Sandfire Resources (SFR) Q2 2026 earnings summary

Executive summary

• Group copper equivalent production reached 72,100 tonnes in H1 FY26 (46% of annual guidance midpoint), with production expected to be more heavily weighted to H2.

• Safety performance improved, with TRIF reduced to 1.3 at 31 December 2025, reflecting ongoing risk management.

• Motheo's performance is forecast to improve in H2 following early maintenance and operational enhancements.

• MATSA delivered 46,400 tonnes copper equivalent in H1, 48% of its annual guidance midpoint, supported by higher grade ore and improved recoveries.

• All production, cost, and capital expenditure guidance for FY26 retained, with annual guidance reaffirmed.

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.

• Net cash position of $13 million at 31 December, after reducing net debt by AUD 301 million over 12 months.

• Group capital expenditure was $111 million in H1 FY26, with $65 million at MATSA and $47 million at Motheo.

• 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 production expected to be higher, driven by improved Motheo throughput and higher grade ore from A4.

• MATSA and Motheo are expected to see incremental production uplifts in H2, with MATSA targeting the midpoint of 91–101kt and Motheo 61kt for FY26.

• All other key annual guidance metrics, including operating costs and capex, remain unchanged.

• Planned investment in exploration and drilling to ramp up in H2 FY26, especially at Motheo and in the Curnamona Province.