral Resources and Ore Reserves’ released to the ASX on 29 August 2024 • Appendices IV & V (from slide 57) for A4 d
Slide 23: Motheo | Structural analogues at A4 & A1
Motheo | Structural analogues at A4 & A1 For personal use only Further information can be found on: • Appendix I (slide 46) corresponding announcement, (1) - ‘Motheo Consolidated Mineral Resources and Ore Reserves’ released to the ASX on 29 August 2024 • Appendices IV & V (from slide 57) for A4 dril
Slide 24: Motheo | A4 repetition fold planned drilling
Motheo | A4 repetition fold planned drilling For personal use only Increasing our reserves | 23
Slide 25: Motheo | Structural analogues at A4 & A1
Motheo | Structural analogues at A4 & A1 For personal use only Further information can be found on Appendix I (slide 46) corresponding announcement, (1) - ‘Motheo Consolidated Mineral Resources and Ore Reserves’ released to the ASX on 29 August 2024 Increase our reserves | 24
Slide 26: Motheo | A1 infill and extension drilling underway
Motheo | A1 infill and extension drilling underway and ramping up in H2 FY25 For personal use only Increase our reserves | 25
Slide 27: Kalahari Copper Belt regional exploration activity across 16,800km2
Kalahari Copper Belt regional exploration activity across our 16,800km2 landholding Motheo & Kalahari Copper Belt ✓ • Structural controls of economic mineralisation For personal use only Step change in orebody Regional model updated knowledge ✓ Geology models updated confirmed to be asymmetric and i
Slide 28: Kalahari Copper Belt regional targets
Kalahari Copper Belt regional targets For personal use only Increase our reserves | 27
Slide 29: Kalahari Copper Belt regional targets
Kalahari Copper Belt regional targets For personal use only Increase our reserves | 28
Slide 30: MATSA and Iberian Pyrite Belt
For personal use only MATSA and Iberian Pyrite Belt Increase our reserves | 29
Slide 31: MATSA infill and extension exploration activity
MATSA infill and extension exploration activity MATSA & Iberian Pyrite Belt Build foundational geological ✓ Mine geology models updated • Improved understanding of controls of For personal use only understanding ✓ Resource models updated mineralisation ✓ Geometallurgical and geotechnical • Identifie
Slide 32: MATSA | New model delivered early results at Masa Olivo, Magdalena
MATSA | Our new model delivered early results at Masa Olivo, Magdalena For personal use only Further information can be found on: • Appendix I (slide 46) corresponding announcement, (2) - ‘MATSA Mineral Resource and Ore Reserve update, re-released’ released to the ASX on 10 July 2024. • Appendices V
Slide 33: MATSA | Magdalena drill targets and planned activity FY25-FY29
MATSA | Magdalena drill targets and planned activity across FY25 - FY29 For personal use only Increase our reserves | 32
Slide 34: MATSA | New model delivered early results at San Pedro, Aguas Teñidas
MATSA | Our new model delivered early results at San Pedro, Aguas Teñidas For personal use only Further information can be found on: • Appendix I (slide 46) corresponding announcement, (2) - ‘MATSA Mineral Resource and Ore Reserve update, re-released’ released to the ASX on 10 July 2024. • Appendice
Slide 35: MATSA | New model confirmed stockwork potential at Aguas Teñidas
MATSA | Our new model has confirmed stockwork potential at Aguas Teñidas For personal use only Further information can be found on: • Appendix I (slide 46) corresponding announcement, (1) - ‘MATSA Mineral Resource and Ore Reserve update, re-released’ released to the ASX on 10 July 2024. • Appendices
