26 Nov

2021 AGM Presentation

S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 1 A Transformational Year 26 November 2021 2021 Annual General Meeting Presentation Karl Simich, MD & CEO S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 1 S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 2 Important Information and Disclaimer Summary information This Presentation is for information purposes and is a summary only, which is current as at the date of this Presentation (un les s stated otherwise). The information in this Presentation is of a general nature and does not purport to be complete nor does it contain all information which a prospective investor may require in evaluating a possible investment in Sandfire Resources Lt d (SFR) or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act. This Presentation should be read in conjunction with SFR’s most recent financial report an d SFR’s other periodic and continuous disclosure information lodged with the Australian Securities Exchange ( ASX ), which is available at www.asx.com.au. Reliance should not be placed on information or opinions contained in this Presentation and, subject only to any legal obliga tio n to do so, SFR does not have any obligation to correct or update the content of this Presentation. Certain market and industry data used in this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. None of SFR, its representatives or advisors have ind ep endently verified any such market or industry data provided by third parties or industry or general publications. Not an offer This Presentation is for information purposes only. Neither this Presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction and may n ot be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients sho uld inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction. Not investment advice This Presentation does not constitute investment advice and has been prepared without taking into account the recipient's inv est ment objectives, financial circumstances or particular needs and the opinions and recommendations in this Presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek profess ion al advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. Disclaimer To the fullest extent permitted by law, Sandfire, its related bodies corporate, and each of their officers, employees, agents an d advisers expressly disclaim, to the maximum extent permitted by law, all liabilities (however caused, including negligence) in respect of, make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this Presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted. Forward - looking statements and forecasts This Presentation contains certain “forward - looking statements” and comments about future matters. Forward - looking statements ca n generally be identified by the use of forward - looking words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “could”, “may”, “predict”, “plan”, “propose”, “will”, “believe”, “forecast”, “estimate”, “target” “outlook”, “guidance” and o the r similar expressions within the meaning of securities laws of applicable jurisdictions. Forward - looking statements include, bu t are not limited to, statements about the completion of the MATSA transaction, statements about the future performance of SFR and MAT SA post completion of the MATSA transaction and statements about SFR's plans, future developments and strategy. Indications of, and guidance or outlook on, production estimates and targets, future earnings or financial position or perfor man ce are also forward - looking statements. You are cautioned not to place undue reliance on forward - looking statements. Any such statements, opinions and estimates in this Presentation speak only as of the date hereof and are based on assumptions an d c ontingencies subject to change without notice, as are statements about market and industry trends, projections, guidance and estimates. Forward - looking statements are provided as a general guide only. The forward - looking statements containe d in this Presentation are not indications, guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of SFR, and may involve significant e lem ents of subjective judgement and assumptions as to future events which may or may not be correct. There can be no assurance that actual outcomes will not differ materially from these forward - looking statements. A number of imp ortant factors could cause actual results or performance to differ materially from the forward - looking statements, including the risk factors set out in this Presentation. Investors should consider the forward - looking statements contained in this Presen tation in light of those risks and disclosures. The forward - looking statements are based on information available to SFR as at the date of this Presentation. Except as required by law or regulation (including the ASX Listing Rules), SFR undertakes no o bli gation to supplement, revise or update forward - looking statements or to publish prospective financial information in the