The raising comprises an underwritten $30 million institutional share placement to institutional and sophisticated investors, to be undertaken via institutional bookbuild with an underwritten floor price of $7.00 per share. It also includes an underwritten accelerated non-renounceable pro rata entitlement offer to raise $72 million at an offer price of $6.60 per share.

The proceeds of the offer and placement will be used to assist funding feasibility studies for the DeGrussa Copper-Gold Project, initial open pit development and allow for deposits for long-lead time items for plant construction and for other pre-development activities. Proceeds of the raising, together with Sandfire's existing cash resources of $35million, will also be used to underpin continued exploration both in the near-mine environment and regionally.

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