SANDFIRE RESOURCES LIMITED — Major Shareholding Notification 2022

Dec 22, 2022

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/ Scheme ACN/ ARSN 1. Details of substantial holder (1) Name ACN/ ARSN (if applicable) There was a change in the interests of t The previous notice was given to the co The previous notice was dated	SandfireResourcesLimited
	105154 185
	L1Capital PtyLtd and eachofthe entities s	et outinSection3
	21 125 378145
	he substantial holder on mpany on	21/12/2022 6/12/2022 6/12/2022

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 required, to give a substantial holding notice to the company or scheme, are as follows:

Class ofsecurities (4)	Previousnotice	Previousnotice	Presentnotice	Presentnotice
	Person'svotes	Voting power(5)	Person'svotes	Voting power(5)
FPO	34,486,800	7.77%	29,347,661	6.42%
	Based on issued capital of 444,043,880 shares* Based on issued capital of 456,891,928 shares*

3. 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 whoserelevantinterest changed	Nature ofchange (6)	Consideration given in relationto change (7)	Class and number of securities affected	Person'svotes affected
See Annexure A
elevant interests f each relevant interest of the substantial holder in voting securities after the change are as follows:
Holder of relevant interest	RegisteredHolderofsecurities	Person entitled to be registered asholder(8)	Nature of relevantinterest	Class andnumberofsecurities	Person'svotes
See Annexure B

4. Present relevant interests

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

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:

company or scheme are as follows:	scheme are as follows:	scheme are as follows:
6. Addresses The addresses of persons named in this form are as follows: Signature Print name Capacity Sign here Date DIRECTIONS L1CapitalStrategicEquityManagementPtyLtd Name L1Capital PtyLtd Name andACN/ARSN(ifapplicable) N/A Jane Stewart	Name andACN/ARSN(ifapplicable)			Nature ofassociation
	N/A
	s es of persons named in this form are as follows:
	Name			Address
	L1Capital PtyLtd			Level 45,101Collins Street,Melbourne,VIC, 3000
	L1CapitalStrategicEquityManagementPtyLtd			Level 45,101Collins Street,Melbourne,VIC, 3001
		Capacity Date DIRECTIONS Jane Stewart		23/12/2022 Head ofCompliance

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

• (6) Include details of:

(a) any relevant agreement or other circumstances because of 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 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.

(7) 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.

• (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) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Annexure A

L1 Capital Pty (ABN 21 126 378 145) and L1 Capital Strategic Equity Management Pty Ltd (ABN 87 648 751 928) change in substantial holding in Sandfire Resources Limited. This is Annexure "A" of 1 page referred to in the Form 604 (Notice of Change of interests of Substantial Holder)

Print Name Jane Stewart Capacity Head of Compliance Sign Here Date 23/12/2022

Changes in relevant interests

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	Class and number of securities affected	Person's votes affected
7/12/2022	L1 Capital Pty Ltd	On-Market Sale	$ 18,893,627.38	3,504,076	FPO	3,504,076
7/12/2022	L1 Capital Strategic Equity Management Pty Ltd	On-Market Purchase	$ 18,893,627.38	3,504,076	FPO	3,504,076
21/12/2022	L1 Capital Pty Ltd	On-Market Sale	$ 23,505,409.03	4,285,798	FPO	4,285,798
22/12/2022	L1 Capital Pty Ltd	On-Market Sale	$ 4,782,109.60	852,341	FPO	852,341

Annexure B

L1 Capital Pty (ABN 21 126 378 145) and L1 Capital Strategic Equity Management Pty Ltd (ABN 87 648 751 928) change in substantial holding in Sandfire Resources Limited. This is Annexure "B" of 1 page referred to in the Form 604 (Notice of Change of interests of Substantial Holder)

Print Name Jane Stewart Capacity Head of Compliance Sign Here Date 23/12/2022

Details of present relevant interests

Details of present relevant interests
Holder of relevant interest	Registered holder of securities	Persons entitled to be a registered holder	Nature of relevant interest	Class and number of securities
L1 Capital Pty Ltd	Morgan Stanley & Co. International PLC	Morgan Stanley & Co. International PLC	Power to (or to control)exercise vote and/or dispose ofthe securities as discretionaryinvestment managers oradvisers of superannuationfunds, pooled superannuationtrusts, managed investmentschemes and investmentmanagement agreements.	17,880,649	FPO
L1 Capital Strategic Equity Management Pty Ltd	JPMorgan Chase Bank, N.A.	JPMorgan Chase Bank, N.A.	as above	2,540,336	FPO
L1 Capital Strategic Equity Management Pty Ltd	State Street Australia Limited (SSAL)	State Street Australia Limited (SSAL)	as above	963,740	FPO
L1 Capital Strategic Equity Management Pty Ltd	Citicorp Nominees Pty Ltd	Citicorp Nominees Pty Ltd	as above	7,963,936	FPO
				29,348,661