# Sandfire Resources America Announces Results of Updated Pre-Feasibility Study for the Johnny Lee Deposit and Updated Mineral Resource for the Lowry Deposit at the Black Butte Copper Project Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55 Original source: https://money.tmx.com/en/quote/SFR/news/5262400915468199/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo Publisher: tmx Original announcement: 2025-12-16T10:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Sandfire Resources America Inc. - Ticker: SFR - Exchange: TSX - Region: Montana, USA - Primary commodity: Copper - Secondary commodities: None reported - Document categories: Resource update, Metallurgy - Extracted: 2026-09-14 23:03:24 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Sandfire Resources America announced an updated Pre-Feasibility Study for its Johnny Lee Deposit, reporting a Probable Mineral Reserve of 9.5 Mt at 2.9% Cu for 270,000 tonnes of contained copper, an increase from previous estimates. The company also released an updated Mineral Resource for the Lowry Deposit, which now includes Measured and Indicated categories totaling 6.6 Mt at 2.4% Cu for 154,000 tonnes of contained copper. The PFS outlines an 8-year mine life for Johnny Lee with positive economics, while metallurgical test work confirms high copper recoveries for both deposits. Reasoning: Sandfire Resources America announced an updated Pre-Feasibility Study for the Johnny Lee Deposit, showing a material increase in Probable Mineral Reserves with higher grade and contained copper. Concurrently, a new Measured and Indicated Mineral Resource was defined for the Lowry Deposit, significantly de-risking it from a previous Inferred-only status. Metallurgical test work indicates strong copper recoveries, although arsenic is noted in the JL UCZ concentrate. The PFS outlines positive project economics, reinforcing the project's viability. - Positive factor: Significant increase in Johnny Lee Probable Mineral Reserves \(tonnage, grade, and contained copper\) - Positive factor: Maiden Measured and Indicated Mineral Resource for the Lowry Deposit, adding future growth potential - Positive factor: Strong metallurgical recoveries for both Johnny Lee and Lowry deposits - Positive factor: Positive Pre-Feasibility Study \(PFS\) economics for Johnny Lee - Positive factor: NI 43-101 compliant estimates with QP sign-off - Negative factor: Presence of arsenic in Johnny Lee Upper Copper Zone \(JL UCZ\) concentrate, requiring management - Negative factor: Lowry Deposit is not yet permitted and not included in the current PFS economics Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 36 ## Classification and evidence **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports a Probable Mineral Reserve for the Johnny Lee Deposit of 9.5Mt at 2.9% Cu for 270,000t of copper. Evidence · text > Probable Mineral Reserve for the Johnny Lee Deposit of 9.5Mt at 2.9% Cu for 270,000t of copper **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The 2025 Lowry Deposit Mineral Resource estimate contains Measured and Indicated mineral resources of 6.6 Mt at 2.4% Cu \(150 kt\), compared to the 2020 estimate which reported only Inferred mineral resource. Evidence · text > The 2025 mineral resource updated for Lowry Deposit includes an upgrade in confidence compared with the 2020 Lowry Deposit Mineral Resource estimate which reported only Inferred mineral resource. **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: The Johnny Lee Probable Mineral Reserve increased from 8.8Mt in 2020 to 9.5 million tonnes in 2025. The Johnny Lee Deposit Measured and Indicated resource has grown from 10.6 Mt in 2019 to 18.9 Mt in 2025. Evidence · text > Using a Net Smelter Return cut off value of US$110/t, the Probable Mineral Reserves have increased from 8.8Mt at 2.6% Cu for 230,000 tonnes of contained copper in 2020 to 9.5 million tonnes at 2.9% copper for 270,000 tonnes of contained copper for the 2025 PFS **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: The Johnny Lee Probable Mineral Reserve grade increased from 2.6% Cu in 2020 to 2.9% Cu in 2025. Evidence · text > Probable Mineral Reserves have increased from 8.8Mt at 2.6% Cu for 230,000 tonnes of contained copper in 2020 to 9.5 million tonnes at 2.9% copper for 270,000 tonnes of contained copper **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The Johnny Lee Probable Mineral Reserve contained copper increased from 230,000 tonnes in 2020 to 270,000 tonnes in 2025. The Johnny Lee Deposit Measured and Indicated resource contained copper grew from 390 kt in 2019 to 460 kt in 2025. Evidence · text > Probable Mineral Reserves have increased from 8.8Mt at 2.6% Cu for 230,000 tonnes of contained copper in 2020 to 9.5 million tonnes at 2.9% copper for 270,000 tonnes of contained copper **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Mineral Reserve estimate is signed off by Shane McLeay FAusIMM. The Mineral Resource estimates are signed off by Berkley Tracy, P. Geo \(PGO\#3024\) of SRK Consulting \(U.S.