Sheffield Resources Investor Presentation

Highlights:

Core Asset

• 50% interest Thunderbird Mineral Sands Project
  • Stage 1 fully funded
  • Construction over 90% complete
  • On target for first customer deliveries in Q1 2024
  • Stage 1 NPV8 $842m, generating ~$120m pa of cash to Sheffield following debt repayment (mid FY2027 in the base case)

KMS Growth

• Enhance KMS through
  • Thunderbird Stage 2, incremental NPV₈ of $548m
  • Additional zones of mineralisation along a 120 km trend
  • East Derby construction sand opportunity

South Atlantic

• South Atlantic Option
  • Exploration Target ranging between 500 to 720Mt at 3.2 to 4.0% HM
  • Exploration Targets comprising sulfate ilmenite and zircon
  • Option Agreement executed with US$2.5m contribution to fund de-risking activities

Future Growth

• Review of other quality mineral sands opportunities
  • Targeting advanced projects with potential to unlock value by applying Sheffield’s mineral sands and funding experience