SANDFIRE RESOURCES LIMITED — Major Shareholding Notification 2008

Jun 18, 2008

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BAKER & M?KENZIE

Facsimile Transmission

Baker & McKenzie

Level 27 AMP Centre 50 Bridge Street Sydney, NSW 2000, Australia ABN 32 266 778 912

Postal Address: P.O. Box R126 Royal Exchange NSW 1223, Australia

Date 19 June 2008 Fax Tel: +61 2 9225 0200 To Fax: +61 2 9225 1595 Company Announcements Office 1900 999 279 DX: 218 SYDNEY The Australian Stock Exchange www.bakernet.com From Bill Fuggle Ref# 542295-v1\BF1\TP9 g Pages (w/cover) ASIC From 604 - Notice of change of interest of Re substantial holder

Please find attached ASIC Form 604 (Notice of change of interest of substantial holder) in respect of Evolution Master Fund Ltd. SPC, Segregated Portfolio M and Evolution Capital Management LLC's holding of SANDFIRE RESOURCES NL (SFR).

Yours faithfully,

Bill Fuggle Partner +61 2 8922 5100 bill.fuggle@bakernet.com

Privacy and Confidentiality Notice

The information contained in this facsimile is intended for the named recipients only. It may contain privileged and confidential Information and if you are not an intended recipient, you must not copy, distribute or take any action in reliance on it. If you have received this facsimile in error, please notify us immediately by collect telephone call to +61 2 9225 0200 and return the original to the sender by mail. We will reimburse you for the postage.

Baker & McKenzie, an Australian Partnership is a member of Baker & McKenzie International, a Swiss Verein

Form $604$

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To: Company Name/Scheme		SANDFIRE RESOURCES NL (SFR)
ACN/ARSN	ACN 105 154 185
Details of substantial holder (1) 1.
Name		Evolution Master Fund Ltd. SPC, Segregated Portfolio M and Evolution Capital Management LLC
ACN (if applicable) Not applicable
There was a change in the interests of the substantial holder on:		24/05/2007
The previous notice was given to the company O۱۱		18/09/2006
The previous notice was dated		18/09/2006

$2.$ Previous and present voting power

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 when last required, and when now r or scheme, are as follows:

Class of Securities (4)		Previous notice		---------- Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary	4,169,332	6.7140%	4,833,332	7.7833%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest or the substantial holder or an associate in voting sceurities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
16/04/2007	Evolution Master Fund Ltd, SPC, Segregated Portfolio M and Evolution Capital Management LLC.	N/A	\$160,680.00	ORDINARY 309,000	309,000
24/05/2007	Evolution Master Fund Ltd. SPC. Segregated Portfolio M and Evolution Capital Management ПC	N/A	\$172,555.80	ORDINARY 355,000	355,000

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registored holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
Evolution Master	Citicorp	Evolution Master Fund	Citicorp	Ordinary	4,833,332

Fund Ltd, SFC, Segregated Portfolio M	Nominees Pty Ltd	Ltd. SPC, Segregated Portfolio M	Nominees Ply Ltd holds the securities on behalf of Evolution Master Fund Ltd. SPC. Segregated Portfolio M under a custodial arrangement	4,833,332
Evolution Capital Management LLC	Citicom Nominees Pty Ltd	Evolution Master Fund Ltd. SPC, Segregated Portfolio M	Investment Manager with power to dispose of shares held by Evolution Master Fund Ltd. SPC. Segregated Portfolio M	Ordinary 4,833,332	4,833,332

5, Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

-------------------------------------- Name and ACN (if applicable) -------	______ Nature of association
N/A ---	$-11111$ __ N/A $-11 - 11$
. $\cdots$ ——	---

6. Addresses

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

Nune	Address
SANDFIRE RESOURCES NL (SFR)	1 Vontnor Ave, WEST PERTH, WA, AUSTRALIA, 6005
Evolution Master Fund Ltd, SPC, Segregated Portfolio M	Walker House, 87 Mary Street, George Town KY1-9002, Grand Cayman, Cayman Islands
Evolution Capital Management LLC	2425 Olympic Boulevard, Suite 120E, Santa Monica, CA 90404

		CEO OF EVOLUTION COOME! MANOTEMENT / CC
		Brindes Director of Evolution Master	$ \overline{\omega}$ nd $\overline{\omega}$ d.	SPC, Segregated
Signature				Perifelin M
print name		CRDRCIty
sign here		date	JUTE	ఎంచ∢

$\ddot{\phantom{a}}$

Directions

• If there are a number of substantial shareholders 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 a t.
• 1. See the definition of "associate" in section 9 of the Corporations Act 2001.
• $\mathbf{3}$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• 1. The voting shares of a company constitute one class unless divided into separate classes.

l,

• 5, The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• 1. include details of:

735544-vI\SYDDMS\AUSEII8

• any relevant agreement or other circumstances by which the change in relevant interest occurred. If subsection 671B(4)
  applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the $\left( u\right)$
• 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 $\phi$

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

• $\overline{a}$ 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 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 accuracy of the substantial holder or its associate in relation to the
• 1. If the substantial holder is unable to detennine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".
• 1. Give details, if appropriate, of the present association and any change in that association since the last substantial helding notice.