White Sulphur Springs, Montana– January 2, 2025 – Sandfire Resources America Inc. (“Sandfire America” or the “Company”) announces a positive ruling for the Company by the Montana Supreme Court upholding a 2023 District Court decision regarding the water rights related to Tintina Montana Inc.’s Mine Operating Permit, of the Black Butte Copper Project.

The original suit was filed jointly against the Montana Department of Natural Resources and Conservation (“MT DNRC”) and Tintina Montana Inc. (“Tintina,” Sandfire America’s wholly owned subsidiary) in August 2022. As background, Tintina filed its application for a beneficial groundwater permit with the MT DNRC in September 2018. In March 2020, the MT DNRC determined that Tintina had satisfactorily met all the statutory criteria for the issuance of the Permit. The MT DNRC’s decision was upheld by a MT DNRC Hearing Examiner when challenged by five environmental organizations who filed objections to the Permit. The Objectors appealed the decision to the Montana district court, and on April 12, 2023, District Court Judge Hayworth ruled that the DNRC and the Hearing Examiner properly determine mine dewatering is not a beneficial use of water and dismissed the Objectors’ Petition for Judicial Review.

Objectors appealed the district court’s decision to the Montana Supreme Court in May 2023. Additional intervenors in the suit supporting the MT DNRC and Tintina, include the MT Stockgrowers Association, MT Farm Bureau Federation, the Association of Gallatin Agricultural Irrigators, the MT Chamber of Commerce, the MT League of Cities and Towns, Inc., and the MT Water Resources Association. On January 2, 2025, the Montana Supreme Court in a 5-2 decision affirmed the district court’s determination that mine dewatering is not a beneficial use of water.

VP of Communications Nancy Schlepp shared, “We are grateful for this commonsense decision that maintains longstanding water law in the state of Montana. We appreciate the Court’s diligent review of this case. Following February’s Supreme Court ruling fully reinstating our permit, the entire Sandfire America team has remained focused on implementing a world-class, environmentally safe mining project, and today’s decision continues us down that path.”

Lincoln Greenidge, CEO of Sandfire America shared, “Black Butte Copper now has all permits to proceed with the Feasibility work for this project. We remain diligently focused on reaching an investment decision to build the mine of which all Montanans, and the North American mining community can be proud.”

Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, VP of Communications and Government Relations Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com

Jerry Zieg, Vice President of Exploration for the Company, is a Qualified Person for the purposes of NI 43-101 and has also reviewed and approved the information of a scientific or technical nature contained in this news release.

Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute “forward looking information” within the meaning of Canadian securities legislation, including statements related to the Company’s Mine Operating Permit, the Company’s water rights, permitting timelines and the Company’s plans for advancing the Black Butte Copper Project and expected outcomes. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will receive required regulatory approvals, that the Company will continue to be able to access sufficient funding to execute its plans, and that the results of exploration and development activities are consistent with management’s expectations.

However, the forward-looking statements in this document are subject to numerous risks, uncertainties and other factors, including factors relating to the Company’s operation as a mineral exploration and development company and the Black Butte Copper Project, that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including that results of exploration and development activities will not be consistent with management’s expectations, delays in obtaining or inability to obtain required government or other regulatory approvals or financing, failure of plant, equipment or processes to operate as anticipated, the risk of accidents, labor disputes, inclement or hazardous weather conditions, unusual or unexpected geological conditions, ground control problems, earthquakes, flooding and all of the other risks generally associated with the development of mining facilities. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

White Sulphur Springs, Montana– April 29, 2024 –Sandfire Resources America Inc. (“Sandfire America” or the “Company”) is pleased to announce initial drill results of its winter exploration drilling program. This includes hole SC24-279 which intercepted 5.37 meters of 10.2% copper and hole SC24-284 which intercepted 6.26 meters of 10.7% copper.

