SANDFIRE RESOURCES LIMITED — Investor Presentation 2016

May 4, 2016

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► Consistent, low-cost copper production

• Strong balance sheet, disciplined focus

• Exploration success delivering growth

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Company Update - 4 May 2016 Karl Simich, Managing Director and CEO

Important Information and Disclaimer

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Forward-Looking Statements

This presentation has been prepared by Sandfire Resources NL. This document contains background information about Sandfire Resources NL current at the date of this presentation. The presentation is in summary form and does not purport be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction.

This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction.

This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, Sandfire Resources NL, its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Sandfire Resources NL. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Sandfire Resources NL does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

Competent Person’s Statement – Ore Reserves and Mine Plan

The information in this report that relates to Ore Reserves and Mine Plan is based on information compiled by Mr. Neil Hastings who is a Member of The Australasian Institute of Mining and Metallurgy. Mr. Hastings is a permanent employee of Sandfire Resources and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hastings consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Competent Person’s Statement – Mineral Resources

The information in this report that relates to Mineral Resources is based on information compiled by Mr. Ekow Taylor who is a Member of The Australasian Institute of Mining and Metallurgy. Mr. Taylor is a permanent employee of Sandfire Resources and has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Taylor consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Competent Person’s Statement – Exploration Results

The information in this report that relates to Exploration Results is based on information compiled by Mr. Shannan Bamforth who is a Member of The Australasian Institute of Mining and Metallurgy. Mr. Bamforth is a permanent employee of Sandfire Resources and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bamforth consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Exploration and Resource Targets

Any discussion in relation to the potential quantity and grade of Exploration Targets is only conceptual in nature. While Sandfire is confident that it will report additional JORC compliant resources for the DeGrussa Project, there has been insufficient exploration to define mineral resources in addition to the current JORC compliant Mineral Resource inventory and it is uncertain if further exploration will result in the determination of additional JORC compliant Mineral Resources.

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• Leading ASX-listed copper-gold producer

• Value underpinned by consistent, low-cost copper production

►New chapter of discovery success at DeGrussa

• Maiden high-grade Mineral Resource for new Monty VMS discovery

• Strong balance sheet to fund growth and shareholder returns

• Organic growth focus through committed exploration

• Emerging international growth pipeline

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Our Core Values

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Company Snapshot

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Sandfire Resources NL (ASX: SFR)

Market Capitalisation at $6.00 ~$950M

ASX Stock Market Index Issued Capital Dividends S&P 200 157.3m Shares 13c Paid out FY15, 2c interim FY16 Cash and Deposits (Group) Debt Share Price $45m 31 March 2016 $70m at 31 March 2016 $6.00 at 3 May 2016

BOARD

GLOBAL LOCATIONS

Derek La Ferla Non-executive Chairman Karl Simich Managing Director / CEO Paul Hallam Non-executive Director W. John Evans Non-executive Director Robert Scott Non-executive Director Maree Arnason Non-executive Director MANAGEMENT Mike Spreadborough Chief Operating Officer Matt Fitzgerald Chief Financial Officer Robert Klug Chief Commercial Officer Bruce Hooper Chief Development Officer

Our vision is to be a significant mid-tier miner operating in the upper quartile of global performance benchmarks

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A Strong Platform for Value Creation and Growth

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Strong, low-cost production and disciplined capital management underpinning an organically driven growth strategy

Operations Exploration Business Development Sustainability

• DeGrussa Copper-Gold Mine • Consistent, low-cost production

• New high-grade VMS resource at Monty • World-class exploration potential at Doolgunna • Base metals exploration initiative in eastern Australia • 57% interest in Tintina Resources (Black Butte project)

• DeGrussa solar power initiative • Strong safety performance

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A Strong Platform for Value Creation and Growth

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Operations Exploration Business Development Sustainability

• DeGrussa Copper-Gold Mine

• • Consistent, low-cost production

• New high-grade VMS discovery at Monty • World-class exploration potential at Doolgunna

• Base metals exploration initiative in eastern Australia • 57% interest in Tintina Resources (Black Butte project)

• DeGrussa solar power initiative • Strong safety performance

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DeGrussa – Consistent, Reliable, Low-Cost

