Sandfire Resources NL : Becoming a substantial holder from BTT

21 November 2017

In accordance with section 671B of the Corporations Act 2001 (Cth), we attach a Notice of Initial Substantial Holder (Form 603) in respect of Sandfire Resources NL (SFR).

Yours faithfully,

Joanne Hawkins Company Secretary

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BT Investment Management Limited ABN 28 126 385 822

GPO Box 7072

Sydney NSW 2001 Australia

The Chifley Tower

Level 15, 2 Chifley Square

Sydney NSW 2000 Australia

Tel 612 9220 2000

www.btim.com.au

BT® is a registered trade mark of BT Financial Group Pty Ltd and is used under licence

To Company Name/Scheme SANDFIRE RESOURCES NL (SFR)

ACN/ARSN ACN 105 154 185

1. Details of substantial holder(1)

   Name BT INVESTMENT MANAGEMENT LIMITED (BTT)

   ACN/ARSN (if applicable) ACN 126 385 822

   The holder became a substantial holder on 17//11/2017

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 Shares	8,339,835	8,339,835
   Total	8,339,835	8,339,835	5.28%

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)	Number of securities	Class of securities
   BT Investment Management (Fund Services) Limited *	BT Investment Management (Fund Services) Limited is the responsible entity of various managed investment schemes and, in that capacity, can exercise the power to vote or dispose of the shares.	4,056,051	Ordinary
   BT Investment Management (Institutional) Limited	BT Investment Management (Institutional) Limited (previously known as BT Investment Management (RE) Limited) is the fund manager of various superannuation funds, institutional investor	4,283,784	Ordinary

   portfolios and unit trusts and, in that capacity, can exercise the power to vote or dispose of the shares.

   *BT Investment Management (Fund Services) Limited has appointed BT Investment Management (Institutional) Limited to act as the investment manager of the trusts of which it is responsible entity, giving BT Investment Management (Institutional) Limited the capacity to exercise the power to vote or dispose of the shares. BT Investment (Institutional) Limited therefore also has a relevant interest in shares in which BT Investment Management (Fund Services) Limited has a relevant interest.

   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	Persons entitled to be registered as holder (8)	Class and number of securities
   BT Investment Management (Fund Services) Limited	HSBC Custody Nominees (Australia) Limited. UBS Wealth Management Limited	See Annexure 'A'	4,056,051 Ordinary
   BT Investment Management (Institutional) Limited	Australia and New Zealand Banking Group BNP Fund Services Limited HSBC Custody Nominees (Australia) Limited. JP Morgan Chase Bank National Australia Bank Limited State Street Australia Limited	See Annexure 'A'	4,283,784 Ordinary

4. 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:

   Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
   		Cash	Non-cash

5. Associates

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

   Name and ACN/ARSN (if applicable)	Nature of association

6. Addresses

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

Signature

Print name Joanne Hawkins Capacity Company Secretary

Sign here Date 21/11/2017