Buy Or Sell Opportunity • May 28
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.0% to AU$18.98. The fair value is estimated to be AU$24.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 89%. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Board Change • May 26
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Paul Harvey was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Live News • May 14
Sandfire Resources Gains Institutional Support as Motheo Copper Mine Ramps Up Production Sandfire Resources is progressing the ramp-up of production at its flagship Motheo copper mine in Botswana, which is described as a key phase in the company’s global transformation.
Institutional investors are reported to be accumulating shares as the company positions itself within a tightening global copper concentrate market.
Technical analysis referenced in recent coverage points to a bullish breakout pattern in the stock, with commentary suggesting potential for further price strength.
Motheo’s ramp-up and the focus on a maturing global asset suite place Sandfire in a more consolidated operating position, which could matter for how consistently it generates copper volumes over time.
The pointed interest from institutional investors and the bullish technical setup both lean on expectations around copper market tightness, so investors may wish to monitor copper price moves and any operational updates from Motheo that could challenge or support this current narrative. Announcement • Feb 26
Sandfire Resources Limited Temporarily Suspends Its MATSA Operations in Spain Sandfire Resources Limited announced the death of an employee of a contracting company following an incident at the Company's MATSA operations in Spain. Activities at the site have been temporarily suspended and company is working with the Spanish authorities to complete a thorough investigation so it can fully understand what led to this tragedy and learn from it to ensure it can never happen again. Reported Earnings • Feb 20
First half 2026 earnings: EPS exceeds analyst expectations First half 2026 results: EPS: US$0.21 (up from US$0.11 in 1H 2025). Revenue: US$670.4m (up 18% from 1H 2025). Net income: US$97.1m (up 89% from 1H 2025). Profit margin: 14% (up from 9.0% in 1H 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 17%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jan 30
Now 25% undervalued Over the last 90 days, the stock has risen 22% to AU$19.85. The fair value is estimated to be AU$26.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 7.5% per annum. Earnings are also forecast to grow by 25% per annum over the same time period. Price Target Changed • Jan 17
Price target increased by 11% to AU$17.33 Up from AU$15.65, the current price target is an average from 12 analysts. New target price is 9.5% below last closing price of AU$19.15. Stock is up 94% over the past year. The company is forecast to post earnings per share of US$0.67 for next year compared to US$0.20 last year. Announcement • Jan 12
Sandfire Resources Limited Provides Production Guidance for the Fiscal Year 2026 Sandfire Resources Limited provided production guidance for the fiscal year 2026. For the year, the company expects Group CuEq production to 149 kt- 165 kt. Group Ore processed to be 10.2 Mt. Copper to be 102 kt- 114 kt. Zinc to be 94 kt- 104 kt. Lead to be 7.5 kt- 8.5 kt. Silver to be 5.0 Moz- 5.4 Moz. Announcement • Jan 08
Sandfire Resources Limited to Report Q2, 2026 Results on Jan 22, 2026 Sandfire Resources Limited announced that they will report Q2, 2026 results Pre-Market on Jan 22, 2026 Recent Insider Transactions Derivative • Dec 03
CEO, MD & Director exercised options and sold AU$527k worth of stock On the 27th of November, Brendan Harris exercised options to acquire 34k shares at no cost and sold these for an average price of AU$15.55 per share. This trade did not impact their existing holding. For the year to June 2023, Brendan's total compensation was 24% salary and 76% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2025, Brendan has owned 432.75k shares directly. Company insiders have collectively sold AU$2.2m more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Oct 29