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Sandfire’s cornerstone asset – a high grade, high margin copper-gold mine

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► Location

► Production

• Mining

• Underground Mine Plan

► Processing

• Mine Life

• Product

900km north of Perth in Western Australia

to date +230,000t Cu, +130,000oz Au

• +1.6Mtpa via long-hole open stoping +35km of underground development to date

8.1Mt at 4.4%Cu and 1.7g/tAu – 357,000t Cu, 443,000oz Au contained (December 2015)

Concentrator 1.6Mtpa

2021

• ~270ktpa concentrate grading 24-25% Cu

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Strong and Consistent Low-Cost Copper and Gold Production

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Strong track record of achieving guidance with excellent safety performance

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PRODUCTION	OVERVIEW – Key Figures
		FY 2013	FY 2014	FY 2015	FY 2016(guidance)
Production	Copper (Cu)	64,017t	67,690t	67,154t	65-68kt
	Gold (Au)	42,679oz	33,893oz	37,386oz	35-40koz
C1 Cash Operating Costs (US$/lb)		1.24	1.18	1.09	0.95-1.05

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Recent highlights and milestones

 Third successive year of consistent, safe and profitable production in FY2015

• Milling rates increased to 1.6Mtpa and recoveries to ~92%: plant improvements

• Underground development exceeded 35km with C4 and C5 deposits now on stream

• Strong outlook : FY2016 guidance 65-68,000t Cu, 35-40,000oz Au, C1 US$0.95-1.05/lb

• First-half production 34,280t Cu, 17,305oz Au, C1 US$0.99/lb

• Updated Mine Plan, Mineral Resource and Ore Reserve : cements mine life to 2021

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Strong Margins and Cash Flows

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Strong financial performance, disciplined capital management

FINANCIAL OVERVIEW:	FY 2013	FY 2014	FY 2015	1HFY2016
Revenue	$507.3M	$525.7M	$548.6M	$228.3M
Operating Cash-flow*	$272.4M	$249.5M	$250.1M	$66.2M
Net Profit After Tax	$88.0M	$78.2M	$69.0M	$15.7M
Earnings Per Share (basic)	57.48c	50.22c	44.18c	10.0c
Cash and Deposits	$77M	$58M	$107M	$51.2M
Debt	$285M	$160M	$120M	$75M
Dividends	N/A	10c (final, unfranked)	13c (10c franked)	2c(100% franked)

*Prior to exploration expenditure

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• Continued strong financial performance despite lower commodity price environment

• Lower Australian Dollar helping to offset copper price weakness

• Conservative balance sheet with debt reducing rapidly

► Finance facility - outstanding balance reduced to $70M at 31 March 2016

• Ongoing commitment to shareholder returns

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Robust Underground Mine Performance

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DeGrussa	Tonnes	Copper	Gold	Contained	Contained
Underground Mine	(Mt)	(%)	(g/t)	Copper (t)	Gold (oz)
Mine Plan	8.1	4.4	1.7	357,000	443,000
Ore Reserve	8.0	4.4	1.7	353,000	441,000
Mineral Resource	7.8	5.7	2.1	443,000	536,000

As at 31 December 2015. Includes underground stockpiles.

Refer ASX Announcement “DeGrussa Mine Plan, Mineral Resource and Ore Reserve Update”, 14 April 2016

• Mining rate ~1.6Mtpa with current production from DeGrussa, C1 and C4 deposits

• Development of C4/5 decline on schedule and progressing in good ground conditions

• Flexibility of ore sources providing opportunities to reduce waste haulage to surface

• ~35km of mine development completed to date

• First production from C5 brought forward to June 2016 Quarter

• ► Underground mine development reducing: ~6000m (FY 2017), ~2000m (FY 2018) to <500m a year (FY 2019 onwards) *

• Excludes operating development through paste fill

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Process Plant Continuing to Perform Strongly

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• Excellent results from plant enhancements completed in FY2015

• Copper recoveries increased as a result of flotation improvements and installation of column cell

• Milling throughput increased by 11% following Primary Screen and Pebble Crusher improvements

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• Copper recovery guidance 92%; gold recovery 45% (LOM)

• Further options being explored to increase copper recoveries

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1 Million Tonnes and Counting….

