Sandfire Resources : MATSA Site Tour Investor Presentation

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MATSA Copper Operations

Site Tour Information Pack

30 June 2022

Important Information and Disclaimer

This presentation has been prepared by Sandfire Resources Ltd (Sandfire or the Company) and contains information about Sandfire current at the date of this presentation. The presentation is in summary form, has not been independently verified and does not purport to be all inclusive or complete. The Company is not responsible for providing updated information and assumes no responsibility to do so. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

onlyThis presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction and may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction.

This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the pinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when

deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, Sandfire, its related bodies corporate, and each of their officers, employees, agents and advisers expressly disclaim, to the maximum extent permitted by law, all liabilities (however caused, including negligence) in respect of, make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information,

usestatements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

Certain statistical and other information included in this presentation is sourced from publicly available third party sources and has not been independently verified.

This presentation should be read in conjunction with the Company's other ASX announcements, available via the Company Announcements Platform (ASX Code: SFR) and Sandfire's website at www.sandfire.com.au.

This presentation is authorised for market release by Sandfire's Managing Director and CEO, Mr Karl Simich.

Any information in this presentation that relates to the MATSA Mineral Resource estimate for 2021 is extracted from the report titled '147Mt Mineral Resource sets strong foundation for optimisation

nd long-term growth at MATSA' released to the Australian Securities Exchange (ASX) on 30 June 2022 and is available to view at www.sandfire.com.auand for which Competent Person's consent was obtained. Competent Person's consent remains in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent.

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Key assumptions

The following assumptions apply to information in this presentation unless otherwise stated.

Currency: unless otherwise stated, all figures are in USD.

Figures, amounts, percentages, estimates, calculations of value and other factors used in this presentation are subject to the effect of rounding.

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Important Information and Disclaimer

Forward-Looking Statements

This presentation may include forward-looking statements regarding Sandfire's Mineral Resources and Reserves, exploration and project development, operations, production rates, life of mine, projected cash flow, capital expenditure, operating costs and other economic performance and financial condition as well as general market outlook. Although Sandfire believes that the expectations

reflected in such forward-looking statements are reasonable, such expectations are only predictions and are subject to inherent risks and uncertainties which could cause actual values, results,
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performance or achievements to differ materially from those expressed, implied or projected in any forward looking statements and no assurance can be given that such expectations will prove to have
been correct. There is also continuing uncertainty as to the full impact of the COVID-19 pandemic on Sandfire's business, the Australian economy, share markets and the economies in which Sandfire
conducts business.
Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, delays or changes in
project development, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in metals prices and exchange rates and
business and operational risk management.
Except for statutory liability which cannot be excluded, each of Sandfire, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material
contained in these forward-looking statements and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any
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information in forward-looking statements or any error or omission. Sandfire undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or
circumstances after today's date or to reflect the occurrence of unanticipated events other than required by the Corporations Act and ASX Listing Rules. Accordingly, you should not place undue
reliance on any forward-looking statement.
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MATSA | A cornerstone copper mining operation in a Tier 1 jurisdiction

