Sandfire Resources : Motheo Copper Mine Pictorial Update

5 April 2022

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Motheo Copper Mine - Pictorial Update

Commencement of open pit mining marks another key milestone towards first copper production in the Kalahari Copper Belt.

Highlights

• • Sandfire's contracting partner at the Motheo Copper Mine, African Mining Services (AMS), has commenced open pit mining operations at the T3 Open Pit ahead of schedule.

• • Process plant earthworks 98% complete and civil works progressing well.

• • Construction of 750-room Mine Village and 132kV power line advancing.

• • Significant progress with other key construction and development items, as outlined in the attached Pictorial Update.

Sandfire Resources Ltd (Sandfire or the Company) is pleased to provide a construction and development pictorial update for its 100%-owned Motheo Copper Mine in Botswana, Southern Africa and to announce the commencement of open pit mining at Motheo.

First pre-strip material was mined at the T3 Open Pit deposit in late March, approximately one week ahead of schedule against the project execution plan, with mining currently making excellent progress.

The start of open pit mining by Sandfire's contracting partner, African Mining Services (AMS), a division of Perenti Global Limited (ASX: PRN), marks another important milestone towards the start of copper production in CY2023.

Motheo is a substantial new long-life copper mine and one of the few new copper mines under construction anywhere in the world. It is expected to become the cornerstone of a long-term copper mining hub for Sandfire in the world-class Kalahari Copper Belt.

As outlined in the attached pictorial update, development at Motheo is proceeding on schedule and on budget, with first production expected in the first half of calendar year 2023. Some of the key recent developments include:

• • Construction office building occupied and operational.

• • A3 Junction Road construction nearing completion.

• • Earthworks for the process plant now 98% complete and plant civil works progressing well, with foundations progressing for the primary crusher, SAG Mill, tails thickener and reclaim tunnel vault.

• • Construction of the 750-room Mine Village advancing, with 160 rooms now occupied.

• • Construction of the 132kV transmission power line advancing, with tower construction and assembly well underway.

Management Comment and Outlook

Sandfire Managing Director and CEO, Karl Simich, said: 'The start of open pit mining operations represents another important step on the road to production, and to have achieved this milestone ahead of schedule is a testament to the hard work of our project execution team in Botswana, led by Project Director, Ian Kerr.'

Sandfire Resources Ltd

Level 2, 10 Kings Park Road	PO Box 1495	T [phone]
West Perth WA 6005 Australia	West Perth WA 6872	F [phone]
ABN 55 105 154 185	www.sandfire.com.au	[e-mail]

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'In addition to the start of mining, we have also made important progress with construction of the process plant and other site infrastructure, putting us on track to deliver first production from Motheo in the first half of 2023.

'Pleasingly, we have been able to keep the project schedule on track and on budget despite the persistent labour and supply challenges being experienced across the global mining industry. This is a credit to the team and I would like to commend them for their efforts.

'We're also nearing completion of the Feasibility Study for the 5.2Mtpa Expansion Case at Motheo, which is due for completion in the June Quarter of this year. All the infrastructure currently under construction at Motheo is being built to support this proposed expanded capacity, supporting Sandfire's plans for Motheo to become the heart of a major new processing hub in the Kalahari Copper Belt.'

- ENDS -
For further information, please contact:	Media Inquiries:
Sandfire Resources Ltd	Read Corporate
Ben Crowley - Head of Investor Relations	Nicholas Read
Office: [phone]	Mobile: [phone]

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

Forward-Looking Statements

Certain statements made during or in connection with this release contain or comprise certain 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, 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 COVID-19 on Sandfire's business, the Australian economy, share markets and the economies in which Sandfire conducts business. Given the high degree of uncertainty surrounding the extent and duration of the COVID-19 pandemic, it is not currently possible to assess the full impact of COVID-19 on Sandfire's business or the price of Sandfire securities.

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 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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5 April 2022

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Motheo Copper Mine

Development and Construction Pictorial Update

5 April 2022

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Creating Value through Opportunity

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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.

This 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 opinions 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, statements, 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.

Creating Value through Opportunity

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

All figures are expressed in Australian dollars unless otherwise stated.

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

Forward-Looking Statements

This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Sandfire. Actual values, results or events may be materially different to those expressed or implied in this presentation.

There is also continuing uncertainty as to the full impact of COVID-19 on Sandfire's business, the Australian economy, share markets and the economies in which Sandfire conducts business. Given the high degree of uncertainty surrounding the extent and duration of the COVID-19 pandemic, it is not currently possible to assess the full impact of COVID-19 on Sandfire's business or the price of Sandfire securities.

Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Sandfire does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward-looking statement is based.

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Summary

• • Development of Sandfire's Motheo Copper Mine in Botswana is proceeding on schedule and on budget.

• • First concentrate production is planned in the first half of calendar year 2023.

• • Sandfire intends to fund the development of the Motheo Copper Mine through a combination of cash and project debt.

• • Credit committee approved offers for debt financing of US$160 million for the Base Case 3.2Mtpa development have been received from international lenders.

• • Finalisation of financing terms is expected to be completed during the June 2022 Quarter.

• • 5.2Mtpa Motheo Expansion Case DFS remains on schedule for completion in the June 2022 Quarter.

• • Construction activities are continuing to ramp up with +1,250 personnel on site.

Creating Value through Opportunity

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