SANDFIRE RESOURCES LIMITED — Investor Presentation 2017

May 29, 2017

==> picture [252 x 201] intentionally omitted <==

Karl Simich CEO and Managing Director Resources Rising Stars 31 May 2017

==> picture [22 x 22] intentionally omitted <==

A debt-free Australian copper-gold producer with a strong growth outlook

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 1

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 – DeGrussa and Monty 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 – DeGrussa and Monty 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 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 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 – DeGrussa and Monty 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.

Competent Person’s Statement – Temora Exploration Results

The information in this report that relates to Exploration Results at Temora is based on information compiled by Mr Bruce Hooper who is a Registered Professional Geoscientist (RPGeo) of The Australian Institute of Geoscientists. Mr Hooper 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 Hooper 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 Code 2012 compliant resources, there has been insufficient exploration to define mineral resources in addition to the current JORC Code 2012 compliant Mineral Resource and it is uncertain if further exploration will result in the determination of additional JORC Code 2012 compliant Mineral Resources.

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 2

==> picture [896 x 449] intentionally omitted <==

----- Start of picture text -----

Strong organic
Safe, consistent Debt-free balance High quality
ASX-200 mid-tier pipeline includes new
operational sheet with exploration portfolio
copper-gold Monty mine in WA
producer performance over outstanding growth and Black Butte with strong discovery
+5 years optionality track record
Project in USA
----- End of picture text -----

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 3

Market Capitalisation

High-grade, high quality project portfolio – in Australia and USA

~$958M at $6.08

Issued Capital

157.7M Shares

Dividends

11c FY16 5c 1HFY17

Cash and Deposits 31 March 2017 $90M

Debt

Nil

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

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 4

• Strong financial performance throughout commodity price cycle

• Revenues to date of more than $2 billion

• $1+ billion to date in operating cash flow

• Fully repaid original $380M debt facility – debt free as at 31 January 2017

• $61M dividends to 1H FY2017

• Substantial ~$30M p.a. exploration budget

FINANCIAL OVERVIEW:	FY 2013	FY 2014	FY 2015	FY2016	1HFY2017
Revenue	$507.3M	$525.7M	$548.6M	$497.2M	$248.0M
Operating Cash- flow*	$272.4M	$249.5M	$250.1M	$166.5M	$112.8M
Net Profit After Tax Earnings Per Share (basic) Cash and Deposits Debt	$88.0M 57.48c $77M $285M	$78.2M 50.22c $58M $160M	$69.0M 44.18c $107M $120M	$46.4M 30.54c $66M $50M	$35.9M 22.8c $107.1M $50M
Dividends	N/A	10c (final, unfranked)	13c (10c franked)	11c (100% franked)	5c (100% franked)

*Prior to exploration expenditure

DEBT-FREE, HARVESTING CASH

• No equity raisings since 2010

• Strong capital management: issued capital has only increased by 5% from 149.4M shares in 2011 to 157.7M shares currently

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 5

• Five successive years of consistent, safe and profitable production

• Milling rates maintained at 1.6Mtpa and recoveries targeted at ~92% (LOM)

• Decline development completed to LOM design : mine development now focused on level development

• DeGrussa and Monty Mine Plan: 7.0Mt at 5.1% Cu and 1.6g/t Au for 359,000t Cu, 368,000oz Au – Monty included on 100% basis incorporating OSPA

• Strong, consistent outlook : FY2017 guidance 65-68,000t Cu, 3540,000oz Au, C1 lower end US$0.95-1.05/lb

• DeGrussa as at 31 December 2016, Monty as at 31 March 2017

==> picture [395 x 324] intentionally omitted <==

PRODUCTION OVERVIEW – Key Figures

	FY 2013	FY 2014	FY 2015	FY 2016	FY 2017 (guidance)
Copper (Cu)	64,017t	67,690t	67,154t	68,202t	65-68kt
Production
Gold (Au)	42,679oz	33,893oz	37,386oz	37,612oz	35-40koz
C1 Cash Operating Costs (US$/lb)	1.24	1.18	1.09	0.95	0.95-1.05

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 6

DeGrussa and Monty	Tonnes	Copper	Gold		Contained Copper	Contained Gold	Monty
Underground Mines	(Mt)	(%)	(g/t)		(t)	(oz)	basis
Mine Plan	7.0	5.1		1.6	359,000	368,000	100%
Ore Reserve	6.8	5.0		1.6	337,000	355,000	70%
Mineral Resource	7.2	6.0		1.9	434,000	450,000	70%

► Production now sourced from all four lenses (DeGrussa, C1, C4, C5)

► Blending of mine ore feeds allows process optimisation

• 40+km of mine development completed

► C4 and C5 declines completed to LOM

• As at 31 December 2016. Includes underground stockpiles.