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• 1 millionth tonne of concentrate hauled (30 March 2016)

• Nearly 4 years of consistent and reliable production (including DSO)

• Over 8000 truck-loads

• Over 12 million kilometres of transit from DeGrussa to Port Hedland and Geraldton

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• 100[th] concentrate sale completed in November 2015

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A Strong Platform for Value Creation and Growth

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Operations

• DeGrussa Copper-Gold Mine • Consistent, low-cost production

Exploration Business Development Sustainability

• New high-grade VMS dire s covery at Montyource at Monty

• • World-class exploration potential at Doolgunna

• Base metals exploration initiative in eastern Australia • 57% interest in Tintina Resources (Black Butte project)

• DeGrussa solar power initiative

• Strong safety performance

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Growth through Exploration

An outstanding track record of value-creation through exploration

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DeGrussa Discovery
Monty JV Discovery
First diamond hole DGDD-001
Discovery hole
intersects 53.2m at 17.3% Cu,
2.5g/t Au and 25.1m at 3.4% Cu
and 1.6g/t Au
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• DeGrussa discovery: drove Sandfire’s share price from ~6c to ~$8

• Underpinned creation of significant mid-tier copper producer

• New high-grade VMS discovery at Monty (Jun 15): price support amidst volatile and challenging market conditions

• Organically-driven growth strategy continues to deliver – where to next?

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Doolgunna – World-Class Exploration Upside

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• ►Dominant 1,600km[2] ground position in WA’s premier emerging copper belt

• Only operating processing facility in the District

• Outstanding potential: 65km strike length of prospective VMS horizons

► Significant new high-grade discovery within Springfield Project (Talisman Joint Venture) upgrades district-wide VMS potential – multiple emerging target areas

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Springfield Project – Talisman Joint Venture

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• 70% interest held in joint venture with Talisman Mining (ASX: TLM) – 30%

• Two key areas of exploration focus

• – 10km east of DeGrussa

• Monty

• Significant new high-grade discovery – first discovery outside of DeGrussa

• Opens up highly prospective +5km VMS horizon along strike – exploration continuing

• Maiden high-grade resource completed in April 2016: 99,000t Cu, 55,000oz Au

• Major aircore and RC drilling programs underway to test interpreted 5km long horizon

• Homer – 4km east of DeGrussa:

• Package of sediments containing exhalative material

• Analogous to host sequence seen at DeGrussa

• Exploration programs continuing

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Monty – High-grade VMS Copper-Gold Discovery

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• Monty resource drill-out finalised with 82 diamond drill-holes completed since discovery in June 2015

• ►Maiden JORC 2012 Mineral Resource estimate:

• Total Indicated and Inferred Mineral Resource of 1.05Mt grading 9.4% Cu and 1.6g/t Au for 99,000t of contained copper, 55,000oz of contained gold

• Includes a high-grade massive sulphide resource of 763,000t grading 12.1% Cu and 2.1g/t Au for 92,000t of contained copper and 52,000oz of contained gold

• 99% of the Mineral Resource is reported in the Indicated Resource category, available for later conversion to Ore Reserves

• Confirms the potential for the overall Doolgunna VMS field to host multiple centres of mineralisation

• High level studies underway to investigate optimal pathway to production, including assessment of the utilisation of the DeGrussa plant and infrastructure

Refer ASX Announcement “Maiden High-Grade Mineral Resource for Monty VMS Deposit”, 13 April 2016

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Monty – Maiden High-Grade Mineral Resource

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Maiden Monty Mineral Resource

• Two major massive sulphide lenses host 87% of the overall contained metal

► Lowermost massive sulphide lens contains localised, high grade bornite – further drilling to be considered to determine potential DSO opportunity

• Five subordinate massive sulphide lenses also carry high grades – 9.3% Cu and 2.0g/t Au

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Monty – Development Studies
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Project development studies

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► High-level studies underway to identify primary value-drivers and determine optimal development pathways, including:

• Metallurgical testwork

• Geotechnical/geo-hydrological drilling

• Mining studies

• Regulatory approvals

• Infrastructure studies

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Springfield Joint Venture – Unlocking the Next Discovery Opportunity

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Exploration continuing as a priority along highly prospective 5km long Monty VMS corridor

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• Systematic aircore drilling to accurately delineate the interpreted VMS horizon along strike from Monty

• RC drilling within the interpreted VMS horizon to inform the interpretation of the host stratigraphy

• Diamond drilling to test the areas down-dip and down-plunge of Monty

• ► DHEM surveys of all RC and diamond drill-holes

• Development of a structural geology model to provide additional context regarding the location and geological setting of Monty

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Homer – the Next Discovery Opportunity?