Slide 36: MATSA | Aguas Teñidas drill targets and planned activity FY25-FY29
MATSA | Aguas Teñidas drill targets and planned activity across FY25 - FY29 For personal use only Increasing our reserves | 35
Slide 37: Iberian Pyrite Belt regional exploration across ~3,000km2
Iberian Pyrite Belt regional exploration activity across our ~3,000km2 landholding MATSA & Iberian Pyrite Belt ✓ Mine geology models updated • Improved understanding of controls of For personal use only Build foundational geological understanding ✓ Resource models updated mineralisation ✓ Geometallu
Slide 38: Iberian Pyrite Belt | Regional exploration targets
Iberian Pyrite Belt | Regional exploration targets For personal use only Increase our reserves | 37
Slide 39: Iberian Pyrite Belt | Regional exploration targets
Iberian Pyrite Belt | Regional exploration targets For personal use only Increase our reserves | 38
Slide 40: Black Butte and Tintina Belt
For personal use only Black Butte and Tintina Belt Increase our reserves | 39
Slide 41: Black Butte | Derisking the project
Black Butte | Derisking the project Black Butte For personal use only Current Status ✓ Permitting confirmed • Montana Supreme Court ruled to reinstate the mine’s operating permit in February 2024 Lower zone infill and extension drilling • A targeted drilling program designed to significantly increas
Slide 42: Black Butte | Johnny Lee Lower Zone extension and infill drilling
Black Butte | Johnny Lee Lower Zone extension and infill drilling For personal use only Further information can be found on Appendix I (slide 46) corresponding announcements, (3) ‘Sandfire America reports additional high-grade copper intercepts at Black Butte Copper Project in Montana, USA’ released
Slide 43: Chief Executive Officer Brendan Harris
For personal use only Chief Executive Officer Brendan Harris Increase our reserves | 42
Slide 44: Key messages
Key messages • We own the most modern processing facilities in the Kalahari For personal use only Copper and Iberian Pyrite Belts • Our highly experienced and motivated team of geoscientists has unrivalled knowledge of these two target rich regions • We are now moving into the discovery phase of exp
Slide 45: Contact Details
For personal use only Contact Details +61 8 6430 3800 www.sandfire.com.au Corporate Head Office Level 2, 10 Kings Park Road West Perth WA 6005 Australia PO Box 1495 West Perth WA 6872 Australia
Slide 46: Group FY25 Guidance
Group FY25 Guidance Corporate FY25 Guidance (FY24 Actual) MATSA Motheo & Other Groupa Production Ore processed (Mt) 4.6 (4.5) 5.2 (4.2) 9.8 (8.7) For personal use only Copper (kt contained) 56 (56.5) 53 (41.2) 109 (97.8) Zinc (kt contained) 92 (82.8) - (-) 92 (82.8) Lead (kt contained) 10 (7.5) - (-
Slide 47: Appendix I: Exploration Results, Mineral Resources and Ore Reserves references
Appendix I SFR Exploration Results, Mineral Resources and Ore Reserves estimates The information in this announcement that relates to SFR’s Exploration Results, Mineral Resources or Ore Reserves is extracted from SFR’s ASX releases and is available at https://www.sandfire.com.au/where-we-operate/min
Slide 48: Appendix II – Motheo, T3 drill hole collar information
Appendix II – Motheo, T3 drill hole collar information Hole ID Mine Easting Northing RL Grid_ID Dip Azimuth Depth (m) Hole Status T3DD037 T3 636088.2 7641801 1010.146 WGS84_34S -90 0 110.72 Completed T3DD038 T3 636187 7641749 1010.127 WGS84_34S -60.96 338.02 179.72 Completed For personal use only T3
