SANDFIRE RESOURCES LIMITED — AGM Information 2023

Nov 28, 2023

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29 November 2023

2023 Annual General Meeting Chair and CEO Address

Sandfire Resources Limited ( Sandfire or the Company ), in accordance with ASX Listing Rule 3.13.3, today releases the addresses to shareholders to be given by the Chair and the Chief Executive Officer at Sandfire’s hybrid Annual General Meeting.

A webcast of the Annual General Meeting will be available to view live via the following link https://us02web.zoom.us/webinar/register/WN_qFvbsoxtT1ymo0PEJCjI6Q. A recording of the session will be made available on the Sandfire website following its completion.

Highlights

Mr John Richards, Chair, Sandfire Resources Limited said:

“2023 was a successful year for Sandfire as the company continued its transformation into a global copper producer of increasing significance. Importantly, during this period of growth Sandfire achieved a record low TRIF of 1.6 for the year.“

“At last year’s AGM, we announced the appointment of Brendan Harris as CEO and Managing Director and were thrilled to officially welcome him to the Company in April. Brendan brings a broad range of leadership, commercial and technical skills to Sandfire and has already made a positive impact on the Company.”

“Leading up to our AGM, Jenn Morris and I engaged with many of our shareholders and we received positive feedback on the direction of the company, our recent performance and our business strategy.”

“We also appreciated the feedback received in relation to Sandfire’s historical remuneration decisions and we have responded. Our significantly enhanced, modern remuneration framework, that extends across the core elements of base pay, STI and LTI, creates the sustainable and robust platform we need. You can be sure that your Board will apply this framework consistently and in a disciplined way into the future.”

Mr Brendan Harris, CEO & Managing Director, Sandfire Resources Limited, said:

“A safe business is a productive business and I’m pleased to confirm we have achieved a further improvement in our TRIF to 1.2 at the end of September. We’re performing well more broadly and remain on track to deliver Group production, cost and capital expenditure guidance for FY24.”

“Our newest mine, Motheo is going from strength to strength. Having proven the processing plant’s initial design capacity of 3.2Mtpa in its first full quarter of operation, we can confirm that Motheo has been regularly operating in excess of this rate through the month of October. With the successful installation and recent commissioning of additional filtration capacity, we have also started to draw down unfiltered concentrate stock.”

Sandfire Resources Ltd Level 2, 10 Kings Park Road West Perth WA 6005 Australia ABN 55 105 154 185

PO Box 1495 West Perth WA 6872 www.sandfire.com.au

T +61 8 6430 3800 F +61 8 6430 3849 E admin@sandfire.com.au

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“The rapid and low cost expansion project designed to take Motheo’s processing capacity to 5.2Mtpa is also on track with wet commissioning of the new ball mill scheduled to commence in December. We plan to ramp-up production to this expanded rate through the March quarter and the A4 deposit remains on track to contribute higher grade ore from the September quarter. Motheo is well placed to be a low cost, highly cash generative operation for our shareholders for many years to come.”

“We’re also seeing promising results at MATSA, including the improvement in consistency and predictability we’ve been striving for. In the September quarter we achieved annualised mining and processing rates of 4.6Mt and 4.5Mt, respectively, as we started to build additional surface stocks, supporting better processing performance and copper recoveries overall. With access to 100% carbon emissions free power and by-products of zinc, lead and silver, MATSA is well positioned to thrive in the metal’s intensive world we see evolving into the future.”

“DeGrussa has been a tremendous asset for Sandfire across much of the last decade. We seamlessly transitioned the operation into care and maintenance during the latter part of FY23, and have since determined that a discrete asset sales process is likely to deliver the best result for our shareholders, as opposed to a full divestment.

“We are firm believers in the multi-decade, electrification thematic that is in its infancy and this structural shift in the global economy underpins the strong long term outlook for copper. We are ideally placed given our strategic operating position in two highly prospective copper belts and with continued success at Motheo, we are primed to deliver more than 50% growth in copper equivalent production from our continuing operations across the two years to the end of FY25.”

For further information, please contact:

Investors Media Ben Crowley Peter Kermode Head of Investor Relations Cannings Purple Office: +61 8 6430 3800 T: +61 411 209 459

This announcement is authorised for release by Sandfire’s CEO and Managing Director, Brendan Harris.

