Sandfire Resources Limited (SFR) investor relations material

Executive summary

• Achieved record operating and financial results for FY25, with a 26% increase in sales revenue to $1.18 billion, a return to profitability, and a 12% rise in copper equivalent production to 152,000 tonnes, despite weather and power disruptions.

• Returned to statutory profit of $90 million and underlying profit of $111 million for FY25.

• Net debt reduced by 69% to $123 million, supported by a new $650 million Corporate Revolver Facility for enhanced financial flexibility.

• Operations demonstrated resilience amid external challenges, including severe weather events and power outages.

• Sustainability initiatives included sourcing over 70% of electricity from renewables and increasing female representation to 26%.

Financial highlights

• Record sales revenue of $1.18 billion and a 46% increase in underlying EBITDA to $528 million, with a margin of 45%.

• Underlying operations EBITDA reached $610 million, up 45%, with a 52% margin.

• Operating cash flow increased 55% to $575 million.

• D&A expense was $315 million, reflecting prior acquisitions and increased production.

• Net finance expense decreased 26% to $44 million due to lower net debt and improved financing terms.

Outlook and guidance

• FY26 copper equivalent production guidance set at 157,000 tonnes, a 2% increase, with production skewed to the first half.

• Unit costs at MATSA expected to rise 10% to $86/tonne and at Motheo to $44/tonne, reflecting currency and operational factors.

• Capital expenditure forecast at $230 million, up 11%, including $25 million for a new tailings storage facility.

• Exploration evaluation expense to increase by $6 million to $46 million in FY26, with activity weighted to the second half.

• Black Butte pre-feasibility study completion expected in Q2 FY26; A1 infill drilling to support maiden reserve in Q4 FY26.