Price target increased by 7.7% to AU$14.55 Up from AU$13.51, the current price target is an average from 12 analysts. New target price is 8.6% below last closing price of AU$15.92. Stock is up 55% over the past year. The company is forecast to post earnings per share of US$0.57 for next year compared to US$0.20 last year. Price Target Changed • Oct 15
Price target increased by 9.0% to AU$13.52 Up from AU$12.41, the current price target is an average from 13 analysts. New target price is 16% below last closing price of AU$16.13. Stock is up 49% over the past year. The company is forecast to post earnings per share of US$0.52 for next year compared to US$0.20 last year. Major Estimate Revision • Oct 13
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from US$1.33b to US$1.36b. EPS estimate increased from US$0.449 to US$0.497 per share. Net income forecast to grow 117% next year vs 29% growth forecast for Metals and Mining industry in Australia. Consensus price target up from AU$12.26 to AU$13.28. Share price was steady at AU$15.66 over the past week. Announcement • Oct 13
Sandfire Resources Limited to Report Q1, 2026 Results on Oct 27, 2025 Sandfire Resources Limited announced that they will report Q1, 2026 results on Oct 27, 2025 Price Target Changed • Oct 09
Price target increased by 8.0% to AU$13.02 Up from AU$12.05, the current price target is an average from 13 analysts. New target price is 22% below last closing price of AU$16.63. Stock is up 53% over the past year. The company is forecast to post earnings per share of US$0.49 for next year compared to US$0.20 last year. Announcement • Sep 04
Sandfire Resources Limited, Annual General Meeting, Oct 31, 2025 Sandfire Resources Limited, Annual General Meeting, Oct 31, 2025. Reported Earnings • Aug 28
Full year 2025 earnings released: EPS: US$0.20 (vs US$0.038 loss in FY 2024) Full year 2025 results: EPS: US$0.20 (up from US$0.038 loss in FY 2024). Revenue: US$1.19b (up 27% from FY 2024). Net income: US$93.3m (up US$110.6m from FY 2024). Profit margin: 7.9% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 08
Sandfire Resources Limited to Report Fiscal Year 2025 Results on Aug 28, 2025 Sandfire Resources Limited announced that they will report fiscal year 2025 results on Aug 28, 2025 Announcement • Jul 08
Sandfire Resources Limited to Report Q4, 2025 Results on Jul 29, 2025 Sandfire Resources Limited announced that they will report Q4, 2025 results on Jul 29, 2025 Announcement • Jun 19
Catalyst Metals Limited (ASX:CYL) completed the acquisition of Old Highway Gold Deposit from Sandfire Resources Limited (ASX:SFR). Catalyst Metals Limited (ASX:CYL) agreed to acquire Old Highway Gold Deposit from Sandfire Resources Limited (ASX:SFR) for AUD 32.5 million on May 8, 2025. A cash consideration will be paid by Catalyst Metals Limited. Completion is subject to customary consents being obtained from relevant stakeholders including Ministerial and third-parties.
Catalyst Metals Limited (ASX:CYL) completed the acquisition of Old Highway Gold Deposit from Sandfire Resources Limited (ASX:SFR) on June 19, 2025. Recent Insider Transactions Derivative • May 08
CEO, MD & Director exercised options and sold AU$1.7m worth of stock On the 30th of April, Brendan Harris exercised options to acquire 172k shares at no cost and sold these for an average price of AU$9.93 per share. This trade did not impact their existing holding. For the year to June 2023, Brendan's total compensation was 21% salary and 79% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2024, Brendan's direct individual holding has increased from 205.43k shares to 432.75k. Company insiders have collectively sold AU$1.7m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Apr 30
Boab Metals Limited (ASX:BML) agreed to acquire DeGrussa Processing Plant from Sandfire Resources Limited (ASX:SFR) for AUD 10 million. Boab Metals Limited (ASX:BML) agreed to acquire DeGrussa Processing Plant from Sandfire Resources Limited (ASX:SFR) for AUD 10 million on April 30, 2025. A cash consideration will be paid by Boab Metals Limited. As part of consideration AUD 10 million is paid towards assets of DeGrussa Processing Plant.
The transaction is subject to approval by regulatory board / committee and approval of offer by acquirer board.
