SANDFIRE RESOURCES LIMITED — Major Shareholding Notification 2019

Nov 18, 2019

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	Sandfire Resources NL
ACN/ARSN	105 154 185
1. Details of substantial holder (1)
Name	Vanguard Group (The Vanguard Group, Inc. and its controlled entities including those
ACN/ARSN (if applicable)	listed in Annexure A) N/A
The holder became a substantial holder on	14 November 2019

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	$-1$ -Mu. ,,,,,, ---------------------------------------	______ ___ $\mathbf{r}$ vote ורי .	CALL AMAIL ы
- _____ ______	604 ---	an. OB --------------------------------------	$.002^\circ$ 76 _________

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
Vanguard Group	Vanguard Group is the manager of various Mutual funds	Ordinary - 8,904,431
	and accounts and in that capacity has the power to dispose
	of the shares. The other members of Vanguard Group have
	a relevant interest under section 608(3) of the Corporations
	Act.

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	Registered holder of	Person entitled to be	Class and
interest	securities	registered as holder (8)	number of securities
Vanguard Group	Brown Brothers Harriman	Various funds and other accounts of Vanguard Group	Ordinary- 84,000
Vanguard Group	BNY Mellon	Various funds and other accounts of Vanguard Group	Ordinary- 609,088
Vanguard Group	JP Morgan Chase Bank, N.A.	Various funds and other accounts of Vanguard Group	Ordinary- 4,960,396
Vanguard Group	State Street Bank and Trust Company	Various funds and other accounts of Vanguard Group	Ordinary- 1,110.060
Vanquard Group	Various others	Various funds and other accounts of Vanguard Group	Ordinary- 2,140,887

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 r of relevant interest ______ _____	____ Automobile $\sim$ uisition	(9) . 'onside.	_________ Class. u number and $-1$
______ __ --------- _ Annexure A See _____ للمحمد المستحدث المستحدث المراري المراري والمستخرج الرائي التقارض القادار الرائدان الرائي والرائي الرائي والقائل القادر القارنات ______ __ _______

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 ---------------- ,,,,,,,,,,,,,,,,,,,,,,,,,,,,, _________	______ . _____ __ ------- _____ N/۶ ______ ----------- ______ ___ -------------------------------------- --------------- _____ _ --------------------------------------

7. Addresses

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

Africans ______ The month of a function program and --------------- Jame _ _______ _________	THE AMPLINESS. ______ _____ ______ _____ ----- . _________
-------------- -------------------------------------- The Contract of Contract of the Contract of Contract of the Contract of The Contract of The Contract of The Contract of The Contract of The Contract of The Contract of The Contract of The Contract of The Contract of The C _________	-------------------- The Communication of the Communication of the Communication of the Communication of the Communication of the Co __ ______ _ ______ 2600 , יי . v Г1 ан . . -------------------------------------- _____ ______ __ ____ ______ _____

print name	Shawn Acker		capacity	Compliance Manager
sign here		date		18 November 2019

DIRECTIONS

• $(1)$ If there are a number of substantial holders with similar or related 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:
• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of $(a)$ 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
• $(b)$ 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.

• $(8)$ 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".
• Details of the consideration must include any and all benefits, moneys and other, that any person from whom a relevant interest has acquired has, or $(9)$ 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 of its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