Slide 49: Appendix III – Motheo, T3 Assay composites
Appendix III – Motheo, T3 Assay composites 0.3%Cu cut-off value • Composites calculated using a 0.3% Cu cut-off value, minimum 0.3m composite, maximum 3m internal waste and final composite ≥0.3% Cu • Assay element data rounded to 1 decimal place Hole ID Mine from to Thickness Ag_ppm Cu_% For persona
Slide 50: T3 assay composites (continued)
Hole ID Mine from to Thickness Ag_ppm Cu_% T3DD039 T3 150 153 3 4.3 0.3 T3DD039 T3 158 161 3 4.7 0.4 T3DD039 T3 162 169.48 7.48 16.9 1.1 T3DD040 T3 0 30 30 25.7 1.9 T3DD040 T3 34 38.79 4.79 11.5 0.7 For personal use only T3DD040 T3 42 44 2 24.5 1.2 T3DD040 T3 48.91 50.98 2.07 83.6 3.9 T3DD040 T3 63
Slide 51: T3 assay composites (continued)
Hole ID Mine from to Thickness Ag_ppm Cu_% T3DD043 T3 3 41 38 28.1 1.6 T3DD043 T3 50.5 62 11.5 18.3 0.9 T3DD043 T3 70.15 84 13.85 7.7 0.5 T3DD043 T3 97.61 104 6.39 33.4 2.5 T3DD043 T3 133 142.5 9.5 16.5 0.9 For personal use only T3DD044 T3 0.5 2.36 1.86 33.7 1.6 T3DD044 T3 17 31.5 14.5 24.3 1.2 T3DD
Slide 52: Appendix IV – Motheo, A4 drill hole collar information
Appendix IV – Motheo, A4 drill hole collar information Hole ID Mine Easting Northing RL Grid_ID Dip Azimuth Depth (m) Hole Status A4DD225 A4 628677.6 7643117 1108.608 WGS84_34S -72.37 155.22 110.72 Completed A4DD226 A4 628808.6 7643187 1108.6 WGS84_34S -70.86 148.2 110.72 Completed A4DD227 A4 628850
Slide 53: A4 drill hole collar information (continued)
Hole ID Mine Easting Northing RL Grid_ID Dip Azimuth Depth (m) Hole Status A4DD248 A4 629003.7 7643142 1107.927 WGS84_34S -61.49 324.46 257.75 Completed A4DD249 A4 629027.7 7643195 1108.43 WGS84_34S -62.28 334.19 230.75 Completed A4DD250 A4 628493 7643297 1105.77 WGS84_34S -61.07 146.54 200.65 Compl
Slide 54: A4 drill hole collar information (continued)
Hole ID Mine Easting Northing RL Grid_ID Dip Azimuth Depth (m) Hole Status A4DD272 A4 628593.8 7643070 1090.559 WGS84_34S -68.82 328.49 179.52 Completed A4DD273 A4 628461.7 7642969 1090.867 WGS84_34S -59.39 332.24 209.62 Completed A4DD274 A4 628725.4 7643093 1089.613 WGS84_34S -60.72 328.47 201.31 C
Slide 55: Appendix V – Motheo, A4 Assay composites
Appendix V – Motheo, A4 Assay composites 0.3%Cu cut-off value • Composites calculated using a 0.3% Cu cut-off value, minimum 0.4m composite, maximum 3m internal waste and final composite ≥0.3% Cu • Assay element data rounded to 1 decimal place Hole ID Mine from to Thickness Ag_ppm Cu_% For personal
Slide 56: A4 assay composites (continued)
Hole ID Mine from to Thickness Ag_ppm Cu_% A4DD237 A4 91.38 94 2.6 3.0 0.6 A4DD237 A4 109 110 1.0 8.0 1.3 A4DD237 A4 116 140.55 24.6 14.2 0.7 A4DD237 A4 146 153 7.0 6.4 0.3 A4DD237 A4 211.7 212.1 0.4 64.0 4.3 For personal use only A4DD238 A4 95 97 2.0 6.4 1.1 A4DD238 A4 106 110 4.0 1.0 0.4 A4DD238 A
Slide 57: A4 assay composites (continued)
Hole ID Mine from to Thickness Ag_ppm Cu_% A4DD243 A4 194 209 15.0 57.5 2.8 A4DD243 A4 213 219 6.0 8.2 0.5 A4DD243 A4 229 232 3.0 9.3 0.4 A4DD244 A4 123.87 133.68 9.8 48.3 2.8 including 131.72 133.68 2.0 176.5 10.4 For personal use only A4DD244 A4 164 165 1.0 15.0 1.1 A4DD244 A4 186.4 191 4.6 32.5 2
Slide 58: A4 assay composites (continued)
Hole ID Mine from to Thickness Ag_ppm Cu_% A4DD248 A4 221 224.08 3.1 1.2 0.6 A4DD248 A4 229.55 233.2 3.6 1.9 0.6 A4DD249 A4 166 168.19 2.2 6.4 0.9 A4DD249 A4 178 198.98 21.0 24.3 1.0 A4DD250 A4 183 190 7.0 9.7 0.9 For personal use only A4DD251 A4 119.34 121.19 1.8 22.6 1.5 A4DD251 A4 166 170 4.0 19.
