Interim Financial Report – Half Year Ended Dec 2024

Report Highlights:

• Sheffield Resources Ltd. (ASX: SFX) has ramped up its production at the Thunderbird Mineral Sands Mine in Western Australia, with over five million tons of ore mined and 352,964 tons of concentrate produced. The mine maintained an annualized rate of ten to 12 million tons per annum, with total shipments reaching 330,532 dry metric tons, including a record 208,354 tons in the December quarter.
• The company has focused on optimizing operations and enhancing efficiency at Thunderbird as production scaled up, with strong recovery rates for titanium dioxide and zirconium dioxide. Kimberley Mineral Sands secured USD 22MM in offtake prepayment facilities from steel conglomerate Yansteel, ensuring steady cash flow to support continued growth.
• Sheffield continues expanding its mineral sands portfolio with a 20% option in Brazil’s South Atlantic Project, where mineral resource estimates and a pre-feasibility study are expected in 2025. With eleven approved offtake customers and strengthening zircon demand, the company anticipates higher sales volumes and improved financial performance in 2025.