ASX:SFR - Copper producer
Sandfire Resources (ASX:SFR)
MATSA, Motheo - Spain, Botswana
as of 13 Nov 2026, 4:10 pm
SFR share price - with every decoded announcement marked
About Sandfire Resources
The largest copper producer listed only on the ASX, mining the MATSA copper-zinc operations in southern Spain and the Motheo copper mine in Botswana's Kalahari Copper Belt.
- ASX code
- SFR
- Commodity
- Copper
- Stage
- Producer
- Projects
- MATSA, Motheo
- Where
- Spain, Botswana
Decoded
SFR announcements, analysed
Sandfire Sep quarter: 38.9kt CuEq, FY27 guidance kept; La Juliana reports thick sulphide intercepts
ASX: "September 2026 Quarterly Report"
Sandfire produced 38.9kt of copper equivalent in the September quarter, 25% of the FY27 guidance mid-point, and kept all FY27 guidance. Net cash fell to US$342M after a US$117M dividend, and the first La Juliana intercepts in...
Score
Sandfire FY26 profit US$354M, net cash US$353M, 35c dividend; FY27 copper equivalent guidance 150-166kt
ASX: "App 4E, FY26 Financial Results Overview and Annual Report"
Sandfire reported record FY26 earnings, with revenue of US$1.65bn, statutory profit of US$354m, Underlying EBITDA of US$867m and net cash of US$353m, and declared a fully franked 35 cent final dividend. Output of 154.2kt copper...
Sandfire June quarter: copper equivalent output up 38% to 47.6kt; FY27 guidance 150-166kt
ASX: "June 2026 Quarterly Report"
Sandfire's June 2026 quarter shows copper equivalent (CuEq) output of 47.6kt, up 38% on the March quarter, taking FY26 to 154.2kt, or 98% of the guidance midpoint. Net cash rose to US$353M (about A$504M at the release exchange...
Sandfire March quarter: CuEq output 34.5kt, down 6%; FY26 guidance kept, lower half expected
ASX: "March 2026 Quarterly Report"
Sandfire's March quarter copper equivalent output was 34.5kt, down 6% on the December quarter, after heavy rain, unplanned maintenance and a slower move to higher grade ore at Motheo. FY26 guidance of 149-165kt was kept, with the...
Sandfire March quarter copper equivalent output 34.5kt, down 6%; FY26 now expected in lower half of range
ASX: "March 2026 Operations Update"
Sandfire's March 2026 quarter produced 34.5kt of copper equivalent, down 6% on the December quarter, with MATSA down 12% and Motheo up 6%. FY26 guidance of 149kt to 165kt is unchanged, but the company now expects the lower half...
Sandfire H1 FY26 net profit US$97.1M, up 88%; net cash US$13.2M after Kalkaroo payments
ASX: "Appendix 4D and December 2025 Half Year Financial Results"
Sandfire reported record H1 FY26 revenue of US$672.1M (up 17%) and attributable net profit of US$97.1M (up 88%), helped by higher copper and zinc prices and lower treatment charges. Motheo copper equivalent output fell 12%, but...
Sandfire Dec-25 quarter: H1 copper equivalent output 46% of FY26 guidance mid-point; guidance kept
ASX: "December 2025 Quarterly Report"
Sandfire's December quarter report shows H1 FY26 copper equivalent (CuEq) output of 72.1kt, 46% of the FY26 guidance mid-point, with Motheo down 12% after an unplanned mill grate failure and lower mobile fleet availability. The...
Drilling
SFR's best drill intercepts
Ranked by metal-metres, so a long modest hit and a short rich one can be compared fairly.
| # | Company | Intercept | Metal-metres | Rating | Top share | Released |
|---|---|---|---|---|---|---|
| 1 | SFR Sandfire Resources | 22.2m @ 1.00% Cu from 416m CCM-92 | Good | - | ||
| 2 | SFR Sandfire Resources | 22.5m @ 0.900% Cu from 311m CCM-91 | Good | - | ||
| 3 | SFR Sandfire Resources | 30m @ 0.400% Cu from 323m CCM-94 | Good | - |
Money
Cash, burn and dilution
Price reactions
How SFR moved after its news
Day-1 move after each decoded announcement, from the last close before the market could trade on it.
Average day-1 move by type
Historical pattern
What happened after news like SFR's latest
Based on Sandfire Sep quarter: 38.9kt CuEq, FY27 guidance kept; La Juliana reports thick sulphide... (27 Oct 2026): what share prices did after past results like it, from DrillScore's own records. It describes the past: it isn't a forecast for SFR and it isn't advice.
Only 2 other drill results rated 'Weak' have traded so far - too few to show a pattern.
