Sheffield Resources Limited · ASX:SFX
Sheffield Resources — Q2 FY2026 Earnings Presentation
13 slides from Sheffield Resources's earnings presentation, Feb 2, 2026
Slide 1: December 2025 Quarterly Report Webinar
DECEMBER 2025 Q UA R T E R LY R E P O R T WEBINAR BRUCE GRIFFIN EXECUTIVE CHAIR 2 February 2026 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: 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 4: Thunderbird Mine
THUNDERBIRD MINE PROCESS PLANT AND PRODUCT STOCKPILES JANUARY 2026 MINE JANUARY 2026 Sheffield Resources Limited I ASX: SFX I Assembling a portfolio of global mineral sands development and production assets to generate cash returns and growth 4
Slide 5: Thunderbird Business Plan
THUNDERBIRD BUSINESS PLAN Revised Plan March 2025: Increase mining rate to 16mtpa by Q1 FY27 Progress Increase waste mining capacity by mid 2025 Drill and blast since January 2025 Drill and Blast, new larger excavator and truck fleet, new contractor New waste contractor/larger fleet deployed
Slide 6: Mine Throughput
MINE THROUGHPUT 3,500,000 35 3,000,000 30 2,500,000 25 RHF (tonnes) HM Grade (%) 2,000,000 20 1,500,000 15 ► Ore mine declined Q on Q driven by: 1,000,000 10 Dozer fleet availability and mine contractor productivity Seasonal weather impacts 500,000 5 KMS working with the mining contractor addr
Slide 7: Process Plant Recovery and Grade
PROCESS PLANT RECOVERY AND GRADE 90% 80% 70% 60% 50% 40% 30% 20% ► TiO2 and ZrO2 content and recovery consistent with prior quarters 10% 0% Q2 FY25 Q3 FY25 Q4 FY25 Q1FY26 Q2FY26 ZrO2 Recovery (RHF to Zircon Concentrate) - Actual ZrO2 in Zircon Concentrate - Actual TiO2 Recovery (RHF to Ilmenite Conc
Slide 8: Ore Production
ORE PRODUCTION 5 ► Ramp up to 4Mt ore mined per quarter by Q1 FY2027 ► Rate will be varied up to 4Mt per quarter to maintain design 1085 tph RHF 4 Ore Tonnes Mined (millions) 3 2 1 0 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q1 FY27 Actual Forecast Sheffield Resources Limited I ASX: SFX I Assembling a
Slide 9: Zircon Concentrate Production and Sales
ZIRCON CONCENTRATE PRODUCTION AND SALES 90,000 ► Sales stronger Q on Q and Y on Y ► Late Dec 25 Quarter shipment impacted by Tropical Cyclone 80,000 ► Forecast shipments in Q3 FY26 35 - 45,000 tonnes 70,000 ► Mining ramp up expected to produce 55 - 60,000 tonnes by Q1 FY27 60,000 Product Tonnes 50,0
Slide 10: Ilmenite Concentrate Production and Sales
ILMENITE CONCENTRATE PRODUCTION AND SALES 300,000 ► Forecast shipments in Q3 FY26 190 – 210,000 tonnes ► Late Dec 25 Quarter shipment impacted by Tropical Cyclone 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 Q2 FY25 Q3
Slide 11: C1 Cash Costs (excluding inventory movement)
C1 CASH COSTS (excluding inventor y movement) $500 ► Increase in Q2 FY26 driven by lower production volume ► Outcomes consistent with ramp up toward 16mpta ore mined $400 ► Stringent cost focus throughout KMS A$/tonne produced $300 $200 $100 $0 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Sheffield Resou
Slide 12: Thunderbird Q2 FY2026 Cashflow (100% Basis)
THUNDERBIRD Q2 FY2026 CASHFLOW (100% BASIS) $70,000 ► Negative $5m operating cashflow in December quarter $60,000 ► Capex investment primarily in TSF & in-pit tailings construction $50,000 ► No interest payments (deferral and waiver agreement) ► Lease repayments in line with amortisation profile $40
Slide 13: 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
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