# Sandfire Resources America Delivers Black Butte Copper PFS Upgrade with New Lowry Reserves, 12-Year Mine Life, High-Grade Production Profile and Stronger Project Economics Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr--3ba397b5-f77c-42e9-bf9b-57d3ef457e63 Original source: https://money.tmx.com/en/quote/SFR/news/5979527540440067/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr Publisher: tmx Original announcement: 2026-07-09T09:00:00.000Z 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, United States - Primary commodity: Copper - Secondary commodities: None reported - Document categories: Resource update, Metallurgy - Extracted: 2026-09-14 22:37:31 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Sandfire Resources America has released an updated Preliminary Feasibility Study \(PFS\) for its Black Butte Copper Project, incorporating maiden reserves from the Lowry Deposit. This update extends the mine life by 50% to 12 years and significantly improves project economics, with combined Probable Mineral Reserves now totaling 14.3 million tonnes at 2.6% copper for 370,000 tonnes of contained copper. The PFS also highlights improved metallurgical recoveries for the Lowry Deposit and reduced operating costs, positioning the project as a high-grade underground copper development in the United States. Reasoning: The updated Preliminary Feasibility Study for the Black Butte Copper Project significantly enhances its long-term value by incorporating maiden reserves from the high-grade Lowry Deposit, extending the mine life by 50%, and improving project economics, supported by updated metallurgical recoveries and NI 43-101 compliance. - Positive factor: Significant increase in mine life by 50% to 12 years due to the inclusion of the Lowry Deposit. - Positive factor: Maiden Probable Mineral Reserves for the Lowry Deposit, adding 4.7 Mt at 2.1% Cu for 100 kt contained copper. - Positive factor: Overall combined Probable Mineral Reserves increased to 14.3 Mt at 2.6% Cu for 370 kt contained copper. - Positive factor: Updated metallurgical test work for Lowry shows improved copper recoveries of 91-94% compared to a prior 86%. - Positive factor: Stronger project economics with a post-tax NPV8% of US$126 million and IRR of 13.3% \(US$4.70/lb Cu price\). - Positive factor: Reduced unit operating costs by US$2.28/tonne due to the high-grade Lowry Deposit and operational efficiencies. - Positive factor: NI 43-101 compliant PFS with multiple Qualified Person sign-offs, enhancing credibility. - Negative factor: Development of the Lowry Deposit remains subject to additional permitting and regulatory approvals, with a timeline of up to six years. - Negative factor: The change in cut-off value methodology from a cut-off grade to an NSR cut-off value for the Lowry resource makes direct comparison to prior estimates more complex. Facts used in scoring: 16 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document presents an updated Preliminary Feasibility Study \(PFS\) which includes revised Mineral Resources and maiden Mineral Reserves for the Lowry Deposit. Evidence · text > Sandfire Resources America Delivers Black Butte Copper PFS Upgrade with New Lowry Reserves, 12-Year Mine Life, High-Grade Production Profile and Stronger Project Economics **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 document explicitly states the inclusion of a 'maiden Mineral Reserve estimate for the Lowry Deposit'. Evidence · text > maiden Mineral Reserve estimate for the Lowry Deposit **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The Lowry Deposit now has a maiden Probable Mineral Reserve, indicating an upgrade from its previous resource-only status. Evidence · text > maiden Mineral Reserve estimate for the Lowry Deposit **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: Combined Probable Mineral Reserves increased to 14.3 million tonnes from the previous Johnny Lee only reserve of 9.5 million tonnes, representing a significant tonnage increase. Evidence · text > increasing combined Probable Mineral Reserves to 14.3 million tonnes grading 2.6% 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: Combined Probable Mineral Reserves now contain 370 kt of copper metal, an increase from the 270 kt previously reported for Johnny Lee alone. Evidence · text > containing 370,000 tonnes of copper metal over the mine’s lifespan. **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 technical information has been reviewed and approved by multiple Qualified Persons \(QPs\) as defined in NI 43-101. Evidence · text > Messrs. Tracy, McLeay, Williamson and Malhotra are Qualified Persons, as defined in NI 43-101 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PFS and mineral reserve/resource estimates were prepared in accordance with National Instrument 43-101. Evidence · text > The PFS has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects \(NI 43-101\) **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: The document is an updated Preliminary Feasibility Study \(PFS\) for the project. Evidence · text > results of an updated Preliminary Feasibility Study \("PFS"\) for the Black Butte Copper Project **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Lowry LCZ achieved 94% copper recovery and Lowry MCZ achieved 91% copper recovery in locked-cycle