SANDFIRE RESOURCES LIMITED — Capital/Financing Update 2022

Dec 8, 2022

ASX RELEASE ASX:SFR

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9 December 2022

Sandfire to consider expressions of interest for DeGrussa Copper Operations

Azure Capital appointed to initiate sale process

Sandfire Resources Ltd ( Sandfire or the Company ) advises that the Company has initiated a formal sale process for the DeGrussa Copper Operations and related exploration tenure in Western Australia (DeGrussa Project).

As flagged in the investor presentation dated 18 November 2022, the Company had commenced a strategic review into the DeGrussa Operations and exploration portfolio. DeGrussa has been a worldclass copper operation for Sandfire since its discovery in 2009 and the Doolgunna region remains a highly prospective area for future discoveries of both precious and base metals.

With the recent completion of underground mining operations at DeGrussa, and Sandfire’s acquisition of the MATSA Copper Operations transforming the Company into a multi-mine international copper mining business, the Company has determined that this is the appropriate time to assess all commercial opportunities, including potential sale.

Sandfire has appointed Perth-based Azure Capital to assist the Company with the process. Sandfire emphasises that this process may or may not result in the divestment of the project. The Company will assess potential offers and determine whether any sale would realise an acceptable commercial outcome for Sandfire and its shareholders.

Sandfire is seeking to divest the DeGrussa Project inclusive of the Old Highway Gold Project and associated Bryah Basin gold exploration tenements, the DeGrussa and Monty underground mines and associated near-mine tenements, oxide stockpiles and tailings dam mineral inventory and other property, plant and equipment.

Sandfire’s Acting CEO and Chief Operating Officer, Jason Grace said: ’DeGrussa has been an outstanding cornerstone asset for Sandfire during the first decade of its growth and success as a mid-tier mining company. After receiving several unsolicited expressions of interest to acquire the DeGrussa package, we have decided that it is in our best commercial interests to initiate a formal sale process. This is consistent with our recent portfolio transformation and our strategic focus on long-life assets in Tier-1 locations.

‘As previously announced, the processing of selected transitional stockpiles and mineralised waste from DeGrussa commenced in November 2022. Plant scale trials on processing of oxide copper stockpiles have also been completed, and the results of these trials are being assessed to potentially support further extension of processing at DeGrussa beyond January 2023.’

Mr Grace added: ‘Aligned with our approach to responsible business practices and our strong commitment to the environment, we have also commenced early rehabilitation works at Monty. Our rehabilitation and closure plans for the DeGrussa Copper Operations will continue to be refined by further, detailed stakeholder consultation.’

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

PO Box 1495 T +61 8 6430 3800 West Perth WA 6872 F +61 8 6430 3849 www.sandfire.com.au E admin@sandfire.com.au

ASX RELEASE ASX:SFR

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For further information, please contact: Media Inquiries: Sandfire Resources Ltd Read Corporate Ben Crowley – Head of Investor Relations Nicholas Read Office: +61 8 6430 3800 Mobile: +61 419 929 046

This announcement is authorised for release by Sandfire’s Acting CEO, Jason Grace.

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 forwardlooking 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.

9 December 2022

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