SANDFIRE RESOURCES LIMITED — Investor Presentation 2021

Aug 1, 2021

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Sustainable copper production for a lower carbon future

Diggers & Dealers Investor Briefing, Kalgoorlie August 2021

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Important Information and Disclaimer Important Information and Disclaimer

This presentation has been prepared by Sandfire Resources Ltd (Sandfire or the Company) and contains information about Sandfire current at the date of this presentation. The presentation is in summary form, has not been independently verified and does not purport to be all inclusive or complete. The Company is not responsible for providing updated information and assumes no responsibility to do so. 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 and 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, its related bodies corporate, and each of their officers, employees, agents and advisers expressly disclaim, to the maximum extent permitted by law, all liabilities (however caused, including negligence) in respect of, make no 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.

Certain statistical and other information included in this presentation is sourced from publicly available third party sources and has not been independently verified. All figures are expressed in Australian dollars unless otherwise stated.

This presentation is authorised for market release by Sandfire’s Managing Director and CEO, Mr Karl Simich.

Forward-Looking Statements

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. There is continuing uncertainty as to the full impact of COVID-19 on Sandfire’s business, the Australian economy, share markets and the economies in which Sandfire conducts business. Given the high degree of uncertainty surrounding the extent and duration of the COVID-19 pandemic, it is not currently possible to assess the full impact of COVID-19 on Sandfire’s business or the price of Sandfire securities. 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 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.

The Expansion Case to 5.2Mtpa referred to in this presentation, where it relates to A4 and other prospects, is based on resource drilling, technical and economic assessments. Study work at A4 is currently insufficient to support estimation of Ore Reserves or to provide assurance of an economic Expansion Case for the Motheo Production Hub.

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Important Information and Disclaimer A New Era of Growth and Opportunity

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• One of the few ASX-listed pure-play copper producers

• Transition to a diversified, international and sustainable mining company well underway

• Refreshed and expanded senior leadership team , strongly aligned to our growth vision

• Debt-free with $574m in group cash at 30 June 2021 (unaudited)

• Construction of new long-life Motheo Copper Mine underway – first production Q4 FY2023

• Strong global pipeline including permitted Black Butte Copper Project, USA

• Active Business Development strategy

• +$50M per annum global exploration budget

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Copper

Cornerstone of the global economy and a “metal of the future”

• Copper is a critical metal for global economic growth

• Third largest global metal market behind iron and aluminium: >22Mt worth over US$220 billion consumed annually

• Strong underlying demand from the construction and industrial sectors

• Demand for copper from the adoption of new green technologies projected to surge in the next decade

• “Green” demand is forecast to increase by 600% from 1Mt in 2020 (just 3% of the total) to 5.4Mt in 2030 (16% of the total)

• Global mine supply remains structurally challenged due to declining discoveries and mine grades

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Important Information and Disclaimer Our Growing Global Footprint

Key Assets

Building diversified portfolio of high-quality base metal assets in Tier-1 jurisdictions a diversified portfolio of high-quality base metal assets

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Exploration Portfolio

Operating Mines Development Pipeline

• Kalahari , Botswana and Namibia

• Doolgunna Province Exploration

• DeGrussa Operations, WA

• Motheo Copper Mine

• Eastern Australia (NSW)

• DeGrussa Cu-Au Mine

• Motheo Expansion Project ● Kalahari Exploration , Botswana and Namibia

• Monty Cu-Au Mine

• Black Butte Copper Project, USA

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Sandfire

Strong alignment of Purpose, Vision and Strategy

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Creating value through opportunity

Our strategic imperatives

To build an international diversified and sustainable mining company

We will continue to create value through opportunity for:

• Execute delivery

• • Build a sustainable production pipeline

• Our shareholders

• Accelerate discovery

• Our shareholders

• Align and empower our people

• • Optimise capital strategy and engagement

• Our employees

• The communities in which we operate

• Our customers

• Our suppliers and partners

• Innovation across industry

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Refreshing the Board, including new appointments in FY2021

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People

An expanded leadership team with the skills and experience to take us forward

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Ms Sally Langer Independent NED Appointed 1 July 2020 Northern Star - NED

Mr John Richards

Ms Jenn Morris

Independent NED Appointed 1 Jan 2021 Northern Star – NED Sheffield Resources - NED

Independent NED Appointed 1 Jan 2021 Fortescue Metals – NED

Expanded operational and technical leadership team, with new senior management appointments

• Dale Burgess, Country Head – Botswana : Barrick Gold, mining engineer, 30 years of global industry experience - relocating to Botswana.

