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Sandfire Resources Limited
(Sydney:SFR)
Sandfire Resources Limited (SFR) vs. iShares MSCI Australia ETF (EWA)
Sandfire Resources Limited Business Overview & Revenue Model
Sandfire Resources Limited Earnings Call Summary
Sandfire Resources Limited Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 941.67M | 1.19B | 921.57M | 1.16B | 1.42B | 771.83M |
| Gross Profit | 287.42M | 1.20B | 917.78M | -40.98M | 435.96M | 236.40M |
| EBITDA | 389.11M | 539.76M | 358.32M | 397.19M | 565.76M | 384.43M |
| Net Income | -19.67M | 93.25M | -17.35M | -76.68M | 153.66M | 172.39M |
Balance Sheet | ||||||
| Total Assets | 3.00B | 2.87B | 3.00B | 4.75B | 4.93B | 1.19B |
| Cash, Cash Equivalents and Short-Term Investments | 183.34M | 110.67M | 183.34M | 213.23M | 673.44M | 574.51M |
| Total Debt | 582.58M | 253.24M | 582.58M | 896.25M | 1.18B | 12.77M |
| Total Liabilities | 1.33B | 1.09B | 1.33B | 2.14B | 2.51B | 278.73M |
| Stockholders Equity | 1.67B | 1.79B | 1.67B | 2.61B | 2.42B | 907.83M |
Cash Flow | ||||||
| Free Cash Flow | 90.55M | 337.16M | 66.18M | -372.25M | 252.22M | 346.39M |
| Operating Cash Flow | 316.95M | 523.71M | 292.01M | 113.86M | 536.68M | 465.23M |
| Investing Cash Flow | -220.27M | -185.65M | -219.73M | -442.24M | -2.25B | -131.10M |
| Financing Cash Flow | -55.82M | -411.19M | -86.42M | -125.41M | 1.78B | -56.95M |
Sandfire Resources Limited Technical Analysis
Sandfire Resources Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | AU$9.17B | 60.89 | 5.39% | ― | 30.33% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
57 Neutral | AU$184.36M | -5.93 | -29.41% | ― | 281.37% | 2.27% | |
53 Neutral | AU$1.27B | -232.68 | -4.85% | ― | ― | -17.57% | |
52 Neutral | AU$344.47M | -26.50 | -4.91% | ― | ― | -20.00% | |
49 Neutral | €251.44M | -32.61 | -73.21% | ― | ― | -11.29% | |
49 Neutral | AU$203.86M | -1.32 | ― | ― | -57.00% | -1789.13% |
Sandfire Resources Limited Corporate Events
Sandfire Resources Limited has announced that it will release its financial results for the half year ended 31 December 2025 on 19 February 2026. The company will host a teleconference and live webcast on the same day to brief investors and analysts on the December 2025 half-year performance, with the results to be made available via the ASX platform and Sandfire’s website, underscoring its continued emphasis on transparency and structured engagement with the market.
The most recent analyst rating on (AU:SFR) stock is a Buy with a A$22.00 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Macquarie Group Limited and its controlled entities have lodged a notice that they have ceased to be a substantial holder in Sandfire Resources Limited, indicating that their voting interest in the company has fallen below the substantial shareholding threshold. The change, formalised in a statutory disclosure signed on 28 January 2026, signals a reduction in institutional ownership by Macquarie, which may alter Sandfire’s shareholder base composition but does not directly affect the company’s day-to-day operations.
The most recent analyst rating on (AU:SFR) stock is a Buy with a A$21.50 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources Limited has disclosed that Dimensional Entities has ceased to be a substantial shareholder in the company as of 21 January 2026, according to a statutory notice filed under the Corporations Act. The change reflects a reduction in Dimensional’s relevant interest in Sandfire’s voting securities below the substantial holding threshold, a move that may indicate portfolio rebalancing or altered institutional appetite for exposure to the miner, and could be closely watched by other investors as a gauge of shifting support among major shareholders.
The most recent analyst rating on (AU:SFR) stock is a Buy with a A$22.00 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources reported Group copper equivalent production of 72.1kt in the first half of FY26, equivalent to 46% of the midpoint of its annual guidance, and confirmed that full-year production, cost and capital expenditure targets remain unchanged, with volumes expected to be more heavily weighted to the second half. MATSA delivered 46.4kt of copper equivalent, benefiting from higher-grade polymetallic ore and improved recoveries, while Motheo’s output fell 12% to 25.7kt due to early maintenance and reduced mobile fleet availability, though unit costs at both hubs stayed broadly aligned with guidance. The company generated unaudited quarterly sales revenue of $344 million, Underlying Operations EBITDA of $187 million and moved from net debt to a $13 million net cash position by 31 December 2025, underscoring a strengthened balance sheet. Strategically, Sandfire advanced growth options by signing a binding term sheet to earn up to 80% of the Kalkaroo copper-gold project and form an exploration alliance in South Australia, while commencing a portfolio review of the fully permitted Black Butte copper project after a positive pre-feasibility study, moves that could reshape its development pipeline and further entrench its position in key copper districts.
