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Sheffield Resources Ltd. Interim / Quarterly Report 2026
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Interim / Quarterly Report
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SheffieldResources
LIMITED
29 April 2026
ASX Code:
SFX
Directors:
Mr Bruce Griffin
Executive Chair
Mr Gordon Cowe
Non-Executive Director
Mrs Vanessa Kickett
Non-Executive Director
Mr Ian Macliver
Non-Executive Director
Mr John Richards
Non-Executive Director
Registered Office:
45 Ventnor Avenue
West Perth WA 6005
Share Registry:
MUFG Corporate Markets
QV1 Building
250 St Georges Terrace
Perth WA 6000
Capital Structure:
Ordinary Shares: 395.5M
Unlisted Options: 1.1M
Unlisted Rights: 10.4M
Market Capitalisation:
A$13 million
Cash Reserves:
A$4.4 million
(as at 31 March 2026)
Investor Relations:
Bruce Griffin
T: +61 8 9215 6500
E: [email protected]
Bruce Franzen
T: +61 8 9215 6500
E: [email protected]
QUARTERLY ACTIVITIES REPORT
FOR THE PERIOD ENDED 31 MARCH 2026
HIGHLIGHTS
Kimberley Mineral Sands (KMS) (Sheffield interest – 50%)
- Ore mined totalled 2.4Mt, 17% below previous quarter. The March quarter was impacted by lower contract ore mining productivity, Dry Mining Unit (MDU) outages and seasonal weather events
- In March KMS implemented a change in operational management with the appointment of a site-based Head of Operations. KMS has developed and is implementing a recovery plan for ore mining
- Quarterly concentrate production of 184,574 metric tonnes down 13% on the previous quarter driven by lower mined ore tonnes and lower recoveries
- Concentrates shipments for the quarter totalled 199,020 tonnes
- Yansteel continued to assist KMS with short term working capital requirements
- Review of senior secured loan facilities continuing with lenders
Corporate
- Sheffield cash balance of $4.4m as at 31 March 2026 (unaudited)
- Divestment of Capital Metals shares in Jan 2026 realising $4m (before costs)
- Investor Webinar – Monday, 4 May 2026 (refer link herein)
Executive Chair, Mr Bruce Griffin said “Thunderbird production in the quarter was very disappointing however actions taken during the quarter to strengthen operations management and develop and implement an ore mining recovery plan have resulted in improvements. Mineral sands market conditions remain challenging however the market for KMS zircon concentrate stabilised early in the quarter with prices incrementally increasing by the end of the quarter.”
Figure 1: Thunderbird Process Plant & stockpile area
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KEY ACTIVITIES
Kimberley Mineral Sands Pty Ltd (KMS) (Sheffield interest – 50%)
The Thunderbird Mineral Sands Mine (Thunderbird) continues to maintain a strong focus on health and safety across its operations. During the quarter Thunderbird recorded one lost time work injury resulting in a total recordable injury frequency rate of 4.86 as at the end of the March quarter.
Thunderbird had sufficient blasted and free digging overburden inventory to allow drill and blast activities to be suspended and waste mining to be reduced to day shift only operations during the quarter. Drill and blast activities and waste mining will continue to be adjusted over time to minimise waste mining costs while maintaining sufficient inventory of ready to mine ore.
Thunderbird mined 2.4Mt of ore during the March quarter and produced 184,574 dry metric tonnes of concentrate. Ore mining was impacted by reduced dozer fleet availability, lower DMU availability and seasonal weather impacts. In March KMS implemented a change in operational management with the appointment of a site-based Head of Operations. KMS has developed and is implementing a recovery plan for ore mining with improvement seen during April.
