Sheffield Resources Ltd. — Interim / Quarterly Report 2015

Jan 15, 2015

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Rule 5.5

Appendix 5B

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013

Name of entity

Name of entity
Sheffield Resources Limited
ABN 29 125 811 083	Quarter ended (“current quarter”)
29 125 811 083	31 December 2014

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (GST paid to be recouped) Net Operating Cash Flows	Current quarter $A’000	Year to date (6 months) $A’000
	- - - - (227) - 64 - - 3	- - - - (601) - 159 - - (41)
	(160)	(483)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) exploration & evaluation (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Receipt of R&D tax refund 1.13 Other Net investing cash flows 1.14 Total operating and investing cash flows (carried forward)	- (3,950) (13) - - - - - - -	- (6,258) (32) - - - - - - -
	(3,963)	(6,290)
	(4,123)	(6,773)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

1.14 Total operating and investing cash flows (brought forward)	(4,123)	(6,773)
Cash flows related to financing activities 1.15 Proceeds from issues of shares, options, etc. 1.16 Proceeds from sale of forfeited shares 1.17 Proceeds from borrowings 1.18 Repayment of borrowings 1.19 Dividends paid 1.20 Other (capital raising costs) Net financing cash flows	60 - - - - (2)	550 - - - - (8)
	58	542
Net increase (decrease) in cash held 1.21 Cash at beginning of quarter/year to date 1.22 Exchange rate adjustments to item 1.20 1.23 Cash at end ofquarter	(4,065) 8,713 -	(6,231) 10,879 -
	4,648	4,648

Payments to directors of the entity, associates of the directors, related entities of the entity and associates of the related entities

1.24 1.25	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		136
		Nil
1.26	Explanation necessary for an understanding of the transactions
	All transactions involving Directors and associates were on normal commercial terms.

Non-cash financing and investing activities

2.1 2.2	Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
	Nil
	Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest
	Nil

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	Nil	Nil
	Nil	Nil

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	1,100
	-
	-
	250
Total	1,350

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	1,548	2,913
	3,100	5,800
	-	-
	-	-
Total: cash at end of quarter(item 1.23)	4,648	8,713

Changes in interests in mining tenements and petroleum tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference and location	Nature of interest (note(2))	Interest at beginning of quarter	Interest at end of quarter
	E70/4484 Eneabba	Relinquished	100%	Nil
	E69/1696 Fraser Range E28/2323 Fraser Range E28/2430 Fraser Range E28/2431 Fraser Range	Granted Granted Granted Granted	Nil Nil Nil Nil	100% 100% 100% 100%

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital,buy-backs	134,430,747	134,430,747	N/A	N/A
	200,000	200,000	0.30	0.30
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured,converted
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	1,150,000 550,000 525,000 1,200,000 500,000 500,000 1,400,000 1,600,000	- - - - - - - -	Exercise price 0.30 0.44 0.44 0.65 0.53 0.66 0.87 1.16	Expiry date 13/12/2015 20/03/2016 30/06/2016 01/04/2017 29/07/2017 26/09/2018 19/03/2019 19/03/2021
	200,000	200,000	0.30	0.30
7.11 Debentures (totals only)

• See chapter 19 for defined terms.

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Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

7.12 Unsecured notes (totals only)

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: . Date: 16/1/2015 (Director/Company secretary)

Print name: Will Burbury

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements and petroleum tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement or petroleum tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities

The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

• 5 Accounting Standards

ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

• See chapter 19 for defined terms.

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