Exploration
Exploration remains key to Sandfire’s strategy and is focused on both near-mine and regional opportunities as we seek to leverage our strategic position in the highly prospective Iberian Pyrite and Kalahari Copper belts, and materially increase the life of our modern processing hubs.
You can learn more about our Exploration strategy here.
Iberian Pyrite Belt, Spain and Portugal
Sandfire’s circa 2,738km2 of tenure across the Iberian Pyrite Belt offers substantial long-term exploration upside and organic growth potential.
Spain
During H1 FY26, our teams completed 49km of infill and extension drilling within our Aguas Teñidas (San Pedro and Calañesa) and Magdalena (central and western zones, and Olivo) mines, with nine rigs operating throughout the period. These programs are designed to convert resources and extend mineralisation within close proximity to existing infrastructure. Development of an exploration drive at Magdalena is also scheduled to commence in Q3 FY26 to support the Masa 2 West Extension drilling program.
More broadly, our regional exploration program advanced on multiple fronts as additional ground and airborne geophysical surveys generated several new targets, and three rigs operated across the belt. A cumulative 11.4km of regional drilling was completed in H1 FY26, out of a planned 25km for the year, with the majority of activity remaining focused on targets closest to the MATSA processing hub.
Portugal
Drilling activity focused on our 100% owned Ourique tenement in H1 FY26, with drilling at the Cercal Licence scheduled to commence in January 2026.
Visit our ASX Announcements page for updates on our exploration projects.
Kalahari Copper Belt, Botswana
The Kalahari Copper Belt is one of the world’s most exciting, emerging copper producing regions and our extensive landholding, that is expected to cover an area approaching 10,000km once planned relinquishments and transfers are approved, provides substantial exploration upside.
The planned A1 infill program, designed to support the declaration of a maiden Ore Reserve in Q4 FY26, was completed in Q1 FY26 with 9.2km of drilling undertaken in 55 holes. Following our initial analysis of these drilling results our team subsequently expanded the program to test the continuity of higher‑grade extensions at depth, and a further 2.5km of drilling has since been completed in 10 holes. We remain on track to complete the PFS for A1 in Q4 FY26.
Drilling at the A4 orebody also recommenced in Q2 FY26 and further work will be undertaken at T3 in due course to test for resource extensions along strike and at depth.
More broadly, our regional drilling program was temporarily suspended in July 2025 as we completed work to enhance our approach to risk management and control. Activity is now ramping up, with two rigs operating at the end of the period and a further two expected to get underway in the coming months. Within this context, our team completed 1.1km of regional drilling in H1 FY26 out of a planned 26km for FY26. This lower level of drilling activity did, however, allow our teams to conduct further technical analysis and reprioritise our drilling program to focus on the most prospective targets located within economic trucking distance of the Motheo processing hub.
Visit our ASX Announcements page for updates on our exploration projects.
Curnamona Province, Australia
Under a Strategic Alliance Agreement, Sandfire will commit a minimum A$30 million to support regional exploration across prescribed tenements in the Curnamona Province, covering 8,847 square kilometres across an initial 24-month period.
The regional exploration program (including drilling, seismic and geophysical surveys) will cover priority target areas, including Deep Well, Homestead, North Dome, Lake Charles, Brooks and Jack’s Dam. Subject to approvals and planned geophysical surveys, we expect drilling to commence in 2026.
Visit our ASX Announcements page for updates on our exploration projects.