The most recent analyst rating on (AU:SFR) stock is a Buy with a A$21.50 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Macquarie Group Limited and a range of its controlled entities have notified Sandfire Resources that they have ceased to be substantial shareholders in the ASX-listed miner, formally lodging a notice of ceasing to be a substantial holder on 7 January 2026. The change in Macquarie’s status as a substantial holder alters the company’s share register and may influence perceptions of institutional support and liquidity in Sandfire stock, although detailed transaction terms and specific changes in voting power are contained in annexures to the filing rather than the main notice.
The most recent analyst rating on (AU:SFR) stock is a Hold with a A$17.00 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources has reaffirmed its full-year FY26 copper-equivalent production guidance of 157,000 tonnes, while flagging a slightly more back‑ended production profile after a mixed first half marked by strong output at its MATSA complex and operational challenges at the Motheo project. MATSA delivered 46.4kt of copper-equivalent in the first half, broadly flat year on year and representing 48% of its annual guidance, supported by higher-grade polymetallic ore and better recoveries, whereas Motheo’s H1 output fell 12% to 25.7kt after a SAG mill grate failure, lower fleet availability and a strategic ramp-up of material movement at the A4 pit; despite this, Motheo is still expected to reach the mid-point of its 61kt CuEq guidance as maintenance is completed and higher-grade ore from the T3 and A4 pits increasingly feeds the plant. The group expects to report a net cash position of US$13 million at 31 December 2025, a sharp turnaround from net debt of US$288 million a year earlier, underpinning its capacity to fund the proposed Kalkaroo Copper-Gold Project and regional exploration should transaction conditions be satisfied, and will review non-production guidance elements ahead of its detailed December quarter report due on 22 January 2026.
The most recent analyst rating on (AU:SFR) stock is a Hold with a A$17.50 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources Limited will release its December 2025 Quarterly Report on 22 January 2026 and has scheduled a teleconference and live webcast the same day to discuss the results. The report will be accessible via the ASX announcements platform and the company’s website, underscoring Sandfire’s ongoing engagement with investors and the market ahead of what may be a closely watched update on its operational and financial performance.
The most recent analyst rating on (AU:SFR) stock is a Hold with a A$17.50 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources and Havilah Resources have reported strong progress on finalising definitive agreements for Sandfire to earn up to an 80% interest in the Kalkaroo Copper-Gold Project through a two-stage earn-in structure, alongside the formation of a regional exploration strategic alliance in South Australia’s highly prospective Curnamona Province. The parties, citing aligned values and confidence in the partnership’s value creation potential, have agreed to a short extension of the transaction timetable, with Havilah’s shareholder meeting to approve the deal now scheduled to be held no later than 16 February 2026 instead of the previously targeted 30 January 2026, underscoring their commitment to advancing the project and broader regional exploration.
The most recent analyst rating on (AU:SFR) stock is a Hold with a A$17.50 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources Limited has notified the market of a change in its issued capital, confirming that 69,542 performance rights (security code SFRAAE) have lapsed as of 18 December 2025 after the conditions attached to those rights were not met or became incapable of being satisfied. The cessation of these performance rights reduces the potential future dilution of existing shareholders and reflects an adjustment in the company’s equity-based incentive arrangements, with no new securities being issued in their place under this notice.
The most recent analyst rating on (AU:SFR) stock is a Hold with a A$17.50 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources Limited has applied to the ASX for quotation of 9,337 new ordinary fully paid shares, issued on 19 December 2025 following the exercise of options or conversion of other securities. The modest increase in quoted capital reflects routine equity issuance rather than a major capital raising, signalling incremental dilution for existing shareholders but underscoring ongoing employee or investor participation in the company’s equity-based instruments.
The most recent analyst rating on (AU:SFR) stock is a Hold with a A$17.50 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources Limited has applied for quotation on the ASX of 156,802 new ordinary fully paid shares, following the issue of these securities on 17 December 2025. The additional shares, arising from the exercise or conversion of existing options or other convertible securities, will marginally increase the company’s free float and share capital base, providing incremental liquidity for investors without materially altering its capital structure.
