Sandfire Resources America Inc. reported diamond drill results of the successful 2021-2022 Lowry Resource Definition core drilling program on its Black Butte Copper Project. Between September 2021 and March 2022, the company completed sixteen new core holes for 8,936 meters of core. Drilling Highlights: Highlights of the Lowry Zone Resource Definition program include the following drill intersections: SC21-268 intercepted 36.3 meters of 2.86% copper and 16.5 g/t silver in the Lowry Middle Copper Zone (LMCZ); SC21-265 intercepted 30.58 meters of 2.7% copper and 10 g/t silver in the LMCZ; SC22-277 intercepted 13.51 meters of 3.93% copper and 17.4 g/t silver in the Lowry Lower Copper Zone (LLCZ); SC22-274B intercepted of 8.36 meters of 4.30% copper and 9.2 grams silver in the LLCZ.

Drilling in the Lowry Middle Copper Zone largely confirmed grades and thicknesses of previous drilling, defined resource edges more clearly, and infilled gaps within the previous drill pattern. Drilling in the Lowry Lower Copper Zone delineated an area with somewhat higher copper grades which remains open for further expansion. Several holes intercepted copper mineralization above the LMCZ in the Lowry Upper Copper Zone.

The results of this drilling will support a Lowry Pre-Feasibility Study planned for completion in 2023. Additional work for the prefeasibility study will include hydrologic, metallurgical, mining, and geotechnical studies. Lowry Copper Deposit: The Lowry copper deposit is located approximately 2,500 meters east of the Johnny Lee deposit and has an Inferred Resource of 8.3 million tonnes of 2.4% copper (“Feasibility Study (Johnny Lee Deposit) and Mineral Resource Estimate Update (Lowry Deposit) – Technical Report NI 43-101” dated October 19, 2020, and the news release “Sandfire Resources America Achieves Major Milestones with Completion of Black Butte Copper Project Feasibility Study and Updated Mineral Resource for Lowry Deposit” October 27, 2020).

Mine development of the Lowry copper deposit would require a thorough environmental review through the Montana Department of Environmental Quality (“MT DEQ”) permitting process, and completion of appropriate engineering and economic studies. Johnny Lee Copper Deposit: The Johnny Lee deposit has a Measured and Indicated Mineral Resource of 10.9 million tonnes (Mt) at an average copper grade of 2.9% for 311 thousand tonnes (kt) of contained copper (Cu) at a 1.0% Cu cut-off grade, and an Inferred Mineral Resource of 2.7 Mt at an average copper grade of 3.0% for 80 kt of contained Cu at a 1.0% Cu cut-off grade (“Feasibility Study (Johnny Lee Deposit) and Mineral Resource Estimate Update (Lowry Deposit) – Technical Report NI 43-101” dated October 19, 2020, and the news release “Sandfire Resources America Achieves Major Milestones with Completion of Black Butte Copper Project Feasibility Study and Updated Mineral Resource for Lowry Deposit” October 27, 2020). The Company has received a Mine Operating Permit from the Montana Department of Environmental Quality for mine development of this deposit and has completed a majority of Phase I construction on associated surface facilities.