A Transformational Year

2021 Annual General Meeting Presentation Karl Simich, MD & CEO

26 November 2021

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 (unless 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 Ltd (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 and 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 obligation 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 independently 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 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.

Not investment advice

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.

Disclaimer

To the fullest extent permitted by law, Sandfire, its related bodies corporate, and each of their officers, employees, agents and 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 can 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 other similar expressions within the meaning of securities laws of applicable jurisdictions. Forward-looking statements include, but are not limited to, statements about the completion of the MATSA transaction, statements about the future performance of SFR and MATSA 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 performance 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 and contingencies 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 contained 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 elements 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 important 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 Presentation 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 obligation 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 this Presentation.

Limitation on information provided by Vendors

All information in this Presentation relating to MATSA, including in relation to historical production, historical costs, and other historic financial information has been sourced from the Vendors. SFR has conducted due diligence in relation to MATSA and the MATSA Mining Complex, but has not independently verified all such information and, to the maximum extent permitted by law, makes 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.

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 with the 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 comply 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 not 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 modernise the 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 registrants 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 closely 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 mineral 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 cautioned 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 by companies 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 releases 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 original 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 forecasts. 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 the effect of rounding.

Sandfire

Strong alignment of Purpose, Vision and Strategy Our strategic

Creating value through opportunity

For:

Our shareholders
Our employees
Our communities
Our customers
Our suppliers and partners
Innovation across industry

To build an international diversified and sustainable mining company

imperatives

Execute Delivery
Build a Sustainable Production Pipeline
Accelerate Discovery
Align and Empower Our People
Optimise Capital Strategy and Engagement

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

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

Copper

A cornerstone "future-facing" metal for the global energy transition

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

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 is expected to complete the acquisition in the March 2022 quarter; (2) Shown on an attributable basis; (3) LOM average of 55ktpa. 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 based on realised pricing for actuals and broker consensus forecast pricing, consisting of long-term real prices detailed on page 3; (8) USA and Botswana Development Projects Update (ASX Release 28 October 2020).

DeGrussa Operations

Foundation of our success over the past decade

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)

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

Doolgunna

Dual-track exploration strategy

Copper Exploration Pipeline Gold Processing Pipeline

Kalahari

Motheo Copper Mine opens an exciting new growth horizon

Expansion PFS

ESTIMATES (SEPTEMBER 2021)

PEAK PRODUCTION OF 60,000 TONNES OF CONTAINED COPPER AND

2.7 million OUNCES OF SILVER PER ANNUM

-MINE REVENUE

US$1.24 billion *

IN PRE -TAX FREE CASH -FLOW

C1 CASH COST IN FIRST 10 YEARS OF OPERATIONS

US$366 million

CAPITAL COST INCLUDING CONTINGENCY

FIRST CONCENTRATE PRODUCTION (Base Case)

Q1 FY2025

FIRST CONCENTRATE PRODUCTION (Expansion)

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

Kalahari Copper Belt

Consolidation of our dominant position

MATSA

World-class VMS mine with exceptional growth potential and upside

(~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

1 st quartile

C1 CASH COSTS

12 years MINE LIFE BASED ON RESOURCES

36Mt GRADING 3.1% CuEq IN

RESERVES

122Mt

GRADING 3.2% CuEq IN RESOURCES

MATSA - 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 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 ~2,450km2 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

Notes: (1) Based on an AUD/USD exchange rate of 0.725; (2) Based on DeGrussa guidance and MATSA guidance assuming full year of production for illustration purposes – Sandfire is expected to complete the acquisition in the March 2022 quarter; (3) Based on realised pricing for actuals and broker consensus forecast pricing detailed on page 3.

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 realise these opportunities and continue to grow MATSA as Sandfire's cornerstone asset

Stage	Phase 1 (Day 1 –1 Year)	Phase 2 (2 -5 Years)	Phase 3 (5+ Years)
Objectives	✓Finalise the Transaction•	✓Maximise existing processing hub•	✓Iberian Pyrite Belt•opportunities
	✓Operational integration•	✓Evaluate expansion beyond 5Mtpa•	✓Portugal hub•
	✓Optimise & implement 5-year plan•	✓Continued regional exploration•
Outcomes	Integration and sustain annual production of 100-120ktpa CuEq	Pathway to >120ktpa CuEq	Additional regional hubs

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

Competent Person's Statements

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 (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 Organisation' ("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 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 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 time 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' experience 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 the 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 who 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 under 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 Fitzsimons 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 who 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 under 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 Fitzsimons 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 Reserve 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 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 Browne consents 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 supporting 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 relevant 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 Exploration 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.

Contact Details

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