\), Inc. Evidence · text > The Qualified Person for the Mineral Reserve estimate is Shane McLeay FAusIMM. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The Mineral Resource and Reserve estimates are prepared pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Evidence · text > pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects \(“ NI 43-101 ”\) **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The Lowry Deposit now has a Measured and Indicated Mineral Resource, whereas the 2020 estimate reported only Inferred mineral resource. Evidence · text > The 2025 Lowry Deposit Mineral Resource estimate contains Measured and Indicated mineral resources of 6.6 Mt at 2.4% Cu \(150 kt\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an updated Mineral Resource for the Lowry Deposit and an updated Mineral Resource for the Johnny Lee Deposit. Evidence · text > Updated Mineral Resource for the Lowry Deposit at the Black Butte Copper Project **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: The resource and reserve estimates are part of an updated Pre-Feasibility Study for the Johnny Lee Deposit. Evidence · text > Updated Pre-Feasibility Study for the Johnny Lee Deposit **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The JL LCZ achieved 95% copper recovery, LOM copper recovery is 86%, LMCZ achieved 91% recovery, and LLCZ achieved 94% recovery, all strong for copper flotation. Evidence · text > A discounted copper recovery of 95% \(accounting for ideal laboratory conditions\) was applied to mining blocks in the JL LCZ. **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: Metallurgical test work was conducted on both JL UCZ and JL LCZ composites, and separate composites for Lowry LMCZ and LLCZ. Evidence · text > Recent metallurgical test work programs undertaken indicated copper concentrate from the JL LCZ by froth flotation recovered 94% to 98% **Deleterious Elements Present** Polarity: negative Story-specific tag Definition: A source-stated penalty, refractory or recovery concern in the fact's scope. Element detection alone, including measured elements explicitly below penalty thresholds, does not trigger this tag. Respect negation and retain a separately stated concern even when another risk is explicitly absent. Why it applies: Analyses of the copper concentrates from variability testing of the JL UCZ composites have reported potentially deleterious levels of arsenic, forecast to range between 1,900 to 7,520 ppm. Evidence · text > Analyses of the copper concentrates from variability testing of the JL UCZ composites have reported potentially deleterious levels of arsenic. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 36. Some facts used in scoring do not have a stored record. ## Resource Estimates (35) ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-0) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Shane McLeay - Resource group id: resource:972db961413db44ea88e - Deposit or zone: Johnny Lee Deposit - Mining method: underground #### Resource Data - Category: probable - Tonnes: 9500000 - Grade: 2.9 - Grade Unit: % - Contained Metal: 270000 - Contained Unit: t - Cutoff Grade: 110 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-14 - Prior Tonnes: 8800000 - Prior Grade: 2.6 - Prior Contained Metal: 230000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The Probable Mineral Reserve for the Johnny Lee Deposit has increased to 9.5 Mt at 2.9% Cu for 270,000 tonnes of contained copper, representing a material improvement in project scale and economics compared to the 2020 estimate. - Positive factor: Significant increase in tonnage, grade, and contained metal compared to previous estimate - Positive factor: High-grade copper reserve - Positive factor: Supports an 8-year mine life Evidence · table > 2.9% Context: 9,500,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 2.9 against 2.6 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 270000 against 230000 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-1) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Shane McLeay - Resource group id: resource:6d876a67f90a990e16c1 - Deposit or zone: Johnny Lee Deposit JL UCZ Total - Mining method: underground #### Resource Data - Category: probable - Tonnes: 6700000 - Grade: 2.2 - Grade Unit: % - Contained Metal: 140000 - Contained Unit: t - Cutoff Grade: 110 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-14 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The JL UCZ contributes 6.7 Mt at 2.2% Cu to the overall Johnny Lee Probable Reserve, providing a substantial portion of the project's copper inventory. - Positive factor: Significant copper reserve in the upper zone - Positive factor: Contributes to overall project economics Evidence · table > 2.2 % Context: 