Sandfire Resources Ltd (ASX: SFR) has released its December 2025 quarterly results, showing resilient operational performance across its mining portfolio. The Company achieved Group Copper Equivalent production of 72.1kt in H1 FY26, representing 46 per cent of its annual guidance midpoint.
Figure 1: Sandfire Resources corporate logo and branding overview [Sandfire Resources]
Sandfire Resources production report 2025 reveals a strategic rebalancing, with production now weighted toward H2 FY26 following planned maintenance at Motheo. The Company retained all production, cost and capital expenditure guidance for FY26 while reporting net cash of $13 million as at 31 December 2025.
MATSA Operations Lead Sandfire Resources Ltd Quarterly Results Performance
Sandfire Resources Ltd quarterly results showed strong output from MATSA in Spain. The mining complex delivered CuEq production of 46.4kt in H1 FY26, representing 48 per cent of the midpoint of its annual guidance range.
MATSA benefited from an increase in higher-grade polymetallic ore feed during Q2 FY26. This coincided with improved flotation recoveries, supporting consistent output across the six-month period. The Company processed 2.31 million tonnes of ore at MATSA during H1 FY26, maintaining steady throughput rates.
Contained copper production at MATSA reached 26,188 tonnes in H1 FY26. Zinc production increased 9 per cent year-on-year to 48,995 tonnes. MATSA’s Underlying Operating Unit Cost remained at $87 per tonne of ore processed in H1 FY26, aligned with annual guidance of $86 per tonne.
Motheo Maintenance Shapes Sandfire Resources Production Report 2025 Trajectory
Sandfire Resources production report 2025 highlighted operational challenges at Motheo during Q2 FY26. The Company completed rescheduled planned maintenance following the premature failure of an OEM specification grate in the SAG mill. This led to temporary processing disruptions at the Botswana mining complex.
Figure 2: Motheo Copper Operations production and cost statistics for H1 FY26 and December 2025 quarter [Sandfire Resources]
The Botswana complex delivered 25.7kt of CuEq production in H1 FY26. This represented 42 per cent of the midpoint of Motheo’s annual guidance range. Sandfire Resources Ltd quarterly results show that the Company expects a stronger H2 FY26 performance as processing rates rise and higher-grade ore from T3 and A4 enters the ROM stockpile.
Sandfire Resources production report 2025 shows Motheo’s Underlying Operating Unit Cost reached $43 per tonne of ore processed in H1 FY26. This remained marginally below the annual guidance of $44 per tonne. The Company noted that costs will rise incrementally across H2 FY26 as the proportion of higher grade A4 ore feed increases, given additional haulage and handling requirements.
Sandfire Resources ASX Announcement Confirms FY26 Guidance Retention
The Sandfire Resources ASX announcement confirmed retention of all production, cost and capital expenditure guidance for FY26. Group CuEq production is now expected to follow a 46:54 H1:H2 weighting, revised from the previously suggested 48:52 ratio.
Figure 3: FY26 production, operating cost, and capital expenditure guidance by asset and group [Sandfire Resources]
Annual Group CuEq production guidance remains at 149kt to 165kt. MATSA’s guidance range sits at 91kt to 101kt, while Motheo targets 58kt to 64kt for FY26. The Company expects to achieve the midpoint of both mining complexes’ guidance ranges.
Capital expenditure guidance of $230 million for FY26 was retained. Sandfire Resources production report 2025 demonstrates that the Company invested $111 million in H1 FY26, representing 48 per cent of annual guidance.
Kalkaroo Deal Advances as Sandfire Resources Ltd Quarterly Results Show Strong Balance Sheet
Sandfire Resources ASX announcement reveals progress on the Kalkaroo Copper-Gold Project transaction with Havilah Resources Limited. The binding term sheet provides a pathway for Sandfire Resources to earn an 80 per cent interest in one of Australia’s largest undeveloped open-pit copper-gold deposits.
