Slide 1: FY26 Financial Results Presentation
FY26 Financial Results Presentation Access the live webcast commencing at 10.00am (AWST) / 12.00pm (AEST) here. 26 August 2026 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: Executive Summary
Executive Summary Motheo – Crushed ore stockpile FY26 Financial Results Presentation | 3
Slide 4: Sandfire's year in review
Sandfire’s year in review FY26 Financial Highlights Record financial outcomes Safety $1.7B $867M $350M $354M We remain devastated by the loss of Iván Manuel Vázquez Garrido who was fatally injured at MATSA on 25 February Group sales revenue Underlying EBITDA1 Underlying Earnings1 Profit after tax 20
Slide 5: FY27 Outlook
FY27 Outlook Production and cost guidance 150kt to 166kt $90/t $47/t $68M $299M (FY26: 155.2kt)(a) (FY26: $89/t) (FY26: $46/t) (FY26: $40M) (FY26: $230M) Group CuEq production4 MATSA Motheo Underlying Exploration and Group capital expenditure Underlying Operating Costs Evaluation expense Steady perf
Slide 6: Business Overview
Business Overview MATSA – Remote operations FY26 Financial Results Presentation | 6
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: Nothing is more important than the safety and wellbeing of our people
Nothing is more important than the safety and wellbeing of our people Safety outcomes FY26 FY25 Fatalities 1 Nil TRIF outcomes FY26 FY25 Group TRIF 1.6 1.7 MATSA TRIF 2.2 2.3 Total recordable injuries (TRI) 16 16 Motheo TRIF 0.7 1.1 High potential incidents (HPI) 17 28 Contractor TRIF(a) 1.7 1.3 FY2
Slide 9: Living our purpose
Living our purpose Deliver safe, consistent and Reduce our carbon intensity predictable performance Our intentionally simple strategy, • Reduced Group TRIF to 1.6 (30 June 2025: 1.7) • Continued to source +70% of electricity from renewables delivered with real intent • Delivered record Group CuEq pr
Slide 10: 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 Net C1 unit costs6 $0.88/lb Operating margin 55% Strategic review of the Black Butte project’s fit in our global portfolio is nearing completion FY26 re
Slide 11: High quality operations competitively positioned on the global cost curve
High quality operations competitively positioned on the global cost curve Total cash cost 2026 Copper Mines Cost Curve(a) Our commodities are in demand given their (US$/lb payable Cu) role in the energy transition 5.00 1st quartile 2nd quartile 3rd quartile 4th quartile • Copper is benefitting from
Slide 12: Increase our reserves
Increase our reserves Kalkaroo Copper-Gold Project Building long-term value through targeted exploration and development programs • Exclusive right to acquire 80% interest in Kalkaroo • Planned ~130km drilling program underway targeting resource extension and conversion FY26 Ore Reserves(a) • Ore Re
Slide 13: Financial Results
Financial Results Motheo – Processing plant FY26 Financial Results Presentation | 13
Slide 14: FY26 financial results overview
Commodity revenue mix (FY26, % of payable metal by value) FY26 financial results overview Key financial metrics FY26 FY25 YoY Comments 1% 15% Sales revenue $M 1,654 1,176 41% A full year record 14% Stronger Euro (FY26: 1.17, FY25: 1.09) and local Group MATSA Underlying Operating Cost5 $/t 89 78 14%
Slide 15: FY26 Underlying Earnings analysis
FY26 Underlying Earnings analysis Depreciation & amortisation by segment H1 H2 FY26 Primary drivers: $M • ($28M) impact of a stronger Euro Sales revenue 672 982 1,654 1,100 (FY26: 1.17, FY25: 1.09) at MATSA • ($29M) A4 transition to production Underlying EBITDA 304 563 867 237 • ($11M) increase in p
Slide 16: FY26 Group cash flow analysis
FY26 Group cash flow analysis Mine devp Sustaining Exploration $M 13 22 1,100 47 32 1,000 83 18 41 8 900 (266) MATSA Motheo Australia f Black Butte 800 464 (24) 700 (91) (56) 600 500 (234) 400 (16) 464 - 300 200 353 353 Cash flow prior to debt service $491M 100 (234) 111 - (123) (100) (200) FY25 FY2
Slide 17: Sales | Continuing to benefit from buoyant commodity prices
Sales | Continuing to benefit from buoyant commodity prices Pure exposure to a preferred suite of base metals Key metrics FY26 FY25 YoY • Future concentrate sales are unhedged, and linked to index pricing MATSA • MATSA contracted under a third-party sales agreement linked to benchmark treatment and
Slide 18: A disciplined approach to capital management
A disciplined approach to capital management 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
Slide 19: Returning excess capital to shareholders
Returning excess capital to shareholders Net cash/(debt)2 Expected Q1 FY27 payments: Our Board has declared a fully franked 400 • $54M tax payments at Motheo final dividend for FY26 +$750M added to the balance sheet over two years • $20M seasonal Group costs 35 Australian cents per share 300 • $117M
Slide 20: Operational Overview
Operational Overview Motheo – Concentrate storage shed FY26 Financial Results Presentation | 20