Completion (and the associated payment due at Completion) is conditional upon Boab reaching a final investment decision on the Sorby Hills Project which is anticipated in H2 2025. Announcement • Apr 14
Sandfire Resources Limited to Report Q3, 2025 Results on Apr 29, 2025 Sandfire Resources Limited announced that they will report Q3, 2025 results on Apr 29, 2025 Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to AU$8.85, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 3x in the Metals and Mining industry in Australia. Total returns to shareholders of 59% over the past three years. Reported Earnings • Feb 20
First half 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First half 2025 results: EPS: US$0.11 (up from US$0.12 loss in 1H 2024). Revenue: US$569.8m (up 35% from 1H 2024). Net income: US$51.5m (up US$104.6m from 1H 2024). Profit margin: 9.0% (up from net loss in 1H 2024). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 13%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Announcement • Feb 10
Sandfire Resources Limited to Report First Half, 2025 Results on Feb 20, 2025 Sandfire Resources Limited announced that they will report first half, 2025 results on Feb 20, 2025 Board Change • Feb 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chief Legal & Compliance Officer, Company Secretary and Director Gemma Tually was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 07
Sandfire Resources Limited to Report Q2, 2025 Results on Jan 30, 2025 Sandfire Resources Limited announced that they will report Q2, 2025 results on Jan 30, 2025 Announcement • Oct 15
Sandfire Resources Limited to Report Q1, 2025 Results on Oct 29, 2024 Sandfire Resources Limited announced that they will report Q1, 2025 results on Oct 29, 2024 Reported Earnings • Aug 29
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: US$0.038 loss per share (improved from US$0.12 loss in FY 2023). Revenue: US$941.6m (up 16% from FY 2023). Net loss: US$17.3m (loss narrowed 66% from FY 2023). Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) exceeded analyst estimates by 24%. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 121 percentage points per year, which is a significant difference in performance. Announcement • Jul 02
Sandfire Resources Limited to Report Q4, 2024 Results on Jul 25, 2024 Sandfire Resources Limited announced that they will report Q4, 2024 results on Jul 25, 2024 Recent Insider Transactions Derivative • May 04
CEO, MD & Director exercised options and sold AU$1.6m worth of stock On the 2nd of May, Brendan Harris exercised options to acquire 172k shares at no cost and sold these for an average price of AU$9.26 per share. This trade did not impact their existing holding. For the year to June 2023, Brendan's total compensation was 21% salary and 79% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2023, Brendan has owned 11.10k shares directly. Company insiders have collectively sold AU$1.5m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Apr 16
Sandfire Resources Limited to Report Q3, 2024 Results on Apr 30, 2024 Sandfire Resources Limited announced that they will report Q3, 2024 results on Apr 30, 2024 Announcement • Apr 03
Sandfire Resources Limited Announces Resignation of Sophie Raven as Joint Company Secretary, Effective 3 April 2024 Sandfire Resources Limited (Sandfire) advised, in accordance with ASX Listing Rule 3.16.1, that Sophie Raven has resigned as Joint Company Secretary effective 3 April 2024. Victoria Twiss remains as Company Secretary in addition to her role as Chief Legal and Compliance Officer. Announcement • Mar 01
Sandfire Resources Limited Appoints Victoria Twiss as Joint Company Secretary Sandfire Resources Ltd. (Sandfire) announced that Victoria Twiss has been appointed as Joint Company Secretary, in addition to her continuing in the role of Chief Legal and Compliance Officer. Reported Earnings • Feb 24
First half 2024 earnings released: US$0.12 loss per share (vs US$0.065 loss in 1H 2023) First half 2024 results: US$0.12 loss per share (further deteriorated from US$0.065 loss in 1H 2023). Revenue: US$421.1m (down 3.2% from 1H 2023). Net loss: US$53.1m (loss widened 96% from 1H 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Jan 31
