SANDFIRE RESOURCES LIMITED — Capital/Financing Update 2016

Jan 19, 2016

F o c u s e d A u s t r a l i a n M i n e r a l E x p lo r a t i o n C o m p a n y

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20[th ] January 2016

LATEST DRILLING AT MONTY RETURNS GRADES OF UP TO 36% COPPER, EXTENDING HIGH-GRADE BORNITE ZONE

COMPANY SNAPSHOT

Board of Directors

Alan Senior Non-Executive Chairman Gary Lethridge Managing Director

New results from resource drilling include an exceptional intersection of 14.9m grading 36.7% copper within a broader intercept of 25.8m grading 24.1% copper

Brian Dawes Non-Executive Director

Highlights

Karen Gadsby Non-Executive Director

• The high-grade Monty copper-gold discovery continues to emerge as a significant discovery, with the latest drilling returning spectacular results.

Contact Details

Telephone: +61 8 9380 4230

Facsimile: + 61 8 9382 8200

Email:

info@talismanmining.com.au

Website:

www.talismanmining.com.au

Capital Structure

• The latest hits of up to 36% copper extend the known mineralisation within the exceptionally high-grade bornite zone significantly both up-dip and along strike.

• Significant new intercepts in the interpreted bornite zone include (down-hole widths, not true widths):

TLDD0061

• 25.8 metres grading 24.1% Cu and 0.5g/t Au from 299.0m down-hole, Including 14.9 metres grading 36.7% Cu and 0.4g/t Au from 309.0m down-hole.

TLDD0036

• 9.6 metres grading 14.1% Cu and 1.5g/t Au from 292.3m down-hole

Shares on Issue: 148,559,904 (TLM)

Options on Issue: 6,400,000 (Unlisted)

• TLDD0061 has extended the bornite zone ~22 metres up-dip from the previously reported intercept in TLDD0026 (21.6m at 34.4% Cu and 0.4g/t Au), while TLDD0036 has extended it ~43 metres to the north-east along strike from TLDD0026.

ASX: TLM

• Drilling continues to support initial interpretations of the Monty mineralisation with the overall program on track to generate a maiden JORC resource estimate by the end of the March 2016 Quarter.

• Other significant new intercepts from recent in-fill drilling targeting the lower massive sulphide zone include:

TLDD0040

• 5.0 metres grading 9.8% Cu and 2.9g/t Au from 334.7m downhole

TLDD0042

• 20.8 metres grading 14.9% Cu and 1.3g/t Au from 372.7m down-hole

TLDD0043

• 11.3 metres grading 6.7% Cu and 2.9g/t Au from 392.2m down-hole

TLDD0046

• 13.9 metres grading 7.2% Cu and 2.3g/t Au from 332.7m downhole

• Drilling of the Homer Trend has re-commenced with an initial diamond hole completed targeting the C5 host stratigraphic horizon along strike from DeGrussa.

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Monty Update

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Talisman Mining Limited (ASX: TLM) is pleased to provide an update on resource drilling and exploration activities being conducted by its joint venture partner, Sandfire Resources NL (ASX: SFR; “Sandfire”), at the Springfield Project in WA including latest results from the Monty copper-gold discovery, located 10km east of Sandfire’s DeGrussa Copper-Gold Mine.

The latest information provided by Sandfire includes significant new thick high-grade intercepts which have extended the previously identified bornite-rich zone both up-dip and along strike, as well as further high-grade results from ongoing in-fill drilling targeting the lower massive sulphide zone.

Talisman considers the latest results to be extremely encouraging, reinforcing the significance of the Monty discovery as one of the most important new high-grade copper discoveries in Australia.

The collar locations of holes drilled to date by Sandfire for which assay results have been received are shown in the plan view diagram below ( see Figure 1 ) and in Table 1 .

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Figure 1: Plan view of Monty showing drill-hole collar locations of holes drilled to date for which assay results have been received and simplified interpreted geology .

Monty Resource Definition Drilling Update

Sandfire has advised that diamond drilling resumed at Monty in early January and is continuing with four diamond drill rigs operating on a double shift basis and one Reverse Circulation drill rig operating on a single shift.

Since the last Monty exploration update ( see Talisman ASX Announcement – 17 December 2015 Monty Exploration Update ), approximately 4,310m of drilling has been completed. This drilling has focused on resource definition within the lower massive sulphide zone to generate sufficient information to support an initial mineral resource estimate for Monty, which Talisman understands to be on track to be completed by the end of the March 2016 Quarter.