6,700,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-2) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Shane McLeay - Resource group id: resource:307d5f96b58b41cd8bc5 - Deposit or zone: Johnny Lee Deposit JL LCZ Total - Mining method: underground #### Resource Data - Category: probable - Tonnes: 2800000 - Grade: 4.6 - Grade Unit: % - Contained Metal: 130000 - Contained Unit: t - Cutoff Grade: 110 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-14 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The JL LCZ Probable Reserve of 2.8 Mt at 4.6% Cu is exceptionally high-grade and contributes significantly to the overall contained copper, being a key driver for the increased project reserves. - Positive factor: Very high-grade copper reserve in the lower zone - Positive factor: Significant contribution to contained copper metal - Positive factor: Underpins the overall reserve increase Evidence · table > 4.6 % Context: 2,800,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-3) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:6b5bc23bbd00ced57c36 - Deposit or zone: Johnny Lee Deposit JL UCZ - Mining method: underground #### Resource Data - Category: measured - Tonnes: 2300000 - Grade: 2 - Grade Unit: % - Contained Metal: 46000 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The JL UCZ Measured Resource of 2.3 Mt at 2.0% Cu provides a high-confidence base for future mine planning and contributes to the overall resource base. - Positive factor: High confidence Measured resource - Positive factor: Good copper grade Evidence · table > 2.0 Context: 2.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-4) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:63ffcd35e02a0d313e20 - Deposit or zone: Johnny Lee Deposit JL UCZ - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 13800000 - Grade: 1.9 - Grade Unit: % - Contained Metal: 261000 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The JL UCZ Indicated Resource of 13.8 Mt at 1.9% Cu is a substantial component of the Johnny Lee M&I resource, providing confidence in the continuity of mineralization. - Positive factor: Large Indicated resource tonnage - Positive factor: Good copper grade - Positive factor: Forms a significant part of the M&I resource Evidence · table > 1.9 Context: 13.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-5) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:d3de1035c72a1aba5896 - Deposit or zone: Johnny Lee Deposit JL LCZ - Mining method: underground #### Resource Data - Category: measured - Tonnes: 500000 - Grade: 6.5 - Grade Unit: % - Contained Metal: 34000 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The JL LCZ Measured Resource of 0.5 Mt at 6.5% Cu represents a very high-grade, high-confidence portion of the resource, significantly enhancing project value. - Positive factor: Exceptionally high-grade Measured resource - Positive factor: High confidence in a very valuable zone Evidence · table > 6.5 Context: 0.5 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-6) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:275701f0b525bda50781 - Deposit or zone: Johnny Lee Deposit JL LCZ - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 2300000 - Grade: 5.1 - Grade Unit: % - Contained Metal: 121000 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The JL LCZ Indicated Resource of 2.3 Mt at 5.1% Cu is a substantial high-grade component, contributing significantly to the overall contained copper and project economics. - Positive factor: Very high-grade Indicated resource - Positive factor: Significant contained copper metal Evidence · table > 5.1 Context: 2.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-7) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:338c41108213f133c28f - Deposit or zone: Johnny Lee Deposit Combined JL UCZ + JL LCZ - Mining method: underground #### Resource Data - Category: measured - Tonnes: 2800000 - Grade: 2.8 - Grade Unit: % - Contained Metal: 80000 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The combined Measured Resource for Johnny Lee totals 2.8 Mt at 2.8% Cu, providing a strong, high-confidence foundation for the project. - Positive factor: Combined high-confidence Measured resource - Positive factor: Good overall grade Evidence · table > 2.8 Context: 2.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-8) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:bff5c10d0b55dea37cfd - Deposit or zone: Johnny Lee Deposit Combined JL UCZ + JL LCZ - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 16100000 - Grade: 2.4 - Grade Unit: % - Contained Metal: 382000 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 - Prior Tonnes: 10600000 - Prior Grade: 2.9 - Prior Contained Metal: 390000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The combined Indicated Resource for Johnny Lee totals 16.1 Mt at 2.4% Cu, showing significant tonnage growth from the previous estimate, which contributes to a larger overall M&I resource despite a slight grade dilution. - Positive factor: Significant increase in tonnage for Indicated resource - Positive factor: Large contained copper metal - Positive factor: Overall M&I tonnage growth - Negative factor: Slight decrease in average grade compared to prior M&I estimate Evidence · table > 2.4 Context: 16.