After its earlier announcements, SFR moved +0.6% by day 1, +1.5% by day 5 and +3.6% by day 20 against the XGD on average.
- Day 1
- +0.6%
- Day 5
- +1.5%
- Day 20
- +3.6%
Over the last 20 trading days copper moved -6.7% (falling). Too few past copper announcements released into a falling copper price have traded to show a pattern.
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
Disclosure
Red flags and notes
The announcement does not give every hole's collar position, dip, azimuth, depth and result (including nil results), which the ASX expects for material exploration results.
SFR: September 2026 Quarterly Report - 27 Oct 2026JORC Table 1 sections 1 and 2 are missing - the ASX requires both with material exploration results.
SFR: September 2026 Quarterly Report - 27 Oct 2026Only three holes are named (CCM-91, CCM-92, CCM-94), and the text says 'significant intercepts included', which signals a selection. CCM-93 appears in the numbering but is not mentioned, and there is no statement on whether it had a significant result. Holes drilled, nil results, cut-off and internal dilution are not given.
SFR: September 2026 Quarterly Report - 27 Oct 2026The JORC Code requires a Competent Person to take responsibility for exploration results, resources and reserves.
SFR: September 2026 Quarterly Report - 27 Oct 2026A potential prospective horizon strike of up to 2km is stated without tonnage or grade ranges or a basis for them.
SFR: September 2026 Quarterly Report - 27 Oct 2026Enriched NPF contact mineralisation at A4 is said to extend hundreds of metres west, but no hole IDs, intercepts or grades are given to check it.
SFR: September 2026 Quarterly Report - 27 Oct 2026The production CuEq figure is on a contained metal basis. MATSA's Q1 payable CuEq was 19.2kt against 22.7kt contained, so the headline overstates payable output.
SFR: September 2026 Quarterly Report - 27 Oct 2026The CEO quote says the initial 9km of drilling was completed, while the operating section states 8.7km.
SFR: September 2026 Quarterly Report - 27 Oct 2026Only down-hole widths are given, described as thick zones. No true widths are stated.
SFR: September 2026 Quarterly Report - 27 Oct 2026The MATSA, Motheo and Black Butte resource and reserve tables show NSR values in $/t and grades, but the metal prices and cut-off grades behind them are not stated in this document. The JORC Table 1 detail is only available in the ASX releases referenced.
SFR: App 4E, FY26 Financial Results Overview and Annual Report - 26 Aug 2026The copper equivalent formula and metal prices are shown for FY26 and FY27, but no metallurgical recovery for each metal is stated, so the equivalent implicitly assumes full recovery of zinc, lead and silver.
SFR: App 4E, FY26 Financial Results Overview and Annual Report - 26 Aug 2026The headline FY26 output of 154.2kt uses FY26 prices, while the guidance table restates FY26 at FY27 prices (155.2kt). Both are disclosed, but investors comparing them need to note the different bases.
SFR: App 4E, FY26 Financial Results Overview and Annual Report - 26 Aug 2026Investors
Experiences with SFR
Questions
SFR in brief
What does Sandfire Resources mine?
The largest copper producer listed only on the ASX, mining the MATSA copper-zinc operations in southern Spain and the Motheo copper mine in Botswana's Kalahari Copper Belt.
What was SFR's latest price-sensitive announcement?
On 27 Oct 2026 SFR released "September 2026 Quarterly Report". In plain English: Sandfire Sep quarter: 38.9kt CuEq, FY27 guidance kept; La Juliana reports thick sulphide intercepts. DrillScore rated it 38/100 (Weak). Read the full analysis.
What is SFR's best drill result?
The best intercept DrillScore has decoded is 22.2m @ 1.00% Cu from 416m in hole CCM-92 - 22.2 %-m, rated good, reported 27 Oct 2026.
How much cash does SFR have?
SFR reported $487m in cash at 30 September 2026.
How does SFR's share price react to announcements?
Across 7 decoded price-sensitive announcements, SFR's average day-1 move was +0.4%, rising 4 times and falling 3 times. Past reactions don't predict future ones.
Is SFR a gold or a copper stock?
Sandfire Resources is a copper producer with operations in Spain, Botswana. See all ASX copper stocks.
Where can I read SFR's announcements?
Every price-sensitive SFR announcement is decoded on this page within minutes of release, with a link to the original document. DrillScore's analysis is general information, not advice.
General information only - not financial advice. DrillScore's analyses are produced automatically by an AI model (Claude, by Anthropic) from the company's own ASX announcement and public market data, and scored by a fixed formula (how it works). They can be wrong or incomplete, don't consider your objectives or circumstances, and are not a recommendation to buy, sell or hold anything. Always read the original announcement and consider advice from a licensed adviser.
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