South Atlantic Project Update

Release Highlights:

• Sheffield Resources (ASX: SFX) has entered into a variation agreement with Rio Grande Mineração S/A (RGM) to extend its initial option term from August 2024 to August 2025.
• SFX has previously agreed to invest USD 2.5 M in 2023 and 2024, with an additional USD 1.5M contribution now required to fund project activities and due diligence, payable in three instalments of USD 0.5M each starting mid-2025.
• If Sheffield exercises its option to acquire up to 20% interest in RGM, the total investment will amount to USD 15M, with the final decision to be made by August 2025, funded from Sheffield Resource’s existing cash reserves.