Slide 1: H1 FY26 Financial Results Presentation
For personal use only H1 FY26 Financial Results Presentation Access the live webcast commencing at 10.00am (AWST) / 1.00pm (AEDT) here. 19 February 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
For personal use only Executive Summary Motheo – T3 waste dump H1 FY26 Financial Results Presentation | 3
Slide 4: H1 FY26 highlights
H1 FY26 highlights (% change from H1 FY25) Continuing to learn and improve from TRIF 1.3 (1.7 at 30-Jun-25) high potential incidents For personal use only Achieved 46% of the mid-point of the CuEq production1 72.1kt (down 5%) annual guidance range, with volumes to be weighted to H2 FY26 Underlying o
Slide 5: FY26 outlook
FY26 outlook Volumes to be weighted to 149-165kt CuEq production1 H2 FY26 as we access higher grade ore (guidance unchanged) at both T3 and A4 at Motheo For personal use only Underlying Operating Costs2 MATSA $86/t Mining rate to rise at MATSA in H2 FY26 (guidance unchanged) Motheo $44/t Motheo to i
Slide 6: A safe business is a productive business
A safe business is a productive business Group TRIF of 1.3 at the end of the period • Total recordable injuries (TRI) – 5 (H1 FY25: 8) • High potential incidents (HPI) – 9 (H1 FY25: 10) For personal use only Nothing is more important than the health and wellbeing of our people, and we must believe i
Slide 7: Sustainability permeates everything we do
Sustainability permeates 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 26.4% overall For personal use only • Continued to source +70% of
Slide 8: Financial Results
For personal use only Financial Results Motheo – Processing plant H1 FY26 Financial Results Presentation | 8
Slide 9: H1 FY26 financial results overview
Commodity revenue mix H1 FY26 financial results overview (H1 FY26, % of payable metal by value) Key financial metrics H1 FY26 H1 FY25 HoH Comments 1% 13% Sales revenue $M 672 572 17% A half year record 17% Stronger Euro, higher processing costs and Group MATSA Underlying Operating Cost2 $/t 87 76 15
Slide 10: Sales | Benefitting from buoyant commodity prices
Sales | Benefitting from buoyant commodity prices Established pure exposure to a preferred suite of base metals Key metrics H1 FY26 H1 FY25 HoH Sales and QP hedging program overview MATSA For personal use only • Future sales are unhedged (as our final copper forward sales matured in January 2026) Pa
Slide 11: H1 FY26 Underlying Earnings analysis
H1 FY26 Underlying Earnings analysis Revenue comparison by nature 19 (2) (31) 113 Depreciation & amortisation by segment Price TCRC Freight c Volume $M For personal use only 113 30 1 350 MATSA Motheo Other (42) (7) 1 (2) 100 H1 FY25 H2 FY25 H1 FY26 300 Sales revenue 572 604 672 ($14M) impact of a st
Slide 12: H1 FY26 Group cash flow analysis
H1 FY26 Group cash flow analysis Construction Mine devp Sustaining Exploration $M 6 16 8 450 17 47 7 27 400 MATSA Motheo Black Butte 144 (127) and Australia 350 For personal use only (12) (18) 300 (25) 250 200 182 (110) 150 (8) Cash flow prior to debt service $144M 100 137 (124) 50 (234) 111 13 - (5
Slide 13: Our net cash balance sheet
Our net cash balance sheet Net cash/(debt)3 Committed Q3 FY26 cash payments: • Replaced previous project finance-type facilities • A$31.5M Stage 1 payment to Havilah Resources(a) • Reduced ongoing financing costs • Created greater financial flexibility • A$15M to fund exploration in the Curnamona Pr
Slide 14: A disciplined approach to capital management
A disciplined approach to capital management Enables our business to prosper through the economic cycle • 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 by remaining focused on
Slide 15: Operational Overview
For personal use only Operational Overview MATSA – Magdalena H1 FY26 Financial Results Presentation | 15
Slide 16: 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 17: Our global footprint
Our global footprint For personal use only Legend Notes: 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. H1 FY26 Financial Results Presentation | 17 b. Sandfire holds an exclus
Slide 18: Our FY26 goals and FY26 progress
Our FY26 goals and FY26 progress FY26 Goals H1 FY26 Progress • Improve our safety performance by focusing on and learning from high potential incidents • Reduced TRIF to 1.3 (1.7: 30 June 2025) • Increase Group CuEq production1 by 2% to 157kt within a range of 149kt to 165kt • Delivered 46% of uncha
Slide 19: MATSA | The most modern mining complex in the Iberian Pyrite Belt
MATSA | The most modern mining complex in the Iberian Pyrite Belt H1 H1 Continued to build consistency and operational resilience in H1 FY26 Key metrics FY26G FY25 FY26 Production • Maintained an annual processing rate of 4.6Mt for CuEq production of 46.4kt in H1 FY26, Plant throughput Mt 2.3 2.3 4.