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 16100000 against 10600000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.4 against 2.9 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 382000 against 390000 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 382000 from 390000 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-9) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:5d4057a29dc595d48507 - Deposit or zone: Johnny Lee Deposit JL UCZ - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 2600000 - Grade: 1.5 - Grade Unit: % - Contained Metal: 38000 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The JL UCZ Inferred Resource of 2.6 Mt at 1.5% Cu provides additional exploration upside and contributes to the total resource base, though with lower geological confidence. - Positive factor: Adds to overall resource potential - Negative factor: Lower confidence category Evidence · table > 1.5 Context: 2.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-10) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:f1cb7917b5b1c8f8e47f - Deposit or zone: Johnny Lee Deposit JL LCZ - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 800000 - Grade: 3.2 - Grade Unit: % - Contained Metal: 26000 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The JL LCZ Inferred Resource of 0.8 Mt at 3.2% Cu is a high-grade component that adds to the overall resource potential, indicating further upside with additional drilling. - Positive factor: High-grade Inferred resource - Positive factor: Adds to overall resource potential - Negative factor: Lower confidence category Evidence · table > 3.2 Context: 0.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-11) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:5a620dcfb2017dca4514 - Deposit or zone: Lowry Deposit Lowry MCZ - Mining method: underground #### Resource Data - Category: measured - Tonnes: 1200000 - Grade: 2.6 - Grade Unit: % - Contained Metal: 30000 - Contained Unit: kt - Cutoff Grade: 110 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The Lowry MCZ Measured Resource of 1.2 Mt at 2.6% Cu is a significant de-risking event for the Lowry deposit, establishing a high-confidence resource base. - Positive factor: Maiden Measured resource for Lowry - Positive factor: High confidence and good grade - Positive factor: De-risks the Lowry deposit Evidence · table > 2.6 Context: 1.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-12) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:828104d47d62cdf5a10f - Deposit or zone: Lowry Deposit Lowry MCZ - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 3600000 - Grade: 2.4 - Grade Unit: % - Contained Metal: 86000 - Contained Unit: kt - Cutoff Grade: 110 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The Lowry MCZ Indicated Resource of 3.6 Mt at 2.4% Cu provides a substantial new resource base for the Lowry deposit, significantly enhancing its future development potential. - Positive factor: Maiden Indicated resource for Lowry - Positive factor: Significant tonnage and good grade - Positive factor: Adds substantial future growth potential Evidence · table > 2.4 Context: 3.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-13) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:52728b6facd4744ad922 - Deposit or zone: Lowry Deposit Lowry LCZ - Mining method: underground #### Resource Data - Category: measured - Tonnes: 100000 - Grade: 1.8 - Grade Unit: % - Contained Metal: 1000 - Contained Unit: kt - Cutoff Grade: 110 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The Lowry LCZ Measured Resource of 0.1 Mt at 1.8% Cu, while small, contributes to the overall confidence and de-risking of the Lowry deposit. - Positive factor: Maiden Measured resource for Lowry LCZ - Positive factor: Adds to overall resource confidence Evidence · table > 1.8 Context: 0.1 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-14) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:cb95f68e35f2ab9b9f97 - Deposit or zone: Lowry Deposit Lowry LCZ - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 1700000 - Grade: 2.2 - Grade Unit: % - Contained Metal: 37000 - Contained Unit: kt - Cutoff Grade: 110 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The Lowry LCZ Indicated Resource of 1.7 Mt at 2.2% Cu further expands the M&I resource base for the Lowry deposit, enhancing its overall potential. - Positive factor: Maiden Indicated resource for Lowry LCZ - Positive factor: Adds significant tonnage to Lowry M&I Evidence · table > 2.2 Context: 1.