Sandfire Resources America Delivers Black Butte Copper PFS Upgrade with New Lowry Reserves, 12-Year Mine Life, High-Grade Production Profile and Stronger Project Economics

Sandfire Resources America Inc. (" Sandfire America " or the " Company ") is pleased to announce the results of an updated Preliminary Feasibility Study ("PFS") for the Black Butte Copper Project (the “ Project ” or “ Black Butte Copper ”) that significantly enhances the Project's long-term value through the inclusion of the nearby Lowry copper deposit (the " Lowry Deposit ") in the mine plan. The updated PFS results position the Black Butte Copper Project as one of the highest-grade undeveloped underground copper projects in the United States. PFS Update Highlights: Increased Revenue – The Project is forecasted to generate US$3.3 billion in gross revenue and US$1.3 billion in pre-tax net cashflow during mine operations, based on a copper price of US$4.70/lb. Stronger Economics – The Project has a pre-tax NPV 8% of US$213 million ( IRR=15.6% ) and a post-tax NPV 8% of US$126 million ( IRR=13.3% ) . Based on a copper price of US$6.00/lb (which is close to the current spot price for copper), pre-tax NPV 8% increases to US$707 million ( IRR=30.4% ) with a post-tax NPV 8% of US$516 million ( IRR=26.3% ). Reduced Unit Operating Costs – The addition of the high-grade Lowry Deposit to the existing Johnny Lee Deposit (the “ Johnny Lee Deposit ”) is expected to lower unit operating costs by US$2.28/tonne , while extending mine life by four years through the use of a more cost-effective, mechanized long-hole stoping mining method in the Lowry Deposit, and by realizing operational efficiencies through concurrent mining practices. Enhanced Cashflow Profile – Buil...