Slide 20: MATSA | Increasing our reserves
MATSA | Increasing our reserves Magdalena five-year drilling plan Targeting a minimum 15 years of reserve life within five years • Multi-year infill and extension drilling program, primarily focused on Magdalena and Aguas Teñidas For personal use only • future targets modelled in 3D, ranked and prio
Slide 21: Motheo | A modern, high margin business
Motheo | A modern, high margin business H1 H1 Set for a strong finish to the year Key metrics FY25 FY26 FY26G • Maintained an annual processing rate of 5.6Mt for CuEq production of 25.7kt in H1 FY26, Production representing 42% of the mid-point of our annual guidance range, as: Plant throughput Mt 2
Slide 22: Motheo | Increasing our reserves
Motheo | Increasing our reserves A1 Pre-Feasibility Study – Resource Drilling Targeting a minimum 15 years of reserve life within five years Near mine and extension drilling For personal use only • On track to complete the A1 PFS and declare a maiden reserve in Q4 FY26 • 55 hole phase 1 infill drill
Slide 23: Black Butte keeps moving forward
Johnny Lee and Lowry deposits plan view and long section maps(a) Black Butte keeps moving forward Legend Mineral Resources Measured Indicated A high-grade, fully permitted project in the United States Inferred Johnny Lee mine design Mine design elements Johnny Lee PFS confirmed the economic case for
Slide 24: Kalkaroo Copper-Gold project and Exploration Strategic Alliance
For personal use only Kalkaroo Copper-Gold project and Exploration Strategic Alliance Curnamona Province, South Australia H1 FY26 Financial Results Presentation | 24
Slide 25: Transaction summary – Kalkaroo Copper-Gold project & Strategic Alliance
Transaction summary – Kalkaroo Copper-Gold project & Strategic Alliance • Sandfire has acquired an exclusive right to earn an 80% interest in the Kalkaroo Copper-Gold project and establish an Stage 1 exploration strategic alliance to explore the Curnamona Province of South Australia(a) • A new PFS w
Slide 26: Kalkaroo project and Strategic Alliance Agreement tenements location map
Kalkaroo project and Strategic Alliance Agreement tenements location map Kalkaroo Copper-Gold project overview A formidable partnership between Sandfire and Havilah Resources4 • Located on the traditional lands of the Ngadjuri, Adnyamathanha and Wilyakali Peoples For personal use only • Re-establish
Slide 27: Planned drilling and PFS will significantly de-risk future investment
Planned drilling and PFS will significantly de-risk future investment Kalkaroo Mineral Resources(b) and planned infill and extension drill hole collars PFS scope(a) • Build strong relationships with the traditional owners, State Government and broader local community, and establish camp facilities •
Slide 28: Strategic Alliance Agreement tenements
Strategic Alliance Agreement tenements A large and highly prospective package Exploration strategic alliance overview(a) • Covers 8,847km2 of highly prospective tenure that offers the potential for future discoveries within close proximity to Kalkaroo • Leverages Havilah's ~30 years of experience in
Slide 29: Group FY26 guidance update
Group FY26 guidance update FY26 Guidance Corporate [Previous guidance where revised] MATSA Motheo Group & Other (YTD % of FY26 Guidance) Production Ore processed (Mt) 4.6 (51%) 5.6 (50%) 10.2 (50%) Copper (kt contained) 52 – 58 (48%) 50 – 56 (42%) 102 – 114 (45%) Zinc (kt contained) 94 – 104 (49%) -
Slide 30: Appendix I: Exploration Results, Mineral Resources and Ore Reserves estimates
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/investors/asx-announ
Slide 31: 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