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• High priority area located 4km directly east of DeGrussa – immediate extension of DeGrussa Mine Corridor

• Three deep diamond holes completed to date

• Drilling along this horizon has intersected haematitic exhalite with jasper clasts – interpreted to be C5 host horizon

• Follow-up DHEM surveys and further drilling planned

• Good potential to discover another centre of VMS mineralisation

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Doolgunna – A World-Class Exploration Opportunity

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Aggregate continuous area of 1,600 square kilometres

• VMS exploration advancing on several fronts within Greater Doolgunna Area: DeGrussa Mine Corridor (SFR: 100%)

Homestead Prospect (SFR: 100%) Southern Volcanics (Springfield JV)

• Exploration programs underway targeting structurally-hosted copper deposits at Ned’s Creek and Thaduna JV

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A Strong Platform for Value Creation and Growth

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Operations Exploration Business Development Sustainability

• DeGrussa Copper-Gold Mine • Consistent, low-cost production

• New high-grade VMS resource at Monty

• World-class exploration potential at Doolgunna

• Base metals exploration initiative in eastern Australia • 57% interest in Tintina Resources (Black Butte project)

• DeGrussa solar power initiative

• Strong safety performance

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Australian Regional Exploration Projects

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Targeting world-class discoveries in Australia’s premier exploration provinces

EXPLORATION:

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Queensland Base Metals

• 2,400km² in Mt Isa-Cloncurry province

• 100km strike length with outstanding potential for Broken Hill/Canningtonstyle and IOCG mineralisation

• Key targets include Breena Plains, Altia and Black Rock – exploration ongoing

EXPLORATION:

NSW Base Metals

• 2,100km² in Lachlan Fold Belt

• Outstanding potential for porphyry mineralisation

• Multiple targets at Wingrunner, Marsden South, Bland Creek

• Initial round of drilling completed in 2015, follow-up being planned

• Portfolio recently expanded with Temora and Currumburrama acquisitions

EXPLORATION:

South Australian IOCG Project

• 640km² in Gawler Craton

• Potential for IOCG copper-gold discoveries

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Investment in Tintina Resources / Black Butte Copper Project

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• 57% stake in copper development company Tintina Resources (TSX-V: TAU)

• Developing the Black Butte Copper Project, central Montana, USA

• Advanced, high quality copper project in stable jurisdiction:

• NI 43-101 Measured and Indicated Resources of 15.7Mt grading 3.4% Cu for 533,600t of contained copper

• NI 43-101 Inferred Resources of 2.3Mt grading 2.8% Cu for 63,500t of contained copper

• Outstanding near-mine and district-wide exploration potential

• Development studies underway

• Application for Mine Operating Permit (MOP) for Johnny Lee copper deposit lodged with Montana Department of Environmental Quality (DEQ)

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Tintina Resources – A Top-10 Global Copper Opportunity

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Copper Mine Project Profiles – 2015 Edition

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Source: CRU

A Strong Platform for Value Creation and Growth

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Operations Exploration Business Development Sustainability

• DeGrussa Copper-Gold Mine • Consistent, low-cost production

• New high-grade VMS discovery at Monty

• World-class exploration potential at Doolgunna

• Base metals exploration initiative in eastern Australia • 57% interest in Tintina Resources (Black Butte project)

• DeGrussa solar power initiative

• Strong safety performance

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Sustainability – DeGrussa Solar Power Project

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First-mover renewable energy project with potential to reduce costs and CO2 emissions

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• 10.6MW solar power station being constructed at DeGrussa

