Sandfire Resources Ltd · ASX:SFR
Sandfire Resources — Merger or Acquisition (September 2021)
84 slides from Sandfire Resources's merger presentation, Sep 23, 2021
Slide 1: Acquisition of the MATSA mining complex in Spain
Not for release to US wire services or distribution in the United States Acquisition of the MATSA mining complex in Spain US$1,865M acquisition transforms Sandfire into a leading global copper mining company with an exceptional growth pipeline 23 September 2021 Page 1 SANDFIRE RESOURCES - CREATING V
Slide 2: Important Information and Disclaimer
Not for release to US wire services or distribution in the United States Important Information and Disclaimer The following notice and disclaimer applies to this investor presentation (Presentation) and you are therefore advised to read this carefully before reading or making any other use of this P
Slide 3: Important Information and Disclaimer (cont.)
Not for release to US wire services or distribution in the United States Important Information and Disclaimer (cont.) Not for release or distribution in the United States This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United Stat
Slide 4: Important Information and Disclaimer (cont.)
Not for release to US wire services or distribution in the United States Important Information and Disclaimer (cont.) Forward-looking statements and forecasts (cont.) There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. A number of importan
Slide 5: Important Information and Disclaimer (cont.)
Not for release to US wire services or distribution in the United States Important Information and Disclaimer (cont.) Disclosure The Underwriters and their affiliates and related bodies corporate are full service financial institutions engaged in various activities, which may include (but are not li
Slide 6: Important Information and Disclaimer (cont.)
Not for release to US wire services or distribution in the United States Important Information and Disclaimer (cont.) SFR ore reserve and mineral resource estimates The information in this presentation that relates to SFR’s Mineral Resources or Ore Reserves is extracted from SFR’s ASX releases and i
Slide 7: Agenda
Not for release to US wire services or distribution in the United States 1 Executive Summary 2 Strategic Rationale 3 Transaction Financing 4 MATSA Overview 5 Sandfire Pro Forma Summary 6 Sandfire: A New Global Leader in Copper Sotiel mine Appendix A MATSA Overview B Sandfire Overview C JORC Reserves
Slide 8: Executive Summary
Not for release to US wire services or distribution in the United States 1 EXECUTIVE SUMMARY “The MATSA acquisition transforms Sandfire into a first quartile copper producer of global scale and allows us to leverage our skill set to deliver on our growth ambitions to create one of the highest qualit
Slide 9: Executive Summary – A Transformational Acquisition
Not for release to US wire services or distribution in the United States Executive Summary – A Transformational Acquisition ● Sandfire to acquire the Minas de Aguas Teñidas S.A. (“MATSA”) mining complex from Mubadala Investment Company and Trafigura for US$1,865M (A$2,572M)(1) ● A rare cornerstone a
Slide 10: Transaction Overview
Not for release to US wire services or distribution in the United States Transaction Overview ● Sandfire Resources Limited (“SFR”) to acquire a 100% interest in Minas de Aguas Teñidas S.A. (“MATSA”) from joint venture owners Mubadala Investment Company (50%) Consideration and Trafigura (50%) (the “V
Slide 11: On-Strategy Acquisition – A Rare Tier-1 Asset of Scale
Not for release to US wire services or distribution in the United States On-Strategy Acquisition – A Rare Tier-1 Asset of Scale Minas de Aguas Teñidas 29 Cu Copper Scale & Life Commodity Quality Upside Jurisdiction Value Significant production scale Copper is a target commodity High quality and robu
Slide 12: Overview of the MATSA Mining Operation
Not for release to US wire services or distribution in the United States Overview of the MATSA Mining Operation MATSA comprises three significant underground mining operations and a world-class central processing facility with state-of-the-art infrastructure producing >100ktpa CuEq per annum Asset ●
