Sandfire Resources has released a new consolidated estimate of the Mineral Resources and Ore Reserves at its Motheo Copper Project in central western Botswana. The updated figures include the T3, A4, and A1 deposits and reflect mining activity and improved geological knowledge from recent drilling and modelling work.

Key figures (as of 31 December 2024)

Mineral Resources:

• 59.5 million tonnes (Mt) at 1.0% copper (Cu) and 13.6 grams per tonne (g/t) silver (Ag)
• Contained metals: 570,000 tonnes of copper and 26.2 million ounces of silver.

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Ore Reserves:

• 42.4Mt at 0.9% Cu and 13.5g/t Ag
• Contained metals: 381,000 tonnes of copper and 18.4 million ounces of silver

Compared to the previous estimate (June 2024), both resources and reserves have slightly decreased. This is mostly due to mining depletion at the T3 deposit and updated modelling at both T3 and A4.

Improved geological models

• Sandfire used advanced 3D modelling tools to better understand the structure of the T3, A4, and A1 deposits.
• Models were built using geological logging, assay results, and structural analysis.
• These updated models helped define where mineralisation occurs, which is critical for accurate estimation.

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Modern drilling and sampling

• Core samples were taken using diamond drilling at T3, A4, and A1.
• Reverse circulation (RC) drilling was used for faster sampling in some areas.
• All sampling followed strict quality control, with checks for accuracy and consistency.

Reliable estimation methods

• Grades for copper and other metals were estimated using standard industry techniques.
• High-grade outliers were controlled to avoid overestimating.
• Sample results and block models were checked thoroughly to ensure accuracy.

Economic cut-offs and assumptions

• The resource estimates are based on a 0.3% copper cut-off, reflecting realistic open-pit mining economics.
• Ore Reserves are based on actual costs and operating data from the Motheo operations.
• All estimates assume a copper price of US$4.44/lb, in line with market forecasts.

Understanding the classification

• Measured and Indicated Resources have more confidence due to close-spaced drilling.
• Inferred Resources are based on wider drill spacing and are considered less certain.
• The A1 deposit is currently classified only as Inferred, but more drilling is planned to upgrade its classification.

Sandfire CEO Brendan Harris said: “This update highlights the growing strength of our Motheo operations and our understanding of the Kalahari Copper Belt. With two mines in production and a third under study, we are confident in our ability to grow the resource base and support long-term production. A maiden Ore Reserve for the A1 deposit is targeted for the June 2026 quarter.”