SANDFIRE RESOURCES LIMITED — Capital/Financing Update 2026

Jan 11, 2026

ASX:SFR

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12 JANUARY 2026

DECEMBER 2025 OPERATIONS UPDATE

Sandfire provides a preliminary operations update in advance of its December 2025 Quarterly Report, which is scheduled to be released on 22 January 2026.

The mid-point of the Group’s Copper Equivalent (CuEq) production guidance range for FY26 of 157kt remains unchanged and is expected to be achieved, albeit on the basis of a revised H1:H2 production skew of 46:54 as opposed to the 48:52 weighting advised previously.

Robust operational performance at MATSA in Q2 FY26 delivered CuEq production of 46.4kt for H1 FY26 (H1 FY25: 46.3kt ), representing 48% of the mid-point of the complex’s annual guidance range. An increase in higher grade polymetallic ore feed in the quarter, reflecting the typical variability of ore types extracted at MATSA’s underground mining complex, and an improvement in flotation recoveries underpinned the solid start to the year.

Conversely, Motheo had a more challenging start to FY26 having been a particularly strong contributor since producing its first copper concentrate in May 2023. Scheduled maintenance was brought forward following the premature failure of a faulty OEM specification grate in the SAG mill in Q2 FY26. Lower than expected mobile fleet availability also delayed the transition into higher grade ore at the T3 pit. The latter impact was exacerbated by the strategic decision to increase material movement and derisk the mine plan at the A4 pit upon the successful completion of the dewatering program that was required following the extreme rainfall event of FY25. Collectively, these factors led to an 11% decrease in CuEq production at Motheo in Q2 FY26 to 12.1kt for 25.7kt across H1 FY26 (H1 FY25: 29.3kt ), representing 42% of the mid-point of the annual guidance range. Motheo is, nonetheless, expected to achieve the mid-point of its CuEq production guidance range of 61kt in FY26 as the processing rate rises following recently completed maintenance, and the ore feed benefits from the transition into higher grade ore at the T3 pit and the contribution of the higher grade A4 pit progressively increases across the remainder of the year.

Notwithstanding the softer start to the year at Motheo, the Group is expected to confirm an unaudited net cash position of $13M at 31 December 2025 when it releases its December 2025 Quarterly Report, a significant improvement on the $62M of net debt reported at 30 September 2025 (31 December 2024: $288M net debt, 31 December 2023: $476M net debt). The Group’s strong financial position ensures it is also well positioned to advance the Kalkaroo Copper-Gold Project and regional exploration in the Curnamona Province in northeastern South Australia with our project partner, Havilah Resources Ltd (ASX:HAV), if the conditions to the proposed transaction are satisfied and the transaction becomes unconditional[1] .

December Quarter Performance2,3,4	YTD FY25	YTD FY26	YoY	Dec-24 Quarter	Sep-25 Quarter	Dec-25 Quarter	QoQ
Total Copper (t) Total Zinc (t) Total Lead (t) Total Silver(Moz)	52,523 44,799 4,428 2.5	48,644 48,995 3,536 2.4	(7%) 9% (20%) (7%)	25,511 23,257 2,347 1.3	24,570 22,228 2,015 1.1	24,074 26,767 1,521 1.2	(2%) 20% (25%) 12%
GroupCopper Equivalent Production(kt)	75.6	72.1	(5%)	37.3	35.5	36.6	3%
MATSA Copper Equivalent Production (kt) Motheo Copper Equivalent Production(kt)	46.3 29.3	46.4 25.7	0% (12%)	22.7 14.6	21.8 13.6	24.5 12.1	12% (11%)
GroupNet Cash/(Debt) ($M)	(288)	13	N/A	(288)	(62)	13	N/A

1 Refer to market release ‘Agreement to advance the Kalkaroo Copper-Gold Project and regional exploration’, dated 13 November 2025 for details. 2 CuEq for FY25 and FY26 are calculated based on the following average forward prices for FY26 in USD as at 30 June 2025 (all in USD): Cu $9,871/t, Zn $2,795/t, Pb $2,067/t, Ag $36.9/oz. CuEq is calculated using the following formula: Copper metal tonnes + Zn metal tonnes x (Zn price/Cu price) + Pb metal tonnes x (Pb price/Cu price) + Ag metal ounces x (Ag price/Cu price).

3 Debt and Net cash/(debt) excludes capitalised transaction costs, leases and accrued interest.

4 Calculation discrepancies may occur due to rounding. Unless otherwise stated all currency figures are USD. Figures in Italics indicate that an adjustment has been made since the figures were previously reported.

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ASX:SFR

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COMPANY GUIDANCE

Annual guidance for contained metal production remains unchanged. All other elements of guidance will be considered ahead of the December 2025 Quarterly Report which is scheduled for release on 22 January 2026.

FY26 Guidance (H1 FY26 production actuals)	MATSA	Motheo	Corporate & Other	Group
Production
Ore processed (Mt)	4.6 (2.3)	5.6 (2.8)		10.2 (5.1)
Copper (kt contained)	52 – 58 (26.2)	50 – 56 (22.5)		102 – 114 (48.6)
Zinc (kt contained)	94 – 104 (49.0)	-		94 – 104 (49.0)
Lead (kt contained)	7.5 – 8.5 (3.5)	-		7.5 – 8.5 (3.5)
Silver (Moz contained)	2.9 – 3.1 (1.5)	2.1 – 2.3 (0.9)		5.0 – 5.4 (2.4)
Copper Equivalent (kt contained)	91–101 (46.4)	58–64 (25.7)		149–165 (72.1)
Operating Cost
Underlying Operating Cost ($M)	392	247		639
Underlying Operating Cost ($/t Processed)	86	44
D&A ($M)	245	84		329
Underlying Corporate G&A ($M)	-	-	36	36
Underlying Exploration & Evaluation ($M)(l)	16	16	14	46
Capital Expenditure ($M)
Current Operations
Mine Development & Deferred Waste Stripping	82	42		123
Sustaining & Strategic	66	40	1	107
Total Current Operations	148	82	1	230
Total Capital Expenditure	148	82		230

Sandfire Management will host a teleconference commencing at 10.00am (AWST) / 1.00pm (AEDT) on Thursday, 22 January 2026 to coincide with the release of its full December 2025 Quarterly Report.

More information will be available on the ASX Company Announcements Platform (ASX code: SFR) and on Sandfire’s website www.sandfire.com.au

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For further information, please contact: Investor Relations Media Relations David Wilson Kirsten Stoney Head of Commercial Head of Corporate Affairs M: +61 407 909 313 M: +61 409 571 961

This announcement is authorised for release by Sandfire’s CEO and Managing Director, Brendan Harris. Sandfire Resources Ltd. (ABN 55 105 154 185)

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