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Monty Update

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As noted in the ASX release on 17 December a back log had developed with respect to the processing and dispatch of diamond drill core from Monty to the assay laboratory for analysis as a result of the accelerated resource definition drilling in the last quarter of the 2015 calendar year. As such there were a significant number of assay results for recently completed holes that remained outstanding at that time. Since December 2015 substantial progress has been made in clearing this backlog, however with the level of drilling activity taking place at Monty a number of results remain pending.

Significant Extensions of Mineralisation to Monty Bornite Zone

Of particular note are drill holes TLDD0061 and TLDD0036, which have intersected massive sulphides containing bornite mineralisation both up-dip and along strike from the previously reported high-grade borniterich intersections in TLDD0026 (7.3m grading 6.2% Cu and 2.8g/t Au from 325.6m down-hole and 21.6m grading 34.4% Cu and 0.4g/t Au from 339.4m down-hole).

TLDD0061 , which is located approximately 22 metres up-dip of TLDD0026, reflecting an apparent flattening of the dip of the mineralisation in this area, has returned the following intersections:

• 1.6 metres grading 7.9% Cu and 2.5g/t Au from 227.0m – 228.6m (down-hole width, top of intercept is 199m vertically below surface);

• 1.5 metres grading 7.2% Cu and 0.2g/t Au from 231.0m – 232.5m (down-hole width, top of intercept is 202m vertically below surface);

• 1.4 metres grading 3.5% Cu and 0.1g/t Au from 273.6m – 275.0m

• (down-hole width, top of intercept is 241m vertically below surface); and

• 25.8 metres grading 24.1% Cu and 0.5g/t Au from 299.0m – 324.8m

• (down-hole width, top of intercept is 263m vertically below surface), including:

• 14.9 metres grading 36.7% Cu and 0.4g/t Au from 309.0m – 323.9m, including a bornite rich zone containing :

• 8.5 metres grading 41.8% Cu and 0.5 g/t Au from 315.4m – 327.9m .

TLDD0036 , which is located approximately 43 metres to the north-east along strike from the TLDD0026, returned the following intersections:

• 1.1 metres grading 3.8% Cu and 0.7g/t Au from 260.3m – 261.4m (down-hole width, top of intercept is 231m vertically below surface);

• 9.6 metres grading 14.1% Cu and 1.5g/t Au from 292.3m – 301.9m (down-hole width, top of intercept is 258m vertically below surface);

• 1.1 metres grading 1.2% Cu and 0.4g/t Au from 305.4m – 306.5m (down-hole width, top of intercept is 269m vertically below surface);

• 3.9 metres grading 5.6% Cu and 1.4g/t Au from 312.2m – 316.1m

• (down-hole width, top of intercept is 275m vertically below surface); including a bornite rich zone containing:

  • 0.4 metres grading 38.1% Cu and 0.2g/t Au from 315.1m – 315.5m; and

• 0.6 metres grading 1.8% Cu and 0.3g/t Au from 320.0m – 320.6m (down-hole width, top of intercept is 282m vertically below surface).

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Monty Update

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The interpreted bornite zone identified in three drillholes to date is a sub zone of the Monty Lower mineralisation that contains both Bornite and Chalcopyrite sulphide mineral species. The recent results add significantly to the potential for the Bornite Zone to represent a significant zone of exceptionally high grade copper mineralisation.

Other Significant Results - Lower Massive Sulphide Zone

A number of significant intercepts continue to be generated by the resource in-fill drilling program, with some of the more notable recent assays including:

TLDD0040 5.0 metres grading 9.8% Cu and 2.9g/t Au from 334.7m – 339.7m (down-hole width, top of intercept is 298m vertically below surface); TLDD0042 20.8 metres grading 14.9% Cu and 1.3g/t Au from 372.7m – 393.5m (down-hole width, top of intercept is 314m vertically below surface); TLDD0043 11.3 metres grading 6.7% Cu and 2.9g/t Au from 392.2m – 403.5m (down-hole width, top of intercept is 344m vertically below surface) ; and TLDD0046 13.9 metres grading 7.2% Cu and 2.3g/t Au from 332.7m – 346.56m (down-hole width, top of intercept is 285m vertically below surface).

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Figure 2: Vertical Longitudinal Projection and initial interpretation of the Monty Prospect with drill-hole pierce points at the top of the primary intercept shown in bold. All intercepts are down-hole widths. A significant intersection is defined here as any intersection ≥ 3m estimated true width that has a grade of ≥ 2.0 % Cu, inclusive of non-mineralised material. To determine whether intersections that are <3m estimated true width are significant in terms of the above definition, non-mineralised material has been included at a grade of 0.0% Cu (weighted by width) until a 3m estimated true width is reached. If the overall grade remained >2.0% Cu, with the non-mineralised material included, then the intersection is considered significant.

New intersections (not previously reported) are shown on the Vertical Longitudinal Projection. Refer to Table 1 and Table 2 for previously released results and new intersections.