future, regardless of whether new information, future events or results or other factors affect the information contained in thi s Presentation. Limitation on information provided by Vendors All information in this Presentation relating to MATSA, including in relation to historical production, historical costs, and ot her historic financial information has been sourced from the Vendors. SFR has conducted due diligence in relation to MATSA an d the MATSA Mining Complex, but has not independently verified all such information and, to the maximum extent permitted by law , m akes no representation or warranty, expressed or implied, as to the fairness, accuracy, correctness, completeness or adequacy of any information relating to those. Nothing in this Presentation can be relied on as implying that there has been no change to any information relating to MATSA or the MATSA Mining Complex since the date of this Presentation, or as a representation as to future matters in relation to the MATSA Mining Complex. The Vendors have not prepared this Presentation, do not make any statement contained in it and has not caused or authorised its release. The Vendors expressly disclaim any liability in connection with this presentation, and any statement contained in it, to the maximum extent permitted by law . S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 3 Important Information and Disclaimer (continued) JORC Code It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply wit h t he Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code). Investors outside Australia should note that while ore reserve and mineral resource estimates of the Company in this document co mply with the JORC Code (such JORC Code - compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do no t comply with ( i ) National Instrument 43 - 101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators ; or (ii) Subpart 1300 of Regulation S - K, which governs disclosures of mineral reserves in the United States for registration statements filed with the SEC. On October 31, 2018, the U.S. Securities and Exchange Commission (SEC) adopted amendments to its disclosure rules to modernis e t he mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities and Exchange Act of 1934 (US Exchange Act). Under the new SEC amendments, the disclosure requirements for mining r egi strants included in Industry Guide 7 under the US Securities Act have been rescinded and replaced with disclosure requirements in subpart 1300 of Regulation S - K. As a result, the SEC’s standards for mining property disclosures are now more cl osely aligned to JORC requirements. For example, the SEC now recognises estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources.” In addition, the SEC has amended its definitions of “proven m ine ral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding standards under the JORC Code. However, despite these similarities, SEC standards are still not identical to the JORC Code. Accordingly, investors are ca utioned that there can be no assurance that the reserves and resources reported by the Issuer under the JORC Code would be the same had it prepared its reserve or resource estimates under the new SEC standards. Information contained in this document describing mineral deposits may not be comparable to similar information made public b y c ompanies subject to the reporting and disclosure requirements of Canadian or US securities laws. 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 rele ase s and is available at https://www.sandfire.com.au/site/Business/group - mineral - resources - ore - reserves or www.asx.com.au. SFR confirms that it is not aware of any new information or data that materially affects the information included in the orig ina l market announcements and that all material assumptions and technical parameters underpinning the estimates in those. This presentation is authorised for release by Sandfire’s Managing Director and CEO, Mr Karl Simich. Key assumptions The following assumptions apply to information in this presentation unless otherwise stated. Currency: unless otherwise stated, all figures are in AUD. Copper equivalent data : Copper equivalent values are calculated by Sandfire on realised pricing for historical actual data and consensus for foreca sts . Consensus pricing assumes long - term real prices of US$3.43/lb Cu, US$1.05/lb Zn, US$0.86/lb Pb, US$7.00/lb Ni, US$20.6/lb Co, US$9.0/lb Mo, US$1,402/oz Au, US$20.3/oz Ag. Foreign exchange assumption: AUDUSD of 0.725. Figures, amounts, percentages, estimates, calculations of value and other factors used in this presentation are subject to th e e ffect of rounding. Page: 4 S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 4 Sandfire Strong alignment of Purpose, Vision and Strategy Our strategic imperatives • Execute Delivery • Build a Sustainable Production Pipeline • Accelerate Discovery • Align and Empower Our People • Optimise Capital Strategy and Engagement To build an international diversified and sustainable mining company Creating