SANDFIRE RESOURCES LIMITED — AGM Information 2022

Nov 29, 2022

2022 Annual General Meeting Presentation Jason Grace, Chief Operating Officer and Acting CEO 30 November 2022

Important Information and Disclaimer

This presentation has been prepared by Sandfire Resources Ltd ( Sandfire or the Company ) and contains information about Sandfire current at the date of this presentation. The presentation is in summary form, has not been independently verified and does not purport to be all inclusive or complete. The Company is not responsible for providing updated information and assumes no responsibility to do so. 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.

Key assumptions

The following assumptions apply to information in this presentation unless otherwise stated.

Currency: unless otherwise stated, all figures are in USD.

Figures, amounts, percentages, estimates, calculations of value and other factors used in this presentation are subject to the effect of rounding.

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.

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.

Forward-Looking Statements

This presentation may include forward-looking statements regarding Sandfire’s Mineral Resources and Reserves, exploration and project development, operations, production rates, life of mine, projected cash flow, capital expenditure, operating costs and other economic performance and financial condition as well as general market outlook. Although Sandfire believes that the expectations reflected in such forward-looking statements are reasonable, such expectations are only predictions and are subject to inherent risks and uncertainties which could cause actual values, results, performance or achievements to differ materially from those expressed, implied or projected in any forward looking statements and no assurance can be given that such expectations will prove to have been correct.

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.

Certain statistical and other information included in this presentation is sourced from publicly available third party sources and has not been independently verified.

This presentation should be read in conjunction with the Company’s other ASX announcements available on our website at www.sandfire.com.au.

This presentation is authorised for market release by Sandfire’s Acting CEO and Chief Operating Officer, Mr Jason Grace.

Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, delays or changes in project development, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in metals prices and exchange rates and business and operational risk management.

Except for statutory liability which cannot be excluded, each of Sandfire, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in these forward-looking statements and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in forward-looking statements or any error or omission. Sandfire undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events other than required by the Corporations Act and ASX Listing Rules. Accordingly, you should not place undue reliance on any forward-looking statement.

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Our Strategy

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Execute Delivery

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Sustain and Grow Our Production Pipeline

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Accelerate Align and Empower Discovery Our People

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Optimise Capital Strategy and Engagement

Our Values

Honesty

Respect

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Collaboration

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Accountability

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Performance

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Delivering sustainable copper production Feeding the global energy transition from a portfolio of high-quality assets

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MATSA Copper Operations, Spain
FY2023G: 60-65kt Cu; 78-83kt Zn
Cu Zn Pb Ag
Producing 4.7Mtpa 12 + years
Near-mine Resource Growth
Iberian Pyrite Belt Exploration
Motheo Copper Operations, Botswana
Peak production: ~55ktpa Cu (DFS)
Cu Ag
Construction 5.2Mtpa 10 + years
A1 Target
Motheo Expansion Exploration
Kalahari Copper Belt Exploration
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Black Butte Copper Project, USA (87%)
LOM Avg Production: 23ktpa Cu
Cu Ag
Feasibility 1.2Mtpa 8+ years
Lowry Deposit
Regional exploration
DeGrussa Copper Operations, Australia
FY2023G: 19-21kt Cu; 12-14koz Au
Cu Au
Producing 1.6Mtpa 31 Jan 2023
DeGrussa Stockpile Processing
Yerrida Regional Exploration
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Status Mine Life

Plant Capacity (Ore Tonnes) Upside Potential

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Executing our strategy Delivering growth

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Indicative Copper Equivalent
Production Profile (ktpa) [(1)(2)]
180
Motheo
150
development
MATSA
acquisition
120
90
60
30
-
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023G 2024F 2025F
Financial Year
DeGrussa MATSA Motheo - T3 Motheo - A4
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Sandfire has successfully repositioned as a diversified, global, multi-asset copper miner

• MATSA operational integration and optimisation, underpinned by updated Ore Reserve and 5-year optimisation plan

• First production from Motheo expected from early in the June Quarter FY2023, with subsequent A4 expansion to 5.2Mtpa

Notes: (1) Combined operating scale based on MATSA FY2023 Guidance, MATSA 3-year outlook for FY2024-25, and Motheo DFS indicative production profile based on the outcomes of the 5 5.2Mtpa Expansion Case DFS in ASX release titled ‘5.2Mtpa Motheo Copper Project Expansion DFS’; (2) Forecast equivalences based on commodity spot prices as at 16 November of US$8,315/t Cu, US$3,087/t Zn, US$2,209/t Pb, US$1,773/oz Au and US$22.0/oz Ag. Historical based on actual achieved prices.