Slide 59: A4 assay composites (continued)
Hole ID Mine from to Thickness Ag_ppm Cu_% A4DD256 A4 180 182 2.0 6.5 0.7 A4DD256 A4 186.65 193 6.3 30.9 2.3 A4DD256 A4 209.62 213 3.4 36.9 2.6 A4DD257 A4 27.14 28.33 1.2 1.0 4.8 A4DD257 A4 90 93 3.0 7.7 1.1 For personal use only A4DD257 A4 121 123 2.0 3.5 1.5 A4DD257 A4 145 146 1.0 7.0 1.1 A4DD257
Slide 60: A4 assay composites (continued)
Hole ID Mine from to Thickness Ag_ppm Cu_% A4DD260 A4 156 164.71 8.7 14.1 0.7 A4DD260 A4 171.4 175 3.6 8.8 0.5 A4DD261 A4 91.5 93.65 2.2 1.7 0.7 A4DD261 A4 121 128 7.0 1.6 0.6 A4DD261 A4 155 164 9.0 8.3 0.5 For personal use only A4DD261 A4 170 175 5.0 10.9 0.7 A4DD262 A4 60 69.5 9.5 1.6 0.6 A4DD262
Slide 61: A4 assay composites (continued)
Hole ID Mine from to Thickness Ag_ppm Cu_% A4DD265 A4 197 207 10.0 13.5 1.0 A4DD266 A4 55 56 1.0 3.8 1.0 A4DD266 A4 61 62 1.0 0.5 1.2 A4DD266 A4 65.59 79 13.4 2.4 0.9 A4DD266 A4 83 91 8.0 3.7 0.6 For personal use only A4DD266 A4 107 109 2.0 5.6 1.2 A4DD266 A4 132 150.5 18.5 15.3 0.7 including 137.42
Slide 62: A4 assay composites (continued)
Hole ID Mine from to Thickness Ag_ppm Cu_% A4DD269 A4 175 181 6.0 38.7 2.5 A4DD270 A4 29 29.4 0.4 21.0 3.7 A4DD270 A4 99.25 104.6 5.3 2.0 0.6 A4DD270 A4 124 127 3.0 2.2 0.5 A4DD270 A4 175 179 4.0 20.7 1.5 For personal use only A4DD271 A4 82.4 85.3 2.9 1.2 0.4 A4DD271 A4 100 105 5.0 1.3 0.4 A4DD271 A
Slide 63: A4 assay composites (continued)
Hole ID Mine from to Thickness Ag_ppm Cu_% A4DD274 A4 97.5 103.85 6.3 4.9 1.3 A4DD274 A4 169.3 171 1.7 18.1 1.5 A4DD274 A4 182 189.42 7.4 22.1 1.6 For personal use only Increase our reserves | 62
Slide 64: Appendix VI – Sections of T3 and A4, Motheo
Appendix VI – Sections of T3 and A4, Motheo For personal use only Increase our reserves | 63
Slide 65: Cross section of T3 – looking north
Cross section of T3 – looking north T3DD042 21m@0.8% Cu and 11.6ppmAg A Incl. 6.5m@1.4% Cu and 23.3ppm Ag AA For personal use only T3DD040 14m@1.1% Cu and 19.8ppm Ag Incl. 4m@2.3% Cu and 42.3ppm Ag T3DD037 A AA 26m@1.3% Cu and 24.9ppm Ag Incl. 12.75m@2.1% Cu and 39.6ppm Ag
Slide 66: Longitudinal view of A4
A4DD244 A4DD266 Longitudinal view of A4 9.8m@2.8% Cu and 48.3ppmAg 18.5m@0.7% Cu and 15.3ppm Ag Incl. 2m@10.4% Cu and 176.5ppm Ag Incl. 5.9m@1.5% Cu and 34.1ppm Ag For personal use only A4DD268 A4DD263 9m@2.6% Cu and 44.6ppm Ag 13m@1.1% Cu and 15.9ppmAg Incl. 6.4m@3.5% Cu and 60.3ppm Ag Incl. 10m@1.