value through opportunity For: • Our shareholders • Our employees • Our communities • Our customers • Our suppliers and partners • Innovation across industry Page: 5 S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 5 Highlights Delivering on strategy DeGrussa Operations, Australia • Produced 70,845t Cu and 39,459oz Au at C1 US$0.82/ lb in FY2021 • Strong safety performance – TRIFR of 4.0 at 30 June 2021 • Record financial results in FY2021 MATSA Acquisition, Spain • Transformational acquisition of the MATSA Mining Complex for US$1,865m Kalahari Copper Belt, Botswana • Motheo Copper Mine construction underway • 5.2Mtpa Motheo Copper Hub concept supported by A4 Deposit Maiden Ore Reserve • Significantly expanded exploration program underway Black Butte, USA • Enhancements to Black Butte Copper Project Feasibility Study S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 6 S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 6 ESG Delivering on our six ESG priorities 1. Thriving communities – Champion local participation and prioritise local spend to deliver a lasting, positive contribution to the communities where we operate 2. Promote workforce well - being – pursue continual improvement in health and safety performance 3. Water stewardship – adopt water stewardship practices to manage water as an asset and build stakeholder trust 4. Embracing a low emission future – support the global transition to a low emission future and continue to adopt renewable energy at our operations 5. Responsible business practices – proactive approach to meeting regulatory obligations and maintain our social licence to operate 6. Strong systems – fit for purpose management systems S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 7 S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 7 • Strong year for the US$220 billion copper market • Copper price up ~25% since start of 2021 and ~50% year - on - year • Reflects strong underlying demand from construction and industrial sectors • Growing recognition of copper’s status as a critical metal for global energy transition • Demand from adoption of new green technologies projected to surge in the next decade • Global mine supply remains structurally challenged due to declining discoveries and grades Copper A cornerstone “future - facing” metal for the global energy transition Source: IEA, World Energy Outlook 2021 S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 8 Building A Global and Diversified Copper Miner Notes: (1) Based on DeGrussa guidance and MATSA guidance assuming full year of production for illustration purposes – Sandfire i s expected to complete the acquisition in the March 2022 quarter; (2) Shown on an attributable basis; (3) LOM average of 55kt pa. Production includes T3 and A4; (4) C1 cash costs in the first 10 years of operations; (5) 5.2Mtpa supported by A4 Ore Reserve Estimate (Refer to ASX Release 22 September 2021); (6) Excludes potential mine life extensions from Golden Highway development or exploration success; (7) CuEq b ased on realised pricing for actuals and broker consensus forecast pricing, consisting of long - term real prices detailed on page 3; (8) USA and Botswana Deve lopment Projects Update (ASX Release 28 October 2020). MATSA, Spain (100%) FY22F CuEq Production: 110kt (1)(7) 3,902kt (2) Producing 4.7Mtpa 12+ years US$0.45/ lb (1) 2,450km 2 Cu Zn Pb Ag Concepión & Poderosa Exploration DeGrussa, Australia (100%) FY22 Guidance CuEq Production: 72kt (1)(7) 196kt (2) Producing 1.6Mtpa Cu Au 1 year (6) US$1.05/lb (1) 7,189km 2 Old Highway Doolgunna Exploration Australia Regional A4 Dome Project Kalahari, Botswana (100%) Peak Cu Production: 666kt (2) Construction 5.2Mtpa Cu Ag 10.5+ years US$1.31/lb (4) 26,650km 2 60ktpa (3) Motheo Expansion Kalahari Copper Belt Black Butte, USA (87%) LOM Avg Cu Production: 23kt (7)(8) 502kt (2) Feasibility 1.2Mtpa 8+ years US$1.51/lb (8) Cu Co Ag Lowry Exploration Status Mineral Resources (Contained CuEq) Mine Life C1 Cost (US$/lb Cu, net of by - product credits) Plant Capacity (Ore Tonnes) Regional Exploration Tenure Upside Potential Sustainable production target of 150 – 200ktpa CuEq at C1 ~US$1.0/lb S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 9 CUMULATIVE PRODUCTION TO END OF FY2021 over 616,000 TONNES OF CONTAINED COPPER 359,000 OUNCES OF CONTAINED GOLD $5.0 billion IN CUMULATIVE SALES REVENUE $2.6 billion IN CUMULATIVE OPERATING CASH - FLOW (prior to exploration and evaluation expenditure) $259 million ($1.55 PER SHARE) IN CUMULATIVE DIVIDENDS TO SHAREHOLDERS $812 million IN CUMULATIVE NET PROFIT AFTER TAX (attributable to members) Page: 9 DeGrussa Operations Foundation of our success over the past decade S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 10 DeGrussa Operations – High - Grade Production • 10 years of profitable and safe operations • High - margin mine, capitalising on strong copper price • FY2021 production beat guidance – 70,845t Cu and 39,459oz Au at C1 US$0.82/ lb • Record sales revenue of $813M in FY2021 • FY2022 guidance of 64 - 68kt Cu and 