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Address by John Richards, Chair, Sandfire Resources Limited

On behalf of the Board and management team, I’d like to welcome you to the 2023 Annual General Meeting of Shareholders for Sandfire Resources. My name is John Richards and I am the Chair of Sandfire.

I’d like to acknowledge the traditional custodians of the land on which we meet, the Wudjuk people of the Noongar nation, as well as the First Nations peoples of the lands on which Sandfire conducts its business.

I have been advised that a quorum is present and declare the meeting open. To those of you watching and listening online, thank you for joining us.

I would like to introduce the other members of the Board who are all in attendance at the meeting. From my right:

• Brendan Harris, our CEO and Managing Director,

• Jenn Morris (who is standing for re-election). Jenn is Chair of the People & Performance Committee,

• Paul Harvey (who joined us recently and is standing for election),

• Sally Langer. Sally is Chair of the Audit & Finance Committee,

• Rob Edwards. Rob is Chair of the Risk & Sustainability Committee, and

• • Sally Martin.

And, on my left, the Company Secretary, Sophie Raven.

There are also a number of the Company’s advisors attending our meeting today and I welcome in particular David Newman and Angela McIlroy from Deloitte, the Company’s auditors, who will be available to answer questions at the appropriate time.

I will now deliver my address and this will be followed by a presentation by our CEO and Managing Director, Brendan Harris.

2023 was a successful year, where the company continued its transformation into a global copper producer of increasing significance. Importantly during this period of growth, Sandfire achieved a record low TRIF of 1.6 for the year. Safety is fundamental for Sandfire and our continued focus on the safety and wellbeing of our people is at the forefront of our business values and strategies.

We continued to establish the foundations for more consistent and predictable performance at our cornerstone asset, MATSA. We constructed and commissioned our Motheo copper operations in Botswana and we wound up mining and processing at our legacy asset, the DeGrussa Copper Mine in Western Australia. The seamless and safe transition into care and maintenance during the latter part of FY23 would not have been possible without the dedication and efforts of our Sandfire team.

Our geology teams also discovered the mineralised Olivo and San Pedro zones at MATSA and the A1 deposit at Motheo.

At last year’s AGM, we announced the appointment of Brendan Harris to CEO and Managing Director and were thrilled to officially welcome him to the Company in April. Brendan brings a broad range of leadership, commercial and technical skills to Sandfire as well as experience in managing diversified international mining operations. Brendan has already made a positive impact to the Company.

Guided by our new shared Purpose – we mine copper sustainably to energise the future – Brendan has worked with the Board and leadership team to sharpen the Company’s focus and further refine our strategy to deliver safe, consistent, and predictable performance as we look to unlock the strategic value of our processing hubs and broader landholdings.

To deliver that refined strategy, Brendan has built an executive leadership team with a breadth of multicommodity and international experience that is well placed to guide Sandfire through its next phase of development. We are committed to building a diverse and inclusive culture which enables everyone to achieve their full potential and want to be judged by our actions in doing that.

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Eighteen months ago, we had an executive team of three men: the CEO, CFO and COO. Under Brendan’s leadership the team has expanded to a larger highly skilled, more focused and diverse team of seven where three members are female. Our Board also includes three women making up 42% of Directors.

In September, we welcomed Paul Harvey as a new non-executive director following a formal recruitment process. Paul is an experienced resources executive, with operational and projects leadership built from over 35 years’ global experience in the resources sector. His appointment followed the retirement of Roric Smith at the end of June. Roric made a major contribution to Sandfire and continues to provide guidance to our exploration team.

I would like to take a moment to also recognise and thank our Chief Operating Officer, Jason Grace, who filled the role of Acting CEO from October 2022 until Brendan’s commencement and was pivotal in delivering the on-time commissioning of the Motheo operations.

Sandfire reported a robust operating performance in FY23, with group copper-equivalent production of 132kt and underlying Group EBITDA of $259M at an operating margin of 32%. Brendan will shortly provide a more detailed financial and operating results summary.

The Board is also pleased with the progress that has been made on our response to climate change and we are in a strong position to achieve our new interim, company-wide target whereby we will reduce absolute emissions by 35% by FY35, from our FY24 baseline that includes Motheo. This interim target, coupled with our commitment to have 50% of our electricity needs being met by renewable sources by 2030, places our business firmly on a path towards achieving net zero emissions.