• Richard Holmes, Head of Exploration: Formerly the Head of Exploration and Growth at OZ Minerals Ltd, 25 years of global exploration, project evaluation and mine geology experience in base metals and gold.

• David Wilson, Head of Business Development and Technical Services: South 32, VP Planning and Projects, 30 years’ global experience in strategy, operations, technical support, and asset optimisation.

• Ben Crowley, Head of Investor Relations: Macquarie Group, Associate Director - Equity Research Resources, extensive capital markets knowledge, with 20 years exploration and mine geology experience.

Complimenting an already highly capable team

• Rob Scargill, CEO of Sandfire Resources America Inc: Continues to lead the delivery and execution of the Black Butte Copper Project in Montana, USA.

• Ian Kerr, Project Director: Responsible for the development of the Motheo Copper Mine in Botswana.

• Greg Peden, GM Operations: Continues to lead our team at the DeGrussa Operations.

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CUMULATIVE PRODUCTION TO END OF FY2021

over 650,000 TONNES OF CONTAINED COPPER

DeGrussa Operations

High-grade, highmargin production in Australia

380,000

OUNCES OF CONTAINED GOLD

$2.5 billion

$5.4 billion IN CUMULATIVE SALES REVENUE (TO END FY2021)*

IN CUMULATIVE OPERATING CASH-FLOW TO END OF FY2021* (prior to exploration and evaluation expenditure)

$213 million IN CUMULATIVE DIVIDENDS TO SHAREHOLDERS

$700 million

IN CUMULATIVE NET PROFIT AFTER TAX (attributable to members)

*FY21 Revenue and Cash Flow is unaudited

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PROCESSING

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FY2021
Full Year
Physicals
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MINING

SALES

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1,563,757
1,537,887
C1
23.6 23.4 US$0.82/lb
1,112,808
Annual
production:
70,845t Cu
39,459oz Au
contained
Sales:
425,079
65,689t Cu
7.2 37,394oz Au
300,447
292,848 contained
4.7 4.8
4.30
3.8 4.00
1.59 1.55 1.58 1.61
DeGrussa Monty Total Mining Mill Throughput Concentrate Sales
Tonnes
Au(g/t)
Grade
Cu (%)
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FY2022 FY2022

Production and Production and operating cost Costs guidance

2HY2022

1HY2022

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Q1: SEP21 Q2: DEC21 Q3: MAR22 Q4: JUN22
Au(oz)
Cu (t)
Contained Metal
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C1
FY2022 US$1.06/lb
Guidance:
64kt – 68kt Cu
30koz – 34koz Au
contained
Operating cost
Guidance:
C1 US$1.00 -
$1.10/lb
C1 Unit Cost (US$/lb)
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DeGrussa Operations – Mining Sequence

Quarterly Stope Turnover

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FY20 FY20 FY20 FY20 FY21 FY21 FY21 FY21 FY22 FY22 FY22 FY22 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Actual Actual Actual Actual Actual Actual Actual Actual Budget Budget Budget Budget DG Monty Annual Stope Turnover

DeGrussa Stope Mine Production FY22

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FY20 FY21 FY22
Actual Actual Budget
DG Monty
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Monty Stope Mine Production FY22

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Doolgunna

Dual-track exploration strategy

$16 million EXPLORATION BUDGET FOR FY2022

Gold Processing Pipeline East Shed Well, Cow Hole Bore and Red Bore SE Robinson Range Data integration and DHEM Copper Pipeline First-pass exploration of tenure south of Horseshoe Lights

Gold Processing Pipeline In-fill drilling at Cuba

High Priority Near Mine Targets: Near Mine Exploration Extant Rift and Transform Faults Geochemical Targeting Vectors DG Lithostratigraphic Model Gold Transition Strategy Leveraging existing processing infrastructure. Resource drilling at Old Copper Pipeline Highway well advanced, maiden MRE Yerrida Mapping Completion and and Feasibility Study due Q2 FY2022. First-Pass Soils

Gold Processing Pipeline Morck Well Gold Copper Pipeline Cheroona VMS In-fill drilling proximal to Orient Gossan.

Gold Processing Pipeline

Copper Exploration Pipeline

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Doolgunna Deeps – A new search space

The Doolgunna region has undergone ~10 years of systematic exploration collecting high quality data.

The top ~500m has been effectively and comprehensively explored with success coming at the Monty discovery.

Significant opportunity occurs at depths of +500m, however a different approach to exploration is required.

