Ann: Sandfire Announce 2018 Annual Results, page-28

"Anyone like to comment on what is going on behind the scenes with the inconsistent share price movements?"

Norges Bank (Central Bank of Norway) have been the major player in recent substantial shareholder transactions:

Substantial Shareholder Transactions

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
0	Date	Shareholder	Previous Holding %	Current Holding %	Shares Bought	Shares Sold
1	27/08/2018	Norges Bank	0.00	5.60	8,917,742
2	20/08/2018	Norges Bank	5.54	0.00		8,822,862
3	31/07/2018	Norges Bank	0.00	5.54	8,822,862
4	12/07/2018	Norges Bank	5.27	0.00		8,352,011
5	11/07/2018	Norges Bank	0.00	5.27	8,352,011
6	19/06/2018	Morgan Stanley and its subsidiaries	5.16	6.20	1,659,413
7	19/06/2018	Mitsubishi UFJ Financial Group, Inc	5.16	6.20	1,659,413
8	17/05/2018	Morgan Stanley and its subsidiaries	0.00	5.16	8,163,603
9	17/05/2018	Mitsubishi UFJ Financial Group, Inc	0.00	5.16	8,163,603
10	20/04/2018	Mitsubishi UFJ Financial Group, Inc	5.35	0.00		8,464,436
11	20/04/2018	Australia and New Zealand Banking Group Limited	5.25	0.00		8,177,472
12	20/04/2018	Morgan Stanley and its subsidiaries	5.35	0.00		8,464,436
13	19/04/2018	Morgan Stanley and its subsidiaries	6.57	5.35		1,923,630
14	19/04/2018	Mitsubishi UFJ Financial Group, Inc	6.57	5.35		1,923,630
15	17/04/2018	Morgan Stanley and its subsidiaries	0.00	6.57	10,388,066
16	17/04/2018	Mitsubishi UFJ Financial Group, Inc	0.00	6.57	10,388,066
17	19/03/2018	LSV Asset Management	0.00	5.10	8,061,413
18	29/01/2018	BT Investment Management Limited	5.28	0.00		8,339,835

The last buy transaction Becoming a Substantial Holder lists Citicorp and J.P.Morgan as registered holder of these securities. The last sell transaction Ceasing to be a Substantial Holder lists the change as Collateral Returned/Received.

These transactions may have played a part in recent share price movements.