Sandfire Resources NL : Becoming a substantial holder

Corporations Act 2001 Section 671B

T o Company Name/Scheme Sandfire Resources NL

ACN/ARSN 105 154 185

1. Details of substantial holder (1)

   Name JCP Investment Partners Ltd

   ACN/ARS N (if applicable) 085 400 540

   The holder became a substantial holder on /October/2017

2. Details of voting power

   The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

   Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
   Ordinary	8,053,032	8,053,032	5.10%

3. Details of relevant interests

   The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

   Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
   JCP Investment Partners Ltd	Investment Management	Ordinary 8,053,032

4. Details of present registered holders

   The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

   Holder of relevant interest	Registered holder of securities	Person entitled to be reqistered as holder (8)	Class and number of securities
   See Annexure A

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

6.Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

7.Addresses

The addresses of persons named in this form are as follows:

Signature

print name Nancy Day capacity Company Secretary

signhere date 25 / 0ctober / 2017

DIRECTIONS

1. If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations , or the manager and trustee of an equity trust),the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

2. See the definition of "associate" in section 9 of the Corporations Act 2001.

3. See the definition of "relevant interest" in sections 608 and 6718(7) of the Corporations Act 2001.

4. The voting shares of a company constitute one class unless divided into separate classes.

5. The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

6. The person's votes divided by the totalvotes in the body corporate or scheme multiplied by 100.

7. Include details of:

8. any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form , together with a written statement certifying this contract, scheme or arrangement; and

9. any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

   See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

10. If the substantial holder is unable to determine the identity of the person ( eg. if the relevant interest arises because of an option) write "unknown".

11. Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was

acquired has, or may,become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantialholder or its associate in relation to the acquisitions,even if they are not paid directly to the person from whom the relevant interest was acquired.

Annexure A JCP Investment Partners Ltd ACN 085 400 540

Holder of Relevant Interest	Registered Holder of Securities	Class	Number of Securities
JCP Investment Partners Ltd	National Nominees Limited	Fully Paid Ordinary	159,835
JCP Investment Partners Ltd	HSBC Custody Nominees (Australia) Limited	Fully Paid Ordinary	1,809,318
JCP Investment Partners Ltd	BNP Paribas Nominees Pty Limited	Fully Paid Ordinary	1,108,057
JCP Investment Partners Ltd	JPMorgan Nominees Australia Ltd	Fully Paid Ordinary	1,237,601
JCP Investment Partners Ltd	UBS Nominees Ptv Ltd	Fully Paid Ordinary	3,738,221
8,053,032

Nancy Day Company Secretary 25/10/2017

Annexure B JCP Investment Partners Ltd ACN 085 400 540

JCP	Sandfire	Resources	NL	Sale	AUD	-$	256,055 .11	-41,500
JCP	Sandfire	Resources	NL	Purchase	AUD	$ 198,993 .77		34,600
JCP	Sandfire	Resources	NL	Purchase	AUD	$ 70,618 .03		12,500
JCP	Sandfire	Resources	NL	Purchase	AUD	$ 54,637 .02		9,500
JCP	Sandfire	Resources	NL	Purchase	AUD	$ 22,101.86		3,800
JCP	Sandfire	Resources	NL	Sale	AUD	-$	59,277 .93	-9,800
JCP	Sandfire	Resources	NL	Sale	AUD	-$	3,408,894 .03	-540,000
JCP	Sandfire	Resources	NL	Purchase	AUD	$ 1,107,907.68		171,200
JCP	Sandfire	Resources	NL	Purchase	AUD	$ 1,260,222 .67		214,700
JCP	Sandfire	Resources	NL	Purchase	AUD	$ 289,444.83		51,866
JCP	Sandfire	Resources	NL	Purchase	AUD	$ 563,414.73		98,400
JCP	Sandfire	Resources	NL	Sale	AUD	-$	99,978.76	-17,600
JCP	Sandfire	Resources	NL	Purchase	AUD	$ 449,041 .72		76,200
JCP	Sandfire	Resources	NL	Purchase	AUD	$ 112,380.12		19,000
JCP	Sandfire	Resources	NL	Purchase	AUD	$ 1,019,413 .27		172,700
JCP	Sandfire	Resources	NL	Transfers	366,469

"JCP" = JCP Investment Partners Ltd

Nancy Day Company Secretary 25/10/2017