SANDFIRE RESOURCES LIMITED — Major Shareholding Notification 2018

Mar 21, 2018

603 page 1/2 15 July 2001

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company name/Scheme Sandfire Resources NL A.C.N. or A.R.S.N. 105 154 185

1 Details of substantial holder (1)

Name LSV Asset Management ACN/ARSN (if applicable) ARBN 109 438 173 The holder became a substantial holder on 19/03/2018

2. Details of 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 on the date the substantial holder became a substantial holder are as follows:

Class ofsecurities (4)	Numberofsecurities	Person'svotes (5)	Voting power(6)
FullyPaid OrdinaryShares	8,061,413	8,061,413	5.10%

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:

Holderof relevantinterest	Holderof relevantinterest	Nature of relevantinterest (7)	Nature of relevantinterest (7)	Class andnumberofsecurities	Class andnumberofsecurities
See Annexure A
ls of present registered holders ns 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 asholder(8)		Class and number ofsecurities
See Annexure A

4. Details of present registered holders

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

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) Class and number of securities Cash Non-cash SeeAnnexureB 6. Associates 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 N/A	Holder of relevant interest	Date of acquisition	Date of acquisition	Consideration (9)	Consideration (9)	Class and number of securities
				Cash	Non-cash
	SeeAnnexureB
	Name and ACN/ARSN (if applicable)		Nature of association
	N/A

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603 page 2/2 15 July 2001

7. Addresses

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

Name	Address
LSV AssetManagement	155North Wacker, Suite4600, ChicagoIllinois USA60606

Signature

	print name sign here	Josh O’Donnell capacity Chief Compliance Officer / Chief Legal Officer
		date 03/20/2018
(1) If there are a n the manager an group of person membership of (2) See the definiti (3) See the definiti (4) The voting shar (5) The total numb or an associate (6) The person's v (7) Include details (a) any relev copy of a details of contract, any quali disposal qualificati See the definiti (8) If the substanti write "unknown (9) Details of the c acquired has, o conditional on t or its associate acquired.	DIRECTIONS umber of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or d trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a s are essentially similar, they may be referred to throughout the form as a specifically named group if the each group, with the names and addresses of members is clearly set out in paragraph 7 of the form. on of "associate" in section 9 of the Corporations Act 2001. on of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. es of a company constitute one class unless divided into separate classes. er of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person has a relevant interest in. otes divided by the total votes in the body corporate or scheme multiplied by 100. of: ant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a ny document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this scheme or arrangement; and fication of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or of the securities to which the relevant interest relates (indicating clearly the particular securities to which the on applies). on of "relevant agreement" in section 9 of the Corporations Act 2001. al holder is unable to determine the identity of the person ( eg. if the relevant interest arises because of an option) ". onsideration must include any and all benefits, money and other, that any person from whom a relevant interest was r may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is he happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was

• (1) 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.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (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.

• (5) 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.

• (6) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7) Include details of:

• (a) 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 the terms of any relevant agreement, and a 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

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.

• (8) 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 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 acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

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This is Annexure 'A' referred to in the Form 603: Notice of initial substantial holder from LSV Asset Management dated 19 March 2018

COMPANY: Sandfire Resources NL (A.C.N. 105 154 185)

DETAILS OF RELEVANT INTERESTS

HOLDER OF RELEVANT INTEREST	NATURE OF RELEVANT INTEREST	CLASS AND NUMBER OF SECURITIES
LSV ASSET MANAGEMENT	Power to (or to control) exercise vote and/or dispose of the securities as discretionary investment manager or adviser of superannuation funds, pooled superannuation trusts, managed investment schemes and separate accounts.	8,061,413 Fully paid ordinary shares

DETAILS OF PRESENT REGISTERED HOLDERS

HOLDER OF RELEVANT INTEREST	REGISTERED HOLDER OF SECURITIES	PERSONS ENTITLED TO BE A REGISTERED HOLDER	CLASS OF SECURITIES	CLASS & NUMBER OF SECURITIES
LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management	BBH BNY Mellon Chase CIBC Mellon Comerica Bank Mellon NAB Northern Trust RBC State Street US Bank Wells Fargo	BBH BNY Mellon Chase CIBC Mellon Comerica Bank Mellon NAB Northern Trust RBC State Street US Bank Wells Fargo	Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinaryshares	62,000 69,800 1,499,700 91,300 93,800 2,465,446 196,700 2,229,865 59,200 1,189,002 65,200 39,400

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Josh O'Donnell Chief Compliance Officer / Chief Legal Officer

This is Annexure 'B' referred to in the Form 603: Notice of initial substantial holder from LSV Asset Management dated 19 March 2018

COMPANY: Sandfire Resources NL (A.C.N. 105 154 185)

CONSIDERATION

CONSIDERATION
HOLDER OF RELEVANT INTEREST	DATE OF ACQUISITION	CONSIDERATION in AUD	CLASS OF SECURITIES	NUMBER OF SECURITIES
LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management LSV Asset Management	01/31/2018 02/13/2018 02/26/2018 03/09/2018 03/12/2018 03/13/2018 03/13/2018 03/14/2018 03/14/2018 03/15/2018 03/16/2018 03/19/2018 03/20/2018	282,956.00 11,802.55 (82,455.75) 2,414,966.59 1,822,309.81 628,132.68 3,887,877.12 500,775.30 In-Kind Transfer 747,460.95 161,148.73 768,004.91 635,344.00	Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinary shares Fully paid ordinaryshares	39,300 1,700 (10,700) 310,000 230,236 80,812 501,002 64,597 322,000 92,482 20,266 94,151 80,000

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Josh O'Donnell Chief Compliance Officer / Chief Legal Officer