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Monty Update

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Resource definition drilling has continued and advanced at Monty focused on the definition of the Monty Lower Zone mineralisation and has been aimed at defining the edge and continuity of the mineralisation via an infill program.

The recent drilling results continue to substantiate initial interpretations of the orientation, grade and extent of the mineralisation at Monty that were based on the initial wide-spaced exploration holes. As can be seen, the interpretation of the Monty mineralisation is evolving with the closer spaced drilling ( see Figure 2 for the updated Monty Vertical Longitudinal Projection ).

Talisman is encouraged by recent drilling results that both extend the limits of the Monty mineralisation to the North East and highlight the continuity of the mineralisation within the Monty lenses.

Talisman considers that potential exists to further extend the Monty lower zone mineralisation to the north-east as well as to the south-west along strike from the currently interpreted mineralised extents with further drilling (See Figure 2) .

Resource drilling of the Monty Lower Zone is anticipated to continue through to early-February on a nominal 40m x 40m pattern with the results to be used in calculating the maiden Mineral Resource estimate for Monty in March 2016.

Upper Massive Sulphide Zone

Drilling to date has been predominantly focused on the definition of the Monty Lower Zone mineralisation. Talisman understands that a diamond rig has now been allocated to undertake planned drill holes in the Monty Upper Zone for inclusion in calculating the maiden Mineral Resource estimate for Monty.

Drilling focused on the Monty upper zone mineralisation is planned to test the potential for extensions to the known mineralisation both to the north-east and south-west along strike.

Drilling of the upper zone is anticipated to continue through to mid-February.

Other Regional Exploration Activity

As noted in Talisman’s ASX release on 17 December 2015 Joint Venture activities for December 2015 to February 2016 are planned to include exploration activities in addition to the continuing definition and infill drilling of the Monty mineralisation.

These planned activities include drilling programs that are stepping further afield and actively targeting additional accumulations of mineralisation along the 5km long Monty trend and also within the broader Springfield Project, which remains extremely prospective for further discoveries.

Planned exploration activities include:

• Drilling at the Homer Prospect (which has now commenced – see following page );

• RC drilling to the north east of Monty along the prospective Monty Trend;

• RC drilling of geochemical anomalies at Monty South and the Southern Volcanics

• First pass drilling and assessment of the newly identified Monty Deeps ; and

• Infill aircore drilling at Monty South and first pass aircore drilling of a potential structural exploration target in the north east of the Springfield Project .

Priority has been given by Sandfire to the completion of Monty resource definition drilling. As a consequence, the timing of the abovementioned planned exploration activities at Springfield is dependent on the availability of the drilling resources employed by Sandfire on behalf of the joint venture.

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Monty Update

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Homer Trend

A series of drill holes are planned at Homer, which is located 4km along strike to the east of the DeGrussa Mine. Historic drill holes, TLDD0001 (August 2014) and TLDD0003 (June 2015), both intersected the interpreted extension of the DeGrussa C5 lens host VMS stratigraphy.

This important interpretation indicates the significant exploration potential of the Homer Trend to host accumulations of VMS copper-gold mineralisation.

Drilling of the first hole in the series of planned holes at the Homer trend commenced prior to Christmas with a diamond tail re-commencing following the Christmas break.

This drill hole, TLDD0068, was located approximately 3.4km and 2.8km east–north-east of drill-holes TLDD0001 and TLDD0003 respectively, and was targeted at a base metal and trace element geochemical anomaly identified from historic drilling by Talisman.

The hole intersected predominantly dolerite lithologies and failed to intersect the targeted DeGrussa C5 host horizon. No base metal sulphides were observed and assays are awaited.

TLDD0068 represented a substantial step-out from previous diamond drilling by Sandfire and the interpreted host stratigraphy is not well constrained in this area by previous exploration. Detailed interpretation of the drill hole will provide a greater understanding of the hole’s location in the stratigraphic sequence.

The drill hole has been PVC cased in preparation for down-hole EM surveying prior to further drilling in this emerging area.

Farm-In / Joint Venture Agreement

As announced in Talisman’s ASX announcement on December 17 2015, Sandfire has reached the $15 million expenditure threshold and an unincorporated Joint Venture has been formed between Talisman and Sandfire.

Talisman is continuing discussions with Sandfire to agree and finalise the terms of a Joint Venture Agreement under which it will hold a 30 per cent contributing interest in the Doolgunna projects (including the Springfield Project) with Sandfire holding a 70 per cent interest and managing the joint venture.

Formal transfer of Sandfire's initial 51% interest in the Joint Venture has now been completed following the satisfactory audit of the first $10 million of sole funded exploration expenditure at Talisman’s Doolgunna projects.