30 - 34koz Au • Mining will be completed in early FY2023 • Dual - track exploration strategy for copper and gold DeGrussa Stope Mine Production FY22 Monty Stope Mine Production FY22 S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 11 S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 11 Doolgunna Dual - track exploration strategy High Priority Near Mine Targets: Near Mine Exploration Extant Rift and Transform Faults Geochemical Targeting Vectors DG Lithostratigraphic Model Gold Processing Pipeline Morck Well Gold Red Bore Data integration and DHEM Copper Pipeline Yerrida Mapping Completion and First - Pass Soils Copper Pipeline Cheroona VMS In - fill drilling proximal to Orient Gossan. Gold Processing Pipeline In - fill drilling at Cuba Gold Processing Pipeline East Shed Well, Cow Hole Bore and SE Robinson Range Copper Exploration Pipeline First - pass exploration of tenure south of Horseshoe Lights Copper Exploration Pipeline Gold Processing Pipeline S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 12 PEAK PRODUCTION OF 60,000 TONNES OF CONTAINED COPPER AND 2.7 million OUNCES OF SILVER PER ANNUM US$3.6 billion * IN LIFE - OF - MINE REVENUE US$1.24 billion * IN PRE - TAX FREE CASH - FLOW $1.32/ lb C1 CASH COST IN FIRST 10 YEARS OF OPERATIONS US$366 million CAPITAL COST INCLUDING CONTINGENCY Expansion PFS ESTIMATES (SEPTEMBER 2021) Q4 FY2023 FIRST CONCENTRATE PRODUCTION (Base Case) *Consensus pricing of US$3.49/lb Cu Q1 FY2025 FIRST CONCENTRATE PRODUCTION (Expansion) 0 0 Kalahari Motheo Copper Mine opens an exciting new growth horizon Page: 12 S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 13 S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 13 Motheo Copper Mine Key Progress • DFS completed and FID approval in December 2020 • Motheo Mining Licence granted in July 2021 • Motheo construction commenced immediately • A4 Deposit Mineral Resource Estimate completed in July 2021 • 5.2Mtpa Expansion Case PFS and Maiden Ore Reserve estimate for the A4 Deposit completed in September 2021 • A4 Deposit ESIA commenced in September 2021 • A4 Feasibility Study on track for completion in March 2022 Quarter • Project debt funding discussions progressing to plan C rusher Base Earthworks Mill and Thickener Area Accommodation Extension S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 14 S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 14 Kalahari Copper Belt Consolidation of our dominant position A4 Ngamiland T23 S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 15 0 0 MATSA World - class VMS mine with exceptional growth potential and upside ANNUAL PRODUCTION OF ~100 - 120,000 TONNES OF COPPER EQUIVALENT (~55,000t Cu and ~55,000t CuEq Zn, Pb, Ag FY2022 PRO FORMA GUIDANCE) 4.7Mtpa PROCESSING PLANT US$1.7 billion CAPITAL INVESTED SINCE 2005 12 years MINE LIFE BASED ON RESOURCES 36Mt GRADING 3.1% CuEq IN RESERVES 122Mt GRADING 3.2% CuEq IN RESOURCES 1 st quartile C1 CASH COSTS Page: 15 S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 16 ? 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 asset which immediately transforms Sandfire into a leading diversified global base metals producer : ? World - class polymetallic mine located in the highly regarded Iberian Pyrite Belt, Spain ? Positions Sandfire as one of the ASX’s largest copper focused producers (2)(3) ? MATSA is a long - life asset with outstanding organic growth potential: ? Tier - 1 asset with three underground mines and a modern 4.7Mtpa processing plant, 6 - year reserve and ~12 - year resource life (large 122Mt Resource base) ? Operational improvements plan targeting 5Mtpa processing capacity through debottlenecking ? Significant exploration potential to unlock in the ~2,450km 2 portfolio of mineral rights in exploration (in Spain and Portugal) ? Highly - skilled and experienced in - country MATSA management team : ? On strategy “ plug - and - play acquisition ” – all permits in place for operating mines ? Acquisition fully - funded through a combination of cash, debt and equity with balance sheet flexibility maintained for Sandfire’s Motheo development in Botswana MATSA - A Transformational Acquisition Notes: (1) Based on an AUD/USD exchange rate of 0.725; (2) Based on DeGrussa guidance and MATSA guidance assuming full year o f p roduction for illustration purposes – Sandfire is expected to complete the acquisition in the March 2022 quarter; (3) Based on realised pricing for actuals and bro ker consensus forecast pricing detailed on page 3. Magdalena mine Aguas Teñidas processing plant Sotiel mine S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 17 MATSA is a high quality operation with significant optimisation and life extension potential – the combination of the highly cap able MATSA and Sandfire teams is well positioned to realise these opportunities and continue to grow MATSA as Sandfire's cornerstone ass et Stage Objectives Outcomes Phase 1 (Day 1 – 1 Year) Phase 2 (2 - 5 Years) Phase 3 (5+ Years) • Finalise the Transaction • Operational integration • Optimise & implement 5 - year plan