Slide 13: MATSA – A World-Class Foundation for Sandfire's Future
Not for release to US wire services or distribution in the United States MATSA – A world-Class Foundation for Sandfire’s Future Significant regional upside potential across the Iberian Pyrite Belt (one of the world’s largest concentrations of VMS(1) copper-zinc mineralisation) – a strong foundation
Slide 14: Creates one of the Largest Copper Producers on the ASX
Not for release to US wire services or distribution in the United States Creates one of the Largest Copper Producers on the ASX Positions Sandfire to achieve its long term sustainable production target of 150-200ktpa CuEq FY22F production (LHS, kt CuEq) and C1 (RHS, US$/lb)(1,2,3,4) Market capitalis
Slide 15: A Global and Diversified Copper Player
Not for release to US wire services or distribution in the United States A Global and Diversified Copper Player MATSA, Spain (100%) Sustainable production target of 150 – 200ktpa CuEq at C1 ~US$1.0/lb DeGrussa, Australia (100%) 12+ years >1 year(6) FY22F Producing FY22 Guidance Producing CuEq Produc
Slide 16: Key Transaction Milestones
Not for release to US wire services or distribution in the United States Key Transaction Milestones Event Date(1) Signing of the SPA and announcement of the acquisition of 100% of MATSA Thursday, 23 September 2021 Launch of equity raising Thursday, 23 September 2021 Expected to be as soon as possibl
Slide 17: Strategic Rationale
Not for release to US wire services or distribution in the United States 2 STRATEGIC RATIONALE “Base metal assets which offer this combination of scale, grade, mine life and exploration upside are extremely rare globally” – Sandfire CEO Karl Simich Page 17 SANDFIRE RESOURCES - CREATING VALUE THROUGH
Slide 18: Significant Producing Asset Adds >10Yrs Life
Not for release to US wire services or distribution in the United States Significant Producing Asset Adds >10Yrs Life Scale & Life Pro Forma Indicative Copper Equivalent Production (ktpa)(1,2,3,4,6) 300 Historical actuals Multiple Indicative Expansion Opportunities(5) ● Cornerstone asset with Explor
Slide 19: Copper is Key to a Decarbonised Future
Not for release to US wire services or distribution in the United States Copper is Key to a Decarbonised Future 29 Cu Copper Commodity ● MATSA provides increased leverage to long term production of Global Copper Demand Growth to 2040 copper, at scale – a cornerstone commodity of the global economy a
Slide 20: MATSA is a Robust Asset with Strong Cashflows
Not for release to US wire services or distribution in the United States MATSA is a Robust Asset with Strong Cashflows Quality ● High quality cornerstone asset for Sandfire with MATSA Production (kt CuEq) and C1 Cash Cost (US$/lb)(1,2,3) demonstrated ability to generate sustainable cash flows 100 4.
Slide 21: MATSA Upside Potential – Existing Operations
Not for release to US wire services or distribution in the United States MATSA Upside Potential – Existing Operations Upside ● All existing operations remain open along strike and at depth MATSA Strong Track Record of Reserves Replacement ● Magdalena discovered by the MATSA team in 2013 Mt Ore Drive
Slide 22: MATSA Upside Potential – Regional
Not for release to US wire services or distribution in the United States MATSA Upside Potential – Regional Upside ~2,450km2 of Exploration Tenure Across the Iberian Pyrite Belt(1) ● Significant regional upside potential across one of the world’s largest concentrations of VMS copper-zinc mineralisati
Slide 23: MATSA is in a World-Class Mining Province
Not for release to US wire services or distribution in the United States MATSA is in a World-Class Mining Province Jurisdiction ● Established and transparent permitting process – all permits Overview of Current Mining Projects in Spain currently in place for MATSA’s operating mines(1) Touro Salave E
Slide 24: Transformational Transaction with Re-rate Potential
