SANDFIRE RESOURCES LIMITED — AGM Information 2018

Nov 28, 2018

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A standout year Consistent low-cost production, record financial performance, strong outlook -------------------2018 Annual General Meeting

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Our Vision

To build a sustainable, mid-tier mining company operating in the upper quartile of global performance benchmarks.

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Our Mission

We are in the business of producing base and precious metals safely and profitably from our operations for the benefit of our shareholders and stakeholders. Our focus is on three business elements:

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Our Values

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2018: A Record Year in Snapshot

• Record revenue

• Record cash

• Record profit  Record dividend

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Six Years of Exceptional Performance

FY2013 – 2018:

• 403,000 tonnes of copper and 232,000 ounces of gold produced

• $3.2 billion in cumulative sales revenue

• $1.5 billion in cumulative operating cash flow (prior to exploration and evaluation expenditure)

• $484 million in cumulative net profit after tax (attributable to members)

• $124.6 million in cumulative dividends to shareholders

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Sustainability

Our overarching goal for our sustainability activities is to achieve high standards in safety, environmental management, productivity, governance and transparency while also delivering positive outcomes for society.

We aim to be a responsible miner and resource developer for the future, aiming to generate positive outcomes for our key stakeholders and communities by:

• Operating responsibly

• Supporting economic development

• Providing a safe and supportive workplace

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• Engaging with respect and transparency

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DeGrussa Oper ~~ations~~

PRODUCTION OVERVIEW

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Debt-free with rising production profile in a rising copper market

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DeGrussa Oper ~~ations – Monty Mine~~

Monty – Set to Become One of the World’s Highest-Grade Copper Mines

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• New satellite mine located 10km east of DeGrussa

• Now 100%-owned following acquisition of Talisman’s 30% interest

• Mining by underground method to 400m below surface

• Mine Plan: 0.8Mt at 9.4% Cu, 1.5 g/t Au for 74,000t Cu and 38,000oz Au *

• Total underground development advance currently ~4,000m

• First development ore on schedule for December 2018, stope ore from Q3 FY2019

• Excellent exploration potential – developing geological understanding from underground mining

*** Refer SFR ASX release, 27 April 2018, “DeGrussa Mine Plan, Ore Reserve and Mineral Resource Update”**

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DeGrussa Oper ~~ations – Monty Mine~~

Waste Dump, Crushing & Screening Pad

Mine Office

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ROM Pad

Discharge Pond

PAF Runoff Pond

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Laydown Yard

Boxcut

Haul Road

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Financial Perfor ~~mance~~

Cumulative Financial Performance

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Sales Revenue $3.2 BILLION Operating Cash Flow $1.5 BILLION Profits $484 MILLION Dividends 79 CENTS

Record Revenue, Cash-Flow and Dividends in FY2018

Record Revenue, Cash-Flow and Dividends in FY2018
FINANCIAL OVERVIEW: FY 2013 FY 2014 FY 2015 FY2016 FY2017	FY2018 $606.7M $284.6M $123.0M 77.85c $243.4M NIL 27c 27c franked
Revenue $492.8M $529.6M $532.0M $485.8M $532.5M
Operating Cash- flow $272.4M $249.5M $250.1M $166.5M $248.3M*
NPAT $88.0M $78.2M $69.0M $48.0M $77.5M**
Earnings per Share (basic) 57.48c 50.22c 44.18c 30.54c 49.16c
Cash + Deposits $77.1M $57.6M $107.2M $66.2M $126.7M
Debt $285M $160M $120M $50M NIL

*Prior to exploration expenditure

**Attributable to members

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Exploration

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Strong commitment to organic growth through exploration: ~$30 million annual exploration commitment

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Exploration - Do ~~olgunna~~

Sandfire has more than tripled its ground position in the past two years

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• ►Greater Doolgunna region:

• 6,588km[2] including 90km strike length of prospective VMS lithologies

• ►Farm-in deals include:

• ►Alchemy Resources (ASX: ALY) to earn up to 80% interest in ALY Bryah Basin tenements

