By Digifin Pty Ltd · About this coverage
Key Points
- Group Copper Equivalent production of 38.9kt, 25% of the FY27 guidance mid-point
- FY27 production, cost and capital expenditure guidance retained
- Unaudited sales revenue of US$480M and Underlying EBITDA of US$272M
- Unaudited net cash of US$342M at 30 September 2026, down from US$353M
- Cost guidance assumes diesel returns to pre-conflict prices in H2 FY27
About Sandfire (ASX:SFR)
Sandfire Resources Limited is an ASX-listed copper miner headquartered in Perth. It operates the MATSA copper and zinc operations in Spain and the Motheo copper mine in Botswana, and holds development and exploration projects including Kalkaroo in South Australia.
Sandfire (ASX:SFR)'s September quarter report shows Q1 FY27 production aligned with the run-rate for the mid-point of its annual guidance, and the company has retained FY27 production, cost and capital expenditure guidance.
Unless otherwise stated, figures are in US dollars. Group Copper Equivalent production was 38.9kt, 25% of the mid-point of FY27 guidance of 150 – 166kt, comprising 22.7kt at MATSA and 16.1kt at Motheo. MATSA's Underlying Operating Unit Cost rose to $95/t, for an implied C1 Unit Cost of $1.18/lb, which the company attributes to an elevated Euro:US dollar exchange rate, tighter energy markets and an intensive equipment maintenance cycle, while a planned reduction in ore grades lowered contained copper and zinc output. Motheo's Underlying Operating Unit Cost fell to $48/t, for an implied C1 Unit Cost of $0.65/lb, helped by negative treatment and refining charges and a higher rate of deferred waste stripping. Unaudited Group sales revenue was $480M and Underlying EBITDA $272M, with unaudited net cash of $342M at 30 September 2026, down from $353M, after $117M was returned through the first fully-franked dividend in four years. Sandfire will allocate additional funds to accelerate drilling at La Juliana and A4 Underground.
Cost guidance assumes diesel reverts to 'pre-conflict' level prices in H2 FY27, which the company identifies as a risk. The Kalkaroo pre-feasibility study is due in H2 FY28, and Sandfire America's strategic review, including a possible sale, is unresolved.
Source: Sandfire Resources Limited (ASX:SFR), 27 October 2026. Summary content supplied by Digifin Pty Ltd.
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