The ongoing 2024 drill program focuses on upgrading and expanding the Johnny Lee Lower Copper Zone resource which at last estimate consists of a measured and indicated resource of 1.2 million tonnes grading 6.8% Cu and an inferred resource of 0.5 million tonnes of 5.9% Cu (2020 Technical Report*). Since December 2023, the Company has drilled approximately 4,420 meters of a planned 20,000-meter drill program.

Table 1. Black Butte Copper 2024 Exploration Drilling Program

Intercept calculations included a minimum of 2 samples above a 1% copper cutoff grade.

1. Drilling conducted by Ruen Drilling of Hope, ID. HQ3-sized core was collected. Drill holes were oriented with dips varying between -80 to -70 degrees in relatively variably dipping mineral zones. Intercepts may be slightly longer than true thickness.
2. After being logged, photographed in White Sulphur Springs, Montana, all mineralized zones were sampled by cutting half- core splits which were delivered to ALS labs in Reno NV for processing. ALS crushed the entire sample to 85% passing 2mm then split off 1kg, which was ground to 85% passing 75 micron and wet-sieved the split to ensure grinding passed specifications and then assayed for gold by fire assay with AA finish. Base metals were analyzed using a 4-acid digestion and ICP-OES analysis. Various other trace and major elements were also analyzed utilizing ICP procedures. Sandfire America utilized a QA/QC protocol which included inserting Certified Reference Materials (CRM) on a minimum of 1 CRM in 20 samples insertion rate. Assays of duplicates, and blanks were also included as part of the QA/QC program.
3. ALS Labs are accredited by ISO/IEC 170205:2017 methods for North America.
4. Drillhole collars are surveyed conforming to UTM NAD83 Zone 12.
5. The Company is aware of no drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to above.

VP of Exploration, Jerry Zieg shared, “We’re very pleased with these results which continue to show that additional exploration drilling has the potential to increase our mineral resource and extend the projected mine life of the Black Butte Copper project.”

Figure 1: Drilling completed at the Black Butte Project December 2023-April 2024; black dots show locations of past pierce points in Johnny Lee Lower Copper Zone; red dots show locations of pierce points in Johnny Lee Lower Copper Zone from this drill program; and colored areas show Measured (brown), Indicated (yellow) and Inferred (blue) resource areas.

Johnny Lee Copper Deposit

The Johnny Lee deposit has a Measured and Indicated Mineral Resource of 10.9 million tonnes (Mt) at an average copper grade of 2.9% for 311 thousand tonnes (kt) of contained copper (Cu) at a 1.0% Cu cut-off grade, and an Inferred Mineral Resource of 2.7 Mt at an average copper grade of 3.0% for 80 kt of contained Cu at a 1.0% Cu cut- off grade (2020 Technical Report*). The Company has received a Mine Operating Permit from the Montana Department of Environmental Quality for mine development of this deposit and has completed a majority of Phase I construction on associated surface facilities. The Company received a 5-2 decision from the Montana Supreme Court on February 26, 2024, upholding the mine operating permit and allowing Phase II of construction to move forward.

Qualified Person

Jerry Zieg, Sr. Vice President of Exploration for the Company, is a Qualified Person for the purposes of NI 43-101 and has also reviewed and approved the information of a scientific or technical nature contained in this news release. Mr. Zieg verified the data disclosed in this news release, including sampling, analytical, and test data underlying the information or opinions contained in this news release.