• ►Auris (ASX: AUR)

• ►Great Western Exploration (ASX: GTE) at North Yerrida

• ►Enterprise Metals (ASX:ENT) to earn up to 75% interest in tenements to the south

Original Tenements: 400km²

Current Landholding: 6,588km²

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Exploration - Do ~~olgunna~~

Doolgunna Exploration – Multi-Pronged and Systematic Approach

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----- Start of picture text -----

22km
90km
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• Exploration continuing as priority along prospective VMS corridor hosting DeGrussa and Monty

• Systematic aircore drilling commenced in May at the Morck Well Project (Auris Farm-in)

• ►Recent drilling intersected narrow zones of sulphide and supergene copper mineralisation

• ►First sulphides to be intersected outside of DeGrussa and Monty *

• ►Deep RC drilling and DHEM surveying underway

Original Tenements: 400km²

Refer ASX releases:

• “Doolgunna Project – Exploration Update” dated 15 May 2018 * “Doolgunna Project – Exploration Update” dated 21 May 2018

• “Doolgunna Project – Exploration Update” dated 25 May 2018

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Exploration – Ea ~~st Coast~~

Targeting world-class discoveries in Australia’s premier exploration provinces

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Northern Territory

• Active drilling by JV partners in Borroloola tenements

Queensland Base Metals

• 2,400km² in Mt Isa-Cloncurry province including 100km strike length with potential for Broken Hill/Cannington-style and IOCG mineralisation

• Key targets include 100%-owned, Strathfield, Breena Plains and Cannington West projects

NSW Base Metals

• 2,100km² in Lachlan Fold Belt with outstanding potential for porphyry mineralisation

• Porphyry centre identified at 100%-owned Temora Project – evaluation of recent drilling at Donnington, Mandamah

Strategy: Acquire the best ground with potential for a significant discovery that can be quickly developed.

• Number of priority gold and base metal targets

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Development – ~~Black Butte Copper Project, USA~~

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• 86% stake in copper development subsidiary Sandfire Resources America Inc. (TSX-V: SFR) – ~A$60M invested to date:

  • Acquisition cost equivalent to ~US$4c/lb of contained copper in resource

• Black Butte: an advanced, high quality copper project in a stable jurisdiction:

  • Mineral Resource: 18Mt at 3.3% Cu, 14g/t Ag, 0.10% Co for 597,000t of copper, 7,980,000oz of silver and 18,000t of cobalt (JORC)*

• One of the top-10 undeveloped copper projects worldwide by grade

• Outstanding near-mine and district-wide exploration potential

• Mine Operating Permit (MOP) for Johnny Lee copper deposit found to be “Complete and Compliant” by Montana Department of Environmental Quality (DEQ) – highly engineered, state-of-the-art underground mine

• Draft Environmental Impact Statement (EIS) expected early Q3 FY2019

• Feasibility Study and metallurgical testwork underway

• Potential to commence development mid CY2019 – anticipated 2-year construction period with operations over 11-14 years

• Refer SFR ASX release, 19 October 2017, “Sandfire Group JORC Mineral Resource and Ore Reserve Statement”.

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► Continued decline in global copper mine reserve grade and steady decline in number of new discoveries

► Supply not able to meet demand over the long run at current prices ► Mine supply growth forecast to slow down after 2020

► Citi estimates only a small fraction of ~35% of potential projects will/can come online over the next decade ► New demand being driven by explosive growth in EV/lithium-ion battery sector and major new infrastructure

BHP predicts that a structural deficit in copper will open in the early 2020s.

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► 84 copper projects analysed which are set to form >75% of the new copper supply in the near future

► Incentive price to bring new projects online has increased dramatically by ~35%

► More than 80% of the unapproved projects we analyse are uneconomic at current prices

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Long term trends in global exploration – are we finding enough metal? – Prof. Richard Schodde

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Important Information and Disclaimer

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.

Currency in AUD unless otherwise stated.

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A standout year Consistent low-cost production, record financial performance, strong outlook

-------------------Thank you.

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