The Sandfire Resources Ltd (ASX: SFR) share price is in focus today after the company reported group sales revenue of $344 million and an underlying operations EBITDA of $187 million for the December 2025 quarter.
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What did Sandfire Resources report?
- Unaudited group sales revenue of $344 million in Q2 FY26
- Underlying operations EBITDA of $187 million for the quarter
- Underlying EBITDA of $167 million and net cash of $13 million at 31 December 2025
- Group copper equivalent production of 72.1 kt in H1 FY26 (46% of annual guidance mid-point)
- MATSA copper equivalent production of 46.4 kt; Motheo copper equivalent production of 25.7 kt
- TRIF safety metric improved to 1.3 as of December 2025
What else do investors need to know?
Sandfire reported solid progress at its Spanish and Botswana mining hubs. MATSA's production was on track with annual guidance, helped by higher grade ore and improved processing recoveries, while Motheo saw a temporary dip in production due to rescheduled maintenance and mobile fleet availability.
Investment in exploration remains a focus, with $10 million spent on regional and near-mine drilling across Spain, Portugal, and Botswana during the quarter. The company's recent binding term sheet with Havilah Resources provides a pathway to acquire a majority stake in the Kalkaroo Copper-Gold Project and build an exploration alliance in South Australia.
What did Sandfire Resources management say?
Sandfire CEO and Managing Director Brendan Harris said:
The further reduction in our Group TRIF to 1.3 at the end of the December quarter reflects significant effort and focus from our operational teams. While this is a pleasing outcome, we continue to see high potential incidents in our workplace that we must learn from to ensure we further strengthen our control environment and raise awareness of the risks our people and contractors encounter every day.
While we have achieved our targeted balance sheet position and finished with $13M of net cash as at 31 December 2025, it should be noted that the proposed transaction with Havilah contemplates a A$31.5M cash payment upon the satisfaction of all conditions precedent, as well as a further A$15M payment to support the initial phase of the exploration strategic alliance in the Curnamona Province. Our talented people, strong balance sheet, modern mining complexes and exposure to a preferred suite of commodities, ensures the Group is exceptionally well positioned to fund these commitments and prosper in the current environment.
What's next for Sandfire Resources?
Sandfire has maintained all production and cost guidance for FY26, with copper equivalent output expected to be more heavily weighted towards the second half of the financial year. The company will ramp up exploration activities at Motheo and advance the Kalkaroo transaction, pending Havilah shareholder approval in February 2026.
Management is also reviewing the Black Butte Copper Project's role in the global portfolio, following an updated pre-feasibility study that supports the project's economics and growth potential.
Sandfire Resources share price snapshot
Over the past 12 months, Sandfire Resources shares have risen 91%, strongly outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 4% over the same period.
