SANDFIRE RESOURCES LIMITED — Major Shareholding Notification 2007

Mar 29, 2007

30-03-07;16:59	: Merrill Lynch
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603 page 1/2 15 July 2001

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Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	SANDFIRE RESOURCES NL
ACN/ARSN
1. Details of substantial holder (1) Name	MERRILL LYNCH & CO., INC.
ACN/ARSN (if applicable)
The holder became a substantial holder on	26 / 3 / 2007

The holder became a substantial holder on

2. Details of voting power

The total number of votes attached to all the voting shares in the compary 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 holcer

Class of securities (4)	Number of securities	Person s votes (5)	Voting power (6)
ORDINARY	3,453,932	3,453.932	5.51

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 $(f)$	Class and number of securities
SEE APPENDIX 1

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 securities	Person entitled to be registered as holder (8)	Class and number of securities
SEE APPENDIX 2

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four 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)
		Cash	Non-cash
SEE APPENDIX 3

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

Name and ACN/ARSN (if applicable)	Nature of association
SEE APPENDIX 4

7. Addresses

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

Name	Address
SEE APPENDIX 5
--------	----- -------

Signature

DIRECTIONS

• 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 $(1)$ 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 equity trust), the names could be included in an annex 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
• $\boldsymbol{\varrho}$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• $\langle 3 \rangle$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $\boldsymbol{\theta}$ The voting shares of a company constitute one class unless divided into separate classes.
• 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 $[5] \centering% \includegraphics[width=0.3\textwidth]{images/TrDiM-Architecture.png} \caption{The 3D (blue) and 4D (blue) are the same as a function of the left and right.} \label{TrDiM-Architecture}$ interest n.
• $(6)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

$\sigma$ include details of:

• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out (a) the terms of any relevant agreement, and a statement by the parson giving full and accurate details of any contract, scheme or arrangement, must accompany this form, rogether with a written statement certifying this contract, scheme or arrangement; and
• ${0}$ 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 retevant 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.

冏 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".

Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become o 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.

Form 603 - Merrill Lynch as Initial Substantial Holder of Sandfire Resources NL

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Appendix 1 - [item 3]

$30 - 03 - 07$ ; 17:00 ; Merrill Lynch

Holder of relevant interest	Nature of relevant interest	Class and number of securities
Merrill Lynch $& Co., Inc.$	Beneficial Owner (deemed interest from its associates)	Ordinary share 3,453,932
Merrill Lynch International	- ditto -	Ordinary share 3,453,932

Appendix la - [item 3]

Stock Borrowing and Lending	Number of shares	----- Loan value
Stock borrowing and lending Proposition	Annendix 3a --	Appendix 3a

Appendix 2 - [item 4]

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder	Class and number of securities
Merrill Lynch & Co., Inc.	Deemed interest from its. associates	N/A	Ordinary share 3,453,932
Merrill Lynch International	Merrill Lynch International	N/A	Ordinary share 3,453,932

Appendix 3 - [item 5]

Holder of relevant interest	Date of acquisition	Consideration	Class and number of securities
Merrill Lynch International	Appendix 3a	Appendix 3a	Ordinary share 3.453.932

Appendix 4 - [item 6]

Name and ACN/ARSN (if applicable)	Nature of association
Merrill Lynch & Co., Inc.	Ultimate holding company
Merrill Lynch International	Subsidiary of Merrill Lynch & Co., Inc.

Appendix 5 - [item 7]

Name	Address
Merrill Lynch & Co., Inc.	4 World Financial Center, North Tower, 250 Vesey Street, New York, New York 10281
Merrill Lynch International	Merrill Lynch Financial Centre, 2 King Edward Street. London EC1A 1HO

$30 - 03 - 07$ ; 17: OC ; Mereill Lynch

Transaction History
Period: 26 November 2006 - 26 March 2007

Appendix 1a

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	SANDFIRE RESOURCES NL
	Loan Value / The Contract of the Contract of the United States
	Consideration			No of Shares:
Trade Date Transaction Company (AUS\$)		Price (AUS\$) No of Shares		Balance
Stock Collateral Received - Merrill Lynch International
			brought forward	o
26/03/2007 Collateral Receive	2197237.75	0.620000005	3543932	3453932

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