*(2020 Technical Report)- Feasibility Study (Johnny Lee Deposit) and Mineral Resource Estimate Update (Lowry Deposit) – Technical Report NI 43-101” dated October 19, 2020, and news release “Sandfire Resources America Achieves Major Milestones with Completion of Black Butte Copper Project Feasibility Study and Updated Mineral Resource for Lowry Deposit” October 27, 2020.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information:

Sandfire Resources America Inc.
Nancy Schlepp, VP of Communications and Government Relations
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com
www.sandfireamerica.com

Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute “forward looking information” within the meaning of Canadian securities legislation, including statements regarding further expansion and upgrade of the Johnny Lee Lower Zone. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will be able to achieve further expansion of the Johnny Lee Lower Zone, that the Company will be able to complete any environmental review, permitting process, or engineering and economic studies required for resource development of the Johnny Lee copper deposit. However, the forward-looking statements in this document are subject to numerous risks, uncertainties and other factors, including factors relating to the inability to achieve further expansion of the Johnny Lee Lower Zone, the inability to complete any engineering and economic studies required for resource development of the Johnny Lee copper deposit that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including that results of exploration and development activities will not be consistent with management’s expectations, delays in obtaining or inability to obtain required government or other regulatory approvals or financing, failure of plant, equipment or processes to operate as anticipated, the risk of accidents, labor disputes, inclement or hazardous weather conditions, unusual or unexpected geological conditions, ground control problems, earthquakes, flooding and all of the other risks generally associated with the development of mining facilities. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

White Sulphur Springs, Montana– February 26, 2024 – Sandfire Resources America Inc. (“Sandfire America” or the “Company”) announces the positive ruling by the Montana Supreme Court which reversed a 2021 district court decision and instructed the District Judge to have the Montana Department of Environmental Quality (MT DEQ) to completely reinstate Tintina Montana Inc.’s Mine Operating Permit, of the Black Butte Copper Project.

The Montana Supreme Court granted the Company’s request for summary judgement allowing Black Butte Copper to move forward with construction of its highly engineered, underground copper mine. The Company won on all counts in the Montana Supreme Court decision with a 5-2 decision upholding the 2020 decision of the MT DEQ to allow copper mining at the Black Butte Copper Project, overturning a District Court ruling that had invalidated the mining permit.

The original suit was filed jointly against the Montana Department of Environmental Quality and Tintina Montana Inc. (“Tintina,” Sandfire America’s wholly owned subsidiary) on June 4^th, 2020, and the Montana Supreme Court heard oral arguments on the case on June 21, 2023. Additional intervenors in the suit supporting the MT DEQ and Tintina, include Meagher County, Broadwater County, and the Montana Department of Justice.

Lincoln Greenidge, CEO of Sandfire America shared, “Today’s victory in the Montana Supreme Court is a validation of the thoughtful and deliberate efforts of the Sandfire America team to design a world-class, environmentally safe mining project from the beginning. The fact is, ours is the most reviewed and examined proposed project in the history of Montana mining. The Court record stands at over 90,000 pages of testimony, information, and analysis. We thank the justices for their ruling, and their ability to recognize the amount of effort and extensive work that has gone into this project. Now, we look forward to progressing the project in a safe, responsible, and sustainable manner.”

Senior VP, Jerry Zieg concluded stating, “Tintina’s permit has been diligently considered by the professional and hardworking staff at the MT DEQ. It is a fantastic, well-designed project with a plan centered around safety which is why we were successful today. Over a decade ago, we set out to design a state of the art, environmentally protective underground mining project, and this decision is proof we’ve been successful.”

Black Butte Copper now has all permits to proceed with the project. Stipulated agreements regarding water rights granted through the Montana Department of Natural Resources and

Conservation (MT DNRC) for the project have been finalized with all water rights being issued and available. There is a challenge to the Montana Constitution’s definition of the “beneficial use of water” using Black Butte Copper’s water use permit to challenge this definition. This case does not currently affect the Company’s water rights package. The challenge, naming both the MT DNRC and Tintina Montana Inc., was appealed by objectors after their loss at District Court and will be heard by Montana Supreme Court on Friday, March 29, 2024.

Contact Information:

Sandfire Resources America Inc.
Nancy Schlepp, VP of Communications and Government Relations
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com

Jerry Zieg, Vice President of Exploration for the Company, is a Qualified Person for the purposes of NI 43-101 and has also reviewed and approved the information of a scientific or technical nature contained in this news release.

Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute “forward looking information” within the meaning of Canadian securities legislation, including statements related to the Company’s Mine Operating Permit, the Company’s water rights , permitting timelines and the Company’s plans for advancing the Black Butte Copper Project and expected outcomes. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will receive required regulatory approvals, that the Company will continue to be able to access sufficient funding to execute its plans, and that the results of exploration and development activities are consistent with management’s expectations. However, the forward-looking statements in this document are subject to numerous risks, uncertainties and other factors, including factors relating to the Company’s operation as a mineral exploration and development company and the Black Butte Copper Project, that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including that results of exploration and development activities will not be consistent with management’s expectations, delays in obtaining or inability to obtain required government or other regulatory approvals or financing, failure of plant, equipment or processes to operate as anticipated, the risk of accidents, labor disputes, inclement or hazardous weather conditions, unusual or unexpected geological conditions, ground control problems, earthquakes, flooding and all of the other risks generally associated with the development of mining facilities. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

White Sulphur Springs, Montana– June 30, 2023 – Sandfire Resources America Inc. (“Sandfire America” or the “Company”) announces that it has entered into a second variation agreement (the “Second Variation“) to its bridge loan agreement, as amended (the “Bridge Loan”) with Sandfire BC Holdings (Australia) Pty Ltd. (“Sandfire BC“), the Company’s largest shareholder, and Tintina Montana Inc., a wholly-owned subsidiary of the Company (“Tintina Montana“).

Pursuant to the Second Variation, the amount available to be borrowed under the Second Variation, Variation and Bridge Loan will be increased from an aggregate of up to US$22.0 million to an aggregate of up to US$32.0 million through one or more advances, and the latest maturity will be extended from June 30, 2023 to June 30, 2024, subject to the terms of the Second Variation and the Bridge Loan.

All other terms and conditions of the Bridge Loan shall remain in full force and effect, except as amended by the Second Variation. No securities of the Company are issuable under the Agreement.

Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, VP of Communications
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com

Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute “forward looking information” within the meaning of Canadian securities legislation, including statements regarding the Agreement, the Company’s financing options and expected outcomes. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will receive required regulatory approvals, and that the Company will be able to secure additional funding to execute its plans,. However, the forward-looking statements in this document are subject to numerous risks, uncertainties and other factors, including delays in obtaining or inability to obtain required government or other regulatory approvals or financing. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

WHITE SULPHUR SPRINGS, Mont., June 30, 2023 — Sandfire Resources America Inc. ("Sandfire America" or the "Company") announces that Mr. Matthew Fitzgerald will be stepping down as Chair of the Board of Directors effective September 30, 2023. This is in conjunction with him stepping down from his role as CFO of Sandfire Resources Limited (ASX:SFR), the 86.89% controlling shareholder of the Company.

Mr. Fitzgerald has been Chair of the Board since September 2016. The Company would like to thank Mr. Fitzgerald for his years of service.

The Company will announce a new Chair of the Board in due course.

Contact Information:

Sandfire Resources America Inc.
Nancy Schlepp, VP of Communications
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com

Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute "forward looking information" within the meaning of Canadian securities legislation, including statements regarding the appointment of a new Chair of the Board. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will receive required regulatory approvals. However, the forward-looking statements in this document are subject to numerous risks, uncertainties, and other factors, including delays in obtaining or inability to obtain required regulatory approvals. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

White Sulphur Springs, Montana– February 2, 2023 – Sandfire Resources America Inc. (“Sandfire America” or the “Company”) announces that is has changed its auditor from Ernst & Young LLP, Chartered Professional Accountants (the “Former Auditor“) to McGovern Hurley LLP, Chartered Professional Accountants (the “Successor Auditor“) effective as of January 23, 2023. 

