Exploration is central to Sandfire’s strategy to increase reserves, extend the life of our operations and identify future sources of copper.
Our exploration activities are focused on three prospective mineral provinces:
Iberian Pyrite Belt, Spain and Portugal
Sandfire’s circa 2,649km2 of exploration tenure within the Iberian Pyrite Belt, granted and under application, offers substantial long-term exploration upside and organic growth potential. Our Exploration and evaluation expense was $12.0M (FY25: $7.4M) across both Spain and Portugal in FY26.
Spain
Infill and near-mine drilling remained a key focus in FY26, with 82.3km completed across the Matsa mining complex for capitalised expenditure of $10.9M. Programs targeted resource conversion and extension opportunities across key areas, including the San Pedro, Western Extension and Calañesa zones within Aguas Teñidas, and the central, western, Olivo and Masa 2 Gold zones at Magdalena.
More broadly, our regional exploration team retained its focus on the northern limb of the Iberian Pyrite belt, with up to five diamond rigs operating at any one time. This increasing emphasis on the drill bit enabled our team to complete 19.2km of drilling during the year.
Very encouraging exploration results, including the intersection of high-grade polymetallic massive sulphides at the La Juliana Prospect near Aguas Teñidas, together with further high-grade copper intersections at Magdalena West, have only reinforced our belief in the prospectivity of the Iberian Pyrite Belt. Our modern, polymetallic processing hub at Matsa remains a key strategic advantage as it provides us with the unique ability to rapidly translate exploration success into reserve growth and mine-life extension.
Portugal
Our regional exploration team in Portugal retained its focus on our 100% owned Ourique and Cercal licences, completing 7.3km of drilling in FY26. In FY27, they will continue to test prospective stratigraphy for high-grade polymetallic massive sulphides at depth and within proximity of existing mining hubs.
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 will approach an area of ~10,000km2 once planned relinquishments and transfers are approved, provides substantial exploration upside.
Our regional exploration team in Botswana maintained its sharp focus on the Motheo hub in FY26, which is defined as being within ~70km of our central processing facility. Having temporarily halted our regional drilling program in Q1 FY26, to allow our team to work with its contractors to raise safety standards, we subsequently ramped up activity across H2 FY26 to finish the year with a full complement of four diamond rigs in operation. This prudent approach led to 17.0km of regional exploration drilling being completed across the Kalahari Copper Belt in FY26 (FY25: 21.0km), with $15.5M (FY25: $12.9M) invested in near mine, extension and regional exploration and evaluation.
We are encouraged by the progress being made in the Kalahari Copper Belt, having intersected copper mineralisation outside the existing A1 Resource and Reserve envelope, confirming that the deposit remains open and has further extension potential. Similarly, drilling at A4 West has intersected copper mineralisation at the D’Kar (DKF) Ngwako Pan Formation (NPF) contact and will be a primary focus in FY27 as we test the geological continuity and true thickness of a potentially large, mineralised system.
Curnamona Province, Australia
Under the terms of our exploration strategic alliance agreement with Havilah Resources, Sandfire has funded the first 12 months of joint exploration activity in the region (A$15M), with the agreed scope to be managed and executed by Havilah. While our Exploration and evaluation expense was $0.6M in FY26 (FY25: nil), Havilah has commenced a regional drilling program subsequent to the end of the period, with an initial focus on Brooks Dam, which is ~12km from Kalkaroo.
Visit our ASX Announcements page for updates on our exploration projects.