Sandfire Resources (SFR) AGM 2026 presentation summary

FY26 performance

• CuEq production 154.2kt; sales revenue $1.7B; underlying EBITDA $867M with a 52% margin; underlying earnings $350M; profit after tax $354M.

• Operating cash flow $887M, excluding exploration and evaluation and tax; net cash $353M; fully franked final dividend AUD 35 cps.

• MATSA produced 94.5kt CuEq from 4.5Mt processed; underlying operations EBITDA $499M and margin 55%.

• Motheo produced 59.7kt CuEq from 6.1Mt processed; underlying operations EBITDA $461M and margin 62%.

Operating outlook

• FY27 CuEq production guidance: 89–99kt at MATSA and 61–67kt at Motheo; unit cost guidance $90/t and $47/t, respectively.

• FY27 production target 150–166kt CuEq; capital expenditure expected to increase to $299M.

• MATSA FY27 capital expenditure guidance $149M; Motheo guidance $98M.

Growth and exploration

• Kalkaroo: exclusive right to acquire 80%; existing 100Mt Ore Reserve at 0.47% copper and 0.44g/t gold; 8.7km drilled in Q1 and PFS on track for H2 FY28.

• A planned ~130km Kalkaroo infill and extension drilling program aims to grow reserves; an 80-person camp is established.

• Exploration highlights include a high-grade massive sulphide discovery at La Juliana, mineralisation intersected in 7 of 7 A1 extension holes, and accelerated A4 Underground drilling.

• FY27 exploration spend expected at $130M; current guidance excludes potential additional resources to accelerate MATSA and Motheo drilling and concept studies.