Sandfire Now Net Cash, Shareholder Returns in Focus -- Market Talk

Dow Jones

01/27

2211 GMT - Sandfire Resources is now in a net cash position, putting potential shareholder returns in the spotlight. According to UBS, management seems pretty clear it won't hold excess cash on the balance sheet. "As such with limited material capex on the horizon and Black Butte potentially offloaded, we expect material returns from August," analyst Levi Spry says. Black Butte is Sandfire's undeveloped copper project in Montana, which UBS values at more than A$300 million. UBS says competition for excess capital includes dividends, share buybacks, and discretionary investments. It has a sell call on Sandfire, which ended last week at A$19.06. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

January 26, 2026 17:12 ET (22:12 GMT)

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