Slide 21: MATSA | The most modern mining complex in the Iberian Pyrite Belt
MATSA | The most modern mining complex in the Iberian Pyrite Belt Operational resilience and consistency characterised FY26 Key metrics FY26 FY25 YoY • Maintained an annual processing rate of 4.5Mt for CuEq production of 94.5kt in FY26, a slight increase YoY Production • Capitalised on strong commod
Slide 22: MATSA | FY27 and medium-term outlook
MATSA | FY27 and medium-term outlook CuEq production expected to remain broadly Unit costs are expected Capital expenditure expected unchanged, within a range of 89kt to 99kt to increase only incrementally to remain stable at $149M MATSA CuEq production(a) MATSA Underlying Operating Unit Costs MATSA
Slide 23: MATSA | Increasing our reserves
MATSA | Increasing our reserves 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
Slide 24: MATSA | Magdalena West exploration update
MATSA | Magdalena West exploration update Magdalena Masa 2 West Extension Progress 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
Slide 25: MATSA | La Juliana new high-grade massive sulphide intersection
MATSA | La Juliana new high-grade massive sulphide intersection 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 geophysic
Slide 26: Iberian Pyrite Belt | Regional exploration update
Iberian Pyrite Belt | Regional exploration update 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 dur
Slide 27: Motheo | A modern, high margin business
Motheo | A modern, high margin business A strong finish to the year delivered record mill throughput and CuEq production Key metrics FY26 FY25 YoY • 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 Produ
Slide 28: Motheo | FY27 and medium-term outlook
Motheo | FY27 and medium-term outlook CuEq production expected to increase Unit costs expected to Capital expenditure expected to marginally and be within a range of 61kt to 67kt increase incrementally to $47/t increase to $98M Motheo CuEq production(a) Motheo Underlying Operating Unit Costs Motheo
Slide 29: Motheo | Optimising the mine plan
Motheo deferred stripping costs $M 80 Motheo | Optimising the mine plan 70 T3 Stage 4 cut-back 60 Optimising and derisking our plans to smooth the production profile 50 A4 Stage 1-3 cut-backs T3 Stage 4 40 cut-back Deferred stripping profile 30 20 • Following the successful development of A4, waste
Slide 30: Motheo | A1 extension potential
A1 Resource and Extension Drilling Plan View Motheo | A1 extension potential 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 syste
Slide 31: Motheo | A4 extension potential
A4 and A4 West Plan View Motheo | A4 extension potential 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
Slide 32: Black Butte | Strategic review
Johnny Lee and Lowry deposits plan view and long section maps Black Butte | Strategic review Legend Mineral Resources Measured Indicated Updated Black Butte PFS confirms the economic case for development Inferred incorporating both Johnny Lee and Lowry Johnny Lee and Lowry mine design Overview Mine
Slide 33: Kalkaroo Copper-Gold Project and Exploration Strategic Alliance
Kalkaroo Copper-Gold Project and Exploration Strategic Alliance Kalkaroo Copper-Gold Project, South Australia FY26 Financial Results Presentation | 33
Slide 34: Kalkaroo Copper-Gold Project
Kalkaroo project and infrastructure location map Kalkaroo Copper-Gold Project 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
Slide 35: Planned drilling and PFS update
Kalkaroo Mineral Resources(b) and planned infill and extension drill holes Planned drilling and PFS update 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 dep
Slide 36: A large and highly prospective package
Strategic Alliance Agreement tenements A large and highly prospective package 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 prov
Slide 37: 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 38: 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 and prepared by Competent Persons in accordance with the JORC Code (2012) are extracted from SFR’s ASX re
Slide 39: Appendix II: MATSA – Mineral Resources
Appendix II: MATSA – Mineral Resources(a) Mine/ Resource Tonnes NSR Copper Zinc Lead Silver Contained Contained Contained Contained Project Category (Mt) ($/t) (%) (%) (%) (g/t) Copper (kt) Zinc (kt) Lead (kt) Silver (Moz) Aguas Measured 41 150 1.2 3.2 0.92 42 500 1,300 380 55 Teñidas Indicated 12 1
Slide 40: Appendix II: MATSA – Ore Reserves
Appendix II: MATSA – Ore Reserves(a) Reserve Tonnes NSR Copper Zinc Lead Silver Contained Contained Contained Contained Mine Category (Mt) ($/t) (%) (%) (%) (g/t) Copper (kt) Zinc (kt) Lead (kt) 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 5
Slide 41: Appendix II: Motheo – Mineral Resources and Ore Reserves
Appendix II: Motheo – Mineral Resources and Ore Reserves(a) 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 P
Slide 42: Contact Details
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