Audit of a further $5 million of exploration expenditure sole funded by Sandfire in order to earn an additional 19% interest in the Doolgunna projects tenements is ongoing and formal transfer of this interest will follow subject to satisfactory audit by Talisman.

ENDS

For further information, please contact: For media inquiries, please contact: Gary Lethridge – Managing Director Nicholas Read – Read Corporate on +61 8 9380 4230 on +61 419 929 046

Competent Person’s Statement

Information in this ASX release that relates to Exploration Results is based on information compiled by Mr Graham Leaver, who is a member of the Australian Institute of Geoscientists. Mr Leaver is a full time employee of Talisman Mining Ltd and has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Leaver consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

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Monty Update

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Table 1 – Drill-hole Information Summary, Monty Prospect Details and co-ordinates of all relevant drill hole collars are provided in the table below:

Hole ID	Depth	Dip	Azimuth	Grid_ID	East	North	RL	Lease ID	Hole Status
TLDD0002A	463	-61°	110°	MGA94_50	743544	7171211	602	E52/2282	Complete
TLDD0004A	817	-60°	148°	MGA94_50	743588	7171281	601	E52/2282	Complete
TLDD0005	478	-62°	139°	MGA94_50	743544	7171210	602	E52/2282	Complete
TLDD0006	554	-62°	140°	MGA94_50	743469	7171174	601	E52/2282	Complete
TLDD0007	589	-62°	138°	MGA94_50	743504	7171271	601	E52/2282	Complete
TLDD0008	688	-62°	138°	MGA94_50	743441	7171223	600	E52/2282	Complete
TLDD0009	472	-61°	140°	MGA94_50	743578	7171190	602	E52/2282	Complete
TLDD0010	433	-62°	142°	MGA94_50	743514	7171138	601	E52/2282	Complete
TLDD0011	472	-62°	141°	MGA94_50	743451	7171092	598	E52/2282	Complete
TLDD0012	598	-62°	140°	MGA94_50	743403	7171155	599	E52/2282	Complete
TLDD0014	399	-62°	143°	MGA94_50	743638	7171231	603	E52/2282	Complete
TLDD0015	376	-62°	146°	MGA94_50	743561	7171073	602	E52/2282	Complete
TLDD0016	274	-61°	147°	MGA94_50	743621	7171119	604	E52/2282	Complete
TLDD0017	236	-62°	146°	MGA94_50	743686	7171166	605	E52/2282	Complete
TLDD0018	340	-62°	146°	MGA94_50	743471	7171054	599	E52/2282	Complete
TLDD0019	552	-62°	141°	MGA94_50	743566	7171329	600	E52/2282	Complete
TLDD0020	340	-61°	141°	MGA94_50	743536	7171106	602	E52/2282	Complete
TLDD0021	331	-62°	144°	MGA94_50	743599	7171152	603	E52/2282	Complete
TLDD0022	304	-62°	141°	MGA94_50	743441	7171035	599	E52/2282	Complete
TLDD0023A	346	-58°	145°	MGA94_50	743505	7171081	601	E52/2282	Complete
TLDD0024	571	-60°	141°	MGA94_50	743470	7171172	600	E52/2282	Complete
TLDD0025	406	-60°	141°	MGA94_50	743481	7171113	600	E52/2282	Complete
TLDD0026	409	-59°	141°	MGA94_50	743609	7171209	602	E52/2282	Complete
TLDD0027	511	-60°	143°	MGA94_50	743521	7171193	602	E52/2282	Complete
TLDD0028	441	-62°	143°	MGA94_50	743569	7171129	602	E52/2282	Complete
TLDD0029	247	-60°	319°	MGA94_50	743594	7170898	602	E52/2282	Complete
TLDD0031	237	-62°	317°	MGA94_50	743626	7170922	603	E52/2282	Complete
TLDD0033	589	-62°	142°	MGA94_50	743536	7171306	600	E52/2282	Complete
TLDD0034	523	-62°	138°	MGA94_50	743592	7171298	601	E52/2282	Complete
TLDD0035	244	-59°	320°	MGA94_50	743549	7170891	601	E52/2282	Complete
TLDD0036	378	-63°	145°	MGA94_50	743664	7171202	604	E52/2282	Complete
TLDD0037	564	-60°	140°	MGA94_50	743473	7171257	601	E52/2282	Complete
TLDD0038	313	-59°	147°	MGA94_50	743633	7171178	604	E52/2282	Complete
TLDD0039	547	-62°	140°	MGA94_50	743529	7171248	602	E52/2282	Complete
TLDD0040	409	-63°	143°	MGA94_50	743526	7171123	601	E52/2282	Complete
TLDD0041	382	-62°	144°	MGA94_50	743653	7171218	603	E52/2282	Complete
TLDD0042	439	-59°	139°	MGA94_50	743585	7171243	602	E52/2282	Complete
TLDD0043	505	-62°	141°	MGA94_50	743501	7171153	601	E52/2282	Complete

