SANDFIRE RESOURCES LIMITED — AGM Information 2009

Nov 26, 2009

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The Doolgunna Copper-Gold Project

ASX Code: SFR

Annual General Meeting 27 November 2009

1

Sandfire: A Snapshot

• Recent high-grade VMS copper-gold discovery at Doolgunna Project, 900km north of Perth

• Two high-grade deposits discovered to date

• DeGrussa, Conductor 1

• Targeting maiden JORC resource by Q1 2010

• Exciting new discovery to the east of DeGrussa

• Conductor 4

• Regional exploration drilling underway targeting multiple priority EM anomalies

• Dominant position in emerging VMS field

• Strong pipeline of greenfields resource projects

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Doolgunna Project – Location

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• 395km[2] tenement package in

Peak Hill Mineral Field originally pegged by renowned prospecting geologist, Graeme Hutton

• Established mining district with excellent infrastructure:

• Great Northern Highway runs through the middle of the tenement package

• Goldfields Gas Transmission Pipeline nearby

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3

Doolgunna Project

• Two thick overlying highgrade copper-gold deposits delineated so far:

• DeGrussa

• Conductor 1

• Recent new discovery 200m to the east:

• Conductor 4

• Tenements cover 22km strike length of prospective Narracoota Volcanics – regional drilling underway

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Doolgunna Project –

• DeGrussa Deposit comprises steeply dipping to nearvertical zone of very highgrade copper-gold mineralisation (+ zinc and silver)

• Underlying Conductor 1 deposit discovered by drilling strong ground EM anomaly

• Conductor 1 outlined over lateral strike extent of ~350m (east-west), dipping steeply to the south to known vertical depth of +400m

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Doolgunna Project – Drilling Success

• Highly successful drilling featuring broad widths of high-grade mineralisation including:

• 53.2m @ 17.3% Cu, 2.6 g/t Au from 146.1m (DGDD-001) – DeGrussa

• 25.1m @ 3.4% Cu, 1.6 g/t Au, 1.5% Zn from 319.0m (DGDD-001) – Conductor 1

• 50.1m @ 8.4% Cu, 2.9 g/t Au, 1.6% Zn from 242.5m (DGDD-007) – DeGrussa

• 8.9m @ 5.0% Cu, 1.5 g/t Au, 1.4% Zn from 378.1m (DGDD-007) – Conductor 1

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Doolgunna Project – Drilling Success

• 9.1m @ 34.1% Cu, 3.3 g/t Au from 121.0m (DGDD-014) – DeGrussa

• 38.9m @ 4.7% Cu, 2.2 g/t Au, 2.2% Zn from 130.0m (DGDD-014) – DeGrussa

• 30.0m @ 8.6% Cu, 2.8 g/t Au from 187.0m (DGDD-014) – DeGrussa

• 26.1m @ 7.3% Cu, 3.1 g/t Au from 306.5m (DGDD-014) – Conductor 1

• 40.8m @ 13.7% Cu, 2.4 g/t Au from 257.8m (DGDD-015) – DeGrussa

• 10.0m @ 2.9% Cu, 2.0 g/t Au from 400.9m (DGDD-015) – Conductor 1

• 2.7m @ 15.4% Cu, 2.3 g/t Au from 434.4m (DGDD-015) – Conductor 1

• 5.8m @ 3.6% Cu, 2.8 g/t Au from 444.2m (DGDD-015) – Conductor 1

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DeGrussa / Conductor 1

- Cross Section

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DeGrussa / Conductor 1

- Cross Section

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DeGrussa / Conductor 1

- Cross Section

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Drilling Results to Date Conductor 1 Copper-Gold Deposit - Intersections

