Mr. Jerry Zieg reports

SANDFIRE RESOURCES AMERICA INC. REPORTS HIGH GRADE COPPER INTERSECTIONS AT THE BLACK BUTTE COPPER PROJECT

Sandfire Resources America Inc. has released initial drill results of its winter exploration drilling program. This includes hole SC24-279, which intercepted 5.37 metres of 10.2 per cent copper, and hole SC24-284, which intercepted 6.26 metres of 10.7 per cent copper.

The continuing 2024 drill program focuses on upgrading and expanding the Johnny Lee Lower copper zone resource, which at last estimate consists of a measured and indicated resource of 1.2 million tonnes grading 6.8 per cent Cu and an inferred resource of 500,000 tonnes of 5.9 per cent Cu (2020 technical report*). Since December, 2023, the company has drilled approximately 4,420 metres of a planned 20,000-metre drill program.

Vice-president of exploration Jerry Zieg shared, "We're very pleased with these results, which continue to show that additional exploration drilling has the potential to increase our mineral resource and extend the projected mine life of the Black Butte copper project."

Johnny Lee copper deposit

The Johnny Lee deposit has a measured and indicated mineral resource of 10.9 million tonnes at an average copper grade of 2.9 per cent for 311,000 tonnes of contained copper at a 1.0-per-cent-copper-cut-off grade and an inferred mineral resource of 2.7 million tonnes at an average copper grade of 3.0 per cent for 80,000 tonnes of contained Cu at a 1.0-per-cent-copper-cut-off grade (2020 technical report*). The company has received a mine operating permit from the Montana Department of Environmental Quality for mine development of this deposit and has completed a majority of phase 1 construction on associated surface facilities. The company received a 5-2 decision from the Montana Supreme Court on Feb. 26, 2024, upholding the mine operating permit and allowing phase 2 of construction to move forward.

Qualified person

Jerry Zieg, senior 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. Mr. Zieg verified the data disclosed in this news release, including sampling, analytical and test data underlying the information or opinions contained in this news release.

* The 2020 technical report: feasibility study (Johnny Lee deposit) and mineral resource estimate update (Lowry deposit) -- technical report NI 43-101," dated Oct. 19, 2020, and news release "Sandfire Resources America achieves major milestones with completion of Black Butte copper project feasibility study and updated mineral resource for Lowry deposit" dated Oct. 27, 2020.

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