tests, which are strong recoveries for froth flotation. Evidence · text > Copper recoveries from locked cycle tests on the Lowry MCZ showed a recovery of 91% Cu... and from the Lowry LCZ, a recovery of 94% Cu **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: The new test work for Lowry showed increased recovery values of 91% for LMCZ and 94% for LLCZ, compared to a previously assigned mean copper recovery of 86%. Evidence · text > Based on the new test work, the increased recovery values of 91% for the LMCZ and 94% for the LLCZ were used in the current calculation of NSR cut-off values. **Cut-off Lowered** Polarity: negative Definition: Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation. Why it applies: The document states that a significant change in 2026 estimations is the use of a $45/tonne NSR cut-off value rather than a cut-off grade for all resource and reserve estimates, implying a change in methodology that could effectively lower the cut-off. Evidence · text > The most significant change in all 2026 estimations is the use of a $45/tonne NSR cut-off value rather than a cut-off grade for all resource and reserve estimates **Permitting Risk** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The development of the Lowry Deposit remains subject to additional permitting and regulatory approvals, with permitting expected to be finalized within six years. Evidence · text > The development of the Lowry Deposit remains subject to permitting and regulatory approvals. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("spiral"\) **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: 16. Some facts used in scoring do not have a stored record. ## Resource Estimates (15) ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr--3ba397b5-f77c-42e9-bf9b-57d3ef457e63#fact-resource-facts-0) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, United States - Ticker: SFR #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Shane McLeay - Resource group id: resource:6e5796a1d6cd1dabe60d - Deposit or zone: Johnny Lee - Mining method: underground #### Resource Data - Category: probable - Tonnes: 9500000 - Grade: 2.9 - Grade Unit: % - Contained Metal: 270 - Contained Unit: kt - Cutoff Grade: 110 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2025-11-05 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-09T00:00:00.000Z Reasoning: The Johnny Lee Probable Reserve provides a solid foundation for the project with a high copper grade, contributing significantly to the overall mine plan, though it is not new information in this release. - Positive factor: High copper grade of 2.9% for an underground project. - Positive factor: Probable category indicates a good level of confidence for economic extraction. - Positive factor: Part of a larger combined reserve that significantly extends mine life. Evidence · table > 9.5 Context: Johnny Lee #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr--3ba397b5-f77c-42e9-bf9b-57d3ef457e63#fact-resource-facts-1) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, United States - Ticker: SFR #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Shane McLeay - Resource group id: resource:4f142790deca931b124b - Deposit or zone: Lowry - Mining method: underground #### Resource Data - Category: probable - Tonnes: 4700000 - Grade: 2.1 - Grade Unit: % - Contained Metal: 100 - Contained Unit: kt - Cutoff Grade: 110 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-09T00:00:00.000Z Reasoning: The maiden Probable Mineral Reserve for the Lowry Deposit is a significant positive, adding substantial high-grade copper to the project's economic inventory and extending its mine life, despite pending permitting. - Positive factor: Maiden Probable Mineral Reserve for the Lowry Deposit, adding new economic material to the mine plan. - Positive factor: Contributes significantly to the extended mine life and improved project economics. - Positive factor: Good copper grade of 2.1% for an underground project. - Negative factor: Development remains subject to permitting and regulatory approvals. Evidence · table > 4.7 Context: Lowry #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr--3ba397b5-f77c-42e9-bf9b-57d3ef457e63#fact-resource-facts-2) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, United States - Ticker: SFR #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Shane McLeay - Resource group id: resource:3d996fe824cb359af9fa - Deposit or zone: Combined - Mining method: underground #### Resource Data - Category: probable - Tonnes: 14300000 - Grade: 2.6 - Grade Unit: % - Contained Metal: 370000 - Contained Unit: t - Cutoff Grade: 110 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-07-09 - Prior Tonnes: 9500000 - Prior Grade: 2.9 - Prior Contained Metal: 270 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-09T00:00:00.000Z Reasoning: The substantial increase in combined Probable Mineral Reserves, driven by the Lowry Deposit, significantly enhances the project's scale and mine life, despite a slight dilution in overall grade. - Positive factor: Significant increase in combined Probable Mineral Reserves, demonstrating substantial project growth. - Positive factor: Contained copper metal increased from 270 kt to 370 kt, a 37% increase. - Positive factor: Supports a 50% increase in mine life to 