SANDFIRE RESOURCES LIMITED — Capital/Financing Update 2023

Dec 20, 2023

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21 December 2023

Motheo copper mine - 5.2Mtpa expansion update

Highlights

• The rapid and low-cost expansion of Sandfire’s Motheo Copper Mine remains on time and budget.

• Commissioning of the expanded processing facility is well underway with first ore having been successfully fed into the new ball mill.

• Having achieved this important milestone, our focus shifts to the ramp-up of ore throughput to the expanded 5.2Mtpa rate across Q3 FY24, with FY24 production guidance unchanged.

• Pre-strip mining activity at the A4 open pit also remains on track, with higher grade ore from the deposit set to support an increase in Motheo CuEq production to more than 50kt in FY25.

Sandfire Resources Limited ( Sandfire or the Company ) is pleased to announce the achievement of another key milestone at its Motheo Copper Mine ( Motheo ) in Botswana.

The shutdown to enable the tie-in of the ball mill and other plant required to deliver an increase in processing capacity to 5.2Mtpa is now complete and wet commissioning is well underway. First ore was processed through the ball mill on 18 December 2023, with plant stability increasing over subsequent days. The expansion of Motheo remains on schedule and budget, with the ramp-up to the expanded 5.2Mtpa rate expected to occur across Q3 FY24, as planned.

Sandfire also confirms that pre-strip mining activity at the A4 open pit commenced in October 2023, with first ore expected to be delivered to the centralised Motheo processing facility during Q1 FY25.

Our Chief Executive Officer, Brendan Harris, said: “We are particularly pleased to have achieved another important milestone at Motheo before calendar year end and I’d like to thank the entire team for a truly outstanding 2023. Commissioning of the new ball mill sees us move a step closer to achieving the operation’s expanded 5.2Mtpa rate through the first quarter of CY24. While it’s still early days, we look forward to testing Motheo’s full potential having achieved throughput rates that significantly exceeded the operation’s interim 3.2Mtpa nameplate rate across shifts during the December 2023 quarter.

- ENDS -

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.

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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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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21 December 2023