Sydney, Feb 1, 2026, 17:44 AEDT — Market closed.
- Sandfire shares ended Friday at A$19.85, slipping 6.85% following a steep intraday pullback.
- Copper and other metals retreated late in the week, dragging miners down as the month closed.
- Investors are now eyeing the Feb. 6 vote linked to Sandfire’s Havilah deal, along with the half-year results due on Feb. 19.
Sandfire Resources Ltd shares closed Friday down 6.85% at A$19.85, after fluctuating between A$21.75 and A$19.61 on the Australian Securities Exchange. Trading volume hit roughly 4.7 million shares. (StockAnalysis)
Miners faced heavy selling as the month closed, dragging the ASX 200 down 0.6% on Friday. The basic materials sector took a sharper hit, sliding over 4%. (ABC News)
Timing is key for Sandfire. Its stock now serves as a clear indicator of copper momentum, with February set to deliver company-specific events that could quickly shift expectations.
Copper dropped on Friday following a record peak the previous day, with investors cashing in gains, Reuters reported. Alice Fox from Macquarie Group noted that prices might remain “high and volatile,” while Ole Hansen of Saxo Bank warned the market looked “ripe for a correction.” (Reuters)
This hits copper miners hard since their revenue tracks spot prices, but costs tend to catch up later. With thin liquidity and crowded trades, the downside can hit fast—especially before holidays in China.
Sandfire’s December-quarter report showed copper-equivalent (CuEq) production of 72.1 thousand tonnes in the first half of FY26, translating other metals into copper terms. CEO Brendan Harris confirmed the company held its annual production guidance but now anticipates a 46:54 production split between H1 and H2, citing planned maintenance and equipment challenges at the Motheo mine in Botswana. The report noted Sandfire ended December 31 with $13 million in net cash (cash minus debt, all figures in U.S. dollars). However, it also highlighted an A$31.5 million cash outflow and a further A$15 million commitment tied to a proposed deal with Havilah Resources for the Kalkaroo Copper-Gold Project, subject to conditions and a shareholder vote scheduled for February 6. (Company Announcements)
Sandfire announced it will publish its half-year results for the six months ending Dec. 31 on Feb. 19. A teleconference and webcast will follow, starting at 10 a.m. AWST (1 p.m. AEDT). (Company Announcements)
Friday’s reversal highlighted just how volatile the copper market remains. If prices dip further, sentiment could come under fresh pressure. Sandfire also faces the challenge of delivering a stronger second half, having moved more of its output toward year-end.
Trading kicks off Monday with attention on whether copper can hold steady following its month-end drop. Looking ahead, key dates include the Feb. 6 shareholder vote tied to the Kalkaroo earn-in, plus Sandfire’s half-year results and investor briefing scheduled for Feb. 19.