Slide 67: Appendix VII – JORC Code Table, Motheo Copper Operations
APPENDIX VII – JORC CODE, 2012 EDITION – TABLE 1 MOTHEO COPPER OPERATIONS – T3 AND A4 JORC Code Assessment Criteria Comment Section 1 Sampling Techniques and Data · Sampling boundaries are geologically defined and commonly 1m in length unless a significant geological feature warrants a change from t
Slide 68: JORC Code Table (continued)
JORC Code Assessment Criteria Comment Section 1 Sampling Techniques and Data · Samples analysed by ALS Laboratories were also assayed for total and non-sulphide Cu, Ag, Bi, Mo, Pb and Zn. Prepared and analysed using ALS method ME-ICP61 for total Cu and other elements, with an over-range trigger to M
Slide 69: JORC Code Table: Reporting of Exploration Results
JORC Code Assessment Criteria Comment Section 2 Reporting of Exploration Results · Sandfire, through its wholly-owned Botswanan subsidiary, Tshukudu Metals Botswana (Pty) Ltd, holds prospecting license PL190/2008 as part of a broader tenement package. · Both the T3 and A4 mining projects sit within
Slide 70: JORC Code Table: Data aggregation methods
JORC Code Assessment Criteria Comment Section 2 Reporting of Exploration Results Data aggregation methods ·- Appendices III &2 Vshows Appendix show intercepts that are based on a >0.3% Cu COG and may include up to a maximum of 3m consecutive intervals of included waste. · Minimum and maximum DDH sam
Slide 71: Appendix VIII – MATSA, drill hole collar information
Appendix VIII – MATSA, drill hole collar information Hole ID Mine Easting Northing RL Grid_ID Dip Azimuth Depth (m) Hole Status MAG-X-215 Magdalena 696885.6 4183626.8 569.7 ED50-UTM29N -21.0 288.4 480.0 Completed MAG-X-216 Magdalena 698639.6 4183755.7 907.4 ED50-UTM29N -22.6 106.8 531.7 Completed Fo
Slide 72: MATSA drill hole collar information (continued)
Hole ID Mine Easting Northing RL Grid_ID Dip Azimuth Depth (m) Hole Status MAG-X-235 Magdalena 697550.0 4183713.3 562.4 ED50-UTM29N -65.1 8.5 530.0 Completed MA-330 Magdalena 695739.5 4184610.3 1349.2 ED50-UTM29N -71.0 180.0 1349.2 Completed MAG-X-236 Magdalena 697549.5 4183713.3 562.8 ED50-UTM29N -
Slide 73: MATSA drill hole collar information (continued)
Hole ID Mine Easting Northing RL Grid_ID Dip Azimuth Depth (m) Hole Status DAF-204-BIS Aguas Teñidas 689780.4 4183418.9 821.4 ED50-UTM29N -18.9 166.9 786.4 Completed DAF-206 Aguas Teñidas 691120.0 4183157.2 975.8 ED50-UTM29N -54.2 178.8 170.0 Completed DAF-207 Aguas Teñidas 691120.1 4183157.2 976.2
Slide 74: MATSA drill hole collar information (continued)
Hole ID Mine Easting Northing RL Grid_ID Dip Azimuth Depth (m) Hole Status CGI-420 Aguas Teñidas 690929.9 4184192.1 1032.4 ED50-UTM29N 32.9 327.7 140.3 Completed DST-673 Aguas Teñidas 689702.1 4183275.6 529.2 ED50-UTM29N -38.8 48.4 434.3 Completed CGI-421 Aguas Teñidas 690930.0 4184190.8 1034.1 ED50
Slide 75: MATSA drill hole collar information (continued)
Hole ID Mine Easting Northing RL Grid_ID Dip Azimuth Depth (m) Hole Status TYR01 Tinto Santa Rosa 693846.8 4168136.6 183.3 ETRS89_UTM29N -62 180 542.15 Completed TYR02 Tinto Santa Rosa 693998.3 4168170.3 174.1 ETRS89_UTM29N -60 180 550.0 Completed TYR03 Tinto Santa Rosa 694122.2 4168178.3 152.4 ETRS
Slide 76: Appendix IX – MATSA assay composites
Appendix IX – MATSA assay composites 0.5% Cu cut-off value • Composites are calculated using a 0.5% Cu cut-off value, minimum 0.3m composite, maximum 3m internal waste, and final composite ≥0.5% Cu. • It is noted within the ‘Orebody’ column as to whether the composite is associated with known resour
Slide 77: MATSA assay composites (continued)