Drill Hole	Length (m)	Assay Resuts	Assay Resuts	Assay Resuts	Assay Resuts		Drill Hole	Length (m)	Assay Resuts	Assay Resuts	Assay Resuts	Assay Resuts
		Cu %	Au g/t	Zn %	Ag g/t				Cu %	Au g/t	Zn %	Ag g/t
DGRC-114	39.0	5.4	1.6	0.6	11.0		DGDD-037	14.7	6.6	2.8	2.0	19.6
DGRC-115	32.0	4.6	1.7	0.9	7.9			14.0	7.3	1.5	0.4	11.6
DGRC-117	32.0	2.9	1.3	0.8	6.6		DGDD-038	1.0	4.3	2.4	1.2	7.5
							DGDD-039	6.8	10.9	3.4	1.7	22.3
DGDD-001	5.5	2.9	1.5	0.5	9.6
								23.3	3.3	1.5	1.9	10.0
	19.6	3.6	1.6	1.9	19.8
							DGDD-040	4.6	1.8	0.7	0.5	2.5
	25.1	3.4	1.6	1.5	16.7
							DGDD-041	37.6	3.0	1.8	1.4	10.6
DGDD-003	21.9	5.0	2.0	1.8	14.9
							DGDD-043	5.0	Sulphides / Massive Sulphides			Assay Results Awaited
DGDD-004	13.7	6.7	2.6	2.2	26.2
							DGDD-044	8.0	Sulphides / Massive Sulphides
DGDD-006	36.7	4.6	3.0	0.9	18.8
								14.8	Sulphides / Massive Sulphides
DGDD-007	8.9	5.0	1.5	1.4	26.8
							DGDD-045	2.4	6.0	0.2	0.1	9.4
DGDD-008	15.6	3.1	2.5	3.6	24.3
								23.4	4.1	1.4	1.0	9.9
DGDD-010	12.2	2.3	1.4	2.4	21.0
							DGDD-046	9.0	Sulphides / Massive Sulphides			Assay Results Awaited
DGDD-011	3.0	1.8	0.4	-	4.9
								3.5	Sulphides / Massive Sulphides
DGDD-012	24.6	9.4	1.8	0.9	16.5
							DGDD-048	2.3	8.9	0.5	0.06	7.2
DGDD-013	5.0	1.2	3.6	0.3	14.0
							DGDD-049	0.5	Massive Sulphides
DGDD-014	26.1	7.3	3.1	1.9	27.7
								37.5	Sulphides / Massive Sulphides
DGDD-015	10.0	2.9	2.0	-	16.5
							DGDD-050	11.6	Sulphides / Massive Sulphides
	2.7	15.4	2.3	-	57.3
	5.8	3.6	2.8	-	27.2		DGDD-051	16.9	Sulphides / Massive Sulphides
DGDD-017	36.9	4.0	1.7	1.3	15.3		DGDD-052	8.7	Sulphides / Massive Sulphides
DGDD-018	2.4	2.4	2.0	-	5.9		DGDD-053	0.5	Massive Sulphides
	20.2	4.8	2.1	2.1	17.5			16.8	Sulphides / Massive sulphides
DGDD-019	3.3	2.3	0.9	-	14.0		DGDD-055	0.4	Massive Sulphides
	5.7	5.8	1.6	-	21.3		DGDD-056	6.2	Massive Sulphides
	13.0	4.8	1.9	-	13.9		DGDD-057	4.2	Massive Sulphides
DGDD-020	2.2	Massive Sulphides and Native Copper			Results Awaited		DGDD-058	3.0	Massive Sulphides
DGDD-021	37.1	9.4	3.7	-	22.8		DGDD-063	2.0	Massive Sulphides
DGDD-023	29.6	4.2	2.2	-	10.0		DGDD-064	35.3	Sulphides / Massive Sulphides
DGDD-024	13.6	10.2	2.8	-	22.4			1.4	Massive Sulphides
DGDD-027	5.7	Sulphides / Massive sulphides						1.1	Massive Sulphides
DGDD-028	9.5	Sulphides / Massive sulphides					DGDD-065	15.4	Sulphides / Massive Sulphides
	3.5	Sulphides / Massive sulphides			Assay Results Awaited	DGDD-066 DGDD-067 DGDD-068 DGDD-069 DGDD-070	DGDD-066	17.6	Massive Sulphides
DGDD-029	23.4	Sulphides / Massive sulphides					DGDD-067	0.7	Sulphides / Massive Sulphides
DGDD-032	3.8	Sulphides / Massive sulphides					DGDD-068	16.5	Sulphides / Massive Sulphides
	5.6	Sulphides / Massive sulphides					DGDD-069	In progress	Massive Sulphides
DGDD-034A	10.4	Semi-massive sulphides						21.2
DGDD-036	15.7	4.0	2.63	1.0	11.6
	10.0	4.7	0.3	-	4.1

