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Sandfire Resources
Sandfire Resources (SFR) investor relations material
Sandfire Resources Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary22 Jan, 2026
Executive summary
Group copper equivalent production reached 72,100 tonnes in H1 FY26 (46% of annual guidance), with production expected to be more heavily weighted to H2.
Safety performance improved, with TRIF reduced to 1.3 at 31 December 2025, despite six high potential incidents in Q2 FY26.
Strong operational focus and proactive risk management, including early completion of dewatering and fast-tracking equipment relocation at A4.
All production, cost, and capital expenditure guidance for FY26 retained, with annual guidance reaffirmed.
Net cash position of $13 million at 31 December, a significant improvement from $288 million net debt a year earlier.
Financial highlights
Unaudited group sales revenue was $344 million for the December quarter, with underlying EBITDA of $167 million and a margin just under 50%.
H1 FY26 underlying EBITDA expected at $304 million, with underlying earnings approximately $12 million higher than statutory profit due to adjustments.
Group capital expenditure was $111 million in H1 FY26, with $65 million at MATSA and $47 million at Motheo.
Net cash improved by $75 million in Q2 FY26 and $301 million over the prior 12 months.
Underlying operating costs at MATSA and Motheo were $87 and $43 per tonne of ore processed, respectively.
Outlook and guidance
Annual copper equivalent production guidance remains unchanged at 157,000 tonnes, with H2 expected to be stronger due to improved Motheo performance.
MATSA and Motheo operating costs and capital expenditure guidance remain unchanged.
Incremental uplift in metal production expected at MATSA in H2, with higher value ore being mined.
Motheo forecast to deliver 61,000 tonnes of copper equivalent production in FY 2026, with higher grade ore to be processed in H2.
Planned investment in exploration and drilling to ramp up in H2 FY26, especially at Motheo and in the Curnamona Province.
Black Butte project review drivers
Motheo H2 production and cost implications
Kalkaroo transaction impact on net cash position
Black Butte review: What are the key decision criteria?
Motheo contractor: What triggers additional fleet?
Net cash: What is the distribution threshold?
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Next Sandfire Resources earnings date
H1 202619 Feb, 2026
Sandfire Resources
Next Sandfire Resources earnings date
H1 202619 Feb, 2026
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Frequently asked questions
Sandfire Resources Limited is an Australian mining company primarily focused on the exploration, evaluation, and development of mineral projects. With a significant emphasis on copper, Sandfire also explores for gold, silver, lead, and zinc deposits. The company, established in 2003, has expanded its operations beyond Australia to include significant projects in Botswana and Spain, making it a notable player on a global scale. Sandfire's operations include the high-grade DeGrussa copper-gold mine in Western Australia, the MATSA mining complex in Spain, and the development of the Motheo Copper Mine in Botswana. The company is headquartered in West Perth, Australia, and its shares are listed on the Australian Securities Exchange.
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