Sandfire Resources (SFR) Status update summary

Governance and Leadership Transformation

• Board expanded with international, independent, and sustainability expertise, and a dedicated Sustainability Committee established in January 2025, meeting five times in CY25.

• Governance framework emphasizes inclusivity, diversity, and collective responsibility, with clear focus on safety, strategy, culture, and heritage.

• Executive leadership team includes roles dedicated to sustainability, people, operations, finance, legal, and elevated legal and sustainability roles to executive level.

• Four board committees established, including a sustainability committee overseeing safety, biodiversity, climate change, and human rights.

• Regular reviews of governance arrangements and committee performance ensure alignment with strategy and business context.

Operating Model and Strategic Pillars

• Operating model is simple, scalable, and decentralized, empowering assets to deliver on commitments and comply with group standards.

• Strategic pillars focus on safe, consistent performance, reducing carbon intensity, increasing reserves, and capital discipline, all underpinned by sustainability.

Safety Performance and Culture

• Fatal incidents at MATSA in recent years prompted formal investigations and renewed focus on critical control and frontline safety culture.

• Group total recordable injury frequency reduced by 70% over four years, now at 1.3, with increased high potential incident reporting and risk awareness initiatives.

• Safety prioritized in board meetings, with visible leadership, consequence management, and a 'speak up' culture encouraged.

• Tracking both lagging and leading safety indicators, including action close-outs, field observations, and critical control verifications.

• Developing a forward-looking safety metric for executive incentives.