Mr. Lincoln Greenidge reports

SANDFIRE RESOURCES AMERICA INC. ANNOUNCES WIN AT THE MONTANA SUPREME COURT WITH COMPLETE REINSTATEMENT OF THE MINE OPERATING PERMIT

Sandfire Resources America Inc. has received a positive ruling from the Montana Supreme Court which reversed a 2021 district court decision and instructed the district judge to have the Montana Department of Environmental Quality (MT DEQ) to completely reinstate Tintina Montana Inc.'s mine operating permit of the Black Butte copper project.

The Montana Supreme Court granted the company's request for summary judgement allowing Black Butte copper to move forward with construction of its highly engineered, underground copper mine. The company won on all counts in the Montana Supreme Court decision with a five to two decision upholding the 2020 decision of the MT DEQ to allow copper mining at the Black Butte copper project, overturning a district court ruling that had invalidated the mining permit.

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

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

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

Black Butte copper now has all permits to proceed with the project. Stipulated agreements regarding water rights granted through the Montana Department of Natural Resources and Conservation (MT DNRC) for the project have been finalized with all water rights being issued and available. There is a challenge to the Montana Constitution's definition of the "beneficial use of water" using Black Butte copper's water use permit to challenge this definition. This case does not currently affect the company's water rights package. The challenge, naming both the MT DNRC and Tintina Montana, was appealed by objectors after their loss at District Court and will be heard by Montana Supreme Court on Friday, March 29, 2024.

Jerry Zieg, vice-president of exploration for the company, is a qualified person for the purposes of National Instrument 43-101 and has also reviewed and approved the information of a scientific or technical nature contained in this news release.

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