To Company ACN/ARSN

Sandfire Resources NL 105 154 185

Substantial Holder Name ACN/ARSN

Vanguard Group $N/A$

Date of change	Person whose relevant interest changed	Nature of Change(6)	Consideration given in relation to change(7)	Class	Number of securities Person's votes affected	affected
	30-Jul-2019 The Vanguard Group, Inc.	SELL	6.58	Ordinary	(1,048)	(1,048)
	5-Aug-2019 The Vanguard Group, Inc.	SELL	6.06	Ordinary	(3,087)	(3,087)
	5-Aug-2019 The Vanguard Group, Inc.	SELL	6.06	Ordinary	(3,087)	(3,087)
	8-Aug-2019 The Vanguard Group, Inc.	SELL	6.09	Ordinary	(1, 310)	(1,310)
	13-Aug-2019 The Vanguard Group, Inc.	SELL	5.97	Ordinary	(1, 834)	(1, 834)
	15-Aug-2019 The Vanguard Group, Inc.	SELL	5.81	Ordinary	(1, 572)	(1, 572)
	19-Aug-2019 The Vanguard Group, Inc.	SELL	5.79	Ordinary	(1,029)	(1,029)
	4-Sep-2019 The Vanguard Group, Inc.	SELL	5.96	Ordinary	(1,029)	(1,029)
	16-Sep-2019 The Vanguard Group, Inc.	BUY	6.49	Ordinary	786	786
	18-Sep-2019 The Vanguard Group, Inc.	SELL	6.29	Ordinary	(2,058)	(2,058)
	25-Sep-2019 The Vanguard Group, Inc. 9-Oct-2019 The Vanguard Group, Inc.	BUY BUY	6.52	Ordinary	16,235	16,235
	9-Oct-2019 The Vanguard Group, Inc.	BUY	6.36 6.36	Ordinary Ordinary	96,084	96,084
	17-Oct-2019 The Vanguard Group, Inc.	BUY	6.16	Ordinary	31,671 42,642	31,671 42,642
	24-Oct-2019 The Vanguard Group, Inc.	BUY	6.26	Ordinary	3,754	3,754
	25-Oct-2019 The Vanguard Group, Inc.	SELL	5.86	Ordinary	(3, 144)	(3, 144)
	25-Oct-2019 The Vanguard Group, Inc.	BUY	5.85	Ordinary	5,882	5,882
	28-Oct-2019 The Vanguard Group, Inc.	BUY	5.37	Ordinary	16,901	16,901
	29-Oct-2019 The Vanguard Group, Inc.	SELL	5.70	Ordinary	(1, 237)	(1, 237)
	6-Nov-2019 The Vanguard Group, Inc.	BUY	6.16	Ordinary	143,441	143,441
	7-Nov-2019 The Vanguard Group, Inc. 14-Nov-2019 The Vanguard Group, Inc.	BUY BUY	6.22 5.34	Ordinary Ordinary	141,102 9,764	141,102 9,764
	15-Jul-2019 Vanguard Investments Australia Ltd.	BUY	6.52	Ordinary	405	405
	16-Jul-2019 Vanguard Investments Australia Ltd.	BUY	6.58	Ordinary	2,388	2,388
	18-Jul-2019 Vanguard Investments Australia Ltd.	BUY	6.71	Ordinary	2,151	2,151
	22-Jul-2019 Vanguard Investments Australia Ltd.	BUY	6.97	Ordinary	405	405
	30-Jul-2019 Vanguard Investments Australia Ltd.	BUY	6.60	Ordinary	2,255	2,255
	31-Jul-2019 Vanguard Investments Australia Ltd.	BUY	6.74	Ordinary	405	405
	5-Aug-2019 Vanguard Investments Australia Ltd. 6-Aug-2019 Vanguard Investments Australia Ltd.	BUY BUY	6.14	Ordinary Ordinary	1,432	1,432