Refer ASX Announcement “DeGrussa Mine Plan, Ore Reserve and Mineral Resource Update”, 30 May 2017

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 7

==> picture [961 x 61] intentionally omitted <==

----- Start of picture text -----

Development – Monty Copper-Gold Mine
----- End of picture text -----

► Satellite deposit located 10km from DeGrussa Concentrator, part of the Springfield JV (Sandfire: 70% and Manager/Talisman 30%)

► Feasibility Study completed:

• Ore Reserve

• 0.92Mt at 8.7% Cu and 1.4g/t Au for 80,000t Cu and 42,000oz Au

• Mine Plan

• 0.80Mt at 9.4% Cu and 1.5g/t Au for 74,000t Cu and 38,000oz Au

• Testwork signals positive ore characteristics

• EJVA and MJVA signed

► DeGrussa and Monty integration

• Processing rates at DeGrussa to reduce to 1-2-1.3Mta from mid 2019 to allow Monty to be blended in at 0.3-0.4Mtpa for full 1.6Mtpa milling rate

• Ore Sale and Purchase Agreement signed with Talisman Mining

• Approvals

• Mining Lease granted

• Other approvals expected by start FY2018

==> picture [439 x 408] intentionally omitted <==

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 8

==> picture [961 x 61] intentionally omitted <==

----- Start of picture text -----

Development – Black Butte Copper Project, USA
----- End of picture text -----

• 61% stake in copper development company Tintina Resources (TSX-V: TAU) – ~$24M invested to date

• 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 *

• One of the top-10 undeveloped copper projects worldwide by grade

• 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)

==> picture [272 x 271] intentionally omitted <==

• NI 43-101 M&I and I Mineral Resources – Refer TSXV Announcement “Preliminary Economic Assessment Black Butte Project”, 12 July 2013” http://www.tintinaresources.com/assets/docs/ppt/TAU-UpdatedPEA_07-12-2013.pdf

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 9

==> picture [961 x 61] intentionally omitted <==

----- Start of picture text -----

Development – Black Butte Copper Project, USA
----- End of picture text -----

• Upfront capital expenditure of ~US$220M

• 2 year construction period with operations over 11-14 years

• Very small surface footprint – will be 100% reclaimed

• Highly engineered, state-of-the-art underground mine

• Mine design, layout and geology ensures that water quality and quantity will be protected

• Stringent monitoring and approval process

• Reclamation bond to be posted with the State of Montana before construction commences – remains in place until reclamation is complete

==> picture [631 x 355] intentionally omitted <==

Modern mining restores the site to original land uses and water flows, fully protecting our water and landscapes long term.

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 10

Chinese demand contines to strengthen…. and supply is continuing to be challenged

==> picture [911 x 181] intentionally omitted <==

China’s transition from an investment-led to a services-based market means more electrical appliances, more EV’s, and more renewable energy = greater consumption of copper wiring

Source: Official Chinese Customs Data, CNBC, Bloomberg, HSBC

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 11

► A glimpse into the future…what could play out in the copper market over the next two years

==> picture [530 x 294] intentionally omitted <==

==> picture [336 x 255] intentionally omitted <==

Copper demand forecast to exceed supply by 2019/2020, which should drive prices higher and incentivise new investment in supply.

Source: Shaw and Partners Research, May 2017

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 12

==> picture [961 x 61] intentionally omitted <==

----- Start of picture text -----

An Outstanding Track Record of Growth through Exploration
----- End of picture text -----

► 67% increase in Mine Plan contained copper since initial discovery of DeGrussa in 2009

==> picture [618 x 330] intentionally omitted <==

Five high-grade, high-value VMS lenses discovered to date

==> picture [265 x 443] intentionally omitted <==

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 13

==> picture [961 x 61] intentionally omitted <==

----- Start of picture text -----

Doolgunna VMS Province – Exploration Overview
----- End of picture text -----

► Exploration advancing at multiple prospects within Greater Doolgunna area:

==> picture [626 x 395] intentionally omitted <==

• Greater Doolgunna region: 5,846km[2] including 65km strike length of prospective VMS lithologies

• Recent farm-in deals:

• Enterprise Metals (ASX: ENT) to earn up to 75% interest in tenements to the south

• Great Western Exploration (ASX: GTE) at North Yerrida

==> picture [201 x 189] intentionally omitted <==

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 14

==> picture [961 x 61] intentionally omitted <==

----- Start of picture text -----

Doolgunna Exploration – Advancing on Multiple Fronts
----- End of picture text -----

==> picture [730 x 405] intentionally omitted <==

► Systematic, multipronged exploration campaign leveraging Sandfire’s vast database and IP

• More than 120,000m of drilling FY17 to date and accelerating

• $20M annual budget (non-success basis)

► Priority areas of focus include Monty Deeps, Southern Volcanics, Red Bore, Vulcan, Homer East, Rooney’s North

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 15

==> picture [961 x 61] intentionally omitted <==

----- Start of picture text -----

Australian Regional Exploration Projects
----- End of picture text -----

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

EXPLORATION:

Northern Territory

• Active drilling by JV partners in Borroloola tenements

EXPLORATION:

Queensland Base Metals

• 2,400km² in Mt Isa-Cloncurry province including 100km strike length with potential for Broken Hill/Cannington-style and IOCG mineralisation

• Key targets include 100%-owned, Strathfield, Breena Plains and Cannington West projects

• Detailed planned and fieldwork underway

EXPLORATION:

NSW Base Metals

• 2,100km² in Lachlan Fold Belt with outstanding potential for porphyry mineralisation

Strategy: acquire the best ground with potential for a significant discovery that can be quickly developed. Increased focus on gold.

• New porphyry discovery at 100%-owned Temora Project – follow-up drilling underway at Donnington prospect

• Number of priority gold and base metal targets

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 16

==> picture [961 x 61] intentionally omitted <==

----- Start of picture text -----

NSW Exploration – Lachlan Fold Belt
----- End of picture text -----

Significant regional exploration portfolio in a world-class mineral province

• Focused exploration in the highly prospective Lachlan Fold Belt, NSW

• Attractive regime for development of large-scale gold and copper-gold projects

• Shallow cover masks significant deposits across the belt

• Extensive 100%-owned tenement portfolio acquired over recent years

• In 2017, drilling has been focused on the recently acquired, strongly mineralised Temora belt

• New copper-gold porphyry mineralised zone intersected recently at the Donnington prospect

• Follow-up drilling underway to extend the system and define higher grade zones

Deposit	Reserve	Cu %	Au g/t	Mine Type
	Mt	%	g/t
Cadia	1,500	0.28	0.48	Panel caves
Northparkes	102	0.60	0.26	Block caves
Cowal	116	-	0.85	Open Pit
Tomingley	4.3	-	1.80	Open Pit
McPhillamy	73	-	0.9	Open Pit (Resource figures)

==> picture [309 x 453] intentionally omitted <==

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 17

==> picture [961 x 61] intentionally omitted <==

----- Start of picture text -----

Donnington Prospect, Temora (NSW) – 100% Sandfire
----- End of picture text -----

• Follow-up drilling continues at the Donnington prospect following discovery hole, which intersected:

• 125m @ 0.3% copper and 0.5g/t gold including

• 44m and 28m at 0.4% copper and 0.6g/t gold

• Drilling 100m south of this intercept has reported a similar style of mineralization, including a higher grade zone:

• 77m @ 0.44% copper and 0.65g/t gold from 349m including:

• 24m @ 0.87% copper and 1.4g/t gold from 402m

• Porphyry-style alteration with weak mineralization intersected 100m to the north

► Covered region with drilling in arable paddocks

Prospect	Hole Number	Easting MGA94 Z 55	Northing m	azimuth	dip	total depth m	RL m	Depth From m	Interval m	Cu %	Au g/t
Donnington	TMMRD011*	534635	6218640	090	-60	472	236	349	77	0.44	0.65
	including							402	24	0.87	1.38
	TMMRD010	534602	6218840	090	-60	451	236	325	2	0.24	0.18
	TMMRD012	534655	6218100	090	-61	436	234	assays	awaited
	TMMRCD006	534604	6218741	090	-60	460	236	287	125	0.32	0.46
	including							314	44	0.41	0.62
								364	28	0.39	0.61
Punch	MHACD208**	534533	6219084	090	-60	250	236	64	15	0.11	0.32

Reported at >0.3 % CuEq (Cu x 0.55 Au). See Table 1 / including at >0.5 % CuEq / Intercepts include up to 3m internal dilution at 0.3%CuEq Downhole widths are not true widths / * final downhole surveys are awaited for TMMRD011 / ** previously reported azimuth and dip for MHACD208 were incorrect

