ASX-listed Sandfire Resources says it delivered robust operating results in the quarter ended March 31, as its teams responded well to unprecedented rainfall at both Motheo, in Botswana, and its MATSA copper operations, in Spain.

It adds that it is well placed to deliver the significant increase in performance that is required in the next quarter – the final quarter of its 2025 financial year – to achieve copper equivalent production guidance of 154 000 t for the full year.

Meanwhile, unexpected euro:dollar exchange rate-driven cost inflation has necessitated a minor 2% or

$8-million increase in MATSA’s underlying operating cost guidance to $355-million for the full year, which is equivalent to $78/t of ore processed once a 2% reduction in the forecast processing rate is also taken into account.

Moreover, group capital expenditure guidance has been reduced by $11-million to $207-million largely as a result of timing differences at Motheo.

Sandfire achieved annualised mining and processing rates of 4.6-million tonnes and 4.4-million tonnes, respectively, at MATSA in the period; and copper equivalent production of 225 000 t [CD1] as the wettest winter on record at the mine progressively impacted on productivity and the extraction of higher-grade ore was temporarily delayed, the company points out.

The company delivered copper equivalent production of 13 400 t at Motheo during the period despite the impact of an extreme weather event that resulted in its openpits being inundated with water, and activity being constrained to Stage 2 of the T3 openpit and its broader recovery efforts, which are expected to provide access to higher-grade ore in both its T3 and A4 openpits in the next quarter.

Sandfire invested $5-million in regional exploration programmes and another $5-million in resource extension exploration programmes in the period, primarily within the Motheo and MATSA mining hubs, and expects a further step-up in drilling activity in the next quarter.

Sandfire established its new unsecured $650-million Corporate Revolver Facility (CRF), which facilitated the $440-million repayment and subsequent closure of the pre-existing MATSA, Motheo and corporate revolver facilities as the company significantly simplified its funding arrangements and enhanced balance sheet flexibility.

The company generated unaudited group sales revenue of $283-million and underlying operational earnings before interest, taxes, depreciation and amortisation (Ebitda) of $145-million, for underlying Ebitda of $126-million and a further $45-million reduction in net debt to $243-million, taking the cumulative reduction in net debt across the 12 month period to $238-million.

CEO and MD Brendan Harris says that, from a strategic perspective, the company’s five-year plan to materially increase reserves and increase the life of its strategically positioned processing hubs continues to gather momentum and another step-change in resource extension, near-mine and regional drilling activity is expected to occur in the June quarter.

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