	6-Aug-2019 Vanguard Investments Australia Ltd.	BUY	5.88 5.88	Ordinary	5,618 540	5,618 540
	6-Aug-2019 Vanguard Investments Australia Ltd.	BUY	5.88	Ordinary	1,881	1,881
	6-Aug-2019 Vanguard Investments Australia Ltd.	BUY	5.88	Ordinary	1,881	1,881
	6-Aug-2019 Vanguard Investments Australia Ltd.	BUY	5.88	Ordinary	25,961	25,961
	7-Aug-2019 Vanguard Investments Australia Ltd.	BUY	5.83	Ordinary	945	945
	8-Aug-2019 Vanguard Investments Australia Ltd.	BUY	6.02	Ordinary	2,310	2,310
	9-Aug-2019 Vanguard Investments Australia Ltd.	BUY	6.22	Ordinary	3,635	3,635
	12-Aug-2019 Vanguard Investments Australia Ltd.	BUY	5.95	Ordinary	2,310	2,310
	14-Aug-2019 Vanguard Investments Australia Ltd. 15-Aug-2019 Vanguard Investments Australia Ltd.	BUY BUY	6.05 5.82	Ordinary Ordinary	544 544	544 544
	21-Aug-2019 Vanguard Investments Australia Ltd.	BUY	5.80	Ordinary	408	408
	27-Aug-2019 Vanguard Investments Australia Ltd.	BUY	5.70	Ordinary	61.428	61,428
	28-Aug-2019 Vanguard Investments Australia Ltd.	BUY	6.18	Ordinary	19,268	19,268
	29-Aug-2019 Vanguard Investments Australia Ltd.	SELL	6.02	Ordinary	(2.948)	(2,948)
	29-Aug-2019 Vanguard Investments Australia Ltd.	BUY	6.02	Ordinary	408	408
	30-Aug-2019 Vanguard Investments Australia Ltd.	BUY	6.23	Ordinary	16,423	16,423
	2-Sep-2019 Vanguard Investments Australia Ltd.	BUY BUY	6.08	Ordinary	1,474	1,474
	2-Sep-2019 Vanguard Investments Australia Ltd. 3-Sep-2019 Vanguard Investments Australia Ltd.	BUY	6.08 6.02	Ordinary Ordinary	4,444 30.511	4,444 30,511
	4-Sep-2019 Vanguard Investments Australia Ltd.	BUY	5.94	Ordinary	548	548
	5-Sep-2019 Vanguard Investments Australia Ltd.	BUY	6.11	Ordinary	548	548
	9-Sep-2019 Vanguard Investments Australia Ltd.	BUY	6.34	Ordinary	548	548
	10-Sep-2019 Vanguard Investments Australia Ltd.	BUY	6.35	Ordinary	2.220	2,220
	17-Sep-2019 Vanguard Investments Australia Ltd.	BUY	6.36	Ordinary	3,838	3,838
	19-Sep-2019 Vanguard Investments Australia Ltd.	BUY	6.45	Ordinary	411	411
	20-Sep-2019 Vanguard Investments Australia Ltd. 23-Sep-2019 Vanguard Investments Australia Ltd.	BUY BUY	6.46	Ordinary	2,040	2,040
	25-Sep-2019 Vanguard Investments Australia Ltd.	BUY	6.45 6.52	Ordinary Ordinary	3,105 2,926	3,105 2,926
	27-Sep-2019 Vanguard Investments Australia Ltd.	BUY	6.52	Ordinary	2,223	2,223
	27-Sep-2019 Vanguard Investments Australia Ltd.	BUY	6.52	Ordinary	959	959
	27-Sep-2019 Vanguard Investments Australia Ltd.	BUY	6.52	Ordinary	548	548