Drilling Results to Date DeGrussa Copper-Gold Deposit - Intersections

Drill Hole	Length (m)	Assay Resuts	Assay Resuts	Assay Resuts
		Cu %	Au g/t
DGDD-001	10.7	26.2	1.7
	10.6	6.5	0.9
	31.9	17.9	3.5
	53.2	17.3	2.6
	61.7	15.1	2.3
DGDD-007	50.1	8.4	2.9
DGDD-008	40.6	6.6	2.4
DGDD-010	4.2	7.2	2.3
DGDD-011	1.8	3.1	1.6
DGDD-012	28.2	2.8	3.8
	4.0	3.3	0.1
DGDD-013	10.3	5.9	1.8
DGDD-014	9.1	34.1	3.3
	38.9	4.7	2.2
	30.0	8.6	2.8
DGDD-015	40.8	13.7	2.4
DGDD-017	5.8	3.3	0.9
DGDD-018	17.7	5.8	2.1
DGDD-053	7.7	Massive Sulphides		In Progress Assay Results Awaited
DGDD-069	4.4	Massive Sulphides

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Conductor 4

• New massive sulphide lode discovered ~200m east and ~120m stratigraphically below Conductor 1

• 5.1m @ 15% Cu, 3.7 g/t Au from 670.9m (DGDD-016) – Conductor 4

• 17.7m @ 5.4% Cu, 1.9g/t Au from 629m (DGDD-035) – Conductor 4

• 5m of sulphides/massive sulphides from 632m (DGDD-043) – Conductor 4

• Further drilling underway to test down-plunge extensions

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13

Conceptual Mine Development

• Maiden resource expected Q1 2010

• Preliminary scoping assessments underway

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Doolgunna Operation Conceptual Flow Sheet

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	Doolgun	n	a Project	a Project	Development	Development	Development
	athway
					Airstrip Surface Buildings		Negotiate Charter Agreement		Award Charter Contract		Commence Flights to Site
			Mine Services Study		Camp Power Station		Finalise Requirements and Designs		Award EPCM Contracts		Commence Construction
	1Q, 2010				Gas Pipeline		Negotiate Gas Supply Agreement		Award Tailings Dam EPCM		Commence T/D Construction
	JORC Indicated Resource		Mineralogy and Metallurgy Test Work		Develop Process Flow Sheet		Mill Design & Construction Tender Document		Award Mill EPCM Contract Contract		Commence Mill Construction
					Assess Saleable		Initiate Mine		Assess &Secure		Finalise Mine
					Product Offtake		Offtake Agreement		Concentrate		Product Offtake
					Options		Negotiations		Transport Path		Agreement
			Underground Mine Design		Develop Mining Schedule & Life of Mine Plan(LOM)		Prepare Mining Contract tender Documents & Invitations		Award Mining Contract Mobilise Machinary		Commence Box Cut & Decline Development
			Geotechnical Modelling and Review		Ground Support Box Cut Design Fill Requirements		Design of CAF and Paste Fill Plants		Award CAF Plant EPCM Contract		Commence CAF Plant Construction
					Management Plan
					(GSMP)
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Doolgunna Project Development Pathway

The Bigger Picture

• DeGrussa/Conductor 1 cover just a small portion of the Doolgunna tenements which extend for 395 sq km

• The tenements cover a 22km strike length of the prospective Narracoota Volcanics Horizon

• A major airborne EM survey has been conducted

• Up to 17 conductive features have been revealed, providing targets for future exploration