Consensus EPS estimates fall from profit to US$0.013 loss The consensus outlook for fiscal year 2024 has been updated. Expected to report loss instead of -US$0.0128 instead of US$0.0003 per share profit previously forecast. Revenue forecast unchanged at US$921.9m Metals and Mining industry in Australia expected to see average net income growth of 17% next year. Consensus price target up from AU$7.11 to AU$7.45. Share price rose 7.8% to AU$7.30 over the past week. Major Estimate Revision • Jan 12
Consensus EPS estimates fall by 94% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$945.8m to US$936.1m. EPS estimate also fell from US$0.0076 per share to US$0.0004 per share. Net income forecast to grow 100% next year vs 16% growth forecast for Metals and Mining industry in Australia. Consensus price target up from AU$6.81 to AU$6.96. Share price fell 9.0% to AU$6.61 over the past week. Announcement • Jan 08
Sandfire Resources Limited to Report Q2, 2024 Results on Jan 30, 2024 Sandfire Resources Limited announced that they will report Q2, 2024 results on Jan 30, 2024 Announcement • Sep 12
Sandfire Resources Limited Announces the Appointment of Paul Harvey as Independent Non-Executive Director Sandfire Resources Limited announced the appointment of highly experienced resources executive, Paul Harvey, to its Board as an Independent Non- Executive Director, effective from 12 September 2023. Following the retirement of Dr. Roric Smith from Sandfire's Board on 30 June 2023, the Company has been engaged in a formal recruitment process to appoint a suitable replacement for Dr. Smith. Mr. Harvey is an experienced resources executive, with operational and projects leadership built from over 35 years' global experience in the resources sector. His recent past roles include being a senior leader at BHP (2005-2015) and South32 (2015-2020), with four years as the latter's Chief Operating Officer with accountability for global manganese, base metals and coal for steel operations, as well as all supporting technical and project functions. He holds a Bachelor of Engineering (Mining) from the Western Australian School of Mines, is a fellow of the Australasian Institute of Mining and Metallurgy and is a graduate and member of the Australian Institute of Company Directors. Mr. Harvey is also currently a Non-Executive Director of De Grey Mining Limited (where he is the chair of the Sustainability Committee and a member of the Remuneration and Nominations Committee), an Advisory Committee member at Wyloo Metals Pty Ltd, and Senior Operating Partner at Appian Capital Advisory. In addition to his role as Non-Executive Director on the Sandfire Board, Mr. Harvey will be a member of its Audit and Finance, Risk and Sustainability, and Nominations Committees. New Risk • Aug 31
New major risk - Revenue and earnings growth Earnings have declined by 9.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.6% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (11% increase in shares outstanding). Reported Earnings • Aug 31
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: US$0.12 loss per share (down from US$0.32 profit in FY 2022). Revenue: US$815.7m (down 12% from FY 2022). Net loss: US$51.6m (down 146% from profit in FY 2022). Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Major Estimate Revision • Jul 29
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$801.0m to US$793.0m. Losses expected to increase from US$0.14 per share to US$0.16. Metals and Mining industry in Australia expected to see average net income decline 2.0% next year. Consensus price target up from AU$6.55 to AU$6.69. Share price rose 11% to AU$6.59 over the past week. Announcement • Jun 30
Sandfire Resources Limited Announces Management Changes Sandfire Resources Limited announced the appointment of Ms Megan Jansen as Chief Financial Officer (CFO), with long serving CFO, Mr. Matthew Fitzgerald, stepping down from the role from 30 September 2023. Ms Jansen has more than 20 years of experience across finance, commercial, business integration, M&A, shared services, and transformation projects, having most recently served as Global Head of Finance at Imdex Limited. Prior to this, Ms Jansen held various leadership roles at global mining company MMG Limited over a 10-year period. Earlier in her career, Ms Jansen worked in the UK across various industries and organisations, and brings a diverse range of experience to the CFO role. Ms Jansen commenced her career at Ernst and Young, is a Chartered Accountant and holds a Bachelor of Commerce from Curtin University. Megan will commence with Sandfire on 2 October 2023. Major Estimate Revision • Jun 19
