• Delivered Group Copper Equivalent (CuEq) production of 72.1kt in H1 FY26
• Reported a 19% increase in Underlying EBITDA to $304M and more than doubled Underlying Earnings to $107M
• Established a $13M net cash balance as high margin operations and strict capital discipline boosted balance sheet

Sandfire Resources Ltd (Sandfire) is pleased to report its Financial Results for the half year ended 31 December 2025. The company delivered Group Copper Equivalent (CuEq) production of 72.1kt in H1 FY26 and maintained annual production, cost and capital expenditure guidance for its MATSA and Motheo operations. Sandfire reported a 19% increase in Underlying EBITDA to $304M and more than doubled Underlying Earnings to $107M in H1 FY26, for a statutory profit of $96M and Underlying EBITDA margin of 45%. The company committed $112M to capital expenditure in H1 FY26, with the increased investment directed toward infill and extension drilling, early works for a new tailings facility at MATSA, and additional drilling and study costs at Motheo. Sandfire also established a $13M net cash balance as its high margin operations and strict capital discipline allowed it to inject $301M into the balance sheet over the past 12 months. Subsequent to the end of H1 FY26, Sandfire executed definitive transaction agreements with Havilah Resources Limited to advance the Kalkaroo Copper-Gold Project and establish an exploration strategic alliance across the Curnamona Province in South Australia.

Sandfire has retained annual production, cost and capital expenditure guidance for MATSA and Motheo, with volumes weighted toward H2 FY26. The company has increased Group capital expenditure guidance by $10M to $240M and marginally adjusted annual guidance for Group exploration and evaluation expenditure to include additional funding for the Kalkaroo project and Black Butte project review.

Sandfire is well positioned to deliver on its operational commitments, with higher ore grades ahead at Motheo and a projected increase in the availability of higher value polymetallic ore feed within the Aguas Teñidas western extension in H2 FY26 at MATSA. The company has also commenced a review of its 87% shareholding in Sandfire America, which owns 100% of the Black Butte project.