Sheffield Resources Limited · ASX:SFX
Sheffield Resources — Investor Presentation (February 2025)
31 slides from Sheffield Resources's investor presentation, February 2025
Slide 1: Investor Presentation
I N V E S TO R P R E S E N TAT I O N BRUCE GRIFFIN EXECUTIVE CHAIR February 2025 ASX: SFX www.sheffieldresources.com.au
Slide 2: Notice and Disclaimer
NOTICE AND DISCLAIMER IMPORTANT: You must read the following in conjunction with this document. Summary information in relation to Sheffield This document contains summary information about Sheffield Resources Limited (ACN 125 811 083) (Company or Sheffield), its subsidiaries and their activities wh
Slide 3: Contents
CONTENTS 1. Corporate Overview 2. Mineral Sands Market 3. Thunderbird Mineral Sands Mine 4. South Atlantic Project 3
Slide 4: Corporate Overview
CORPORATE OVERVIEW Mineral Sands production and development Targeting advanced projects with potential to unlock value by applying Sheffield’s mineral sands and SHEFFIELD RESOURCES commercial experience Generating growing cash returns Corporate Management and Capital Allocation 50% 20% Optio
Slide 5: Corporate Overview: Share Price, Capital Structure, Shareholders
CORPORATE OVERVIEW S H A R E P R I C E I N F O R M AT I O N $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 Aug-24 Mar-24 Jun-24 Oct-24 Jan-24 Apr-24 Jul-24 Jan-25 May-24 Nov-24 Dec-24 C A P I TA L S T R U C T U R E 1 MAJOR SHAREHOLDERS BROKER COVERAGE & RESEARCH Item Unit Value % Holding Ordinary Shares
Slide 6: Mineral Sands Market
MINERAL SANDS MARKET <i\|> SheffieldResources LIMITED
Slide 7: Mineral Sands – Used in Everyday Life
MINERAL SANDS – USED IN EVERDAY LIFE Titanium Minerals Zircon Primary market (90%) is TiO2 pigment Primary market is ceramics ► Key applications are paint, plastics and paper • Also used in refractories and foundry casting ► Delivers opacity and non-toxic UV protection • Growing use in catalytic con
Slide 8: Zircon – Constructive Industry Structure
ZIRCON – CONSTRUCTIVE INDUSTRY STRUCTURE PAU L YO U N G , G O L D M A N S AC H S @ Z I R C O N I N D U S T RY A S S O C I AT I O N C O N F E R E N C E M AY 2 0 24 19 Sheffield Resources Limited I ASX: SFX I Assembling a portfolio of global mineral sands development and production assets to generate
Slide 9: Thunderbird Mineral Sands Mine
THUNDERBIRD MINERAL SANDS MINE 9
Slide 10: Thunderbird – The World's Largest Zircon Reserves
THUNDERBIRD – THE WORLD’S LARGEST ZIRCON RESERVES … STRATEGICALLY SIGNIFICANT ASSET IN A LOW-RISK JURISDICTION CONTAINED ZIRCON IN ORE RESERVES AND GRADE FOR SELECTED MINERAL SANDS DEPOSITS 1,2,3 6 In Situ Titanium Minerals (Ilm+Lux+Rut) % Toliara (BSE) Atlas (IMA) 5 Atlas-Campaspe (TROX) Cataby (IL
Slide 11: Thunderbird Mine
THUNDERBIRD MINE PROCESS PLANT AND PRODUCT STOCKPILES DECEMBER 2024 MINE DECEMBER 2024 Sheffield Resources Limited I ASX: SFX I Assembling a portfolio of global mineral sands development and production assets to generate cash returns and growth 11
Slide 12: Cumulative Ore Production: Actual vs 2022 BFS Assumptions
CUMULATIVE ORE PRODUCTION: ACTUAL vs 2022 BFS ASSUMPTIONS 10.0 ► Ore mined ahead of BFS and sustainable 2.5Mt to 3Mt ore mined per quarter ► Oversize results in ~75% of forecast RHF per tonne of ore mined ► Limited opportunity to reduce oversize with current mining method and in-pit process 8.0 Ore
Slide 13: Cumulative Product Volume: Actual vs 2022 BFS Assumptions
CUMULATIVE PRODUCT VOLUME: ACTUAL vs 2022 BFS ASSUMPTIONS 800,000 ► The WCP and CUP continue to achieve higher than expected recovery of ilmenite and zircon concentrates 700,000 600,000 500,000 Product Tonnes 400,000 300,000 200,000 100,000 0 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2022 BFS Assumpti
Slide 14: Ilmenite Concentrate Production and Sales
ILMENITE CONCENTRATE PRODUCTION AND SALES 200,000 ► Record production and sales in Q4 2024 ► Forecast quarterly shipments expected to match forecast production 150,000 Product Tonnes 100,000 50,000 0 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Production Sales Forecast Reference: 1. ASX Announce
Slide 15: Zircon Concentrate Production and Sales
ZIRCON CONCENTRATE PRODUCTION AND SALES 70,000 ► Record production in Q4 2024 ► Shipments resumed in the December quarter 60,000 ► Customer base broadened with MEP’s now in place for 10 customers ► Shipments in Q1 2025 expected to meet or exceed production 50,000 15,000 tonnes shipped in January P
Slide 16: Thunderbird Q4 2024 Cashflow (100% Basis)
THUNDERBIRD Q4 2024 CASHFLOW (100% BASIS) ► US$22m offtake prepayment from Yansteel to facilitate short- term working capital requirements ► Inventory of over 60,000 zircon tonnes & 75,000 ilmenite tonnes at end of December ► Cash Opex higher impacted by timing of payments ► Capex investment primari
