Can you give us an overview of Sandfire Resources America and tell us about the Black Butte copper project?

Sandfire Resources America Inc. is a TSX-V and OTC-listed company whose largest shareholder is the Australian-based Sandfire Resources Limited, with an 86.9% stake. Sandfire America wholly owns Black Butte Copper (BBC), located near White Sulphur Springs, Montana. 

We are focusing on the fully permitted Johnny Lee deposit, consisting of an upper zone (UZ) and a lower zone (LZ). The LZ carries extremely high grades, while the UZ has more tonnage but lower grades; the overall copper percentage of the deposit sits just under 3%. This will be a fully underground mine as these are small, high-grade deposits. Our plan is to develop a tunnel (decline) to access both zones.

We plan to  blend material from both zones to maintain steady production over the projected mine life of 8-10 years. That said, given the enormous untapped potential, we hope to continue exploration during operations to extend the mine life, as well as evaluate permitting a second deposit we have discovered.

When do you expect to publish the updated PFS and what are your expectations?

In 2020, we completed and published a NI 43-101 Feasibility Study. In June 2025, we concluded an extensive drilling campaign increasing our metallurgical and geochemical understanding of the deposit, and we expect to release a PFS in late 2025, followed by a bankable feasibility study, which will provide robust economics.

What differentiates BBC from other regional projects?

The first key point setting us apart is copper grade. If you compare BBC with other regional projects, it is clear that we have a strong foundation of high-grade copper. 

The second differentiator is our mining-friendly jurisdiction. Montana has a proud history of responsible resource development and BBC will be the first copper mine built in over forty years—a true game-changer for the state. The project also benefits from excellent infrastructure, with highways, power, and rail all in close proximity.

Third is our approach; our guiding principle is “doing it right from the beginning.” This means prioritizing sustainability, transparency and community engagement. This has led to working on finalizing a Community Benefits Agreement with Meagher County. 

Finally,  our quality employees set us apart. Their expertise, dedication, and commitment to excellence are the driving force behind every milestone we achieve. 

What are the main challenges and opportunities you see in meeting the growing US demand for copper?

We all agree that building and operating a mine must be done safely. In fact, we embrace being held accountable and look forward to building and operating a mine that will be the envy of everyone. However, the process to get there has become overly complex with layers of permitting and legal red tape that can take years to move through, even if you have done everything right. This is especially true at the federal level (luckily for BBC this deposit is completely on private ranch land under state authority). Federally we need a system where if you follow clear guidelines –“ X,Y, Z”- you get a green light. Instead, what often happens is once you have done “X,Y, Z” someone says, “Now do “A,B,C” and “1,2,3”;  creating a never-ending loop. This uncertainty serves no one. 

Projects should not be held up by bureaucracy or speculative lawsuits  that have not caught up with worldwide needs. I am encouraged to see the current administration showing signs of a shift, but the agency systems underneath  takes time to align.

Why is now a good time to be developing a copper project in the US?

What is encouraging is that there is now clear recognition at the federal level that the US needs to increase domestic supply. This puts a smile on the face of anyone developing a copper mine here. We are moving fast, and as we wrap up the PFS and move into a bankable feasibility study - which we believe will not take long because of all the work already done  - we will head into a final investment decision and construction, with the hope to start production under three years from such a decision.