				MATSA is comprised of three
			Description of MATSA
			underground mines, and one
				central processing facility
	Ownership	•	100% Sandfire effective 1 February 2022	located at Aguas Teñidas
	Property	•	43 exploitation concessions covering 53.3km2 and application for four additional1
		• Three producing mines (Aguas Teñidas, Magdalena and Sotiel)
		•	Significant exploration footprint
	Mining	•	Underground mining using a combination of longitudinal and transverse longhole open stoping
		• Significant automation and state-of-the-art infrastructure
	Processing	•	A world class central processing facility that was expanded to 4.7Mtpa with flexibility to treat
only		cupriferous and polymetallic ore
	Infrastructure	•	Close to major towns (Huelva 85km, Seville 130km); access to national power and water
use		utilities; road and port logistics
			Key Operating Metrics
	Mineral	•	2022 Resources: 147Mt; 2.1Mt Cu @1.4%, 4.4Mt Zn @3.0%, 1.5Mt Pb @1.0%
	Resources &	•	2020 Reserves: 36Mt; 0.6Mt Cu @1.8%, 0.9Mt Zn @2.6%, 0.3Mt Pb @0.8%
	Ore Reserves2
ersonal	•	12 years based on reserves and M&I resources
	Mine Life
	FY2022	•	Cu: ~27kt; Zn: ~38kt; Pb: ~3kt; Ag: ~1.1Moz contained
	5-month	•	Payability: Cu 95%, Zn 83%, Pb 88%, Ag 61%
	Production
	guidance (from
	1 Feb 2022)
	FY2022 Cost	•	C1 USD0.98/lb Cu payable (net of by-product)
	guidance (from	•	Gross operating costs USD3.11/lb Cu payable
	1 Feb 2022)	• USD32m underground development, USD11m sustaining capital
			Notes: (1) Pending approval, (2) Refer to ASX release dated 23 September 2021 "Transformational Acquisition of the MATSA Mining Complex" for Ore Reserves and ASX release dated 30 June 2022	4
			"147Mt Mineral Resource sets strong foundation for optimisation and long-term growth at MATSA".

MATSA | Three mines and a central processing facility

				Aquas Teñidas Mine						Sotiel mine
	Commercial Production1	•	2009		Commercial production	•	2014
only						Ore type			•	Cupriferous & polymetallic
	Ore Type			•	Cupriferous, stockwork & polymetallic
							Mining method			• Bottom-up longhole open stoping with
	Mining Method		• Transverse open stoping with paste backfill
						unconsolidated rockfill
	Mining rate			•	~2.0Mtpa ore		Mining rate			•	~0.5Mtpa ore
	Mineral Resources	2	• 51.3Mt; 0.7Mt Cu @1.1%, 1.5Mt Zn @3.3%, 0.5Mt		Mineral Resources2		• 51.0Mt; 0.6Mt Cu @1.1%, 1.6Mt Zn @3.3%,
					0.7Mt Pb @1.4% (2022)
					Pb @0.9% (2022)
	Ore Reserves	2		• 14.5Mt; 0.2Mt Cu @1.3%, 0.4Mt Zn @2.8%, 0.1Mt		Ore Reserves2			• 3.4Mt; 0.05Mt Cu @1.4%, 0.1Mt Zn @2.3%,
							0.03Mt Pb @1.0% (2020)
					Pb @0.8% (2020)
use						Max current depth			•	400m
	Max Current Depth	•	800m
					Magdalena Mine				Central processing facility
	Commercial Production	•	2015		Throughput	•	4.7Mtpa (capacity)
	Ore Type			•	Cupriferous, stockwork & polymetallic
	Mining Method		• Bottom-up longhole open stoping with			•	Cu (cupriferous): 87%
ersonal				unconsolidated rockfill		Recovery	•	Cu (polymetallic): 72%
	Mining rate			•	~2.2Mtpa ore		•	Zn: 76%
	Mineral Resources2	• 25.2Mt; 0.6Mt Cu @2.4%, 0.8Mt Zn @2.8%, 0.2Mt			•	Pb: 19%
					Pb @0.8% (2022)
	Ore Reserves2		• 18.1Mt; 0.4Mt Cu @2.2%, 0.5Mt Zn @2.5%, 0.1Mt
					Pb @0.7% (2020)		Products	• Cu, Zn, Pb concentrate (polymetallic ore)
	Max Current Depth	•	680m		•	Cu concentrate (cupriferous ore)

Notes: (1) This is the first time commercial production was achieved by MATSA (2) Refer to ASX release dated 23 September 2021 "Transformational Acquisition of the MATSA Mining Complex" for Ore Reserves and ASX release dated 30 June 2022 "147Mt Mineral Resource sets strong foundation for optimisation and long-termgrowth at MATSA".

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