Hole ID Mine from to Thickness Ag_ppm Au_g_t Cu_pc Pb_pc Zn_pc Orebody Mineralisation Style MAG-X-227 Magdalena No significant intercepts MAG-X-226 Magdalena No significant intercepts MAG-X-230 Magdalena No significant intercepts MAG-X-233 Magdalena 341 346.85 5.85 14.2 0.8 1.1 0.1 0.1 EXP Cuprifero
Slide 78: MATSA assay composites (continued)
Hole ID Mine from to Thickness Ag_ppm Au_g_t Cu_pc Pb_pc Zn_pc Orebody Mineralisation Style MAG-X-243 Magdalena 236.0 238.0 2.0 5 NA 0.9 0.0 0.1 EXP Cupriferous MAG-X-243 Magdalena 250.8 253.3 2.5 89.4 1.2 1.6 1.4 2.9 EXP Polymetallic MAG-X-241BIS Magdalena No significant intercepts MAG-X-244 Magdal
Slide 79: MATSA assay composites (continued)
Hole ID Mine from to Thickness Ag_ppm Au_g_t Cu_pc Pb_pc Zn_pc Orebody Mineralisation Style MAG-X-247 Magdalena 268.15 269.8 1.65 18 NA 2.0 0.1 0.1 EXP Cupriferous MA-332 Magdalena No significant intercepts MAG-X-248 Magdalena 242 244 2 9 NA 1.0 0.1 0.1 MGD Cupriferous MAG-X-248 Magdalena 252 254 2
Slide 80: MATSA assay composites (continued)
Hole ID Mine from to Thickness Ag_ppm Au_g_t Cu_pc Pb_pc Zn_pc Orebody Mineralisation Style DST-660 Aguas Teñidas 157 173 16 4.5 NA 0.8 0.0 0.0 EXP Cupriferous DST-660 Aguas Teñidas 181 185 4 6.0 NA 1.0 0.0 0.0 EXP Cupriferous DST-660 Aguas Teñidas 237 245.4 8.4 0.9 NA 1.4 0.0 0.0 EXP Cupriferous DS
Slide 81: MATSA assay composites (continued)
Hole ID Mine from to Thickness Ag_ppm Au_g_t Cu_pc Pb_pc Zn_pc Orebody Mineralisation Style CGI-416 Aguas Teñidas 114.5 122 7.5 21.5 0.3 2.0 0.2 0.1 EXP Cupriferous CGI-418 Aguas Teñidas 182 182.6 0.6 4.0 NA 0.9 0.0 0.0 EXP Cupriferous CGI-419 Aguas Teñidas 78.4 79.8 1.4 17.0 0.1 0.8 0.4 1.3 EXP Pol
Slide 82: MATSA assay composites (continued)
Hole ID Mine from to Thickness Ag_ppm Au_g_t Cu_pc Pb_pc Zn_pc Orebody Mineralisation Style DAF-233 Aguas Teñidas 128 131.3 3.3 22.1 0.4 0.5 0.9 2.8 EXP Polymetallic DAF-233 Aguas Teñidas 136.9 137.6 0.8 95.6 0.5 1.9 0.7 3.5 EXP Polymetallic DAF-233 Aguas Teñidas 218.7 224 5.3 56.2 0.5 1.3 1.9 5.2 E
Slide 83: Appendix X – Diagrams and sections of Magdalena and Aguas Teñidas mines
Appendix X – Diagrams and sections of Magdalena and Aguas Teñidas mines, MATSA For personal use only Increase our reserves | 82
Slide 84: Longitudinal view of Magdalena mine
N For personal use only Massive Sulphide >2%Cu Halo 1-2%Cu MAG-X-236 Exploration Target 0.5-1%Cu MAG-X-231 Drillhole Trace (Near-Mine Exploration since August 2023) Drillhole Trace (Historic) MAG-X-227 Longitudinal view on the Magdalena mine centred around hole MAG-X-232 (collar; 697,498.4m N, 4,183
Slide 85: Plan section at Masa Olivo
Drillhole Trace (Near-Mine Exploration since August 2023) Rhyolitic Tuff Massive Sulphide >2%Cu Halo Drillhole Trace (Historic) MA-329 Silica Alteration 1-2%Cu Acidic Volcanics Exploration Target 0.5-1%Cu For personal use only Diabase Plan Section N 545mRL 50m slice view Plan section (545mRL, 50m wi
Slide 86: Plan section of Masa 2 West Extension
Drillhole Trace (Near-Mine Exploration Rhyolitic Tuff >2%Cu since August 2023) Massive Sulphide Halo Drillhole Trace (Historic) Silica Alteration 1-2%Cu Acidic Volcanics Exploration Target 0.5-1%Cu Plan Section 200mRL 100m slice view For personal use only Diabase Plan section (200mRL, 100m window) o
Slide 87: Longitudinal view of the Aguas Teñidas Mine
Massive Sulphide >2%Cu Halo 1-2%Cu Stockwork Grade Stockwork Lithology 0.5-1%Cu Exploration Target For personal use only Drillhole Trace (Near-Mine Exploration since August 2023) Drillhole Trace (Historic) DAF-207 DAF-206 Longitudinal view on the Aguas Teñidas Mine (Aguas Teñidas, N Calañesa and Cas
Slide 88: San Pedro cross section 690,490m E
