Sandfire Resources Limited has updated its Mineral Resources and Ore Reserves for the Motheo copper-silver asset in Botswana, reporting total Mineral Resources of 57 million tonnes at 0.94% copper and 14 grams per tonne silver.

The updated resource base represents a 5% decrease in tonnes compared to the 59.5 million tonnes reported at 31 December 2024. Contained copper fell 6% from 570,000 tonnes to 540,000 tonnes, while contained silver dropped 3% from 26 million ounces to 25 million ounces. Sandfire attributed the reductions primarily to mining depletion across the operating T3 and A4 deposits, partially offset by remodelling of the A1 and A4 deposits.

In contrast to the resource contraction, total Ore Reserves across the Motheo complex increased by 2% in tonnes to 43 million tonnes at 0.89% copper and 13 grams per tonne silver, containing 390,000 tonnes of copper and 18 million ounces of silver. This compares to the previous reserve position of 42.4 million tonnes at 0.9% copper containing 381,000 tonnes of copper declared at 31 December 2024.

The reserve growth was driven by the declaration of a maiden Ore Reserve for the A1 satellite deposit. Based on a pre-feasibility study completed as of 30 June 2026, the A1 reserve adds 5.6 million tonnes at 0.91% copper and 7.4 grams per tonne silver, containing 51,000 tonnes of copper. This maiden addition more than offset mining depletion at T3, A4, and existing stockpiles.

Sandfire classifies the unmined A1 deposit as an incremental satellite operation rather than a standalone mining project. Infill drilling at A1 also upgraded the majority of its Mineral Resource from the Inferred to the Indicated category.

“Motheo continues to demonstrate the quality and potential of the Kalahari Copper Belt and its growing reputation as an emerging copper producing region. The updated Mineral Resources and Ore Reserves estimates for Motheo reflect our deep understanding of the geological controls of economic mineralisation in this highly prospective belt and we're particularly pleased to have declared a maiden Ore Reserve for A1, which has more than offset mining depletion across the complex.”

— Brendan Harris, Chief Executive Officer and Managing Director

The planned development of A1 provides additional operational runway while the company advances exploration across the Kalahari Copper Belt.

Read the full announcement: Motheo Mineral Resources and Ore Reserves Update