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -US$0.149 to -US$0.168 per share. Revenue forecast unchanged at US$838.8m. Metals and Mining industry in Australia expected to see average net income decline 0.2% next year. Consensus price target broadly unchanged at AU$6.51. Share price rose 4.3% to AU$6.28 over the past week. Announcement • Jun 07
Sandfire Resources Limited Announces Retirement of Roric Smith as Non-Executive Director, Effective June 30, 2023 Sandfire Resources Limited announced that Dr. Roric Smith will retire as Non-Executive Director of Sandfire on 30 June 2023 to pursue his personal interests. Dr Roric Smith has been a Director of Sandfire since 31 December 2016. As a highly experienced geologist with extensive Australian and international experience, Dr Roric Smith has served on the Board for over seven years seeing the Company through the highly successful operation of the DeGrussa Copper Operations, as well as the acquisition of Sandfire's interests in the Motheo Copper Project in Botswana, and the MATSA Copper Operations in Spain. Dr Roric Smith will continue to support the Company in an advisory role, working directly with the senior management team to progress Sandfire's global exploration program, which includes a significant landholding in two strategically important copper provinces, being the Iberian Pyrite Belt and the Kalahari Coper Belt. The Company has commenced a formal recruitment process to appoint a suitable replacement for Dr Roric Smith. Announcement • May 31
Alkane Resources Limited (ASX:ALK) completed the acquisition of Two tenement packages in New South Wales from Sandfire Resources Limited (ASX:SFR). Alkane Resources Limited (ASX:ALK) entered into an agreement to acquire Two tenement packages in New South Wales from Sandfire Resources Limited (ASX:SFR) for AUD 1.8 million on March 9, 2023. The transaction is subject to Completion of Due diligence investigation.
Alkane Resources Limited (ASX:ALK) completed the acquisition of Two tenement packages in New South Wales from Sandfire Resources Limited (ASX:SFR) on May 30, 2023. The NSW Minister for Finance and Natural Resources has subsequently approved the transfer of title on May 24, 2023. Major Estimate Revision • Mar 31
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -US$0.148 to -US$0.175 per share. Revenue forecast unchanged at US$817.2m. Metals and Mining industry in Australia expected to see average net income growth of 6.7% next year. Consensus price target broadly unchanged at AU$6.16. Share price rose 8.1% to AU$6.28 over the past week. Reported Earnings • Mar 01
First half 2023 earnings: Revenues miss analyst expectations First half 2023 results: Revenue: US$435.2m (up 39% from 1H 2022). Net loss: US$27.1m (down 149% from profit in 1H 2022). Revenue missed analyst estimates by 2.6%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to remain flat. Price Target Changed • Feb 08
Price target increased by 8.4% to AU$6.22 Up from AU$5.74, the current price target is an average from 15 analysts. New target price is approximately in line with last closing price of AU$6.41. Stock is down 10% over the past year. The company is forecast to post earnings per share of US$0.028 for next year compared to US$0.32 last year. Announcement • Feb 07
Sandfire Resources Limited to Report First Half, 2023 Results on Feb 28, 2023 Sandfire Resources Limited announced that they will report first half, 2023 results on Feb 28, 2023 Price Target Changed • Jan 25
Price target increased by 11% to AU$6.07 Up from AU$5.44, the current price target is an average from 15 analysts. New target price is approximately in line with last closing price of AU$6.30. Stock is down 3.2% over the past year. The company is forecast to post a net loss per share of US$0.0096 compared to earnings per share of US$0.32 last year. Announcement • Jan 24