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Monty Update

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Hole ID	Depth	Dip	Azimuth	Grid_ID	East	North	RL	Lease ID	Hole Status
TLDD0044	552	-61°	141°	MGA94_50	743511	7171212	602	E52/2282	Complete
TLDD0045	405	-63°	142°	MGA94_50	743589	7171170	603	E52/2282	Complete
TLDD0046	409	-60°	142°	MGA94_50	743546	7171164	602	E52/2282	Complete
TLDD0047	406	-63°	140°	MGA94_50	743629	7171250	602	E52/2282	Complete
TLDD0049	355	-62°	140°	MGA94_50	743461	7171074	600	E52/2282	Complete
TLDD0061	391	-58°	141°	MGA94_50	743635	7171176	604	E52/2282	Complete
TLRC0003	544	-61°	144°	MGA94_50	743720	7171393	599	E52/2282	Complete
TLRC0004	306	-62°	142°	MGA94_50	743497	7171025	600	E52/2282	Complete
TLRC0006	318	-62°	143°	MGA94_50	743430	7170973	598	E52/2282	Complete
TLRC0008	294	-62°	143°	MGA94_50	743461	7171001	599	E52/2282	Complete
TLRC0009	265	-62°	141°	MGA94_50	743527	7171050	601	E52/2282	Complete
TLRC0015	138	-60°	320°	MGA94_50	743503	7170953	600	E52/2282	Complete
TLRC0016	120	-58°	317°	MGA94_50	743580	7170985	602	E52/2282	Complete
TLRC0017	120	-60°	318°	MGA94_50	743548	7170968	601	E52/2282	Complete

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Monty Update

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Table 2 – Drill-hole Assay Intersections >1% for the Monty Prospect

Details of all relevant intersections provided below. Estimated true widths have been calculated using estimated dip and dip-direction of modelled mineralisation surfaces at the drill-hole intersection and azimuth and dip of the drill-hole.

Hl ID	Il	From (m)	To (m)	Downhole Width (m)	Estimated True Width (m)		Intersection
oe	nterva					Cu (%)	Au (g/t)	Zn (%)
TLDD0004A		409.5	426.0	16.5	10.9	18.9	2.1	1.5
TLDD0005		417.0	426.2	9.2	6.1	11.8	2.9	2.3
TLDD0008		574.2	579.3	5.1	3.2	1.4	0.1	0.0
TLDD0009	1	343.0	344.0	1.0	0.5	8.6	0.3	0.1
	2	363.1	371.0	7.9	5.8	8.3	2.4	2.1
	3	385.8	390.6	4.8	3.0	4.9	1.1	1.4
TLDD0010	1	355.6	356.1	0.5	0.3	1.2	1.4	0.2
	2	359.7	370.2	10.5	6.3	18.9	3.1	1.1
	3	373.6	378.2	4.6	2.9	12.8	2.5	0.8
TLDD0011		370.9	371.3	0.4	0.2	1.2	1.3	0.9
TLDD0014	1	334.2	334.7	0.5	0.3	3.6	0.1	0.0
	2	359.4	362.8	3.4	2.0	3.5	0.8	0.6
TLDD0016		168.5	168.9	0.4	0.3	1.4	0.1	0.0
TLDD0020		272.3	273.8	1.5	0.9	13.8	1.1	1.2
TLDD0021	1	239.0	242.4	3.4	1.8	17.9	3.9	0.3
	2	286.2	294.2	8.0	4.6	13.3	1.8	2.1
	3	300.2	301.4	1.2	0.7	3.8	1.7	1.2
TLDD0024		445.6	448.2	2.6	1.7	14.2	1.1	0.6
TLDD0025		326.0	335.4	9.4	3.6	7.2	2.2	0.4
TLDD0023A	1	232.5	239.9	7.4	2.4	3.0	0.8	0.1
	2	285.0	288.5	3.5	1.1	1.3	0.2	0.1
TLDD0026	1	325.6	332.9	7.3	4.7	6.2	2.8	3.1
	2	339.4	361.0	21.6	15.2	34.4	0.4	0.8
TLDD0027	1	393.5	394.8	1.3	0.9	11.5	2.2	3.1
	2	411.0	421.7	10.7	7.0	6.2	2.0	1.4
TLDD0029		173.9	182.2	8.3	6.6	8.0	1.1	0.7
TLDD0031	1	175.7	176.0	0.3	0.2	2.9	0.2	0.0
	2	183.6	184.5	0.9	0.7	6.9	1.1	1.6
TLDD0033	1	485.1	485.4	0.3	0.2	4.1	0.9	0.1
	2	489.2	489.7	0.5	0.3	12.7	1.6	0.2
	3	496.0	498.0	2.0	1.3	4.2	1.4	1.5
TLDD0036	1	260.3	261.4	1.1	0.7	3.8	0.7	0.0
	2	292.3	301.9	9.6	6.3	14.1	1.5	1.7
	3	305.4	306.5	1.1	0.8	1.2	0.4	0.6
	4	312.2	316.1	3.9	2.9	5.6	1.4	0.3
	5	320.0	320.6	0.6	0.4	1.8	0.3	0.2
TLDD0037	1	466.8	467.2	0.4	0.3	2.0	1.4	0.0
	2	486.9	488.2	1.3	1.0	2.1	1.1	1.2
	3	496.5	501.8	5.3	4.3	1.7	0.3	0.0
TLDD0039	1	421.9	422.5	0.6	0.5	10.3	0.8	0.6
	2	446.6	449.0	2.4	2.0	9.8	2.3	2.4
	3	471.1	472.1	1.0	0.9	1.0	0.0	0.0