Not for release to US wire services or distribution in the United States Transformational Transaction with Re-rate Potential Value Portfolio enhancing acquisition of a high-quality asset which positions Sandfire against global peers and provides a platform for a potential re-rate towards the larger
Slide 25: Sandfire's Vision for Realising MATSA upside
Not for release to US wire services or distribution in the United States Sandfire’s Vision for Realising MATSA upside MATSA is a high quality operation with significant optimisation and life extension potential – the combination of the highly capable MATSA and Sandfire teams is well positioned to re
Slide 26: Transaction Financing
Not for release to US wire services or distribution in the United States 3 TRANSACTION FINANCING “The high quality debt and equity funding package we have secured ensures that we can fully-fund the acquisition of this Tier-1 asset while retaining funding headroom to deliver our Motheo Copper Mine in
Slide 27: Acquisition Financing – Sources & Uses
Not for release to US wire services or distribution in the United States Acquisition Financing – Sources & Uses Sources of Funds(1) A$M US$M Uses of Funds(1) A$M US$M Fully underwritten equity raising(3) 1,248 905 Purchase Consideration(2) 2,572 1,865 Equity: Strategic Placement to AustralianSuper 1
Slide 28: Equity Raising Details
Not for release to US wire services or distribution in the United States Equity Raising Details ● 1,248M (US$905M(1)) fully underwritten equity raising consisting of: ─ A$120M strategic placement to AustralianSuper (“Strategic Placement”), ─ A$165M institutional placement ( “Institutional Placement"
Slide 29: Equity Raising Timetable
Not for release to US wire services or distribution in the United States Equity Raising Timetable Event Date Announcement of Equity Raising Thursday, 23 September 2021 Placement and Institutional Entitlement Offer Opens Thursday, 23 September 2021 Announcement of results of Placement and Institution
Slide 30: Acquisition Debt Funding
Not for release to US wire services or distribution in the United States Acquisition Debt Funding Acquisition Debt Funding Other Future Debt ● Binding credit-approved underwritten commitment letter and ● Indicative debt sizing of circa US$160M (A$221M(1)) for the term sheet agreed for US$650M (A$897
Slide 31: Well-Capitalised Post Transaction
Not for release to US wire services or distribution in the United States Well-Capitalised Post Transaction SFR Transaction SFR Pro ● Strong balance sheet post Acquisition, with pro Standalone Adjustments Forma forma net debt at completion of A$713M(3), gearing of ~23% and A$384M(2) cash on hand Shar
Slide 32: MATSA Overview
Not for release to US wire services or distribution in the United States 4 MATSA OVERVIEW “This is an exceptional high-grade VMS asset which comprises three significant underground mining operations, a world-class 4.7Mtpa processing facility, extensive infrastructure and a vast exploration package w
Slide 33: MATSA: 3 Mines + Processing Facility
Not for release to US wire services or distribution in the United States MATSA: 3 Mines + Processing Facility Aguas Teñidas Mine Magdalena Mine Sotiel Mine Central Processing Facility Commercial production 2009 Commercial production 2015 Commercial production 2014 Throughput 4.7Mtpa (capacity) Minin
Slide 34: MATSA Historical and Forecast Performance
Not for release to US wire services or distribution in the United States MATSA Historical and Forecast Performance Ore Mined (Mt) and Grade (%)(1) Concentrate Production (kt)(1)(5) Recoveries (%)(1) 4.5 90% 90% 88% 90% 4.2 4.3 650 4.1 541 538 536 71% 72% 69% 70% 1.7 1.9 1.3 48 44 49 2.1% 1.9% 2.1% 2
Slide 35: MATSA Unit Cash Cost Overview
Not for release to US wire services or distribution in the United States MATSA Unit Cash Cost Overview Cash Cost Summary ● Decrease in C1 cost from US$0.56/lb FY21A to forecast US$0.4 – 0.5/lb Cu FY22F(1) 4.0 Annual Production: 117kt CuEq 113kt CuEq 104kt CuEq 100 - 120kt CuEq(1) — By-product credit
Slide 36: MATSA Infrastructure
