OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash US$352.6M2025-06-30: 110,668,000 US$2025-12-31: 137,217,000 US$2026-06-30: 352,629,000 US$ Self Funding
Debt US$02025-06-30: 234,003,000 US$2025-12-31: 119,343,000 US$2026-06-30: 0.00 US$ Net cash US$352.6M
Basic shares 468M 2026-09-02
Runway Self Funding Reported FY26 CFO US746.804m, June30 cash352.629m and fully undrawn650m revolver. Cutoff cash estimate separately bridges ongoing cash generation, dividend and prior tax settlement; it is not reported cash.

Liquidity

Financial position

Operating cash flow currently funds maintenance and PFS programs; Black Butte construction is not approved or funded. Currency and future capital deployment remain material.

Inventory composition1

Operating ore, concentrate and stores inventory remains in operating working capital. Book value is not added as a separate equity-value uplift.

Group operating inventory
US$102.2M carrying

Capital structure

Ownership and dilution

Ordinary shares
468M
Fully diluted
469.7M

June gross issued466963304 plus43494 restricted executive ordinary shares and947775 converted rights =467954573. Rights2725657 minus947775 minus21897 =1755985. Treasury112890 already included in gross ordinary. FD469710558; conditional Stage2 shares are not currently issued.

Security classes2
ClassTypeQuantityStrikeExpiry
Gross ordinary fully paid shares including treasuryOrdinary Share468M——
Remaining unquoted performance rights after conversion and lapsePerformance Right1.8MA$0—

KPI history

Operating metrics · MATSA

Copper produced shown
04,5419,08313,62418,165June25: 14,296 tJune25September25: 12,519 tSeptember25December25: 13,669 tDecember25March26: 11,541 tMarch26June26: 16,219 tJune26
MetricUnitTrendJune25September25December25March26June26
Copper producedtJune25: 14,296 tSeptember25: 12,519 tDecember25: 13,669 tMarch26: 11,541 tJune26: 16,219 t14,29612,51913,66911,54116,219

KPI history

Operating metrics · Motheo

Copper produced shown
05,04110,08315,12420,166June25: 14,932 tJune25September25: 12,050 tSeptember25December25: 10,405 tDecember25March26: 11,327 tMarch26June26: 18,005 tJune26
MetricUnitTrendJune25September25December25March26June26
Copper producedtJune25: 14,932 tSeptember25: 12,050 tDecember25: 10,405 tMarch26: 11,327 tJune26: 18,005 t14,93212,05010,40511,32718,005
Operating metric source table16
MetricProjectPeriodPeriod typeValueStatus
Copper producedMatsaJune25Quarter14,296 tReported
Copper producedMatsaSeptember25Quarter12,519 tReported
Copper producedMatsaDecember25Quarter13,669 tReported
Copper producedMatsaMarch26Quarter11,541 tReported
Copper producedMatsaJune26Quarter16,219 tReported
Copper producedMotheoJune25Quarter14,932 tReported
Copper producedMotheoSeptember25Quarter12,050 tReported
Copper producedMotheoDecember25Quarter10,405 tReported
Copper producedMotheoMarch26Quarter11,327 tReported
Copper producedMotheoJune26Quarter18,005 tReported
Group cashCompany2025-06-30Point In Time110,668,000 USDReported
Group debtCompany2025-06-30Point In Time234,003,000 USDReported
Group cashCompany2025-12-31Point In Time137,217,000 USDReported
Group debtCompany2025-12-31Point In Time119,343,000 USDReported
Group cashCompany2026-06-30Point In Time352,629,000 USDReported
Group debtCompany2026-06-30Point In Time0 USDReported
Company guidance2
MetricProjectPeriodLowHighStatus
Copper ProductionmatsaFY2749,00055,000 tCurrent
Copper ProductionmotheoFY2750,00056,000 tCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-30Ann. 2026-08-26DividendA$163.8M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-13

FY26 annual, current quarter and original Kalkaroo terms establish material arrangement categories. Complete private concentrate contract terms are not disclosed; QP hedges expire before cutoff.

Owned contractual acquisition right only, with0% current mine interest. Transaction-calibrated net right value encompasses attached PFS/election/future funding conditions; remaining nominal PFS needs are shown in liquidity workpaper, not deducted twice.

Earn In · Conditional
Counterparties
Havilah Resources
Applies to
Kalkaroo acquisition right · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
Stage1 actual consideration: 118,900,000 AUD
Stage2 consideration: 105,000,000 AUD
PFS budget: 70,000,000 USD
Mine interest on Stage2: 80 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Alliance regional exploration A30m overminimum24months, Sandfire research program and funding responsibility. Included in regional exploration cost allowance; no separate invented resources.

Strategic Partnership · Active
Counterparties
Havilah Resources
Applies to
Kalkaroo acquisition right · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
Exploration commitment: 30,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Concentrate commercial terms feed payable-metal revenue; counterparty tenure and complete price terms not public in reviewed source. No enduring negative TCRC subsidy assumed.

Offtake · Active
Applies to
Motheo · Copper · Silver
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Annual report Note3 states all MATSA production sold to Trafigura EXW Impala Terminals Huelva. Payability, treatment charges and freight appear once in modeled net revenue.

Offtake · Active
Counterparties
Trafigura
Applies to
MATSA · Copper · Silver
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Statutory mineral royalties are included in underlying operating costs. A price-linked component is adjusted around guidance; no second gross royalty deduction.

Royalty · Active
Applies to
Motheo · Copper · Silver
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

June30 disclosed quotational-period copper,zinc and silver hedges maturedJuly/August2026. No fixed debt-linked hedges outstanding followingJanuary2026 maturity. RollingQP exposure remains policy risk; no enduring protected tonnage assumed.

Commodity Hedge · Expired
Applies to
MATSA · Motheo · Copper · Silver
Economic direction
Mixed
Period
Through 2026-08-31; start date not stated
Key terms
MATSA Cu QP tonnes: 9,157 t
Motheo Cu QP tonnes: 6,825 t
How it affects our valuation

No valuation treatment is available for this arrangement.