• To be fully integrated with existing 19MW diesel-fired power station

• $40M project being financed, developed and operated by international consortium

• Establishes DeGrussa as potential world-leading reference site for use of renewables

• Expected to be one of the largest integrated off-grid solar power systems in the global mining industry

• Expected reduction in CO2 emissions by 12,000 tonnes per year

• Commissioning commenced in late April 2016

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Safety – Our Number One Priority

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Steady improvement in safety performance over the past two years

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TRIFR
18
►
Safety improvement trend
16
14
continued in 2015, reflecting
strong leadership and embedment 12
10
of systems and processes 8
6
► Increased focus on risk 4
management and assessment 2
0
processes implemented Jul '13 Aug '13 Sep '13 Oct '13 Nov '13 Dec '13 Jan '14 Feb '14 Mar '14 Apr '14 May '14 Jun '14 Sep'14 Dec'14 Mar'15 Jun'15 Sep'15 Dec'15 Mar'16
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• Board oversight and governance enhanced

• Improvement of the integration of contractor activities into Sandfire business and processes

• Ongoing initiatives have included further development of safety systems, improved safety leadership, and enhancement of safety culture

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2015 Sustainability Report

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Summary and Outlook

Positioned for growth, success and value creation

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• Consistent, low-cost copper-gold production

• FY 2016 YTD: 50,375t Cu, 26,385oz gold at C1 US$1.00/lb

• FY2016 guidance: 65-68,000t Cu, 35-40,000oz Au at C1 US$0.95-1.05/lb

• New chapter of discovery success and growth at DeGrussa

• High-grade Monty VMS discovery re-rates district exploration potential

• Maiden Mineral Resource paves the way for further discoveries

• Strong cash flow funding growth and shareholder returns

• Continued dividend stream for shareholders

• Committed exploration to further extend mine life

• Cornerstone position in high-grade USA copper project

► Emerging international and domestic growth pipeline

A premier Australian copper-gold company

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► Consistent, low-cost copper production

► Strong balance sheet, disciplined focus

• Exploration success delivering growth

CONTACT DETAILS:

Sandfire Resources NL

Registered Office and Principal Place of Business Level 1, 31 Ventnor Avenue, West Perth, Western Australia 6005 T +61 8 6430 3800 / F +61 8 6430 3849 www.sandfire.com.au

Mineral Resource, Ore Reserve and Mine Plan

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Table 1 – December 2015 Comparison of the Underground Mine Plan, Mineral Resource and Ore Reserve

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DeGrussa Underground Mine	Tonnes (Mt)	Copper (%)	Gold (g/t)	Contained Copper (t)	Contained Gold (oz)	Contained Gold (oz)
Mine Plan	8.1	4.4	1.7	357,000		443,000
Ore Reserve	8.0	4.4	1.7	353,000		441,000
Mineral Resource	7.8	5.7	2.1	443,000		536,000
DeGrussa Underground Mine by Orebody	Tonnes (Mt)	Stockpiles (Mt)	DG (Mt)	C1 (Mt)	C4 (Mt)	C5 (Mt)
Mine Plan	8.1	0.1	0.9	3.1	2.2	1.8
Ore Reserve	8.0	0.1	0.9	3.0	2.2	1.8
Mineral Resource	7.8	0.1	0.9	3.0	2.1	1.7

Table 2 – December 2015 Mineral Resource

DeGrussa Mineral Resource	Tonnes (Mt)	Copper (%)	Gold (g/t)	Contained Copper (t)	Contained Gold (oz)
Underground Mine	7.8	5.7	2.1	443,000	536,000
Stockpiles (Open Cut)	2.9	1.2	1.0	35,000	89,000
December 2015 – Total	10.7	4.5	1.8	478,000	625,000

Table 3 – December 2015 Ore Reserve

DeGrussa Mine Ore Reserve	Tonnes (Mt)	Copper (%)	Gold (g/t)	Contained Copper (t)	Contained Gold (oz)
Underground Mine	8.0	4.4	1.7	353,000	441,000
Stockpiles (Open Cut)	2.8	1.2	1.0	35,000	84,000
December 2015 – Total	10.8	3.6	1.5	388,000	525,000

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