Not for release to US wire services or distribution in the United States MATSA Infrastructure Focused culture on innovation with state-of-the-art technology implemented ● A Central Processing Facility located at Aguas Teñidas treats ore from all three mine sites (throughput capacity 4.7Mtpa) Process
Slide 37: Offtake Agreement with Trafigura
Not for release to US wire services or distribution in the United States Offtake Agreement with Trafigura ● Life of mine concentrate offtake agreement with Trafigura for 100% of offtake – Indicative destination of concentrate(2) terms have been revised to reflect independent go-forward operations Al
Slide 38: Experienced Board & Senior Management
Not for release to US wire services or distribution in the United States Experienced Board & Senior Management MATSA team have significant in-country expertise and history with the operation Senior Manager Biography Senior Manager Biography ● Holds a BS of Mine Engineering, registered member of SME
Slide 39: Sandfire Pro Forma Summary
Not for release to US wire services or distribution in the United States 5 SANDFIRE PRO FORMA SUMMARY “This is a on-strategy ‘plug-and-play’ acquisition which comes with a world-class in-country management team at MATSA that will be fully integrated as part of our recently restructured and expanded
Slide 40: A Strong Track Record of Discovery, Development and Delivery
Not for release to US wire services or distribution in the United States A Strong Track Record of Discovery, Development and Delivery 2009 2011 2013 2015 2017 2019 2021 AUSTRALIA DeGrussa $380m Project High-grade Project debt First ore from Discovery development commissioning Monty discovery, repaid
Slide 41: Organisational Structure
Not for release to US wire services or distribution in the United States Organisational Structure High quality in-country management team operating under a decentralised structure, reporting to Head Office Board of Directors Core Executive Team Derek La Ferla Karl Simich Jason Grace Karl Simich Matt
Slide 42: Aligned Commitment to ESG
Not for release to US wire services or distribution in the United States Aligned Commitment to ESG Sandfire and MATSA values are aligned to safeguarding people and contributing to sustainable development Alignment of values is a gating threshold for any Sandfire investment – MATSA’s commitment to HS
Slide 43: Diversified Product Mix Post Transaction
Not for release to US wire services or distribution in the United States Diversified Product Mix Post Transaction (Pro Forma) 6% 2% 8% 9% 3% FY22 Guidance 18% Production By 72kt 29% 110kt 3% 182kt Commodity 59% 71% (kt CuEq(1)(2)) 92% 3% 7% 6% 8%4% Contained Ore 10% 14% Reserves 0.9Mt 1.1Mt 1% 2.0Mt
Slide 44: Pro Forma Transaction Impact on Sandfire
Not for release to US wire services or distribution in the United States Pro Forma Transaction Impact on Sandfire The acquisition of MATSA is expected to be accretive to Sandfire’s Reserves, Resources, production, and CuEq grades, whilst also reduce C1 cash costs Reserves (Mt CuEq)(2) Resource (Mt C
Slide 45: Sandfire: A New Global Leader in Copper
Not for release to US wire services or distribution in the United States 6 SANDFIRE: A NEW GLOBAL LEADER IN COPPER “With illustrative pro forma production of 170-194kt copper equivalent in FY22, Sandfire is transformed into one of the largest primary copper producers on the ASX. Transaction also lev
Slide 46: MATSA - an Exceptional Platform for Growth
Not for release to US wire services or distribution in the United States MATSA - an Exceptional Platform for Growth ● Long-life, world-class, large-scale 4.7Mtpa copper mining complex in the Iberian Pyrite Belt of south-west Spain 1 A rare cornerstone copper asset ● Production of 104kt CuEq(4) in FY
Slide 47: Creates one of the Largest Copper Producers on the ASX
Not for release to US wire services or distribution in the United States Creates one of the Largest Copper Producers on the ASX Positions Sandfire to achieve its long term sustainable production target of 150-200ktpa CuEq FY22F production (LHS, kt CuEq) and C1 (RHS, US$/lb)(1)(2)(3)(4) Market capita
Slide 48: A MATSA Overview
