Slide 1: FY25 Financial Results Presentation
For personal use only FY25 Financial Results Presentation Access the live webcast commencing at 10.00am (AWST) / 12.00pm (AEST) here. 28 August 2025 We mine copper sustainably to energise the future.
Slide 2: 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 current at the date of this presentation. The presentation is in summary form, has
Slide 3: Brendan Harris, Chief Executive Officer
For personal use only Brendan Harris Chief Executive Officer FY25 Financial Results Presentation | 3
Slide 4: FY25 highlights
FY25 highlights 1.7 Must believe we can have a TRIF Increased from 30 June 2024 workplace that is injury free For personal use only Materially in line with full year 152.4kt guidance, despite weather and CuEq production1 (up 12% from FY24) power related disruptions at both MATSA and Motheo Underlyin
Slide 5: FY26 outlook
FY26 outlook 157kt (mid-point) H1 FY26 skewed to Q2 FY26 CuEq production1 (2% increase from FY25(a)) FY26 marginally skewed to H2 FY26 For personal use only Underlying operating costs2 MATSA $86/t (up 10% from FY25) Below inflation rate increase in Euros Motheo $44/t (up 10% from FY25) Ramp-up of mo
Slide 6: A safe business is a productive business
A safe business is a productive business Group TRIF of 1.7 over the period • Total recordable injuries (TRI) – 16 (FY24: 15) • High consequence injuries (HCI) – 0 (FY24: 2) For personal use only Nothing is more important than the health and wellbeing of our people, and we must believe it is possible
Slide 7: Sustainability must permeate everything we do
Sustainability must permeate everything we do The approach of a good corporate citizen that truly values its social licence • Maintained 40:40:20 gender diversity within our Board and Executive team and increased female representation to 26% overall For personal use only • Continued to source +70% o
Slide 8: Megan Jansen, Chief Financial Officer
For personal use only Megan Jansen Chief Financial Officer FY25 Financial Results Presentation | 8
Slide 9: FY25 financial results overview
FY25 financial results overview Record results underpinned by strong operating Key financial metrics FY25 FY24 YoY performance and tight metal markets Sales revenue $M 1,176 935 26% MATSA Underlying operating cost2 $/t 78 72 8% • Delivered 12% increase in CuEq production to 152.4kt For personal use
Slide 10: FY25 Underlying Earnings analysis
FY25 Underlying Earnings analysis Revenue comparison by nature 39 (1) 75 Depreciation & amortisation by segment 128 Volume Price TCRC Freight c 240 $M For personal use only 73 1 600 MATSA Motheo Other (65) 20 (15) (15) 500 241 H1 H2 FY25 Sales revenue 572 604 1,176 400 (315) Underlying EBITDA 255 27
Slide 11: FY25 Group cash flow analysis
Construction Mine devp Sustaining Exploration FY25 Group cash flow analysis 8 39 15 24 79 51 20 8 MATSA Motheo Black Butte and Australia $M 800 For personal use only 700 (244) 300 600 (20) 500 (36) 400 313 (345) 300 200 Cash flow prior to debt service $313M (40) 100 183 111 - (234) (123) (100) (200)
Slide 12: An increasingly strong balance sheet with enhanced flexibility
An increasingly strong balance sheet with enhanced flexibility Net debt3 Moving toward our targeted net cash position Motheo – T3 & 3.2Mtpa construction Ramp up and test nameplate Maintain safe, consistent and predictable performance Further ramp-up exploration and add A4 & 5.2Mtpa construction • Es
Slide 13: A disciplined approach to capital management
A disciplined approach to capital management Designed to maximise TSR and per share metrics • Our capital management framework prioritises: For personal use only • A strong balance sheet with a preference for a net cash position • The optimisation of free cashflow with safe, consistent and predictab
Slide 14: Brendan Harris, Chief Executive Officer
For personal use only Brendan Harris Chief Executive Officer FY25 Financial Results Presentation | 14
Slide 15: The Sandfire Way
The Sandfire Way Our values Our purpose We mine copper sustainably to energise the future Honesty Our strategic pillars For personal use only Respect Deliver safe, consistent Reduce our Increase Demonstrate and predictable carbon intensity our reserves capital discipline performance Collaboration We
Slide 16: Our global footprint
Our global footprint For personal use only (a) Legend Note 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. FY25 Financial Results Presentation | 16