Robust long-term copper outlook Copper is one of the most widely used minerals in clean energy technologies

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Cornerstone future-facing metals for the global energy transition, driving copper demand globally

Long term market dynamics support strong prices, despite the recent market volatility

Mined supply forecast to peak in 2024, with sustained deficits to follow beyond 2026

Long development lead times and lack of greenfield discoveries exacerbating copper scarcity

Declining ore quality and grade in new discoveries causing upward pressure on costs

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Growing role for copper in clean energy [(1)]
Global refined copper usage, Mt
60
40
20
0
2021 2025 2030 2035 2040 2045 2050
T&D Auto and charging Solar PV Wind Battery storage Other power Non-energy transition
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Mt Major copper discovery drought continues [(2)] US$M
150 5,000
4,000
100
3,000
2,000
50
1,000
0 0
1990 1995 2000 2005 2010 2015 2020
Copper in reserves, resources and past production (Mt) Copper exploration budgets ($M)
Projected new copper from major discoveries (Mt)
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Notes: (1) Based on S&P Global’s Multitech Mitigation scenario. US values are adjusted to align with Biden administration's net-zero ambitions. T&D = transmission and distribution, PV= photovoltaics, other power includes conventional generation (coal, gas, oil and nuclear), geothermal, biomass, waste, concentrated solar power and tidal; (2) S&P Global Market Intelligence.

Operations Review and Outlook

Group Performance Snapshot FY2022 Operating and Financial Highlights

In US$

Acquired the Production Financial world-class growth results FY2022: MATSA Copper FY2022: $922.7M Operations 98,367t Copper Sales revenue New cornerstone 38,907t Zinc 59% long-life asset, Operations 4,102t Lead now fully EBITDA Margin 32,285oz Gold integrated into $447.3M our business ~1.5Moz Silver Group Contained metal EBITDA

Financial results FY2022:

Delivering a major new copper mine in Botswana

Development of Motheo Copper Mine (3.2Mtpa) on track for first production in June 2023 Quarter

Expansion pathway to 5.2Mtpa confirmed

Global opportunities for near-mine extensions and new discoveries

Across worldclass, underexplored copper belts

People, culture, values and sustainability

Strengthened Board and senior leadership team

ESG performance

Note: References to operating and financial results relate to the 12-month period ending 30 June 2022 and include the 5- month result for the MATSA Copper Operations, being the period of Sandfire’s ownership during the 2022 financial year.

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FY2023 Group Guidance

In US$

Production: FY2023 C1 unit costs: 83-91kt[~95%] Cu ~$1.72/lb Cu 78-83kt[~84%] Zn Payable 6-10kt[~90%] Pb 12-14koz[~90%] Au

2.2-3.2Moz[~61% ] Ag Contained

metal[payable%]

Mine development Exploration, evaluation $80-95M and studies Motheo construction $35-40M and development $200-210M Corporate costs: Sustaining and strategic Corporate and $40-50M

Corporate costs: Corporate and Business Development ~$30M

MATSA D+A ~$250M

DeGrussa D+A ~$16M

D+A inclusive of acquisition and ongoing mine development capital.

Group production includes MATSA (12 months), DeGrussa (7 months) and Motheo (June Qtr commissioning) Operations.

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Financial Position Capital Management

In US$

Dividends paused

• Focus on period of transformative growth and balance sheet transition

• US$42.4M dividends paid out during FY2022 (FY2021 Final and FY2022 Interim dividend payments)

Capital management focus

• Project finance facilities and cash contributions to support 3.2Mtpa development and expansion to 5.2Mtpa at the Motheo Copper Project

• MATSA acquisition debt repayment profile (balance sheet deleveraging with debt reduction of $US198M scheduled during FY2023 and further into FY2024)

• DeGrussa closure, working capital clearance and FY2022 taxation payments of ~US$70M

November 2022 Equity Raise

Entitlement Offer proceeds will primarily be used to:

• Strengthen the balance sheet, provide working capital and enhanced financial flexibility

• Progress strategic growth initiatives including the MATSA mine extension drilling and Motheo A4 progress

• Repayment of Corporate Facility

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FY2022 Health and Safety Snapshot

The safety, health and wellbeing of our people is integral to our success

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Total Recordable Injury Frequency Rate (TRIFR) of 3.8 at year-end

MATSA integration

Underpinned by a safety improvement plan, our integration activities have focused on improved safety culture.

