Sheffield Resources Limited · ASX:SFX
Sheffield Resources — Investor Presentation (July 2024)
25 slides from Sheffield Resources's investor presentation, July 2024
Slide 1: Investor Presentation
I N V E S T O R P R E S E N TAT I O N BRUCE GRIFFIN EXECUTIVE CHAIR July 2024 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. Thunderbird Mineral Sands Mine 3. 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
CORPORATE OVERVIEW S H A R E P R I C E I N F O R M AT I O N $0.75 $0.65 $0.55 $0.45 $0.35 $0.25 Dec-23 May-24 Jun-24 Jul-23 Jan-24 Mar-24 Feb-24 Jul-24 Aug-23 Nov-23 Oct-23 C A P I TA L S T R U C T U R E 1 MAJOR SHAREHOLDERS BROKER COVERAGE & RESEARCH Item Unit Value Name % Holding Ordinary Shares #
Slide 6: Thunderbird Mineral Sands Mine
THUNDERBIRD MINERAL SANDS MINE 6
Slide 7: Thunderbird Mine
THUNDERBIRD MINE MINE BULK PRODUCT SHIPMENT J U LY 2 0 2 4 J U LY 2 0 2 4 PROCESS PLANT AND PRODUCT S T O C K P I L E S J U LY 2 0 2 4 Sheffield Resources Limited I ASX: SFX I Assembling a portfolio of global mineral sands development and production assets to generate cash returns and growth 7
Slide 8: 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 TiO2 Grade % Bubble size represents contained Zircon in Ore Reserves Zircon Grade % Note: 1. Thunderbird
Slide 9: Cumulative Ore Production: Actual vs 2022 BFS Assumptions
CUMULATIVE ORE PRODUCTION: ACTUAL vs 2022 BFS ASSUMPTIONS 10.0 ► Mine production increased month and month throughout June quarter June mine production ahead of BFS schedule Expect to sustain 2.5Mt to 3Mt ore mined per quarter from September quarter 8.0 Ore Tonnes Mined (millions) ► Production g
Slide 10: 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 Observed over recovery is weighted towards ilmenite concentrate 700,000 600,000 500,000 Product Tonnes 400,000 300,000 200,000 1
Slide 11: Mine Throughput
MINE THROUGHPUT 1,200,000 1,000,000 Ore Tonnes Mined 800,000 600,000 400,000 ► Mine production increased following DMU modifications in early April 2024 ► Approaching steady state in June 2024 200,000 ► Expect to sustain 2.5Mt to 3Mt ore mined per quarter from the September quarter 0 Jan-24 Feb-24 M
Slide 12: WCP (Rougher Head Feed) Throughput and Grade
WCP (ROUGHER HEAD FEED) THROUGHPUT AND GRADE 700,000 30 600,000 25 500,000 RHF (tonnes) 20 HM Grade (%) 400,000 15 300,000 10 200,000 ► RHF Grade consistently higher than resource block model 5 100,000 ► May be upgrading due to oversize being lower grade than undersize ► RHF volume ~75% of forecast
Slide 13: Process Plant Recovery and Grade – Zircon
PROCESS PLANT RECOVERY AND GRADE – ZIRCON 80% 70% 60% 50% 40% 30% ► ZrO2 content initially below design to maximise recovery 20% ► ZrO2 recovery consistently above design 10% 0% Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 ZrO2 Recovery (RHF to Zircon Concentrate) - Design ZrO2 Recovery (RHF to Zircon
Slide 14: Process Plant Recovery and Grade – Ilmenite
PROCESS PLANT RECOVERY AND GRADE – ILMENITE 80% 70% 60% 50% 40% 30% 20% ► TiO2 consistently at or above design ► TiO2 recovery consistently above design 10% 0% Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 TiO2 Recovery (RHF to Ilmenite Concentrate) - Design TiO2 Recovery (RHF to Ilmenite Concentrate) -
Slide 15: Thunderbird Q4 2024 Cashflow (100% Basis)
THUNDERBIRD Q4 2024 CASHFLOW (100% BASIS) Sheffield Resources Limited I ASX: SFX I Assembling a portfolio of global mineral sands development and production assets to generate cash returns and growth 15
Slide 16: Stage 2 Adds Significant Value
STAGE 2 ADDS SIGNIFICANT VALUE • 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 execution in 2026/27 wi
Slide 17: 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 18: 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 ► 2
Slide 19: 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 • Stage 1 nearing nameplate mining capacity of 10 to 12 mtpa • Ramping up to 1.1mt of zircon and ilmenite rich concentrates • Operating cashflow positive from September 202
Slide 20: South Atlantic Project
SOUTH ATLANTIC PROJECT <i\|> SheffieldResources LIMITED
Slide 21: South Atlantic Project Overview
SOUTH ATLANTIC PROJECT OVERVIEW • Invested US$2.5 million to earn an option to acquire a 20% interest by paying a further US$12.5 million • Located Southeast Brazil (Rio Grande do Sul) • Continuous sequence of dunes and beach sands extending for 80km split into deposits • Exploration target for Reti
Slide 22: Summary
SUMMARY ill SheffieldResources LIMITED
Slide 23: 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 24: Thank You
THANKYOU Registered and Corporate Office Sheffield Resources Limited Level 2, 41-47 Colin Street West Perth WA 6005 +61 8 6555 8777 info@sheffieldresources.com ASX: SFX www.sheffieldresources.com.au Sheffield Resources Sheffield Resources @Sheffield_ASX
Slide 25: 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 Kenmare Resources Plc (LSE: KMR) 2022 Annual Report 4 April 2024 Moma 80 3.5% 1,349 3.1% 1,429 3.2% Strandline Resources Ltd (ASX: ST
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