Sandfire Resources (SFR) Q1 2027 earnings summary

Executive summary

• Q1 FY27 CuEq production was 38.9kt, 25% of the annual guidance midpoint; production, cost and capital expenditure guidance was retained.

• Revenue was $480M, Underlying EBITDA $272M and quarter-end net cash $342M after a $117M fully franked dividend.

• Both operating assets finished more than 1,000 tons ahead of internal production plans; production tracked the FY27 guidance run-rate.

Financial highlights

• Underlying EBITDA margin was 57%; group capital expenditure was $63M in Q1 against $299M FY27 guidance.

• Net cash was $342M at 30 September 2026, versus $353M at 30 June; the $650M corporate revolver was undrawn and available to March 2029.

Outlook and guidance

• FY27 CuEq production guidance remained 89–99kt for MATSA, 61–67kt for Motheo and 150–166kt consolidated; production is expected to be evenly weighted between H1 and H2.

• Dedicated 33MW MATSA and 21MW Motheo solar facilities advanced; commissioning and ramp-up are scheduled for H2 FY27, with Motheo commissioning planned from Q3.

• Motheo guidance assumes diesel prices revert to pre-conflict levels in H2; sustained current prices could add ~$8M to H2 costs.

• Kalkaroo’s ~130km drilling program and pre-feasibility study remain on track for H2 FY28 despite weather-related access delays.