Slide 17: Thunderbird Business Improvement Initiative
THUNDERBIRD BUSINESS IMPROVEMENT INITIATIVE ► Context ‒ 75% lower RHF due to oversize ‒ Costs, mining in particular, higher than expected at FID ‒ Zircon market weakness + Process plant recoveries higher than design ► Business Improvement Initiative underway Reduce costs, especially mining ~20%
Slide 18: Fully Utilise Existing Reserve
FULLY UTILISE EXISTING RESERVE Stage 2 assumed at FID • Double mining capacity • 50% increase in final products • Mine life increased from 33 to 36 years – all from existing reserves • Capex $258m (2022 real) • Post Tax NPV8 A$548m ($274m SFX 50% share)1 • Post Tax IRR 27%1 • March 2022 BFS assumed
Slide 19: Leveraging Yansteel Downstream Capability
LEVERAGING YANSTEEL DOWNSTREAM CAPABILIT Y • Thunderbird is a 50/50 JV with Yansteel, part of Tangshan Yanshan Iron & Steel, a privately owned Chinese steel manufacturer • Yansteel’s integrated smelter complex in China operational • Yansteel designed the plant to process ilmenite feedstock from vari
Slide 20: Our ESG Approach
OUR ESG APPROACH E N V I R O N M E N TA L ► Full State and Federal environmental approvals ► Progressive mine rehabilitation throughout mine life ► Practices aligned with Equator Principles - Addressing the Climate Change challenge SOCIAL ► Native Title Agreement with Traditional Owners in place ► 3
Slide 21: Thunderbird Mineral Sands Mine
THUNDERBIRD MINERAL SANDS MINE • World’s largest high grade zircon reserve, in a low-risk jurisdiction • 50/50 JV with Yansteel • Mining 10 to 12 mtpa ore • Producing 0.9mt zircon and ilmenite rich concentrates • JV Project Finance of ~A$325m Orion US$110m • First scheduled repayment June 2025 • Hal
Slide 22: South Atlantic Project
SOUTH ATLANTIC PROJECT <i\|> SheffieldResources LIMITED
Slide 23: South Atlantic Project Overview
SOUTH ATLANTIC PROJECT OVERVIEW • Invested US$2.5 million of US$4m to earn an option to acquire a 20% interest by paying a further US$11 million • Located Southeast Brazil (Rio Grande do Sul) • Continuous sequence of dunes and beach sands extending for 80km split into deposits • Exploration target f
Slide 24: Summary
SUMMARY ill SheffieldResources LIMITED
Slide 25: Sheffield Resources: Assets to Generate Cash Returns and Growth
SHEFFIELD RESOURCES Assembling a portfolio of global mineral sands development and production assets to generate cash returns and growth CORE ASSET THUNDERBIRD S O U T H AT L A N T I C FUTURE GROWTH GROWTH Thunderbird Mineral Sands Enhance Thunderbird through South Atlantic Option Review of other qu
Slide 26: Thank You
THANKYOU Registered and Corporate Office Sheffield Resources Limited 45 Ventnor Avenue West Perth WA 6005 +61 8 9215 6500 info@sheffieldresources.com ASX: SFX www.sheffieldresources.com.au Sheffield Resources Sheffield Resources
Slide 27: Appendix: Additional Peer Information
APPENDIX: ADDITIONAL PEER INFORMATION Company Exchange Ticker & Company Material Date Mine/Project Reserves Reference Proved Probable Total Mt % THM Mt % THM Mt % THM Sheffield Resources (ASX:SFX) 2024 Annual Report 14 October 2024 Thunderbird 235 12.9% 515 10.1% 750 11.0% Kenmare Resources Plc (LSE
Slide 28: Mine Throughput – Sustainable 2.5Mt to 3Mt Ore Mined per Quarter
MINE THROUGHPUT – SUSTAINABLE 2.5MT TO 3MT ORE MINED PER QUARTER 1,200,000 1,000,000 Ore Tonnes Mined 800,000 600,000 400,000 200,000 0 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Ore Mined Basis of Design Ore Mined Actual Sheffield Resources Limited I ASX: SF
Slide 29: WCP (Rougher Head Feed) Throughput and Grade
WCP (ROUGHER HEAD FEED) THROUGHPUT AND GRADE 800,000 30.00 700,000 25.00 600,000 RHF (tonnes) 20.00 500,000 HM Grade (%) 400,000 15.00 300,000 ► RHF Grade consistently higher than resource block model 10.00 200,000 July lower due to trial mining of T2+T1 ore From August mined T2 + high Zr ore zo
Slide 30: Process Plant Recovery and Grade – Zircon
PROCESS PLANT RECOVERY AND GRADE – ZIRCON 90% 80% 70% 60% 50% 40% 30% ► ZrO2 content now consistently above design ► ZrO2 recovery consistently above design 20% 10% 0% Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 ZrO2 Recovery (RHF to Zircon Concentrate) - Desi
Slide 31: Process Plant Recovery and Grade – Ilmenite
PROCESS PLANT RECOVERY AND GRADE – ILMENITE 90% 80% 70% 60% 50% 40% 30% ► TiO2 consistently at or above design 20% ► TiO2 recovery consistently above design 10% 0% Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 TiO2 Recovery (RHF to Ilmenite Concentrate) - Design
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