Not for release to US wire services or distribution in the United States A MATSA OVERVIEW Page 48 SANDFIRE RESOURCES - CREATING VALUE THROUGH OPPORTUNITY SANDFIRE RESOURCES - CREATING VALUE THROUGH OPPORTUNITY
Slide 49: MATSA Overview
Not for release to US wire services or distribution in the United States MATSA Overview Asset Overview (100% basis) MATSA Mining Licences (covers 53.3km2) Location Southern Spain (close to major towns, Huelva 85km and Seville 130km) Three underground mining operations using a combination of longitud
Slide 50: History of MATSA
Not for release to US wire services or distribution in the United States History of MATSA Established producing mining complex with a proven operating history that has transitioned into a stable optimisation phase with >US$1.7bn of capital invested since 2005(1) Exploration interest in the Iberian P
Slide 51: MATSA Mine Life Extension Potential
Not for release to US wire services or distribution in the United States MATSA Mine Life Extension Potential Significant mine life extension potential at existing ore bodies and highly prospective near-mine exploration targets Local Targets Regional Targets Reserve replenishment and upgrade resource
Slide 52: MATSA's Exploration Programme has Proven Success
Not for release to US wire services or distribution in the United States MATSA’s Exploration Programme has Proven Success Combined teams, expertise and modern techniques will significantly enhance exploration success Established exploration approach Exploration success: Magdalena discovery ● Opportu
Slide 53: Processing, Transport and Logistics
Not for release to US wire services or distribution in the United States Processing, Transport and Logistics ⚫ Processing occurs through the three line 4.7Mtpa processing facility at Indicative Concentrate Production Profile(1) Aguas Teñidas which treats ore separately as follows: — Line 1: treats c
Slide 54: Established Mining Jurisdiction in Spain
Not for release to US wire services or distribution in the United States Established Mining Jurisdiction in Spain Established local infrastructure and supportive government regime Spanish investment attributes Legend ⚫ MATSA located in the Andalusia region Madrid MATSA ⚫ One of the most significant
Slide 55: MATSA Community Engagement Program
Not for release to US wire services or distribution in the United States MATSA Community Engagement Program History of supporting the local community and commitment to social responsibility Select community initiatives ● MATSA has a very strong relationship with its local community ● 80% of the work
Slide 56: MATSA Commitment to Leading Safety Practices
Not for release to US wire services or distribution in the United States MATSA Commitment to Leading Safety Practices Commitment from Sandfire and MATSA to ongoing programs to improve safety systems and culture in response to recent fatalities Health and Safety Practices Lost Time Incident Frequency
Slide 57: B Sandfire Overview
Not for release to US wire services or distribution in the United States B SANDFIRE OVERVIEW Page 57 SANDFIRE RESOURCES - CREATING VALUE THROUGH OPPORTUNITY SANDFIRE RESOURCES - CREATING VALUE THROUGH OPPORTUNITY
Slide 58: Cumulative Production to End of FY2021
Not for release to US wire services or distribution in the United States CUMULATIVE PRODUCTION TO END OF FY2021 over 616,000 TONNES OF CONTAINED COPPER DeGrussa 359,000 Operations OUNCES OF CONTAINED GOLD(1) High-grade, high- $5.0 billion $2.6 billion margin production IN CUMULATIVE SALES IN CUMULAT
Slide 59: DeGrussa Project Overview
Not for release to US wire services or distribution in the United States DeGrussa Project Overview DeGrussa is Sandfire’s flagship asset, a world-class copper-gold producing underground mining operation in Western Australia ● The DeGrussa operations are located 900km north-east of Perth and includes
Slide 60: Expansion PFS
Not for Not for release release to to US US wire wire services servicesor ordistribution distributionininthe theUnited UnitedStates States Expansion PFS ESTIMATES (SEPTEMBER 2021) PEAK PRODUCTION OF 60,000 TONNES OF CONTAINED COPPER Kalahari Motheo Copper US$3.6 US$1.24 Mine opens an billion* billio