Continued focus on employee and contractor health and wellbeing during the COVID-19 pandemic and response.

Limited impacts on operations and construction to date.

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Sustainability Our ESG Pillars

Our ESG Pillars describe the ESG areas that are key drivers for our sustainability outcomes.

The ESG Pillars are structured to recognise the different social, community and operational contexts within which we operate.

The six pillars are supported throughout by Strong Systems which is a key aspect of our business-wide approach to effective governance.

During the 2022 reporting year, significant focus was placed on the development of critical emission reduction targets for the business. As a result, we announced the first of our new ESG Goals:

• A commitment to a company-wide net zero by 2050 target, covering Scope 1 and 2 emissions for all sites under operational control.

• A commitment to an interim company-wide renewable electricity target of 50% reduction by 2030.

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FY2022 ESG Snapshot

Sandfire responsibly produces the minerals required for the world to decarbonise

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We continued to

operate the DeGrussa Solar Facility at maximum efficiency, TBA saving 14,117t of CO2-e through solar use in Australia.

We explored green energy options at Motheo and MATSA.

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MATSA’s Mining Water Living Lab Project commenced with the aim of researching and developing innovative water treatment solutions , to promote the recovery and reuse of water in the mining industry.

Sandfire completed a desktop study to identify agronomic feasibility and economic viability of TBA agricultural business options utilising excess land and water at Motheo. Engagement with stakeholders has commenced.

We continued to create value:

$73.0M TBA spent on employee wages $700k spent on community development programs

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Motheo Copper Mine

• T3 Deposit Development

• • A4 Deposit Expansion Project

Exploration

• Motheo Expansion Project

• • Kalahari Copper Belt tenure

Motheo Copper Project Building a world-class copper mine

Development of the 3.2Mtpa Motheo Copper Mine is proceeding on time with first production scheduled from early in the June Quarter of FY2023

• Construction activities well advanced

• Over 1,800 personnel currently on site

• First concentrate scheduled for early in the June Quarter of FY2023

5.2Mtpa Motheo Expansion Case Definitive Feasibility Study (DFS)

• Positive DFS confirms strong business case for development of the A4 Deposit as part of an expanded 5.2Mtpa Motheo Production Hub

• Outstanding project economics: pretax NPV7% of US$548M and IRR of 29%

• 10-year mine life, peak production of 55ktpa

Sandfire is funding the development of the Motheo Copper Mine through a combination of cash and project debt

• US$140M Project Finance Facility executed with Société Générale and Nedbank

• Facility based on

• 3.2Mtpa development, with integration of the 5.2Mtpa Motheo Expansion Case DFS scheduled following grant of the A4 Deposit Mining Licence

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Motheo Copper Mine Development and Construction Pictorial Update

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Stage 1 T3 Open Pit development

TSF Area

• Mining progressing on schedule

• TSF Earthworks complete

• Interim sumps constructed to hold mine water until plant commences

• Liner and drainage works progressing

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Motheo Copper Mine Development and Construction Pictorial Update

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Motheo Process Plant area

ROM Pad Area

• Process Plant ~500 construction workforce

• Primary Crusher build nearing completion

• SAG Mill install progressed.

• First ore on ROM Pad

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Motheo Copper Mine Development and Construction Pictorial Update

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Motheo Mine Village

• 752 rooms completed and in use

• Village buildings all completed and landscaping continuing

• Pictured - Mine Village gym and pool

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Key Takeaways

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Strong growth platform

Copper-dominant mining operations generating strong operating cash-flows

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Global vision

Our transformation into a diversified, international and sustainable copper mining company

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New Production Hubs

Group production from the MATSA Copper Operations in Spain

First production from the Motheo Copper Mine in Botswana scheduled from early Q4 FY2023

Strong Pipeline

High quality development opportunities and a global exploration portfolio in Tier-1 jurisdictions

Global exploration push

Refreshed and focused

An international team strongly aligned with our growth objectives

Succession at Board and Executive levels, key operations leadership teams in place

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Contact Details

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+61 8 6430 3800

+61 8 6430 3849

www.sandfire.com.au Corporate Head Office Level 2, 10 Kings Park Road West Perth WA 6005 Australia PO Box 1495 West Perth WA6872 Australia