SANDFIRE RESOURCES LIMITED — Major Shareholding Notification 2006

Sep 18, 2006

Form 603

Corporations Act 2001 Section 671B Notice of initial substantial holder

To Company Name/Scheme	Sandfire Resources NL
ACN/ARSN	105 154 185
Details of substantial holder (1) ı.
Name	Evolution Master Fund Ltd. SPC, Segregated Portfolio M.
ACN (if applicable)	Not applicable

The holder became a substantial holder on 25/08/2006

Details of voting power $2.$

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securitiest Department and the accommodation of the company of the company of the company of the company of the company of	Number of securities ________	Persons votes(5 na matana ao amin'ny fivondronan-kao minin'i Mandelena ao amin'ny faritr'i Nord-Amerika. Ny haavon'ny tan	_________ OUDE power (b) ——————————————————————————————————————
en srec насет	$-4,109,332$ ~ ~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~	. ********	71% _________ ---------------------------------------

$\mathbf{3}$ Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest $(7)$	Class and number of securities
Evolution Master Fund Ltd. SPC, Segregated Portfolio M	'NIA --------------------------------------	Placement Shares 4.169.332

4, Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of Person entitled to be securities registered as holder (8)		Class and number of securities
Evolution Master Fund Ltd. SPC, Segregated	Evolution Master Fund Ltd.	Evolution Master Fund Ltd.	Placement Shares
Portfolio M	SPC, Segregated Portfolio M	SPC, Segregated Portfolio M	4,169,332

$5.$ Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the 4 months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
		Cash	Non-cash سوده المستحملين ووليستعملون وووو
Evolution Master Fund Ltd. SPC, Segregated Portfolio M La debata announce colore	25/08/2006	\$2,223,570.97		Placement Shares 4.169.332

$6.$ Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

-------------------------------------- CONTRACTOR CONTRACTOR CONSUMING AND CONSUMING AN ANTIQUES IN A STATISTIC OF A STATISTIC OF A STATISTIC OF A ST	-------------------------------------- _____ ____
Name and ACN/ARSN (if applicable) ________	Nature of association to the company concerns and company with the first special second second company
N/A ********	-------------------------------------- ______ NΙA . ______ -------------------------------------- ******** ------------------

$7.$ Addresses

The addresses of persons named in this form are as follows:

Name	Address
Sandfire Resources NL	I Ventnor Avenue.
	West Perth.
	Western Australia, 6005
Evolution Master Fund Ltd. SPC, Segregated Portfolio M	Walker House, Mary Street, PO Box 908GT, George Town, Grand Cayman, Cayman Islands

Signature

$\bar{z}$

print name Adrian Brindle		capacity Director
sign here $\Lambda$ .	date	18/09/2006

Directions

• $\mathbf{L}$ If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.
• $\overline{2}$ . See the definition of "associate" in section 9 of the Corporations Act 2001.
• $\overline{3}$ . See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $4.$ The voting shares of a company constitute one class unless divided into separate classes.
• 1. The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.
• 1. The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $7.$ Include details of:
• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) $(a)$ applies, a copy of any document setting out the terms of any relevant agreement, and statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• $(b)$ any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• 1. If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".
• 9, Details of the consideration must include any and all benefit, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

GUIDE This guide does not form part of the prescribed form and is included by ASIC to assist you in completing and lodging form 603

Signature		This form must be signed by either a director or a secretary of the substantial holder.
Lodging Period		Nil
Lodging Fee		Nil
Other forms to be completed		Nil
Additional information		(a)			If additional space is required to complete a question, the information may be included on a separate piece of paper annexed to the form.
		(b)			This notice must be given to a listed company, or the responsible entity for a listed managed investment scheme. A copy of this notice must also be given to each relevant securities exchange.
		(c)			The person must give a copy of this notice:
			(i)		within 2 business days after they become aware of the information; or
			${ii}$		by 9.30am on the next trading day of the relevant securities exchange after they become aware of information if:
				(A)	a takeover bid is made for voting shares in the company or voting interests in the scheme: and
				(B)	the person becomes aware of the information during the bid period.
Annexures					To make any annexure conform to the regulations, you must
	1				use A4 size paper of white or light pastel colour with a margin of at least 10mm on all sides
	2				show the corporation name and A.C.N. or A.R.B.N.
	3				number the pages consecutively
					print or type in BLOCK letters in dark blue or black ink so that the document is clearly legible
	4	when photocopied
	5.	identify the annexure with a mark such as A, B, C, etc
	6				endorse the annexure with the words: This is annexure (mark) of (number) pages referred to in form (form number and title)
	7				sign and date the annexure The annexure must be signed by the same person(s) who signed the form.

Information in this guide is intended as a guide only. Please consult your accountant or solicitor for further advice.