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Hl ID	Il	From (m)	To (m)	Downhole Width (m)	Estimated True Width (m)		Intersection
oe	nterva					Cu (%)	Au (g/t)	Zn (%)
TLDD0040	1	307.5	308.4	0.9	0.3	8.2	2.3	3.2
	2	334.7	339.7	5.0	1.8	9.8	2.9	0.5
TLDD0041		330.4	333.2	2.8	2.6	14.0	0.7	0.2
TLDD0042	1	367.5	368.8	1.3	1.0	2.3	0.5	0.1
	2	372.7	393.5	20.8	16.9	14.9	1.3	1.6
TLDD0043	1	388.0	388.4	0.4	0.2	4.5	0.7	0.9
	2	392.2	403.5	11.3	4.9	6.7	2.9	2.3
	3	407.9	408.6	0.7	0.3	1.0	0.3	0.6
TLDD0044	1	408.2	410.8	2.6	2.2	9.9	1.5	0.1
	2	466.3	468.6	2.3	2.0	3.7	0.4	0.2
TLDD0045		328.9	330.9	2.0	1.0	6.0	2.4	1.7
TLDD0046		332.7	346.6	13.9	6.5	7.2	2.3	2.9
TLDD0047		362.8	371.8	9.0	4.4	5.6	2.1	0.1
TLDD0049	1	276.4	276.7	0.3	0.1	12.3	3.6	2.4
	2	285.5	290.0	4.5	2.0	4.0	1.6	0.5
TLDD0061	1	227.0	228.6	1.6	1.0	7.9	2.5	1.3
	2	231.0	232.5	1.5	0.9	7.2	0.2	0.4
	3	273.6	275.0	1.4	0.9	3.5	0.1	0.3
	4	299.0	324.8	25.8	15.9	24.1	0.5	0.5
	Including	309.0	323.9	14.9	9.2	36.7	0.4	0.3
TLRC0004	1	107.0	125.0	18.0	5.1	5.7	2.4	3.2
	2	158.0	162.0	4.0	1.2	4.2	0.7	0.1
TLRC0008	1	89.0	95.0	6.0	1.4	7.8	0.9	0.9
	2	112.0	123.0	11.0	2.5	15.0	1.9	1.0
TLRC0009		133.0	145.0	12.00	2.8	5.7	1.8	2.2

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Appendix 1 – Interpretive cross-section of the Monty mineralisation (Lower Zone)

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Appendix 2 - JORC TABLE 1

Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down-hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	•The sampling method employed by Sandfire i s h a l f -core sampling of NQ2 core from diamond drilling (DD). •Sandfire collect RC samples by cone splitter for single metre samples or a sampling spear for first pass composite samples using a face sampling hammer with a nominal hole diameter of 140mm. •Sampling is guided by Sandfire protocols as per industry standard. •Diamond drill core sample size reduction is through a Jaques jaw crusher to -10mm and a second stage reduction via Boyd crusher to - 4mm.Representitive sub samples are split and pulverised via an LM5 mill. •RC samples are crushed to -4mm through a Boyd crusher and representative sub samples are split and pulverised with an LM5 mill. •Pulverising is to nominal 90% passing -75µm and is checked using wet sieving technique. •Samples are assayed using Mixed 4 Acid Digest (MAD) 0.3g charge and MAD Hotbox 0.15g charge methods with ICPOES or ICPMS. •Fire Assay is completed by firing 40g portion of the sample with ICPMS finish.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc.).	• Diamond drilling is completed using NQ2 size coring equipment. • RC drilling is with a face sampling hammer of a nominal 140mm hole diameter. •All drill collars are surveyed using RTK GPS. •All core, where possible is oriented using a Reflex ACT II RD orientation tool. •Downhole surveying is undertaken using a gyroscopic survey instrument.