• Refine structural and lithological model through collection of further geophysical data eg seismic, MT

• Data driven predictive modelling

• Drill the targets

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Old Highway Resource Definition

Remaining resource definition drilling programs to commence in Q1:

Central Deeps (Q1 – Q3):

• 25m x 25m diamond drill pattern planned for extension drilling of Old Highway Deeps

• Multiple high-grade intercepts showing good continuity of mineralisation at depth

Central-East Links (Q1 – Q2):

• 25m x 25m RC pattern planned over the area within the strike of the current resource

$7 million RES DEV AND STUDY BUDGET FOR FY2022

Central-East Links Drilling

Central Deeps

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Australia Eastern States Eastern States

Exploration Exploration Projects Projects

$14 million EXPLORATION BUDGET FOR FY2022

• Endeavor South orebody extension diamond drilling (Q1 – Q2). Drill testing of new EM targets.

• Endeavor Regional diamond, RC and AC drilling and ground based geophysics (Q1 – Q4). Multiple Geochemical and geophysical anomalies.

• Cobar regional exploration pipeline (Q1 – Q4). Airborne magnetics, ground geophysics and Diamond and AC drilling on geophysical, structural and geochemical targets.

• Fields - Gidginbung trend (Q2 – Q3). Testing extensions to know low sulphidation mineralisation and conceptual porphyry targets with 3D geochemical modelling Diamond and AC drilling as well as IP surveys.

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North Batten JV
Pb-Zn, Cu, Mn
Altia JV Pb-Zn, Ag
Altia South JV
Pb-Zn-Ag
Endeavor Farm-in
Pb, Zn, Ag
Cobar Cu-Au
Wingrunner JV Cu-Au
Temora Cu-Au
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Initial Feasibility

ESTIMATES (DECEMBER 2020)

AVERAGE ANNUAL PRODUCTION OF

~30,000 TONNES OF CONTAINED COPPER

Kalahari

Motheo Copper Mine opens an exciting new growth horizon

1.2M OUNCES OF CONTAINED SILVER

US$2.45 US$664 billion million IN LIFE-OF-MINE REVENUE IN PRE-TAX FREE CASH-FLOW

$1.76/lb AISC IN FIRST 10 YEARS OF OPERATIONS

US$259 million CAPITAL COST INCLUDING CONTINGENCY

Q4 FY2023

FIRST CONCENTRATE PRODUCTION

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Important Information and Disclaimer Motheo Development Timeline

Mining License Approval & Land Titles
Camp EMP
Process Plant Engineering & Pre-Construction Works
Accommodation Facility
132KV Powerline & Substations Design & Construction
Process Plant Construction
Mining Contractor Mobilisation & Establishment
Mining Prestrip
Process Plant Commissioning
Process Plant Concentrate Ramp Up & Production
Financial Year	2021	2022	2023	2024

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Kalahari
Kalahari
Copper Belt
Copper Belt
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Extensive Priority exploration exploration ground targets for FY22 in Botswana and Namibia $23 million EXPLORATION BUDGET FOR FY2022

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Ngamiland
MOTHEO EXPANSION PROJECT
A4
A4 & A1 Domes
MOTHEO COPPER MINE
A4 Resource
9.8 Mt @ 1.36% Cu
& 21g/t Ag
T23
T20 PROJECT
T3 – Open Pit Resource
53.3Mt @ 0.90% Cu
& 12.7g/t Ag
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Important Information and Disclaimer Motheo Production Hub – Expansion targets

• Vein-hosted mineralisation within the A4 Mineral Resource has delivered some outstanding intersections including a standout 35.7m at 7.1% Cu and 116g/t A4.

• There is potential for further

• high-grade vein-hosted mineralisation along the A4 Dome and in other targets within the Motheo Expansion Project

• Ngwako Pan Formation (NPF) contact mineralisation is more typical of sediment-hosted copper deposits globally and hosts the Zone 5 underground mine in the eastern part of the Kalahari Copper Belt

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T1/T2 Zone
Diamond drilling, target
Zone 5 type sheared NPF
contact Cu deposits
A4 West
Diamond drilling, target
high grade vein hosted Cu A4 Dome
Diamond drilling, MLEM &
DHEM, testing NPF
contact
A4 A1 Dome
RESOURCE Diamond drilling, target
high grade vein hosted Cu
MOTHEO COPPER
MINE
A13 Anomaly A4/T3 Domes
Diamond drilling, target high Ground Magnetics and
grade vein hosted Cu Gravity surveys
Oblique view of AEM SCI slices with Aeromagnetic RTP
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Kalahari Exploration Model – Vein and NPF targets
Vein hosted
mineralisation
MO-A1-002D
0.4m @ 5.7% Cu & 95 g/t Ag from 209.2m
NPF A4 Dome – Long Section
mineralisation
MO-A4-035D
18m @ 3.9% Cu & 124g/t Ag from 77m A4 Dome – 9.8Mt at 1.4% Cu and 21g/t Ag A1 Dome – analogous to A4 and T3 deposits
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Initial Feasibility ESTIMATES (OCTOBER 2020)