Drillhole Trace (Near-Mine Exploration since Acidic Volcaniclastics >2%Cu August 2023) Massive Sulphide Halo Drillhole Trace (Historic) Black Shales 1-2%Cu Stockwork Grade Shales 0.5-1%Cu Stockwork Lithology For personal use only Purple Shales Exploration Target Rhyoadacite Mafics Cross Section 6904
Slide 89: Aguas Teñidas central stockwork zone cross section
Drillhole Trace (Near-Mine Exploration since Acidic Volcaniclastics >2%Cu August 2023) Massive Sulphide Halo Drillhole Trace (Historic) Black Shales 1-2%Cu Stockwork Grade Shales 0.5-1%Cu Stockwork Lithology Purple Shales For personal use only Exploration Target Rhyoadacite Mafics Aguas Teñidas cent
Slide 90: Appendix XI – JORC Code Table, MATSA
APPENDIX XI – JORC CODE, 2012 EDITION – TABLE 1 MATSA – MAGDELENA, AGUAS TENIDAS AND TINTO SANTA ROSA For personal use only JORC Code Assessment Criteria Comment Section 1 Sampling Techniques and Data · Drilling undertaken by MATSA conforms to industry best practices and the resultant sampling patte
Slide 91: JORC Code Table (continued)
JORC Code Assessment Criteria Comment · The drill core is transported from the drilling rigs to the core shed where it is sorted and stored before being processed. Core intervals are measured against the drillers recorded measurements and then the core recovery is Drill Sample Recovery determined by
Slide 92: JORC Code Table (continued)
JORC Code Assessment Criteria Comment · For all intersections with logged presence of sulphides and adjacent waste zones, core is marked for sampling and cut into two equal halves. The core is placed in a v-rail prior to being placed in the core cutting machine, the core is then cut. One half of the
Slide 93: JORC Code Table (continued)
JORC Code Assessment Criteriaaria Comment • Samples are assayed using ICP-OES, with aqua regia digest at the Internal MATSA laboratory. Samples are also fire-assayed for Au where samples are logged as massive sulphide. The elements (Cu, Zn, Pb, Ag, Au, As, Sb, Bi, Cd, Ni, Se, Mn and Co, Hg, Fe and S
Slide 94: JORC Code Table (continued)
JORC Code Assessment Criteria Comment · Documented verification of significant intervals by independent personnel has not been done, however multiple Verification of Sampling and Assaying drillholes have been drilled within target areas to assess intersections. · Furthermore, the tenor of copper and
Slide 95: JORC Code Table (continued)
JORC Code Assessment Criteria Comment · All drilling undertaken is typically aimed to intersect mineralisation perpendicular to strike where access facilitates this. However, due to underground and surface access, some drilling intersects mineralisation at oblique angles. Orientation of Data in Rela
Slide 96: JORC Code Table: Reporting of Exploration Results
JORC Code Assessment Criteria Comment Section 2 Reporting of Exploration Results · Matsa (the Company) currently holds 48 mining concessions: 23 at Aguas Teñidas (AT-Herreritos mining group), 23 at Magdalena (Cuaeva de la Mora mining group) and 2 at Sotiel. It has also requested 28 mining concession
Slide 97: JORC Code Table: Drill hole information
JORC Code Assessment Criteria Comment Drill hole information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: · Easting and northing of the drill hole collar · Elevation or rl (redu
Slide 98: JORC Code Table: Relationship between mineralisation widths and intercept lengths
JORC Code Assessment Criteria Comment · All drillhole intercepts are reported in downhole thickness. · True thickness is expected to be less than downhole thickness. Relationship between mineralisation widths and intercept lengths · Aguas Teñidas - true thicknesses are approximately >50% of the down
Sandfire Resources — Investor Presentation (December 2024) on 6ix