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Sandfire Resources America Inc. Announces Win at the Montana Supreme Court with Complete Reinstatement of the Mine Operating Permit

Permits & Approvals Legal & Disputes

Sandfire Resources America Inc. Announces Win at the Montana Supreme

Court with Complete Reinstatement of the Mine Operating Permit

WHITE SULPHUR SPRINGS, Mont., Feb. 26, 2024 -- Sandfire Resources America Inc . (“Sandfire America” or the

“Company”) announces the positive ruling by the Montana Supreme Court which reversed a 2021 district court decision and

instructed the District Judge to have the Montana Department of Environmental Quality (MT DEQ) to completely reinstate

Tintina Montana Inc.’s Mine Operating Permit, of the Black Butte Copper Project.

The Montana Supreme Court granted the Company’s request for summary judgement allowing Black Butte Copper to move

forward with construction of its highly engineered, underground copper mine. The Company won on all counts in the Montana

Supreme Court decision with a 5-2 decision upholding the 2020 decision of the MT DEQ to allow copper mining at the Black

Butte Copper Project, overturning a District Court ruling that had invalidated the mining permit.

The original suit was filed jointly against the Montana Department of Environmental Quality and Tintina Montana Inc. (“Tintina,”

Sandfire America’s wholly owned subsidiary) on June 4th, 2020, and the Montana Supreme Court heard oral arguments on the

case on June 21, 2023. Additional intervenors in the suit supporting the MT DEQ and Tintina, include Meagher County,

Broadwater County, and the Montana Department of Justice.

Lincoln Greenidge, CEO of Sandfire America shared, “Today’s victory in the Montana Supreme Court is a validation of the

thoughtful and deliberate efforts of the Sandfire America team to design a world-class, environmentally safe mining project from

the beginning. The fact is, ours is the most reviewed and examined proposed project in the history of Montana mining. The

Court record stands at over 90,000 pages of testimony, information, and analysis. We thank the justices for their ruling, and

their ability to recognize the amount of effort and extensive work that has gone into this project. Now, we look forward to

progressing the project in a safe, responsible, and sustainable manner.”

Senior VP, Jerry Zieg concluded stating, “Tintina’s permit has been diligently considered by the professional and hardworking

staff at the MT DEQ. It is a fantastic, well-designed project with a plan centered around safety which is why we were

successful today. Over a decade ago, we set out to design a state of the art, environmentally protective underground mining

project, and this decision is proof we’ve been successful.”

Black Butte Copper now has all permits to proceed with the project. Stipulated agreements regarding water rights granted

through the Montana Department of Natural Resources and Conservation (MT DNRC) for the project have been finalized with all

water rights being issued and available. There is a challenge to the Montana Constitution’s definition of the “beneficial use of

water” using Black Butte Copper’s water use permit to challenge this definition. This case does not currently affect the

Company’s water rights package. The challenge, naming both the MT DNRC and Tintina Montana Inc., was appealed by

objectors after their loss at District Court and will be heard by Montana Supreme Court on Friday, March 29, 2024.

Contact Information:

Sandfire Resources America Inc.

Nancy Schlepp, VP of Communications and Government Relations

Mobile: 406-224-8180

Office: 406-547-3466

Email: [email protected]

Jerry Zieg, Vice President of Exploration for the Company, is a Qualified Person for the purposes of NI 43-101 and has also

reviewed and approved the information of a scientific or technical nature contained in this news release.

Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute “forward looking

information” within the meaning of Canadian securities legislation, including statements related to the Company’s Mine

Operating Permit, the Company’s water rights , permitting timelines and the Company’s plans for advancing the Black Butte

Copper Project and expected outcomes. In making these forward-looking statements, the Company has applied certain

factors and assumptions that the Company believes are reasonable, including that the Company will receive required

regulatory approvals, that the Company will continue to be able to access sufficient funding to execute its plans, and that the

results of exploration and development activities are consistent with management’s expectations. However, the forward-looking

statements in this document are subject to numerous risks, uncertainties and other factors, including factors relating to the

Company’s operation as a mineral exploration and development company and the Black Butte Copper Project, that may cause

future results to differ materially from those expressed or implied in such forward-looking statements, including that results of

exploration and development activities will not be consistent with management’s expectations, delays in obtaining or inability

to obtain required government or other regulatory approvals or financing, failure of plant, equipment or processes to operate as

anticipated, the risk of accidents, labor disputes, inclement or hazardous weather conditions, unusual or unexpected

geological conditions, ground control problems, earthquakes, flooding and all of the other risks generally associated with the

development of mining facilities. There can be no assurance that such statements will prove to be accurate, and actual

results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place

undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or

obligation to, update or revise any forward-looking statements whether as a result of new information, future events or

otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX

Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.