Slide 61: Kalahari Overview – Near-term Development Project
Not for release to US wire services or distribution in the United States Kalahari Overview – Near-term Development Project Asset Overview (100% basis) Motheo position in the Kalahari Copper Belt Ownership 100% Sandfire Location 80km north-east of Ghanzi in Botswana’s Kalahari Copper Belt, the #1 rat
Slide 62: Initial Feasibility
Not for Not for release release to to US US wire wire services servicesor ordistribution distributionininthe theUnited UnitedStates States Initial Feasibility ESTIMATES (OCTOBER 2020) AVERAGE ANNUAL PRODUCTION OF Black Butte 23,000 TONNES OF CONTAINED COPPER METAL Near-term FORECAST LOM PRODUCTION d
Slide 63: Black Butte project overview
Not for release to US wire services or distribution in the United States Black Butte project overview ● Advanced, high-quality underground copper project in Tier-1 location ● 87% stake in the Black Butte Copper Project via interest in Sandfire Resources America Inc. ● One of the top-10 undeveloped c
Slide 64: C JORC Reserves and Resources
Not for release to US wire services or distribution in the United States C JORC RESERVES AND RESOURCES Page 64 SANDFIRE RESOURCES - CREATING VALUE THROUGH OPPORTUNITY SANDFIRE RESOURCES - CREATING VALUE THROUGH OPPORTUNITY
Slide 65: MATSA Reserves & Resources
Not for release to US wire services or distribution in the United States MATSA Reserves & Resources Ore Reserves (as at 31 July 2020)(1) Mineral Resources (as at 31 December 2019)(1)(2) Tonnes Cu Zn Pb Ag Cu Zn Pb Ag CuEq(5) Tonnes Cu Zn Pb Ag Cu Zn Pb Ag CuEq(5) (Mt) (%) (%) (%) (g/t) (kt) (kt) (kt
Slide 66: Existing Sandfire Reserves & Resources (cont.)
Not for release to US wire services or distribution in the United States Existing Sandfire Reserves & Resources (cont.) Ore Reserves Mineral Resources Tonnes Cu Au Ag Cu Au Ag CuEq(1) Tonnes Cu Au Ag Cu Au Ag CuEq(1) (Mt) (%) (g/t) (g/t) (kt) (koz) (koz) (kt) (Mt) (%) (g/t) (g/t) (kt) (koz) (koz) (k
Slide 67: Sandfire Pro forma - Reserves & Resources (cont.)
Not for release to US wire services or distribution in the United States Sandfire Pro forma - Reserves & Resources (cont.) Ore Reserves Tonnes (Mt) Cu (%) Zn (%) Pb (%) Au (g/t) Ag (g/t) Cu (kt) Zn (kt) Pb (kt) Au (koz) Ag (koz) CuEq(1) (kt) Sandfire Proved 3.7 4.2% -% -% 0.8 - 156 - - 98 - 174 Prob
Slide 68: Sandfire Pro forma - JORC Reserves & Resources (cont.)
Not for release to US wire services or distribution in the United States Sandfire Pro forma - JORC Reserves & Resources (cont.) Mineral Resources Tonnes (Mt) Cu (%) Zn (%) Pb (%) Au (g/t) Ag (g/t) Cu (kt) Zn (kt) Pb (kt) Au (koz) Ag (koz) CuEq(1) (kt) Sandfire Measured 3.8 5.3% -% -% 1.3 - 205 - - 1
Slide 69: Competent Person's Statements
Not for release to US wire services or distribution in the United States Competent Person’s Statements Competent Person’s Statement MATSA Mineral Resources The Competent Person who has reviewed the Mineral Resources is Mr Guy Dishaw, P.Geo, who is a full-time employee of and Principal Consultant (Re
Slide 70: Competent Person's Statements
Not for release to US wire services or distribution in the United States Competent Person’s Statements Motheo Expansion Case The 5.2Mtpa Expansion Case where it relates to A4 and other prospects, is based on the T3 Mineral Resource Estimate and Ore Reserve, the 3.2Mtpa Definitive Feasibility Study c
Slide 71: D Key Risks
Not for release to US wire services or distribution in the United States D KEY RISKS Page 71 SANDFIRE RESOURCES - CREATING VALUE THROUGH OPPORTUNITY SANDFIRE RESOURCES - CREATING VALUE THROUGH OPPORTUNITY
Slide 72: Key Risks
Not for release to US wire services or distribution in the United States Key Risks Acquisition Risks Completion risks Completion under the agreement to acquire 100% interest in Minas de Aguas Teñidas S.A. which holds the Minas de Aguas Teñidas (MATSA) mine (Transaction) (the Acquisition Agreement) i
Slide 73: Key Risks (cont.)