Brendan will provide more detail, but it is pleasing that our outlook for the current financial year sees Group copper equivalent production increasing by 10 per cent with the ramp-up of Motheo to more than compensate for the loss of production from DeGrussa.

With respect to Resolution 1 (the non-binding resolution to approve the Remuneration Report), 35.43% of the proxy votes received have been cast against that Resolution. If following the vote on Resolution 1 on a poll at this meeting, at least 25% of the votes cast on this Resolution are voted against the adoption of the Remuneration Report, then this vote constitutes a ‘first strike’ under section 250U of the Corporations Act 2001 (Cth).

Leading up to this meeting, Jenn Morris as Chair of the People & Performance Committee and I have engaged with many of our shareholders. During this engagement we received positive feedback on the direction of the company, our recent performance, business strategy and recent changes made to our remuneration framework.

We also appreciate the feedback received in relation to Sandfire’s historical remuneration decisions. We’ve heard your concerns and we’re responding. We’ve taken steps to address legacy issues while maintaining a reward framework which attracts and retains the talent required to run the business safely and deliver value in the longer-term.

This significantly enhanced, modern remuneration framework, that extends across the core elements of base pay, STI and LTI, creates the sustainable and robust platform we need. You can be sure that your Board will apply this framework consistently and in a disciplined way into the future. I’d like to thank my fellow Directors for their continued dedication and passion for Sandfire. Yours is a Board where the Directors are fully engaged and apply their experience in support of management.

On behalf of the Board, I would also like to thank the entire Sandfire team for their contributions to the Company and acknowledge the great work of the executive team.

My recent visit to our Motheo operations was a particularly inspiring experience. I had the pleasure of meeting team members and hearing about the positive impact the mine is having on individuals as well as the broader community.

To you as shareholders, thank you for your ongoing support.

I will now pass over to Brendan, for a summary of operations and financial results, before the official proceedings of the AGM.

Thank you.

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Address by Brendan Harris, CEO and Managing Director, Sandfire Resources Limited

Thanks John. Good morning to everyone here with us in Perth today and to those online. It’s a privilege to be here with you at my first AGM, as Sandfire’s CEO and Managing Director.

It’s an exciting time to be leading Sandfire, as we grow internationally to become a global copper producer of significance.

Since joining the team in April I’ve visited our copper operations and projects in Spain, Botswana and the USA and I’ve been particularly impressed by the capability of our people, their commitment to our Values and their pride in our Company. This has filled me with even greater confidence that we will deliver for our communities, host governments and shareholders in the short, medium and longer term.

To further establish the platform from which we can grow and prosper, we worked with our people through the second half of FY23 to co-create a shared belief in a new aspirational purpose. A shared purpose we can all relate to. We mine copper sustainably to energise the future. It builds on our successes of the past, reflects who we are today and what we want to achieve in the future.

We’ve also established a new Executive Team. Please stand as I introduce you in alphabetical order.

• Cath Bozanich, our new Chief Sustainability Officer

• Scott Browne, our Chief People Officer

• Jason Grace, our Chief Operating Officer

• Richard Holmes, our Chief Development Officer

• Megan Jansen, our new Chief Financial Officer

• Victoria Twiss, our new Chief Legal and Compliance Officer

Like me, I know they are looking forward to speaking with our shareholders after the meeting.

Of course, a safe business is a productive business and I’m pleased to confirm that we have achieved a further improvement in our TRIF to 1.2 at the end of September. These outcomes are a function of hard work and our team’s strong safety mindset, knowing we can never be complacent as we instil our ‘Don’t Walk Past’ operating philosophy and enhanced system of risk management and control that our growing business demands. Nothing is more important than the safety of our people.

To be truly successful in the longer term our workforce must reflect the communities we live and work in. With the changes I referred to earlier, I’m pleased to say over 40 per cent of our executive team is female. This is the same for our Board and we firmly believe this level of female representation is not only achievable for our broader business but vital if we are to attract and develop talent so we can achieve our true potential.

As a growing copper producer that believes in the fundamental need to electrify and decarbonise the global economy, we also recognise the need to further decarbonise our own business. Following the major step we took this past year when we secured green, carbon emissions free energy for all of MATSA’s power requirements, we subsequently announced our carbon abatement roadmap and new interim target to reduce Scope 1 and 2 carbon emissions by 35 per cent by 2035, from our FY24 baseline. This is the smart thing to do and the right thing to do as we chart a course toward net zero by 2050.