• 2009 drilling underway targeting five priority anomalies in the vicinity of DeGrussa

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Doolgunna…Building Momentum

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• Resource in-fill drilling continuing at DeGrussa/ Conductor 1 – on track for initial JORC resource by Q1 2010

• Drilling underway at new eastern discovery (Conductor 4)

• Systematic testing underway of regional prospects identified from 150km[2] EM survey

• New 250km[2] airborne EM survey completed

• Detailed aeromagnetics/radiometric survey completed

• Initial Scoping Assessments underway

• Aiming to fast-track evaluation of Doolgunna

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Other Projects

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Borroloola Project

• +14,000sq km tenement position in worldclass NT mineral province

• Prospective for zinc-lead-silver deposits (McArthur River), manganese (Groote Eylandt), iron ore and uranium

• Recent agreement with Mineral Resources (ASX: MIN) to fund exploration and development of manganese projects

• MIN to sole fund full cost of any mining operation – Sandfire to receive 30% of future profits with no risk

• Iron ore mineralisation confirmed adjacent to Western Desert Resources’ (ASX: WDR) Roper Bar Project

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Corporate Information

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Issued Share Capital	107.1 million ordinary fully paid shares _includes 8.4 million contributing shares with 15 cents to pay_
Options	10.8 million
Cash (Nov 2009)	A$9.3 million
Major Shareholders	%
POSCO	17.5
High Net Worth/Funds	15.0
Founders/Board	14.6
Last Major Funding	A$1.20 (August 2009 rights issue)
Current Price	A$3.85

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People

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MILES KENNEDY , Non-executive Chairman (Lawyer)

• developed largest gold producer in New Zealand;

• developed +$A300 million diamond producer in Western Australia;

• +25 years in resource sector.

KARL SIMICH , Managing Director (Chartered Accountant)

• developed largest gold producer in New Zealand;

• developed +$A300 million diamond producer in Western Australia;

• +20 years in resource sector.

W. JOHN EVANS , Executive Technical Director (Geologist)

• 17 years with CRA and 12 years as Managing Director of Marymia Exploration;

• specialist in base metals, iron ore and gold;

• +35 years in resource sector.

JONGHUN JONG , Non-executive Director

• Mr. Jong holds a Bachelor of Business Administration;

• has been with POSCO for 19 years focusing on purchase of raw materials;

• present role with POSCO is focused on new business opportunities.

JOHN HUTTON , Non-executive Director

• background in accounting and finance;

• experience in merchant banking, accounting, financial planning and tax related matters;

• member of the Australian Institute of Company Directors.

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Summary and Outlook

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• Rapidly emerging VMS copper-gold project in WA

• Well-funded exploration & resource development program underway

• Targeting maiden JORC copper-gold resource for first two deposits by Q1 2010

• Regional exploration underway targeting potential VMS field

• Strong and supportive major shareholder

• Quality project pipeline

• Experienced Board & Management

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Disclaimer and Important Information

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’ • Competent Person s Statement

The information in this report that relates to Exploration Results is based on information compiled by John Evans who is a Fellow of the Australasian Institute of Mining and Metallurgy. John Evans has sufficient experience which 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 2004 Edition of the Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves. John Evans consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

• – JORC Exploration Targets

It is common practice for a company to comment on and discuss its exploration in terms of target size and type. The information in this presentation relating to exploration targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resource(s) or Reserve(s) have not been used in this context. The potential quantity and grade is conceptual in nature, since there has been insufficient work completed to define them beyond exploration targets and that it is uncertain if further exploration will result in the determination of a Mineral Resource.

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Forward-Looking Statements and Disclaimer

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Forward-Looking Statements

This presentation has been prepared by Sandfire Resources NL. This document contains background information about Sandfire Resources NL current at the date of this presentation. The presentation is in summary form and does not purport be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

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.

This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should 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.

This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment 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 professional 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.

To the fullest extent permitted by law, Sandfire Resources NL, its officers, employees, agents and advisers do not make any 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.

This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Sandfire Resources NL. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Sandfire Resources NL does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

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