Ann: Scoping Study Reveals Exceptional Economics-Ngami Cu Project, page-68

Sandfire reports their tax rate on the Motheo mine in Botswana as 22%.

The Group’s underlying effective tax rate in FY25 is expected to broadly reflect the statutory income tax rates of the jurisdictions in which weoperate, namely Spain (25%) and Botswana (22%)(i), however the Group’s underlying effective tax rate will be impacted by the limited abilityto recognise benefits associated with tax losses in Australia (following the cessation of operations at DeGrussa) and the USA(pre-development phase).(i) The minimum tax rate for mining companies in Botswana is 22%. Once all carried-forward tax losses are utilised, mining profits will be taxed according to the following formula: 70% -15% / (Profitability Ratio). The Profitability Ratio is calculated as taxable income divided by gross income.