Annexure A

			Consideration
		Nature of	given in relation		Number of securities Person's votes
Date of change	Person whose relevant interest changed	Change(6)	to change(7)	Class	affected	affected
	27-Sep-2019 Vanguard Investments Australia Ltd.	BUY	6.52	Ordinary	2,472	2.472
	2-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.36	Ordinary	3,876	3,876
	2-Oct-2019 Vanguard Investments Australia Ltd.	SELL	636	Ordinary	(4,896)	(4,896)
	3-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.07	Ordinary	810	810
	4-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.20	Ordinary	3,434	3,434
	7-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.28	Ordinary	16.130	16,130
	9-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.34	Ordinary	14,379	14,379
	9-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.34	Ordinary	735	735
	10-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.17	Ordinary	18,165	18,165
	11-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.36	Ordinary	3,212	3,212
	11-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.36	Ordinary	3,212	3,212
	11-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.36	Ordinary	1,712	1.712
	14-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.30	Ordinary	21,533	21,533
	16-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.25	Ordinary	25,518	25,518
	17-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.10	Ordinary	18,561	18,561
	17-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.10	Ordinary	588	588
	18-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.05	Ordinary	11,242	11,242
	18-Oct-2019 Vanguard Investments Australia Ltd.	8UY	6.05	Ordinary	441	441
	18-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.05	Ordinary	2,150	2,150
	18-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.06	Ordinary	98,170	98,170
	21-Oct-2019 Vanguard Investments Australia Ltd.	BUY	6.10	Ordinary	18,057	18,057
	22-Oct-2019 Vanguard Investments Australia Ltd.	BUY	632	Ordinary	2,170	2,170
	23-Oct-2019 Vanguard Investments Australia Ltd. 28-Oct-2019 Vanguard Investments Australia Ltd.	BUY BUY	6.21	Ordinary	15,581	15,581
	30-Oct-2019 Vanguard Investments Australia Ltd.	BUY	5.87 5.82	Ordinary Ordinary	2,210 5,160	2,210
	30-Oct-2019 Vanguard Investments Australia Ltd.	BUY	5.82		441	5,160
	30-Oct-2019 Vanguard Investments Australia Ltd.	BUY	5.82	Ordinary Ordinary	588	441 588
	30-Oct-2019 Vanguard Investments Australia Ltd.	BUY	5.82	Ordinary	17.544	17,544
	31-Oct-2019 Vanguard Investments Australia Ltd.	BUY	5.81	Ordinary	11.439	11,439
	31-Oct-2019 Vanguard Investments Australia Ltd.	SELL	5.81	Ordinary	(2.676)
	31-Oct-2019 Vanguard Investments Australia Ltd.	BUY	5.81	Ordinary	5.352	(2,676) 5,352
	31-Oct-2019 Vanguard Investments Australia Ltd.	BUY	5.82	Ordinary	17,185	17,185
	1-Nov-2019 Vanguard Investments Australia Ltd.	SELL	5.77	Ordinary	(16, 552)	(16, 552)
	1-Nov-2019 Vanguard Investments Australia Ltd.	BUY	5.77	Ordinary	588	588
	1-Nov-2019 Vanguard Investments Australia Ltd.	BUY	5.77	Ordinary	441	441
	5-Nov-2019 Vanguard Investments Australia Ltd.	BUY	6.05	Ordinary	588	588
	5-Nov-2019 Vanguard Investments Australia Ltd.	BUY	6.05	Ordinary	2.712	2.712
	7-Nov-2019 Vanguard Investments Australia Ltd.	BUY	6.22	Ordinary	588	588
	7-Nov-2019 Vanguard Investments Australia Ltd.	BUY	6.22	Ordinary	12.559	12.559
	11-Nov-2019 Vanguard Investments Australia Ltd.	BUY	6.23	Ordinary	3,208	3,208
	11-Nov-2019 Vanguard Investments Australia Ltd.	BUY	6.23	Ordinary	5.614	5.614
	11-Nov-2019 Vanguard Investments Australia Ltd.	BUY	6.23	Ordinary	6,416	6,416
	12-Nov-2019 Vanguard Investments Australia Ltd.	BUY	6.21	Ordinary	444	444
	12-Nov-2019 Vanguard Investments Australia Ltd.	BUY	6.21	Ordinary	2.409	2.409
	13-Nov-2019 Vanguard Investments Australia Ltd.	BUY	6.06	Ordinary	2,412	2.412
	13-Nov-2019 Vanguard Investments Australia Ltd.	BUY	6.06	Ordinary	669	669

This is Annexure A of $2$ pages referred $x$ in Form 603, Notice of initial substantial holder.

CRER

Signature: typoin

Name: Shawn Acker

Capacity: Compliance Manager

Date: 18 November 2019