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2026-11-06
◂ Monitor SFR ASX

SANDFIRE RESOURCES LIMITED

Producer · Copper · Zinc · Silver · Spain · Botswana · United States · Australia Rating locked: sign in to view v8 · sfr-20261024t173407-full
Last 2026-11-06
A$19.11
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$8.9B
EV
A$8.5B
Cash
US$352.6M
Debt
US$0
2 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

5 assets

Core asset

MATSA

Spain

Producer100% ownedCopperZincSilverLead

Operating copper and by-product mine complex

Producer · Producer
Production annualised (attributable)
64.9k td
Production (last FY, 100%)
53.9k t
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
NM
Reserve life
9.3 yrsd
Head grade
—
Resources & reserves5
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal190M t1.2% CuCopper · Zinc · Silver · Lead2025-12-31
Mineral ResourceMeasured110M t1.2% CuCopper · Zinc · Silver · Lead2025-12-31
Mineral ResourceIndicated49M t1.1% CuCopper · Zinc · Silver · Lead2025-12-31
Mineral ResourceInferred39M t1.1% CuCopper · Zinc · Silver · Lead2025-12-31
Ore ReserveTotal36M t1.4% CuCopper · Zinc · Silver · Lead2025-12-31

Core asset

Motheo

Botswana

Producer100% ownedCopperSilver

Operating copper and by-product mine complex

Producer · Producer
Production annualised (attributable)
72.0k td
Production (last FY, 100%)
51.8k t
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
NM
Reserve life
7.5 yrsd
Head grade
0.90% Cu
Resources & reserves5
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal57M t0.94% CuCopper · Silver2026-06-30
Mineral ResourceMeasured3M t0.92% CuCopper · Silver2026-06-30
Mineral ResourceIndicated47M t0.96% CuCopper · Silver2026-06-30
Mineral ResourceInferred7.2M t0.86% CuCopper · Silver2026-06-30
Ore ReserveTotal43M t0.89% CuCopper · Silver2026-06-30
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
A1 mining permitBotswanaRequired—Yes

Material

Black Butte

United States

PFS Developer86.89% ownedCopper

PFS completed; financing, strategic decision and Lowry permits outstanding

Developer · PFS developer
Study
PFS
Post-tax NPV (study prices, attributable)
—
NPV restated at our deck (attributable)
Locked
IRR
—
Initial capex (100%)
US$474.0ms
Capital intensity
US$15,290/(t/year/yr)d
LoM AISC
—
Mine life
12.0 yrss
Published study economicsIssuer or study metrics
NPVUS$126M8% discount
IRR13.3%Published return
Initial capexUS$474MPublished capital estimate
Operating cost2.68USD/lb payable Cu C1

100% post-tax NPV8 atUS$4.70/lb; financing uncommitted and separate Lowry permits. Study AISC3.04USD/lb from primary issuer release.

Resources & reserves5
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal53.8M t1.7% CuCopper2026-06-30
Mineral ResourceMeasured5.3M t2.3% CuCopper2026-06-30
Mineral ResourceIndicated31.4M t1.9% CuCopper2026-06-30
Mineral ResourceInferred17.1M t1.3% CuCopper2026-06-30
Ore ReserveTotal14.3M t2.6% CuCopper2026-06-30
Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Johnny Lee Mine Operating PermitMontanaGranted—Yes
Lowry environmental review and mining approvalsMontanaRequired—Yes
Economic studies1
StudyStageStatusDateSummary
Integrated Johnny Lee and Lowry PFSPFSCurrent2026-07-0912-year initial life,31ktpa contained Cu, US$474m upfront and180m sustaining capex; copper4.70/lb, recovery88%. Lowry needs additional permitting.

Material

Kalkaroo acquisition right

Australia

Resource Stage100% ownedCopper

Wholly held acquisition right; current direct mine interest0%; Stage2 may acquire80%, Havilah20% free-carried to FID

Other · Held
Ownership
10,000.0%d
Description
Contractual right to fund PFS and elect an80% earn-in; no current Kalkaroo mine ownership or mineral attribution
Book value
—
Economic studies1
StudyStageStatusDateSummary
Kalkaroo PFS preparationPFSCurrent2026-02-06No completed study economics. Study funded by Sandfire, US$70m budget and completionH2FY28. No current direct mine equity, resource or reserve assigned.

Other

DeGrussa

Australia

Care And Maintenance100% ownedCopper

Closed2022; legacy rehabilitation and plant divestment

Other · Held
Ownership
10,000.0%d
Description
Closed2022 mine; rehabilitation obligations and plant divestment, no restart value
Book value
—

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Other financial investments · Other · Held
Ownership
10,000.0%d
Description
Small financial investment portfolio; no material separate mine exposure established
Book value
US$4.6m