AVERAGE ANNUAL PRODUCTION OF

Black Butte

Near-term development potential

23,000 TONNES OF CONTAINED COPPER METAL

FORECAST LOM PRODUCTION OF

8 YEAR

189,500 TONNES OF CONTAINED COPPER METAL

MINE LIFE BASED ON 1.2MTPA PRODUCTION RATE

US$275 million CAPITAL COST INCLUDING CONTINGENCY

A$740 million IN PRE-TAX NET CASHFLOW

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Important Information and Disclaimer AMER | Black Butte Copper Project, USA

• Advanced, high-quality underground copper project in Tier-1 location

• 87% stake in the Black Butte Copper Project via interest in Sandfire Resources America Inc.

• One of the top-10 undeveloped copper projects worldwide by grade (Measured, Indicated and Inferred Resources of 391,000t of contained copper at ~3%)[1]

• Johnny Lee deposit fully-permitted with early project works complete

• Enhancement of Feasibility Study being progressed

• Exploration program underway within the Mining Lease targeting potential extensions and other near-mine opportunities

• Highly encouraging drilling results from the Lowry deposit demonstrates potential upside

• Continuing to respond to and deal with legal challenges

• Aiming to advance towards a project development decision

1 Refer Sandfire ASX Announcement, dated 30 October 2019. Excludes the Lowry Resource.

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Key takeaways

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Global vision – our transformation into a diversified, international and sustainable mining company is underway

– Strong growth platform DeGrussa cash-flows, debt-free balance sheet and $574m in group cash

– New production hub construction of Motheo Copper Mine in Botswana underway

Strong pipeline – high-quality development opportunities and a global exploration portfolio in Tier-1 jurisdictions

Refreshed and focused – an international exploration, development and mining operations team strongly aligned with our growth objectives

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Competent Person’s Statements

T3 Ore Reserve

The information in this report that relates to Open Pit Ore Reserves, is based on information compiled by Mr Jake Fitzsimons who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Fitzsimons is employed by Orelogy Consulting Pty Ltd 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 Fitzsimons consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

DeGrussa and Monty Ore Reserve

The information in this report that relates to Ore Reserves 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 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.

Johnny Lee Ore Reserve

The information in this announcement that relates to the Johnny Lee Ore Reserve is based on information compiled by Mr Brad Evans (MAusIMM, CP(Mining)). Mr Evans 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 Resource and Ore Reserve. Mr Evans consents to the inclusion of the matters based on his information in the form and context in which it appears. DeGrussa, Monty, T3 and A4 Mineral Resource

The information in this report that relates to Mineral Resources is based on information compiled by Mr Callum Browne who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Browne is a permanent employee of Sandfire 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 Browne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Competent Person’s Statements

Johnny Lee and Lowry Mineral Resource

The information in this announcement that relates to the Johnny Lee and Lowry Mineral Resources is based on information compiled by Mr Erik Ronald (M. Eng., P.Geo, RM-SME, Principal Resource Geology Consultant, SRK). Mr Ronald 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 Resource and Ore Reserve. Mr Ronald consents to the inclusion of the matters based on his information in the form and context in which it appears.

Exploration Results – Tshukudu

The information in this report that relates to Exploration Results at the Tshukudu Exploration Project, Botswana is based on information compiled by Mr Julian Hanna who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Hanna is a permanent employee of Sandfire 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 Hanna consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Exploration Results – Doolgunna

The information in this report that relates to Exploration Results at Doolgunna is based on information compiled by Mr Ian O’Grady who is a Member of the Australian Institute of Geoscientists. Mr O’Grady is a permanent employee of Sandfire 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 O’Grady 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 and Resource Targets is only conceptual in nature. While Sandfire is continuing exploration programs aimed at reporting additional JORC compliant Mineral Resources, 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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Contact Details

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Level 2, 10 Kings Park Road, West Perth WA 6005 Australia PO BOX 1495, WEST PERTH WA 6872 AUSTRALIA +61 8 6430 3800 +61 8 6430 3849 www.sandfire.com.au

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