Figure 4: Group cash flow bridge showing operating cash generation, capital allocation, and debt reduction to December 2025 [Sandfire Resources]
Sandfire Resources production report 2025 confirms that the Company reported net cash of $13 million as at 31 December 2025. This represented a $75 million reduction in net debt during Q2 FY26 and a $301 million reduction across the prior 12-month period. Sandfire Resources repaid $88 million of its Corporate Revolver Facility during the quarter, leaving a remaining debt balance of $124 million.
Black Butte Review Follows Strong Sandfire Resources Production Report 2025
Sandfire Resources commenced a review of the Black Butte Project’s fit within its global portfolio. This followed the December 2025 announcement of pre-feasibility study outcomes for Johnny Lee and an updated Mineral Resource estimate for the Lowry deposit.
Sandfire Resources Ltd quarterly results shows that the Johnny Lee PFS confirmed the economic case for development of a high-grade underground mine. The study envisages a 1.2Mtpa processing plant producing approximately 35ktpa of contained copper across the initial four years of operation. Average production of approximately 29ktpa of contained copper is expected over an initial eight-year mine life.
Exploration Ramps Up Across Sandfire Resources ASX Portfolio
Sandfire Resources ASX announcement results reveal that the Company invested $5 million in regional exploration and another $5 million in near mine and extension exploration programs during Q2 FY26. The Company focused drilling activities across the Iberian Pyrite Belt in Spain and Portugal and the Kalahari Copper Belt in Botswana.
Regional exploration drilling recommenced in the Motheo hub during December 2025. Two drilling rigs were operational by the end of Q2 FY26 following the appointment of new drilling contractors. The Company plans to ramp up to four rigs across the remainder of FY26.
Safety Performance Improves in Sandfire Resources Ltd Quarterly Results
Sandfire Resources reported a Total Recordable Injury Frequency of 1.3 at 31 December 2025, down from 1.4 at 30 September 2025. The Company recorded four injuries and six High Potential Incidents during Q2 FY26.
CEO and Managing Director Brendan Harris said the reduction in Group TRIF reflected significant effort and focus from operational teams. However, the Company continues to see high potential incidents that require strengthened controls and heightened risk awareness.
Construction activity at MATSA’s new tailings storage facility progressed according to plan during Q2 FY26. The facility is expected to be available for tailings deposition to commence in H1 FY27. The new TSF represents critical infrastructure with the potential to support mining and processing operations at MATSA beyond 2040.
Sandfire Resources Share Price Performance
According to recent trading data, Sandfire Resources shares closed at $18.890 on 22 January 2026. The stock trades within a 52-week range of $8.050 to $19.890 per share. Market capitalisation stands at $8.94 billion.
Figure 5: Sandfire Resources Ltd (ASX: SFR) one-year share price performance to January 2026 [Australian Securities Exchange]
About Sandfire Resources Limited
Sandfire Resources Limited is an ASX-listed mining company focused on copper and base metals production. The Company operates the MATSA mining complex in Spain and the Motheo Copper Complex in Botswana.
Sandfire Resources holds interests in several development and exploration projects. These include the Kalkaroo Copper-Gold Project in South Australia and exploration licences across the Iberian Pyrite Belt and Kalahari Copper Belt.
FAQs
Q1. What was Sandfire Resources Ltd’s copper production in Q2 FY26?
 Ans. Sandfire Resources produced 24,074 tonnes of copper in Q2 FY26, representing a 2 per cent quarterly decline.
Q2. Why did Motheo’s production decline in the December quarter?
 Ans. Motheo completed rescheduled planned maintenance following the premature failure of a SAG mill grate.
Q3. What is Sandfire Resources’ FY26 production guidance?
 Ans. Sandfire Resources retained Group CuEq production guidance of 149kt to 165kt for FY26.
Q4. What is the Kalkaroo Copper-Gold Project transaction structure?
 Ans. Sandfire Resources may earn an 80 per cent interest through $105 million upfront consideration comprising $31.5 million cash and 4.64 million shares.
