Quarterly Activities Report for the Period Ended 31 December 2024

Report Highlights:

• Sheffield Resources Ltd (ASX: SFX) is pleased to announce that Kimberley Mineral Sands achieved record quarterly production of 198,704 tons of concentrate, shipped 208,354 tons of product, and expanded its zircon concentrate customer base to eleven approved offtakers, with shipments expected to grow further in 2025.
• The Thunderbird Mine maintained strong health, safety, and environmental performance with zero lost-time incidents and continued process plant efficiency, achieving higher-than-expected heavy mineral grades and consistently exceeding recovery design rates for TiO2 and ZrO2.
• Sheffield Resources reported a cash balance of approximately AUD 8.4 MM (USD 5.9 MM) at the end of December 2024, launched a cost-reduction initiative involving workforce restructuring, and secured AUD 22 MM (USD 15.4 MM) in offtake prepayments from Yansteel to support working capital needs.