Sydney, Feb 2, 2026, 17:42 AEDT — Market closed.
- Sandfire Resources dropped 3.9% amid a sell-off in copper and other metals
- Investors are focused on the Feb 6 shareholder vote tied to the Kalkaroo deal, along with Sandfire’s half-year results due Feb 19
Shares of Sandfire Resources Ltd dropped 3.9%, ending Monday’s session at A$19.07 amid a fresh wave of selling in metals and mining stocks on the Sydney market.
This pullback is significant as it comes right before a busy week for risk assets, with traders closely monitoring if forced selling in commodities will spill over into equities. In Australia, all eyes are on the Reserve Bank of Australia’s policy decision set for Tuesday.
Christopher Forbes, CMC Markets’ head of Asia and Middle East, pointed to a steep drop in precious metals as a signal for “risk off and de-leveraging,” according to a Reuters note. Gold plunged up to 7.5%, while silver tumbled as much as 14.2% amid the same volatile selloff, Reuters reported. Reuters
Copper, Sandfire’s main earnings driver, slipped too. Trading Economics reported a roughly 5% drop on Feb. 2 following a choppy run that rattled the wider commodity complex.
In Sydney, the S&P/ASX 200 closed roughly 1% lower, led down by miners, ABC News reported. Shares in BHP and Rio Tinto slipped, with gold stocks taking a bigger hit earlier in the day, the outlet added.
Sandfire, a copper-focused miner, operates in Spain (MATSA) and Botswana (Motheo), with development projects in the United States, according to Reuters company data.
In its latest operational update — the December 2025 quarterly report out in late January — the company held steady on its FY26 production, cost, and capital guidance. However, it noted that volumes are expected to skew more toward the second half. The unaudited numbers showed quarterly sales revenue at $344 million, underlying EBITDA reaching $167 million, and net cash standing at $13 million as of Dec. 31.
The report also highlighted the upcoming Kalkaroo copper-gold deal with Havilah Resources. Sandfire’s CEO Brendan Harris confirmed they’re aiming for Havilah’s shareholder vote set for 6 February 2026. The deal includes a A$31.5 million cash payment, triggered once certain conditions are met.
But the situation is double-edged. Should copper volatility continue, or if Motheo runs into fresh production troubles after previous processing and fleet setbacks, hopes for a robust second half might face serious pressure; the Kalkaroo project also depends on securing approvals and meeting conditions.
Traders in the upcoming session will focus on the RBA decision, monitoring its impact on the Australian dollar and bulk commodity prices. They’ll also watch for hints that the metals sell-off is starting to steady.
Sandfire’s next major event is its half-year financial results, scheduled for Feb. 19, as noted on the company’s official calendar.
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