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Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	•Diamond core recovery is logged and captured into the database. Core recoveries are measured by drillers for every drill run. The core length recovered is physically measured for each run and recorded and used to calculate the core recovery as a percentage of core recovered. •Appropriate measures are taken to maximise sample recovery and ensure the representative nature of the samples. This includes diamond core being reconstructed into continuous intervals on angle iron racks for orientation, metre marking and reconciled against core block markers. •RC sample recovery is good with almost no wet sampling in the project area. •Samples are routinely weighed and the information captured into the central secured database. •No sample recovery issues have impacted on potential sample bias.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. • The total length and percentage of the relevant intersections logged.	•Geological logging is completed for all holes and is representative across the orebody. The lithology, alteration and structural characteristics of core are logged directly to a digital format following procedures, and using Sandfire NL geologic codes. Data is imported into Sandfire NL’s central database after validation in LogChief™. •Logging is both qualitative and quantitative depending on field being logged. •All cores are photographed. •All drill holes are fully logged.
Sub- sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Diamond core orientations are completed where possible and all core is marked prior to sampling. Half core samples are produced using an Almonte Core Saw. Samples are weighed and recorded. •RC samples are split using a cone or riffle splitter. The majority of samples collected are dry. On occasion that wet samples are encountered they are dried prior to splitting with a riffle splitter. •All samples are sorted, dried at 80° for up to 24 hours and weighed. Samples are then crushed through a Jaques crusher to nominal -10mm. A second stage crushing is through a Boyd crusher to nominal -4mm. •Sample splits are weighed at a frequency of 1:20 and entered into the job results file. Pulverising is completed using LM5 mill to 90% passing 75%µm using wet sieving technique. •1:20 grind quality checks are completed for 90% passing 75%µm criteria to ensure representativeness of sub-samples.

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Sub- sampling techniques and sample preparation (Continued)		•Sampling is carried out in accordance with Sandfire protocols as per industry best practice. •No field duplicates have been taken. •The sample sizes are considered appropriate for VHMS and Gold mineralisation types.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	•Samples are assayed using Mixed 4 Acid Digest (MAD) 0.3g charge and MAD Hotbox 0.15g charge methods with ICPOES or ICPMS. The samples are digested and refluxed with a mixture of acids including Hydrofluoric, Nitric, Hydrochloric and Perchloric acids and analysis conducted for multi elements including Cu, Pb, Zn, Ag, As, Fe, S, Sb, Bi, Mo, Re, Mn, Co, Cd, Cr, Ni, Se, Te, Ti, Zr, V, Sn, W and Ba. The MAD Hotbox method is an extended digest method that approaches a total digest for many elements however some refractory minerals are not completely attacked. The elements S, Cu, Zn, Co, Fe, Ca, Mg, Mn, Ni, Cr, Ti, K, Na, V are determined by ICPOES, and Ag, Pb, As, Sb, Bi, Cd, Se, Te, Mo, Re, Zr, Ba, Sn, W are determined by ICPMS. Samples are analysed for Au, Pd and Pt by firing a 40g of sample with ICP AES/MS finish. Lower sample weights are employed where samples have very high S contents. This is a classical FA process and results in total separation of Au, Pt and Pd in the samples. •The analytical methods are considered appropriate for this mineralisation styles. •No geophysical tools are used in the analysis. •Sandfire DeGrussa QAQC protocol is considered industry standard with standard reference material (SRM) submitted on regular basis with routine samples. SRMs and blanks are inserted at a minimum of 5% frequency rate.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	•Significant intersections have been verified by alternate company personnel. •None of the drillholes in this report are twinned. •Primary data is captured on field Toughbook laptops using Logchief™ Software. The software has validation routines and data is then imported into a secure central database. •The primary data is always kept and is never replaced by adjusted or interpreted data.