==> picture [263 x 460] intentionally omitted <==

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 18

==> picture [961 x 61] intentionally omitted <==

----- Start of picture text -----

Donnington Prospect, Temora (NSW) – 100% Sandfire
----- End of picture text -----

Mineralisation hole TMMRD011 (415.2m)

Follow up drilling at Donnington Prospect on RTP 1VD magnetics

==> picture [36 x 8] intentionally omitted <==

----- Start of picture text -----

Alteration
----- End of picture text -----

• Follow up drilling 100m south of hole TMMRD006 identifies strong mineralisation in hole TMMRD011

• Drilling 100m north intersects low-level porphyry mineralisation over ~200m interval in TMMRD010

==> picture [70 x 9] intentionally omitted <==

----- Start of picture text -----

CuEq Grade (Right)
----- End of picture text -----

• Drill testing continuing on number of high priority targets in the area prior to further extensional drilling

==> picture [54 x 9] intentionally omitted <==

----- Start of picture text -----

Magnetic (Left)
----- End of picture text -----

==> picture [289 x 19] intentionally omitted <==

----- Start of picture text -----

TMMRD011 Section 6218640
----- End of picture text -----

==> picture [256 x 449] intentionally omitted <==

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 19

• Consistent low-cost production

• Strong balance sheet – net cash position

• Growing free cash-flows

• Committed to organic growth via exploration

• Unlocking the potential at Doolgunna

• Developing a growth pipeline for the future

Sandfire is a high-margin, low-cost Australian copper-gold producer, ideally positioned for its next chapter of growth.

==> picture [292 x 440] intentionally omitted <==

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 20

==> picture [252 x 201] intentionally omitted <==

Karl Simich CEO and Managing Director Resources Rising Stars 31 May 2017

==> picture [22 x 22] intentionally omitted <==

A debt-free Australian copper-gold producer with a strong growth outlook

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 21

Table 1 – Underground Mine Plan, Ore Reserve and Mineral Resource

==> picture [206 x 414] intentionally omitted <==

DeGrussa and Monty Underground Mines	Tonnes (Mt)	Copper (%)	Gold (g/t)	Contained Copper (t)	Contained Gold (oz)	DeGrussa basis	Monty basis
Mine Plan	7.0	5.1	1.6	359,000	368,000	100%	100%
Ore Reserve	6.8	5.0	1.6	337,000	355,000	100%	70%
Mineral Resource	7.2	6.0	1.9	434,000	450,000	100%	70%
DeGrussa and Monty Underground Mines	Tonnes (Mt) Stockpiles (Mt)		DG (Mt)	C1 (Mt) C4 (Mt)	C5 (Mt) Monty (Mt)	DeGrussa basis	Monty basis
Mine Plan	7.0	0.1	0.6	2.2 1.8	1.6 0.8	100%	100%
Ore Reserve	6.8	0.1	0.6	2.1 1.7	1.6 0.6	100%	70%
Mineral Resource	7.2	0.1	0.5	2.5 1.8	1.6 0.7	100%	70%

Table 2 – Mineral Resource (DeGrussa 100%, Monty 70%)

DeGrussa and Monty Mineral Resource	Tonnes (Mt)	Copper (%)	Gold (g/t)	Contained Copper (t)	Contained Gold (oz)
Underground Mine	7.2	6.0	1.9	434,000	450,000
Stockpiles (Open Cut)	2.9	1.2	1.0	35,000	89,000
Total	10.1	4.6	1.6	469,000	539,000

Table 3 – Ore Reserve (DeGrussa 100%, Monty 70%)

DeGrussa and Monty Ore Reserve	Tonnes (Mt)	Copper (%)	Gold (g/t)	Contained Copper (t)	Contained Gold (oz)
Underground Mine	6.7	5.0	1.6	337,000	355,000
Stockpiles (Open Cut)	2.8	1.2	1.0	35,000	84,000
Total	9.5	3.9	1.4	372,000	439,000

DeGrussa as at 31 December 2016, Monty as at 31 March 2017 Refer ASX Announcement “DeGrussa Mine Plan, Ore Reserve and Mineral Resource Update”, 30 May 2017

A d e b t – f r e e A u s t r a l I a n c o p p e r – g o l d p r o d u c e r w I t h a s t r o n g g r o w t h o u t l o o k

Page: 22