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-15) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:f9832137425b03dead5a - Deposit or zone: Lowry Deposit Combined Lowry UCZ + MCZ + LCZ - Mining method: underground #### Resource Data - Category: measured - Tonnes: 1200000 - Grade: 2.5 - Grade Unit: % - Contained Metal: 31000 - Contained Unit: kt - Cutoff Grade: 110 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The combined Measured Resource for Lowry totals 1.2 Mt at 2.5% Cu, establishing a high-confidence portion of this newly defined resource. - Positive factor: Combined Measured resource for Lowry - Positive factor: High confidence in a new resource Evidence · table > 2.5 Context: 1.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-16) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:383c30510c3046f438f9 - Deposit or zone: Lowry Deposit Combined Lowry UCZ + MCZ + LCZ - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 5300000 - Grade: 2.3 - Grade Unit: % - Contained Metal: 123000 - Contained Unit: kt - Cutoff Grade: 110 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The combined Indicated Resource for Lowry totals 5.3 Mt at 2.3% Cu, representing a significant new resource base that adds substantial future growth potential to the Black Butte Copper Project. - Positive factor: Combined Indicated resource for Lowry - Positive factor: Significant tonnage and contained metal - Positive factor: Adds substantial future growth potential Evidence · table > 2.3 Context: 5.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-17) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:a0f1316f333ad372f998 - Deposit or zone: Lowry Deposit Lowry UCZ - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 1300000 - Grade: 2.3 - Grade Unit: % - Contained Metal: 30000 - Contained Unit: kt - Cutoff Grade: 110 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The Lowry UCZ Inferred Resource of 1.3 Mt at 2.3% Cu adds to the overall resource potential of the Lowry deposit, providing exploration upside. - Positive factor: Adds to overall resource potential for Lowry - Negative factor: Lower confidence category Evidence · table > 2.3 Context: 1.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-18) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:ebbaedbc7363d5746ef7 - Deposit or zone: Lowry Deposit Lowry MCZ - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 900000 - Grade: 2.1 - Grade Unit: % - Contained Metal: 18000 - Contained Unit: kt - Cutoff Grade: 110 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The Lowry MCZ Inferred Resource of 0.9 Mt at 2.1% Cu contributes to the overall resource potential of the Lowry deposit, indicating further upside. - Positive factor: Adds to overall resource potential for Lowry - Negative factor: Lower confidence category Evidence · table > 2.1 Context: 0.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-19) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:de90bbe30a54c4678a3e - Deposit or zone: Lowry Deposit Lowry LCZ - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 600000 - Grade: 1.7 - Grade Unit: % - Contained Metal: 10000 - Contained Unit: kt - Cutoff Grade: 110 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The Lowry LCZ Inferred Resource of 0.6 Mt at 1.7% Cu contributes to the overall resource potential of the Lowry deposit, providing additional exploration targets. - Positive factor: Adds to overall resource potential for Lowry - Negative factor: Lower confidence category Evidence · table > 1.7 Context: 0.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-21) Johnny Lee · copper #### Identity - Project: Johnny Lee - Commodity: copper - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:76c07cdfe25d688325d8 - Mining method: underground #### Resource Data - Category: measured - Tonnes: 2300000 - Grade: 2 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.0 Context: 2.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-22) Johnny Lee · copper #### Identity - Project: Johnny Lee - Commodity: copper - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:455d7524c793900f9e1b - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 13800000 - Grade: 1.9 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.9 Context: 13.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-23) Johnny Lee · copper #### Identity - Project: Johnny Lee - Commodity: copper - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:9802e6abb8f8d6313fcd - Mining method: underground #### Resource Data - Category: measured - Tonnes: 500000 - Grade: 6.5 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 6.5 Context: 0.5 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-24) Johnny Lee · copper #### Identity - Project: Johnny Lee - Commodity: copper - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:e3eff73caaada5b84b1a - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 2300000 - Grade: 5.1 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 5.1 Context: 2.