Not for release to US wire services or distribution in the United States Key Risks (cont.) Acquisition assumptions may not be achieved The Company has undertaken financial, tax, legal, commercial and technical analysis on the Transaction in order to determine its bid price in the competitive sale pr
Slide 74: Key Risks (cont.)
Not for release to US wire services or distribution in the United States Key Risks (cont.) Share market conditions (cont.) These factors may materially affect the market price of the Company’s Shares, regardless of the Company’s performance. The past performance of the Company is not necessarily an
Slide 75: Key Risks (cont.)
Not for release to US wire services or distribution in the United States Key Risks (cont) Operational uncertainty As with any mining company the Company’s assets and mining operations will be subject to uncertainty with respect to (among other things): ore tonnes, mine grade, ground conditions, meta
Slide 76: Key Risks (cont.)
Not for release to US wire services or distribution in the United States Key Risks (cont.) Financing risks and capital requirements The Company’s capital requirements will depend on a number of factors. Whilst the Company has sufficient funding (based on existing estimates of funding requirements) i
Slide 77: Key Risks (cont.)
Not for release to US wire services or distribution in the United States Key Risks (cont.) Regulatory requirements including exploration and mining permits and licences (cont.) No assurance can be given that the Company will be successful in obtaining any or all of the various approvals, licences an
Slide 78: Key Risks (cont.)
Not for release to US wire services or distribution in the United States Key Risks (cont.) Accounting The Company makes estimates and assumptions about its business and revenues concerning the future. These estimates and assumptions have a significant risk of causing a material adjustment to the car
Slide 79: Key Risks (cont.)
Not for release to US wire services or distribution in the United States Key Risks (cont) Community Relations and Social Licence to Operate The Company’s relationship with the communities in which it operates is important to ensure the future success of its existing operations and the construction a
Slide 80: E International Offer Restrictions
Not for release to US wire services or distribution in the United States E INTERNATIONAL OFFER RESTRICTIONS Page 80 SANDFIRE RESOURCES - CREATING VALUE THROUGH OPPORTUNITY SANDFIRE RESOURCES - CREATING VALUE THROUGH OPPORTUNITY
Slide 81: International Offer Restrictions
Not for release to US wire services or distribution in the United States International Offer Restrictions This document does not constitute an offer of new ordinary shares ("New Shares") of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distrib
Slide 82: International Offer Restrictions (cont.)
Not for release to US wire services or distribution in the United States International Offer Restrictions (cont.) European Union This document has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this document may not be made avai
Slide 83: International Offer Restrictions (cont.)
Not for release to US wire services or distribution in the United States International Offer Restrictions (cont.) Norway This document has not been approved by, or registered with, any Norwegian securities regulator under the Norwegian Securities Trading Act of 29 June 2007 no. 75. Accordingly, this
Slide 84: International Offer Restrictions (cont.)
Not for release to US wire services or distribution in the United States International Offer Restrictions (cont.) United Arab Emirates This document does not constitute a public offer of securities in the United Arab Emirates and the New Shares may not be offered or sold, directly or indirectly, to
Sandfire Resources — Merger or Acquisition (September 2021) on 6ix