Integration and sustain annual production of 100 - 120ktpa CuEq • Maximise existing processing hub • Evaluate expansion beyond 5Mtpa • Continued regional exploration Pathway to >120ktpa CuEq • Iberian Pyrite Belt opportunities • Portugal hub Additional regional hubs ? ? ? ? ? ? ? ? Open Open Open Open Open Open Aguas Teñidas Magdalena Sotiel Sandfire’s Vision for Realising MATSA upside S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 18 S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 18 Key takeaways Transformation underway • Global vision – transformational acquisition of the MATSA Mining Complex • Strong growth platform – DeGrussa cash - flows from a strong final year of production • New production hub – construction of expanded 5.2Mtpa Motheo Copper Mine in Botswana underway • Strong pipeline – high - quality development opportunities and a global exploration portfolio in Tier - 1 jurisdictions • Refreshed and focused – an international exploration, development and mining team strongly aligned with our growth objectives S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 19 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 Principa l Consultant (Resource Geology) at SRK. Mr Dishaw is a Professional Geoscientist (P. Geo.) registered with the Association of Professional Engineers and Geologists of Saskatchewan, a ‘Recognised Overseas Professional Or ganisation’ (“ROPO”) included in a list promulgated by the Australian Stock Exchange (“ASX”) from time to time. Mr Dishaw has over 20 years’ experience in the mining and metals industry and has sufficient experience wh ich is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. MATSA Mineral Reserves The Competent Person who has reviewed the Mineral Reserves and the LoMP is Mr Chris Bray, BEng, MAusIMM (CP), who is a full t ime employee of and Principal Consultant (Mining) at SRK. He is a Member of and Chartered Professional in the Australasian Institute of Mining and Metallurgy, a ROPO. Mr Bray is a Mining Engineer with 20 years’ expe rie nce in the mining and metals industry, including operational experience in underground base metal and polymetallic mines, and as such qualifies as a Competent Person as defined in the JORC Code. He has also been involved in th e reporting of Mineral Reserves on various properties internationally for over 10 years. A4 Ore Reserve The information in this release that relates to Open Pit Ore Reserves, is based on information compiled by Mr Jake Fitzsimons wh o is a Member of The Australasian Institute of Mining and Metallurgy. Mr Fitzsimons is employed by Orelogy Consulting Pty Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit und er consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Fitzsi mon s consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Refer to ASX Announcement, dated 22 September 2021, titled ‘A4 Ore Reserve and Motheo Expansion PFS ’. T3 Ore Reserve The information in this release that relates to Open Pit Ore Reserves, is based on information compiled by Mr Jake Fitzsimons wh o is a Member of The Australasian Institute of Mining and Metallurgy. Mr Fitzsimons is employed by Orelogy Consulting Pty Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit und er consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Fitzsi mon s consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Refer to ASX Announcement, dated 1 December 2020, titled ‘T3 (Motheo) Copper - Silver Project, Ore Re serve and Mineral Resource Estimate’. T3 and A4 Mineral Resource The information in this release that relates to T3 Mineral Resources is based on information compiled by Mr Callum Browne who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Browne was a permanent employee of Sandfire and has sufficient experience that is relevant to the style of mineralisation and type of deposit under con sideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Browne con sen ts to the inclusion in this release of the matters based on his information in the form and context in which it appears. The information in this release that relates to the A4 Mineral Resource is based on and fairly represents information and sup por ting documentation prepared by Mr Mark Zammit who is a Member of the Australian Institute of Geoscientists. Mr Zammit is a full time employee of Cube Consulting Pty Ltd. Mr Zammit has sufficient experience which is rel eva nt to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Explor ati on Results, Minerals Resources and Ore Reserves'. Mr Zammit consents to the inclusion in this release of the matters based on the information in the form and context in which it appears. Competent Person’s Statements S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 20 Level 2, 10 Kings Park Road, West Perth WA 6005 Australia PO BOX 1495, WEST PERTH WA 6872 AUSTRALIA +61 8 6430 3800 +61 8 6430 3849 www.sandfire.com.au Contact Details S A N D F I R E R E S O U R C E S - C R E A T I N G V A L U E T H R O U G H O P P O R T U N I T Y Page: 20

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