Sheffield Resources Limited · ASX:SFX
Sheffield Resources — Investor Presentation (May 2025)
23 slides from Sheffield Resources's investor presentation, May 2025
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 May 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. 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: Share Price Information
CORPORATE OVERVIEW S H A R E P R I C E I N F O R M AT I O N $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 Dec-24 Jun-24 Apr-24 Jul-24 Sep-24 Jan-25 Mar-25 Apr-25 Aug-24 Nov-24 Oct-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 #m 395
Slide 6: Thunderbird Mineral Sands Mine
THUNDERBIRD MINERAL SANDS MINE 6
Slide 7: 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 8: Thunderbird Mine
THUNDERBIRD MINE PROCESS PLANT AREA PRODUCT STOCKPILES MARCH 2025 MINE MARCH 2025 Sheffield Resources Limited I ASX: SFX I Assembling a portfolio of global mineral sands development and production assets to generate cash returns and growth 8
Slide 9: Thunderbird Revised Business Plan
THUNDERBIRD REVISED BUSINESS PLAN + Process plant recoveries higher than design - 75% lower RHF due to oversize + Trials confirm dozer fleet and DMU can sustain 16mtpa - Costs higher than expected at FID + Limited VHM being lost in oversize Increase mining rate to 16mtpa by Q1 FY27 Increase waste
Slide 10: Ore Production
ORE PRODUCTION 5 ► Ore mined sustainable at 2.5Mt to 3Mt ore mined per quarter Planned ramp up to 4Mt per quarter in Q1 FY2027 4 ► Oversize results in ~75% of forecast RHF per tonne of ore mined Ore Tonnes Mined (millions) 4Mt per quarter ore mined expected to deliver design RHF of 1085 tph 3 2
Slide 11: Zircon Concentrate Production and Sales
ZIRCON CONCENTRATE PRODUCTION AND SALES 90,000 ► Record sales in March 2025 quarter ► Customer base broadened with MEP’s now in place for >10 customers 80,000 ► Forecast shipments in Q4 FY25 40 to 50,000 tonnes 70,000 At 50,000 tonnes would largely clear excess inventory ► Mining ramp up expected
Slide 12: Ilmenite Concentrate Production and Sales
ILMENITE CONCENTRATE PRODUCTION AND SALES 300,000 ► Zircon sales prioritised in late Q3 FY 2025 ► Forecast shipments in Q4 FY25 180 to 200,000 tonnes 250,000 ► Mining ramp up expected to deliver 220 to 240,000 tonnes in Q1 FY27 200,000 Product Tonnes 150,000 100,000 50,000 0 Q3 FY24 Q4 FY24 Q1 FY25
Slide 13: Thunderbird Q3 FY2025 Cashflow (100% Basis)
THUNDERBIRD Q3 FY2025 CASHFLOW (100% BASIS) ► $32m operating cashflow achieved in March quarter ► Repaid US$14m offtake prepayment from Yansteel (US$8m non-cash settled via delivered ilmenite concentrate) ► Inventory of over 20,000 zircon tonnes & 75,000 ilmenite tonnes at end of March ► Capex inves
Slide 14: Fully Utilise Existing Reserve
FULLY UTILISE EXISTING RESERVE Revised Business Plan • Mining at 16mtpa by Q1 FY27 • Increase concentrate production to ~10% above original Stage 1 design • No material Capex or working capital requirement expected Stage 2 Expansion • Fully utilise the 750 million tonne reserve at Thunderbird • Give
Slide 15: 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 16: 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 17: 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 • Operating cash flow positive in Q3 FY 25 • Low capital ramp up to 16mtpa ore and ~1.1mt
Slide 18: South Atlantic Project
SOUTH ATLANTIC PROJECT <i\|> SheffieldResources LIMITED
Slide 19: 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 20: Summary
SUMMARY ill SheffieldResources LIMITED
Slide 21: Sheffield Resources
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 22: 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 23: Additional Peer Information
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: KMR) 202
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