12 years, enhancing project longevity and value. - Negative factor: Average grade slightly decreased from 2.9% to 2.6% with the inclusion of lower-grade Lowry material. Evidence · table > 14.3 Context: Combined #### 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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 14300000 against 9500000 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: 2.6 against 2.9 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: 370000 against 270 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr--3ba397b5-f77c-42e9-bf9b-57d3ef457e63#fact-resource-facts-3) Black Butte · copper #### Identity - Project: Black Butte - Commodity: copper - Region: usa\_mt - Reported Region: Montana, United States - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:0f40d6d1d3a2f7fe2c71 - Deposit or zone: Lowry MCZ - Mining method: underground #### Resource Data - Category: measured - Tonnes: 2200000 - Grade: 1.8 - Grade Unit: % - Contained Metal: 39 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-09T00:00:00.000Z Reasoning: The new Measured Resource for Lowry MCZ provides high-confidence material, contributing to the overall updated Lowry resource and supporting the project's economic viability. - Positive factor: New Measured Resource for Lowry MCZ, indicating high confidence in this portion of the deposit. - Positive factor: Good copper grade of 1.8% for a Measured resource in an underground setting. - Positive factor: Part of an updated resource estimate for the Lowry Deposit. - Negative factor: The change from a cut-off grade to an NSR cut-off value makes direct comparison to prior estimates difficult. Evidence · table > 1.8 Context: 2.2 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr--3ba397b5-f77c-42e9-bf9b-57d3ef457e63#fact-resource-facts-4) Black Butte · copper #### Identity - Project: Black Butte - Commodity: copper - Region: usa\_mt - Reported Region: Montana, United States - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:fcd13bcef196fa1745b3 - Deposit or zone: Lowry MCZ - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 9000000 - Grade: 1.5 - Grade Unit: % - Contained Metal: 132 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-09T00:00:00.000Z Reasoning: The Indicated Resource for Lowry MCZ adds significant tonnage and contained copper to the project, supporting future economic studies and reserve conversion. - Positive factor: Significant Indicated Resource for Lowry MCZ, providing a good level of geological confidence. - Positive factor: Contributes substantially to the overall Lowry resource and subsequent reserve conversion. - Positive factor: Good copper grade of 1.5% for an Indicated resource in an underground setting. - Negative factor: The change from a cut-off grade to an NSR cut-off value makes direct comparison to prior estimates difficult. Evidence · table > 1.5 Context: 9.0 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr--3ba397b5-f77c-42e9-bf9b-57d3ef457e63#fact-resource-facts-5) Black Butte · copper #### Identity - Project: Black Butte - Commodity: copper - Region: usa\_mt - Reported Region: Montana, United States - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:b76e5203d7caf6cb8994 - Deposit or zone: Lowry LCZ - Mining method: underground #### Resource Data - Category: measured - Tonnes: 300000 - Grade: 1.1 - Grade Unit: % - Contained Metal: 4 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-09T00:00:00.000Z Reasoning: The Measured Resource for Lowry LCZ adds high-confidence material, though its lower grade makes it less impactful than other Measured resources in the project. - Positive factor: New Measured Resource for Lowry LCZ, adding high-confidence material. - Positive factor: Part of an updated resource estimate for the Lowry Deposit. - Negative factor: Lower grade of 1.1% compared to other Measured resources in the project. - Negative factor: The change from a cut-off grade to an NSR cut-off value makes direct comparison to prior estimates difficult. Evidence · table > 1.1 Context: 0.3 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr--3ba397b5-f77c-42e9-bf9b-57d3ef457e63#fact-resource-facts-6) Black Butte · copper #### Identity - Project: Black Butte - Commodity: copper - Region: usa\_mt - Reported Region: Montana, United States - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:4d767e1ce84b6f1881e8 - Deposit or zone: Lowry LCZ - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 6400000 - Grade: 1.2 - Grade Unit: % - Contained Metal: 74 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-09T00:00:00.000Z Reasoning: The Indicated Resource for Lowry LCZ adds substantial tonnage to the project, though its lower grade makes it less impactful than other Indicated resources. - Positive factor: Significant Indicated Resource for Lowry LCZ, contributing to the overall Lowry resource. - Positive factor: Supports future economic studies and reserve conversion. - Negative factor: Lower grade of 1.2% compared to other Indicated resources in the project. - Negative factor: The change from a cut-off grade to an NSR cut-off value makes direct comparison to prior estimates difficult. Evidence · table > 1.2 Context: 6.4 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr--3ba397b5-f77c-42e9-bf9b-57d3ef457e63#fact-resource-facts-7) Black Butte · copper #### Identity - Project: Black Butte - Commodity: copper - Region: usa\_mt - Reported Region: Montana, United States - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:ff9d7a4fe4935bf5c579 - Deposit or zone: Combined Lowry MCZ + LCZ - Mining method: underground #### Resource Data - Category: measured - Tonnes: 2500000 - Grade: 1.7 - Grade Unit: % - Contained Metal: 43 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-09T00:00:00.000Z Reasoning: The combined Measured Resource for Lowry MCZ and LCZ provides high-confidence material, contributing significantly to the overall updated Lowry resource and supporting the project's economic viability. - Positive factor: Combined Measured Resource for Lowry MCZ and LCZ, indicating high confidence in a significant portion of the deposit. - Positive factor: Good copper grade of 1.7% for a Measured resource in an underground setting. - Positive factor: Part of an updated resource estimate for the Lowry Deposit. - Negative factor: The change from a cut-off grade to an NSR cut-off value makes direct comparison to prior estimates difficult. Evidence · table > 1.7 Context: 2.5 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr--3ba397b5-f77c-42e9-bf9b-57d3ef457e63#fact-resource-facts-8) Black Butte · copper #### Identity - Project: Black Butte - Commodity: copper - Region: usa\_mt - Reported Region: Montana, United States - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:9577621d5ea63be33e01 - Deposit or zone: Combined Lowry MCZ + LCZ - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 15300000 - Grade: 1.3 - Grade Unit: % - Contained Metal: 206 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-09T00:00:00.000Z Reasoning: The combined Indicated Resource for Lowry MCZ and LCZ adds significant tonnage and contained copper to the project, supporting future economic studies and reserve conversion. - Positive factor: Significant combined Indicated Resource for Lowry MCZ and LCZ, providing a good level of geological confidence. - Positive factor: Contributes substantially to the overall Lowry resource and subsequent reserve conversion. - Positive factor: Good copper grade of 1.3% for an Indicated resource in an underground setting. - Negative factor: The change from a cut-off grade to an NSR cut-off value makes direct comparison to prior estimates difficult. Evidence · table > 1.3 Context: 15.3 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr--3ba397b5-f77c-42e9-bf9b-57d3ef457e63#fact-resource-facts-9) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, United States - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:0eeba06d653a489c4a1f - Deposit or zone: Lowry UCZ - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 3500000 - Grade: 1.1 - Grade Unit: % - Contained Metal: 37 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-09T00:00:00.000Z Reasoning: The Inferred Resource for Lowry UCZ contributes to the overall resource base but carries a higher degree of uncertainty due to its classification and lower grade. - Positive factor: Adds to the overall resource base for the Lowry Deposit, indicating future exploration potential. - Negative factor: Inferred category has a high degree of uncertainty regarding economic and technical feasibility. - Negative factor: Lower grade of 1.1% compared to other zones. - Negative factor: The change from a cut-off grade to an NSR cut-off value makes direct comparison to prior estimates difficult. Evidence · table > 3.5 Context: Lowry UCZ #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr--3ba397b5-f77c-42e9-bf9b-57d3ef457e63#fact-resource-facts-10) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, United States - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:44103d97a1aeed594f9f - Deposit or zone: Lowry MCZ - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 3000000 - Grade: 1.5 - Grade Unit: % - Contained Metal: 45 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-09T00:00:00.000Z Reasoning: The Inferred Resource for Lowry MCZ contributes to the overall resource base with a reasonable grade, but its classification implies higher uncertainty. - Positive factor: Adds to the overall resource base for the Lowry Deposit, indicating future exploration potential. - Positive factor: Reasonable copper grade of 1.5% for an Inferred resource. - Negative factor: Inferred category has a high degree of uncertainty regarding economic and technical feasibility. - Negative factor: The change from a cut-off grade to an NSR cut-off value makes direct comparison to prior estimates difficult. Evidence · table > 3.0 Context: Lowry MCZ #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr--3ba397b5-f77c-42e9-bf9b-57d3ef457e63#fact-resource-facts-11) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, United States - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:11f95aceffb681045407 - Deposit or zone: Lowry LCZ - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 7200000 - Grade: 0.9 - Grade Unit: % - Contained Metal: 68 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-09T00:00:00.000Z Reasoning: The Inferred Resource for Lowry LCZ adds substantial tonnage but is of lower grade and higher uncertainty due to its classification. - Positive factor: Adds significant tonnage to the overall resource base for the Lowry