The most recent analyst rating on (AU:SFR) stock is a Hold with a A$17.50 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources Limited has announced an updated pre-feasibility study for the Black Butte Copper Project, highlighting the Johnny Lee deposit’s potential for a low-risk underground operation and a processing plant with significant copper output. The updated Mineral Resource and Ore Reserve estimates for Johnny Lee and Lowry deposits indicate increased copper tonnage, positioning the project as a near shovel-ready copper development in the US. This milestone enhances Sandfire’s strategic positioning in the global copper market, benefiting from favorable market conditions and investment environments for critical minerals in the United States.
The most recent analyst rating on (AU:SFR) stock is a Sell with a A$16.95 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources Limited has announced that Australian Retirement Trust Pty LTD has ceased to be a substantial holder of its shares as of December 5, 2025. This change in substantial holding may impact the company’s shareholder structure and could have implications for its market positioning and stakeholder interests.
The most recent analyst rating on (AU:SFR) stock is a Hold with a A$15.50 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources Limited has announced the application for the quotation of 50,076 fully paid ordinary securities on the Australian Securities Exchange (ASX). This move, involving securities issued under an employee incentive scheme, reflects the company’s ongoing efforts to enhance its financial structure and incentivize its workforce, potentially impacting its market position and stakeholder interests.
The most recent analyst rating on (AU:SFR) stock is a Hold with a A$15.00 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources Limited has announced the issuance of 919,240 new fully paid ordinary securities, which are set to be quoted on the Australian Securities Exchange (ASX). This move is part of the company’s strategy to enhance its financial flexibility and support its ongoing operations, potentially impacting its market positioning and offering implications for its stakeholders.
The most recent analyst rating on (AU:SFR) stock is a Hold with a A$15.00 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources Limited announced a change in the director’s interest, specifically involving Brendan Harris. The changes include the acquisition and disposal of shares and performance rights, reflecting adjustments in Harris’s holdings due to the exercise of options and participation in incentive plans. This announcement highlights the company’s ongoing efforts to align director incentives with corporate performance, potentially impacting shareholder value and market perceptions.
The most recent analyst rating on (AU:SFR) stock is a Hold with a A$15.00 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources Limited has announced that Macquarie Group Limited and its controlled entities have ceased to be substantial holders in the company. This change in substantial holding may impact the company’s shareholder structure, potentially affecting its market perception and investor relations.
The most recent analyst rating on (AU:SFR) stock is a Sell with a A$15.55 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources Limited has announced that Australian Retirement Trust Pty Ltd has ceased to be a substantial holder in the company as of November 13, 2025. This change in substantial holding could impact the company’s shareholder dynamics and influence its market perception, as substantial holders often play a significant role in corporate governance and strategic decisions.
The most recent analyst rating on (AU:SFR) stock is a Sell with a A$15.55 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources Limited and Havilah Resources Limited have signed a binding term sheet to advance the Kalkaroo Copper-Gold Project in South Australia. The agreement allows Sandfire to earn an 80% interest in the project through a two-stage earn-in structure, involving a total consideration of A$210M and a commitment to regional exploration. This collaboration aims to unlock one of Australia’s largest undeveloped copper-gold deposits and enhance regional exploration potential, potentially transforming the Curnamona Province into a major copper hub.
The most recent analyst rating on (AU:SFR) stock is a Sell with a A$11.80 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources Limited, a company involved in the mining industry, held its 2025 Annual General Meeting where several resolutions were passed. Key resolutions included the re-election of directors and the approval of incentive grants for the CEO and Managing Director, reflecting strong shareholder support and potentially impacting the company’s leadership stability and strategic direction.
The most recent analyst rating on (AU:SFR) stock is a Hold with a A$15.50 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.
Sandfire Resources Limited reported a successful 2025 financial year, marked by a 12% increase in Group Copper Equivalent Production and strong financial results, including a significant reduction in net debt. The company maintained a strong safety performance and continued its commitment to sustainability, with strategic efforts to increase reserves and mine life. The Board reviewed its committee structure to support its copper portfolio, and no dividend was declared for FY25, prioritizing disciplined investment and balance sheet de-gearing.
The most recent analyst rating on (AU:SFR) stock is a Hold with a A$15.50 price target. To see the full list of analyst forecasts on Sandfire Resources Limited stock, see the AU:SFR Stock Forecast page.