Slide 17: Our FY25 achievements and FY26 goals
Our FY25 achievements and FY26 goals FY25 Achievements FY26 Goals • Improve our safety performance with a focus on high potential incidents • Increase Group CuEq production1 by 2% to 157kt within a range of 149kt to 165kt • Achieved TRIF of 1.7 - MATSA production in H1 FY26 is expected to be skewed
Slide 18: MATSA | The most modern mining complex in the Iberian Pyrite Belt
MATSA | The most modern mining complex in the Iberian Pyrite Belt Strong FY25 results reflect the growing resilience of the operation Key metrics FY25 FY24 YoY • Experienced the wettest winter on record and a major power outage Production • Increased Underlying Operations EBITDA by 20% to $292M at a
Slide 19: MATSA | FY26 outlook
MATSA | FY26 outlook CuEq production expected to increase Unit costs when measured in Euros Capital expenditure expected to increase to by 2% to 96kt within a range of 91kt to 101kt expected to rise by less than inflation $148M as we start construction of the new TSF For personal use only MATSA CuEq
Slide 20: MATSA | Increasing our reserves
MATSA | Increasing our reserves Aguas Teñidas five-year drilling plan Targeting a minimum 15 years of reserve life within five years • Multi-year program based on extensive drilling and geophysics For personal use only • Have confirmed mineralised extensions at Magdalena and Aguas Teñidas - Will be
Slide 21: MATSA | Magdalena – Increasing our reserves
MATSA | Magdalena – Increasing our reserves Magdalena five-year drilling plan Highlights and FY26 activities Mineralisation confirmed in multiple areas based on latest drilling results 70m of the planned Exploration Development For personal use only Drive is expected to be completed in FY26, whi
Slide 22: MATSA | Near-mine regional exploration potential
MATSA | Near-mine regional exploration potential FY26 activities Identify additional high-priority greenfield and brownfield targets between Magdalena and Poderosa High priority targets near Complete 17km of drilling in Spain and 8km of drilling For personal use only our Magdalena mine in Portug
Slide 23: Motheo | A modern, high margin business
Motheo | A modern, high margin business Unlocked economies of scale by exceeding design capacity in FY25 Key metrics FY25 FY24 YoY • Impacted by a generational rain event, associated flooding and a major power outage Production • Increased Underlying Operations EBITDA by 78% to $318M at an operating
Slide 24: Motheo | FY26 outlook
Motheo | FY26 outlook CuEq production expected to increase Unit costs expected Capital expenditure expected by 3% to 61kt within a range of 58kt to 64kt to increase by 10% to $44/t to remain largely unchanged at $82M For personal use only Motheo CuEq production(a) Motheo Underlying operating (unit)
Slide 25: Motheo | Bringing forward metal production
Motheo | Bringing forward metal production Motheo deferred stripping costs8 $M Smoothing the production profile to maximise value 80 70 Predominantly T3 Stage 4 cutback 60 • Revised mine plan further optimises ore feed from our T3 and A4 T3 Stage 3/4 50 open-pits ahead of the potential development o
Slide 26: Motheo | Increasing our reserves
A1 Pre-Feasibility Study – Resource Drilling Motheo | Increasing our reserves Targeting a minimum 15 years of reserve life within five years • A1 drilling program is making strong progress For personal use only • Undertook 20km of infill drilling at A1 in FY25 • Current drilling program expected to
Slide 27: Black Butte | Extending the Lower Copper Zone
Black Butte | Extending the Lower Copper Zone Johnny Lee Lower Copper Zone plan view(a) Fully permitted copper project in the United States • Black Butte has the potential to produce ~30kt of contained copper in concentrate in its early years For personal use only • Recently completed drilling progr
Slide 28: Group FY26 guidance
Group FY26 guidance FY26 guidance Corporate MATSA Motheo Group (FY25 actuals, CuEq restated on FY26 prices) & Other Production Ore processed (Mt) 4.6 (4.5) 5.6 (5.5) 10.2 (10.0) Copper (kt contained) 52 – 58 (55.0) 50 – 56 (52.3) 102 – 114 (107.2) Zinc (kt contained) 94 – 104 (91.2) - (-) 94 – 104 (
Slide 29: Appendix I: SFR Exploration Results, Mineral Resources and Ore Reserves
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 SFR’s ASX releases and is available at https://www.sandfire.com.au/where-we-operate/min
Slide 30: 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