Black Butte Project

The Black Butte Project is one of the highest-grade undeveloped copper projects in the US.

Located in central Montana in the United States, Black Butte is a fully permitted, high-grade, undeveloped copper project. Sandfire’s interest is held through an 87% equity stake in Sandfire America, which owns 100% of the project.

The planned mine development will utilise best-practice technology and modern mining techniques to develop a wholly underground mine, with minimal surface footprint and environmental impact. The project is expected to provide a significant economic opportunity for central Montana, while protecting the local watershed.

The project is located on private ranch land in Meagher County, close to existing road, power, and rail infrastructure, and has the ability to access a residential workforce and competitive sources of materials and power.

Project update

In December 2025, the Johnny Lee pre-feasibility study confirmed the potential for a low technical risk underground operation and a conventional 1.2Mtpa processing plant producing ~35ktpa of contained copper in the initial four years of operation and an average ~29ktpa of contained copper over an initial eight‑year mine life. These plans are supported by an updated Mineral Resource for Johnny Lee of 22.3Mt at 2.4% Cu (520kt contained Cu) and an updated Ore Reserve of 9.5Mt at 2.9% Cu (270kt contained Cu). 

In parallel, Sandfire America has reported an updated Mineral Resource for Lowry of 9.3Mt at 2.3% Cu (210kt contained Cu) which is within ~3km of Johnny Lee and has the potential to be accessed from the planned Johnny Lee underground workings, thereby providing an opportunity to materially extend mine life at a low capital cost. Following these results, Sandfire has commenced a review of the project’s strategy fit within the Group’s global portfolio.

With all key permits in place, Black Butte is one of the few near shovel ready copper projects in the United States. You can learn more about the Black Butte Project here.

Black Butte Profile

Location: Montana, USA
Sandfire share: An 87 per cent shareholding in Canadian listed company Sandfire Resources America Inc. (TSX-V: SFR) (Sandfire America), which owns 100% of the Black Butte Copper Project.