Deposit, indicating future exploration potential. - Negative factor: Inferred category has a high degree of uncertainty regarding economic and technical feasibility. - Negative factor: Lower grade of 0.9% compared to other zones. - Negative factor: The change from a cut-off grade to an NSR cut-off value makes direct comparison to prior estimates difficult. Evidence · table > 7.2 Context: Lowry LCZ #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr--3ba397b5-f77c-42e9-bf9b-57d3ef457e63#fact-resource-facts-12) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, United States - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:97468069d6b86c8fd624 - Deposit or zone: Total Inferred Lowry - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 13700000 - Grade: 1.1 - Grade Unit: % - Contained Metal: 151 - Contained Unit: kt - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-09T00:00:00.000Z Reasoning: The total Inferred Resource for Lowry provides substantial tonnage for future potential, but its classification and grade indicate higher uncertainty. - Positive factor: Adds significant tonnage to the overall resource base for the Lowry Deposit, indicating future exploration potential. - Negative factor: Inferred category has a high degree of uncertainty regarding economic and technical feasibility. - Negative factor: Lower grade of 1.1% for the total Inferred resource. - Negative factor: The change from a cut-off grade to an NSR cut-off value makes direct comparison to prior estimates difficult. Evidence · table > 13.7 Context: Total Inferred #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr--3ba397b5-f77c-42e9-bf9b-57d3ef457e63#fact-resource-facts-14) Black Butte · copper #### Identity - Project: Black Butte - Commodity: copper - Region: usa\_mt - Reported Region: Montana, United States - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:5c3e54a10c336fbba0c6 - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 17900000 - Grade: 1.4 - Grade Unit: % - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-09T00:00:00.000Z Reasoning: The Indicated Resource for Lowry MCZ adds significant tonnage and contained copper to the project, supporting future economic studies and reserve conversion. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Significant Indicated Resource for Lowry MCZ, providing a good level of geological confidence. - Positive factor: Contributes substantially to the overall Lowry resource and subsequent reserve conversion. - Positive factor: Good copper grade of 1.5% for an Indicated resource in an underground setting. - Negative factor: The change from a cut-off grade to an NSR cut-off value makes direct comparison to prior estimates difficult. Evidence · table > 1.4 Context: 17.9 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr--3ba397b5-f77c-42e9-bf9b-57d3ef457e63#fact-resource-facts-15) Black Butte · copper #### Identity - Project: Black Butte - Commodity: copper - Region: usa\_mt - Reported Region: Montana, United States - Ticker: SFR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Berkley Tracy - Resource group id: resource:22f87dde10abf710e420 - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 13700000 - Grade: 1.1 - Grade Unit: % - Cutoff Grade: 45 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-09T00:00:00.000Z Reasoning: The total Inferred Resource for Lowry provides substantial tonnage for future potential, but its classification and grade indicate higher uncertainty. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Adds significant tonnage to the overall resource base for the Lowry Deposit, indicating future exploration potential. - Negative factor: Inferred category has a high degree of uncertainty regarding economic and technical feasibility. - Negative factor: Lower grade of 1.1% for the total Inferred resource. - Negative factor: The change from a cut-off grade to an NSR cut-off value makes direct comparison to prior estimates difficult. Evidence · table > 1.1 Context: 13.7 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (1) ### Fact 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/sandfire-resources-america-delivers-black-butte-copper-pfs-upgrade-with-new-lowr--3ba397b5-f77c-42e9-bf9b-57d3ef457e63#fact-metallurgical-facts-13) Black Butte Copper Project · copper #### Identity - Project: Black Butte Copper Project - Commodity: copper - Region: usa\_mt - Reported Region: Montana, United States - Ticker: SFR #### Test Work - Program Status: detailed - Processing Route: froth flotation - Sample: LOM combined - Grind P80: 38 µm #### Recovery - Recovery: 88 % - Recovery Basis: unspecified - Conc. Grade: 22.5 - Conc. Grade Unit: % #### Reagents - Reagent Notes: Concentrate Regrind Size \(P80 micron\) 10-15 #### Lab - Laboratory: Base Metal Labs - Consultant: Deepak Malhotra #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-09T00:00:00.000Z Reasoning: The 88% LOM copper recovery is a strong average for the combined project, underpinning the positive economic outcomes of the PFS. - Positive factor: Strong LOM average copper recovery of 88% for the combined project. - Positive factor: Supports the overall economic model of the PFS. Evidence · table > 88 Context: LOM Copper 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 ## 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.