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-25) Johnny Lee · copper #### Identity - Project: Johnny Lee - Commodity: copper - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:0e07988af5ac0ddaec39 - Mining method: underground #### Resource Data - Category: measured - Tonnes: 2800000 - Grade: 2.8 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.8 Context: 2.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-26) Johnny Lee · copper #### Identity - Project: Johnny Lee - Commodity: copper - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:936b52c800c9e20dec56 - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 16100000 - Grade: 2.4 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.4 Context: 16.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-27) Johnny Lee · copper #### Identity - Project: Johnny Lee - Commodity: copper - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:10150394135a7d876a9a - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 18900000 - Grade: 2.4 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.4 Context: 18.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-28) Johnny Lee · copper #### Identity - Project: Johnny Lee - Commodity: copper - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:321aba9e55a9c7a73652 - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 3400000 - Grade: 1.9 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.9 Context: 3.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-29) Lowry · copper #### Identity - Project: Lowry - Commodity: copper - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:85b0063cf027ca9e38cb - Mining method: underground #### Resource Data - Category: measured - Tonnes: 1200000 - Grade: 2.5 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.5 Context: 1.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-30) Lowry · copper #### Identity - Project: Lowry - Commodity: copper - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:0cd45c723405cb608b3b - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 3600000 - Grade: 2.4 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.4 Context: 3.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-31) Lowry · copper #### Identity - Project: Lowry - Commodity: copper - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:7ad71585316e59f539ec - Mining method: underground #### Resource Data - Category: measured - Tonnes: 100000 - Grade: 1.8 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.8 Context: 0.1 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-32) Lowry · copper #### Identity - Project: Lowry - Commodity: copper - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:f7c26a9c28195a6f1745 - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 1700000 - Grade: 2.2 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.2 Context: 1.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-33) Lowry · copper #### Identity - Project: Lowry - Commodity: copper - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:232769c54ffdf44009ab - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 5300000 - Grade: 2.3 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.3 Context: 5.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-34) Lowry · copper #### Identity - Project: Lowry - Commodity: copper - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:0047e342b42c094bce21 - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 6600000 - Grade: 2.4 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.4 Context: 6.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-resource-facts-35) Lowry · copper #### Identity - Project: Lowry - Commodity: copper - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:b6ba9656cd7398c146d6 - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 2800000 - Grade: 2.1 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.1 Context: 2.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (1) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-announces-results-of-updated-pre-feasibility-study-fo--c02d9010-2410-4ee5-82be-8053c031ae55#fact-metallurgical-facts-20) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, USA - Ticker: SFR #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: flotation - Sample: Lowry Lower Copper Zone \(LLCZ\) #### Recovery - Recovery: 94 % - Recovery Basis: actual\_test #### Lab - Laboratory: Base Metal Labs - Consultant: Deepak Malhotra #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-16T00:00:00.000Z Reasoning: The LLCZ composite sample achieved a very high copper recovery of 94%, further enhancing the positive metallurgical profile of the Lowry deposit. - Positive factor: Very high copper recovery - Positive factor: Supports economic viability of the Lowry deposit Evidence · text > with the LLCZ yielding a 94% recovery. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 94% is at or above the exceptional band \(92%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.