There have been no modified opinions expressed in the Former Auditor’s auditor reports on any of the Company’s financial statements relating to the “relevant period” (as defined under subsection 4.11(1) of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102“)), nor have there been any “reportable events” within the meaning assigned under section 4.11 of NI 51-102. 

In accordance with NI 51-102, the notice of change of auditor, together with the required letters from the Former Auditor and the Successor Auditor, have been reviewed by the Company’s Board of Directors and Auditor Committee, and filed on SEDAR (www.sedar.com) under the Company’s profile.

Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, VP of Communications
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

Sandfire Resources America Announces 
 Successful Completion of Water Rights Permitting

White Sulphur Springs, Montana– November 1, 2022 – Sandfire Resources America Inc. ("Sandfire America" or the "Company") is proud to announce the necessary permits to appropriate water for the Black Butte Copper Project have been issued by the State of Montana Department of Natural Resources and Conservation (DNRC).

The permits issued by the DNRC authorize the Company to divert groundwater for use in the mining of the Johnny Lee copper deposit and to store high-water flows for stream flow maintenance. The DNRC also approved the Company’s change applications to use six existing water rights to mitigate surface water flow reductions resulting from the groundwater diversion. Water right permits and change applications are issued by the DNRC in accordance with the Montana Water Use Act (Title 85, chapter 2, MCA).

The Company, as the applicant, was required to prove the following criteria for issuance of the new water right permits:

• There is water physically available at the proposed point of diversion in the amount that the applicant seeks to appropriate;
• Water can reasonably be considered legally available during the period in which the applicant seeks to appropriate, in the amount requested;
• The water rights of a prior appropriator will not be adversely affected by the proposed new use;
• The proposed means of diversion, construction, and operation of the appropriation works are adequate;
• The proposed use of water is a beneficial use; and
• The applicant has a possessory interest or the written consent of the person with the possessory interest in the property where the water is to be put to beneficial use.

While the Company received objections to the water use permits and the mitigation changes, the Company was able to resolve all but one of the objections through negotiated settlements, which may not be challenged as agreed upon by the parties. The one remaining objection to the groundwater permit, which is pending before the Meagher County district court, relates to the DNRC’s interpretation of whether mine dewatering constitutes “waste” under the Montana Water Use Act.

Senior Vice President Jerry Zieg shared. “We are extremely pleased with this positive progress. We have now obtained the water permits needed to begin Phase II Construction of the mining operations at the Johnny Lee Deposit. We are optimistic that the remaining objection to the groundwater permit will be resolved in our favor.”

One other regulatory hurdle to Phase II Construction will be resolving the narrow issues going in front of the Montana Supreme Court regarding the mine operating permit, with opening briefs due November 1, 2022. Regulatory finalization will be followed by the requirement of the Sandfire Resources America Inc’s Board approval and securing financing.

Qualified Person

Jerry Zieg, Vice President of Exploration for the Company, who is an AIPG Certified Professional Geologist, is the Qualified Person for the purposes of NI 43-101 and has also reviewed and approved the information of a scientific or technical nature contained in this news release.

Sandfire Resources America Inc.

Sandfire Resources America Inc. is a Canadian-listed junior exploration company (TSX-V:SFR) which is majority-owned by Sandfire Resources Limited, an international and diversified sustainable mining company which is listed on the Australian Securities Exchange (ASX:SFR). The Black Butte Project is a sediment-hosted high-grade copper project in Meagher County in West-Central Montana. The company is permitting a state-of-the-art underground mine on the Johnny Lee Deposit.

Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, VP of Communications
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com

Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute "forward looking information" within the meaning of Canadian securities legislation, including statements regarding the Agreement, the Company's financing options and expected outcomes. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will receive required regulatory approvals, and that the Company will be able to secure additional funding to execute its plans. However, the forward-looking statements in this document are subject to numerous risks, uncertainties, and other factors, including delays in obtaining or inability to obtain required government or other regulatory approvals or financing. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.