Reflecting on our financial performance across FY23, we generated underlying EBITDA of $259M on underlying revenue of $797M for an operating margin of 32 percent. From there, our still elevated depreciation and amortisation expense of $270M, that reflects the recent acquisition of MATSA and primarily its known reserves, and our underlying financing expense of $45M, led to an Underlying loss of $45M. With continued investment in the future growth of our business, we held $113M in cash at the end of September for Net debt of $454M.

Looking ahead, we’re performing well and I can confirm we’re on track to deliver Group production, cost and capital expenditure guidance for FY24. The 17 percent increase in Group copper equivalent production reported in the September quarter has laid the foundation as Motheo achieved commercial production within 45 days of the commencement of commissioning activities. A truly remarkable outcome.

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Motheo, is going from strength to strength. Having proven the processing plant’s initial design capacity of 3.2Mtpa in its first full quarter of operation, I can now confirm that Motheo has been regularly operating in excess of this rate through the month of October. With the successful installation and commissioning of additional filtration capacity, we have also started to draw down unfiltered concentrate stocks.

The rapid and low cost expansion project designed to take Motheo’s capacity to 5.2Mtpa is also on track with wet commissioning of the new ball mill to commence in December. We plan to ramp-up plant throughput to this expanded rate through the March quarter before testing the operation’s longer term potential.

And of course, we are yet to see the benefit of the higher grade ore that the A4 open pit will provide from the September 2024 quarter with pre-strip activities now underway, as planned. There’s no doubt in my mind that Motheo will be a low cost and highly cash generative operation for our shareholders for many years to come.

Turning to MATSA, we reset and refocused our approach in the second half of FY23 and we are now starting to see promising results, including the improvement in consistency and predictability we’ve been striving for. In the September quarter we achieved annualised mining and processing rates 4.6Mt and 4.5Mt, respectively, as we started to build additional stock on the RoM pad, supporting better performance and recoveries in the float cells. With its access to 100 percent green carbon emissions free power and by-products of zinc, lead and silver, MATSA is well positioned to thrive in the metal’s intensive world we see evolving in the future.

These two high quality operations establish our strategic position in two of the most prospective and relatively under-explored copper provinces in the world, being the Iberian Pryrite Belt and Kalahari Copper Belt. As we speak, our team is developing a multi-year plan designed to materially increase the life of these businesses, leveraging recent discoveries at San Pedro and Olivo at MATSA, and A1 at Motheo. This is some of the most value adding and highest returning work we can do for our shareholders, given our ownership of two well capitalised, modern processing hubs that provide us with a distinct competitive advantage in these regions.

To round this out, at Sandfire America’s Black Butte Project, we continue to make good progress on the mining study for the Lowry deposit and we’re set to test a high grade extension at Johnny Lee across the remainder of FY24. Together, these programs should position us to take an investment decision on Black Butte in the next ~24 months.

None of this would have been possible without DeGrussa, which has been a tremendous asset for Sandfire across much of the last decade. We seamlessly transitioned the operation to care and maintenance during the latter part of FY23, and have since determined that a discrete asset sales process is likely to deliver the best result for our shareholders, as opposed to a full divestment. This also means we will remain a committed partner in the Meekatharra district as we carefully complete the requisite closure and rehabilitation activities in the years to come.

I’d like to take this opportunity to thank the incredibly dedicated team at DeGrussa for their invaluable contribution to the past, present and future of Sandfire.

To summarise, we are firm believers in the multi-decade electrification thematic that is in its infancy and this structural shift in the global economy underpins the strong, long term outlook for copper. We are ideally placed given our strategic operating position in two highly prospective copper belts and with continued success at Motheo, we are primed to deliver more than 50% growth in copper equivalent production from our continuing operations across the two years to the end of FY25.

As a relatively new member of the Sandfire team, I’m convinced there is no better place to be and I am honoured to be leading our team through this exciting period.

To our valued shareholders, thank you for your support and for joining us today, and a sincere thank you to my fellow Directors and Sandfire colleagues for your dedication and commitment as we strive to create that unbeatable team.

Thanks John, back to you.

- ENDS -

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Forward-Looking Statements

Certain statements made during or in connection with this release contain or comprise certain 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.

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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