SANDFIRE RESOURCES LIMITED — Major Shareholding Notification 2015

May 18, 2015

2 Park Street Sydney NSW 2000 GPO Box 557 Sydney NSW 2001 Australia

T 61 2 8225 1000 F 61 2 8225 5275

facsimile
To:	ASX Company Announcements Platform&	Fax:	1300 135 638
	Mr Matthew Leslie Fitzgerald andMr Robert Klug	Fax:	(08) 6430 3849
	SANDFIRE RESOURCES NL [SFR]
From:	James WalkerCitigroup Global Markets Australia Pty Limited	Fax:	$(02)$ 8225 5114
Date:	19 May 2015	Pages:	3 (including cover sheet)
Subject:	Submission of Form 605 re: SANDFIRE RESOURCES NL [SFR]

If you do not receive all pages, please telephone on 61 2 8225 4903

This fax is confidential and may be privileged. If you are not the intended recipient, please notify the sender immediately by telephone.

Notice of initial substantial shareholder - Sandfire Resources NL (SFR)

Citigroup Global Markets Australia Pty Limited ("Citi") acted as sole bookrunner and sole underwriter on a sale of 23,756,338 ordinary fully paid securities in SFR (the "Sale Securities") by POSCO Australia (the "Seller"). In connection with the sale, Citi entered into a block trade agreement with the Seller on 13 May 2015 (the "Agreement") which was attached to our substantial filing on 15 May 2015.

Today Citi completed settlement of the Sale Securities and as a result we file the attached ceasing to be substantial shareholder notice.

Yours sincerely,

Walke

James Walker Head of Compliance, Institutional Clients Group Citigroup Global Markets Australia Pty Ltd

	Resend19-05-15;17:06
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Notice of ceasing to be a substantial holder	Form 605Corporations ActSection 671B
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To: SANDFIRE RESOURCES NL ("SFR", Ordinary Fully Paid)

$1.$ Details of substantial shareholder

Citigroup Global Markets Australia Pty Limited (ACN 003 114 832) and each of the related bodies corporate in the Citi group of companies worldwide (for more details please visit www.citigroup.com).

The holder ceased being a substantial holder today, 19 May 2015.

The previous notice had been given to the company on 15 May 2015.

$2.$ Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities 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 whoserelevant interestchanged andPerson's votesaffected	Nature of Relevant Interest	Class ofsecuritiesaffected
19 May 2015	Citigroup GlobalMarkets AustraliaPty Limited	Citigroup Global Markets AustraliaPty Limited ceased to hold arelevant interest in SFR as aresult of completing settlement ofthe Sale Securities.	SFR, OrdinaryFull Paid

$3.$ Changes in association

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

Name and ACN/ARSN (if applicable)	Nature of association
N/A

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$\bar{ }$

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Addresses $4.7$

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

Name	Address
Citigroup Global Markets Australia Pty	Level 22, Citigroup Centre, 2 Park Street,
Limited	Sydney NSW 2000

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Dated this day, 19 May 2015.

Miller

James Walker Head of Compliance, Institutional Clients Group Citigroup Global Markets Australia Pty Limited