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Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	•The Sandfire Survey Department undertakes survey works under the guidelines of best industry practice. •All drill collars are accurately surveyed using RTK GPS system within +/-50mm of accuracy (X, Y, Z). •Downhole surveys are completed by gyroscopic downhole methods at regular intervals. •Coordinate and azimuth are reported in MGA 94 Zone 50. •Topographic control was established from LiDar laser imagery technology.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	•Drill spacing at Monty has been conducted on a nominal 80m x 80m spacing to define the extents of mineralisation. •Infill drilling on a nominal 40m x 40m grid pattern is in progress to provide additional controls on the nature and geometry of the mineralisation. •Exploration drill spacing and distribution of exploration results is not sufficient to support Mineral Resources or Ore Reserves at this stage. •No sample compositing has been applied to these exploration results.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	•No significant orientation based sampling bias is known at this time. •The drill holes may not necessarily be perpendicular to the orientation of the intersected mineralisation. •Down-hole intervals are converted to estimated true widths.
Sample security	• The measures taken to ensure sample security.	•Sandfire ensures appropriate security measures are taken to dispatch samples to the laboratory. Chain of custody of samples is being managed by Sandfire Resources NL. Samples are stored onsite and transported to laboratory by a licence transport company in sealed bulka bags. The laboratory receipts received samples against the sample dispatch documents and issues a reconciliation report for every sample batch.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	•No external audits or reviews of the sampling techniques and data have been completed.

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Section 2 Reporting of Exploration Results

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• Sandfire Resources NL and Talisman Mining Limited have formed a Joint Venture which covers Talisman’s Doolgunna Project tenements (E52/2282, E52/2313, E52/2466, E52/2275 and P25/1241). Sandfire and Talisman hold a 70%:30% interest respectively in the Joint Venture, with the exception of tenement E52/2275 where interests of approximately 81%:19% respectively are held. Both parties are contributing proportionately to expenditure. •Sandfire Resources NL has been appointed as the Joint Venture Manager. •All tenements are current and in good standing. •The Talisman tenements are currently subject to a Native Title Claim by the Yungunga-Nya People (WAD6132/98). Sandfire currently has a Land Access Agreement in place with the Yungunga- Nya Native Title Claimants and have assumed management of Heritage Agreements which were executed by Talisman. These agreements allow Sandfire to carry out mining and exploration activities on their traditional land.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	•Aside from Sandfire Resources and Talisman Mining Limited there has been no recent exploration undertaken on the Talisman Project. • Historic exploration work at Springfield completed prior to Talisman’s tenure included geochemical soil and rock chip sampling combined with geological mapping. Some targeted RC drilling was completed over gold and diamond targets.
Geology	• Deposit type, geological setting and style of mineralisation.	• The Doolgunna project lies within the Proterozoic- aged Bryah rift basin enclosed between the Archaean Marymia Inlier to the north and the Proterozoic Yerrida basin to the south. • The principal exploration targets at the Doolgunna Projects are Volcanogenic Massive Sulphide (VMS) deposits located with the Proterozoic Bryah Basin of Western Australia. •The recent discovery of Bornite at Doolgunna is new and its full context and implication is still to be determined.

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Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: oeasting and northing of the drill hole collar oelevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar odip and azimuth of the hole odown hole length and interception depth ohole length If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• Refer to Table 1 of this document – Drillhole Information Summary, Monty Prospect.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• Significant intersections are based on greater than 0.5% Cu and may include up to a maximum of 3.0m of internal dilution, with a minimum composite grade of 1.0% Cu. • Cu grades used for calculating significant intersections are uncut. • Minimum and maximum diamond core sample intervals used for intersection calculation are 0.3m and 1.2m respectively subject to location of geological boundaries. • Reported intersections from RC drilling are based on regular 1 metre sample intervals. • No metal equivalents are used in the intersection calculation. • Where core loss occurs; the average length- weighted grade of the two adjacent samples are attributed to the interval for the purpose of calculating the intersection. The maximum interval of missing core which can be incorporated with the reported intersection is 1m.

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Relationship between mineralisatio n widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill-hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	• All drill-hole intercepts in this release are reported as both down-hole intersection widths and estimated true width intersections (refer Table 2: Drill hole assay intersections >1% for the Monty Prospect). • The geometry of the mineralisation has been interpreted using top of mineralisation surfaces that link mineralised zones, thought to be continuous, between neighbouring drillholes. Given the variable, and often steeply dipping orientation of the mineralisation, the angle between mineralisation and drillholes is not consistent. Downhole intercepts for each drillhole are converted to estimated true widths using a trigonometric function that utilises the dip and dip direction of the interpreted top of mineralisation surface (at the intersection point of that drillhole) as well as the dip and azimuth of the drillhole at that position.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Appropriate maps with scale are included within the body of the accompanying document.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• The accompanying document is considered to represent a balanced report. •Reporting of grades is done in a consistent manner.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• Other exploration data collected is not considered as material to this document at this stage. Further data collection will be reviewed and reported when considered material.

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• Drilling is continuing at Monty to define the extents of mineralisation. Drilling is being conducted on a nominal 40m x 40m grid pattern.

• • Other drilling planned across the Springfield JV project includes reconnaissance and exploration drilling with diamond, RC and AC drilling techniques.

• Further work • The nature and scale of planned further • work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).

• • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

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