Sandfire Resources Limited Announces Near Mine Exploration Success at MATSA Sandfire Resources Ltd. advised that recent underground drilling at its MATSA Copper Operations in south-western Spain has delineated a new zone of volcanic massive sulphide (VMS) copper-zinc-silver mineralisation adjacent to the Aguas Teñidas Mine. The newly identified San Pedro Zone is strategically located less than 100m from, and is likely connected, to the Aguas Teñidas Deposit. The mineralisation is defined by a series of highly encouraging VMS, copper-zinc-silver assay results which have been received from recent and ongoing drilling, with significant assays including: DAF-92: 6.9m @ 0.4% Cu, 3.8% Zn, 1.1% Pb and 33.9ppm Ag from 90.2m; DAF-93: 7.7m @ 0.5%Cu, 4.1% Zn, 1.2% Pb and 46.9ppm Ag from 90.2m; DAF-98: 4.2m @ 0.6% Cu, 7.2% Zn, 5.5% Pb and 95.7ppm Ag from 87.4m; DAF-109: 7.1m @ 1.8% Cu, 1.8% Zn, 0.5% Pb and 23.9ppm Ag from 33.4m; DAF-168: 15.9m @ 2.2% Cu, 1.7% Zn, 0.5% Pb and 27.4ppm Ag from 177.3m; & 8.4m @ 1.1% Cu, 4.0% Zn, 1.5% Pb and 53.6ppm Ag from 202.2m; DAF-151: 13.4m @ 1.5% Cu, 4.1% Zn, 2.2% Pb and 81.5ppm Ag from 126.6m. Drilling to date has confirmed that the newly delineated VMS mineralisation within the San Pedro Zone extends over a strike of at least 400m, with closer spaced drilling on a 20m x 20m pattern completed over a 300m strike extent. The mineralisation is located immediately south of the current Aguas Teñidas Mine and lies within a newly identified VMS mineralised horizon which the Sandfire exploration team identified as part of an ongoing structural geological review. The close proximity of the San Pedro Zone to existing underground mine infrastructure at Aguas Teñidas will allow for expeditious access and potential development, further elevating its importance as a near-mine exploration opportunity. The San Pedro Zone is interpreted to be hosted within the same geological horizon as the AguasTeñidas Mine, suggesting that it is likely part of the same deposit. The geological horizon consists of rhyodacite, tuffs and shales. The identification of the new zone represents one of the most significant initial outcomes of ongoing geological re-interpretation work being conducted by the Sandfire geology team. This re-interpretation work commenced in the December Quarter of FY2023 and aims to build a geologically sound common litho-structural framework integrating all current operations and exploration projects at MATSA. This work is continuing and has the potential to identify additional extensions and other discoveries along the prospective horizon along strike from the Aguas Teñidas Mine. The mineralisation at San Pedro has so far been defined over a strike length of 400m, with the potential to be extended further as it remains open to the west. The Zone can be described as zinc-dominated with drilling returning significant zinc, copper and silver assay results. The San Pedro Zone is interpreted as typical VMS mineralisation of the Iberian Pyrite Belt. Current activities include step-out drilling to test the strike extent of the San Pedro Zone, inconjunction with down-hole electromagnetic (DHEM) surveys to help refine drill targeting and identify accumulations of massive sulphide mineralisation. Hole DAF-171 is currently being drilled to test 250m along-strike from the DAF-168 intersection. Based on its new geological understanding, Sandfire has outlined a 2km strike length of untested prospective horizon. Major Estimate Revision • Jan 24
Consensus EPS estimates upgraded to US$0.013 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -US$0.019 to -US$0.013 per share. Revenue forecast steady at US$850.7m. Metals and Mining industry in Australia expected to see average net income growth of 1.2% next year. Consensus price target of AU$5.74 unchanged from last update. Share price rose 3.8% to AU$6.30 over the past week. Major Estimate Revision • Jan 18
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 losses forecast to reduce from -US$0.02 to -US$0.02 per share. Revenue forecast steady at US$845.4m. Metals and Mining industry in Australia expected to see average net income growth of 1.2% next year. Consensus price target up from AU$5.44 to AU$5.74. Share price was steady at AU$6.07 over the past week. 