The Heavy Mineral (HM) grade of the feed to the process plant (Rougher Head Feed or RHF) during the quarter was 21.8%. Concentrate production was lower than the prior quarter due to lower ore volume mined and process plant recoveries. Thunderbird product shipments for the quarter totalled 199,020 metric tonnes including 29,931 tonnes of zircon concentrate.
| Table 1: Thunderbird Mine – Performance Metrics (100% basis)^{1} | ||
|---|---|---|
| Quarterly Performance | Mar 2026 | Dec 2025 |
| Mining | ||
| Ore mined (‘000 tonnes) | 2,371.5 | 2,828.2 |
| Rougher Head Feed HM (%) | 21.8 | 20.4 |
| Concentrate Production (‘000 tonnes) | ||
| Ilmenite | 119.3 | 166.8 |
| Zircon | 28.5 | 40.1 |
| HiTi (previously Leucoxene) | 36.7 | 6.1 |
| Total Concentrate Production | 184.5 | 213.0 |
| Concentrate Sales (‘000 tonnes) | ||
| Ilmenite | 169.1 | 168.1 |
| Zircon | 29.9 | 53.1 |
| HiTi | 0.0 | 0.0 |
| Total Concentrate Sales | 199 | 221.2 |
| Financial | ||
| Ilmenite Realised Sales Price (US$/dmt) | 119 | 122 |
| Zircon Realised Sales Price (US$/dmt)^{2} | 524 | 466 |
| Average Realised Sales Price (US$/dmt)^{3} | 180 | 202 |
| Average Realised Sales Price (A$/dmt)^{3} | 259 | 306 |
| C1 Cash Costs (A$/t Produced)^{1} | 255 | 275 |
| C1 Cash Costs (excluding inventory movement) (A$/t Produced)^{1} | 264 | 242 |
| C1 Cash Costs (excluding inventory movement) (A$M)^{1} | 48.7 | 51.6 |
Note 1: Refer to Page 11 "Additional Information" for definitions and additional disclosure matters
Note 2: Only CIF sales in Mar Q, mix of FOB and CIF sales in Dec Q
Note 3: Inclusive of final adjustments for assayed volumes and specifications
Mine Operating Performance
Mine production was 2.4Mt ore mined in the March quarter. Figure 2 below illustrates mine production for the quarter, compared to the previous quarter and for the same quarterly period in 2025. Ore production was lower for the quarter driven by reduced dozer fleet availability, lower DMU availability and seasonal weather impacts.
Figure 2: Quarterly Mine Production
Figure 3 depicts actual RHF HM grade and volumes achieved during the quarter compared to the prior periods described.
Figure 3: WCP (Rougher Head Feed) Throughput & Grade
$\mathrm{ZrO_2}$ recovery to zircon concentrate was lower than expected whilst quality of product was consistent with prior periods. $\mathrm{TiO_2}$ grade was consistent with prior quarters however recovery was also lower (Figures 4 & 5). KMS has been working to identify the causes of the lower $\mathrm{ZrO_2}$ and $\mathrm{TiO_2}$ recoveries and is implementing changes to improve recoveries.
Figure 4: Process Plant Recovery & Grade - Zircon
Figure 5: Process Plant Recovery & Grade - Ilmenite
A higher proportion of HiTi concentrate (previously called leucoxene concentrate and renamed to better reflect the concentrate composition) is also being produced as a result of optimisation of the process plant settings since resuming production of this additional concentrate product in the previous quarter. The HiTi concentrate will be produced opportunistically when there is market appetite for the product.
Figure 6 shows concentrate production volumes achieved in the current quarter relative to the prior quarter and the same quarterly period in the prior year. Production volumes declined quarter on quarter driven by lower ore volume and lower recoveries.
Figure 6: Quarterly Thunderbird Product Volumes
Sales
Quarterly product shipments of ilmenite concentrate totalled 169,089 metric tonnes under the offtake agreement to Yansteel. Product pricing is fixed price per percent of $\mathrm{TiO_2}$ content contained within the ilmenite concentrate, with realised pricing of approximately US$119/t for the quarter, reflecting quality adjustments from the assumed contract value of US$123/t.
Figure 7: Quarterly Thunderbird Product Sales
Zircon concentrate shipments for the quarter totaled 29,931 metric tonnes with all shipments to third party customers. The average realised price achieved for zircon concentrate was US$524/t for the March quarter, 12% above the previous quarter due to no FOB sales (to Yansteel) and improving zircon concentrate market conditions in China.
Tropical cyclone Hayley impacted operations at the Port of Broome in late December 2025 and deferred the loading of approximately 2,000 tonnes of zircon concentrate and 35,000 tonnes of ilmenite concentrate into early January 2026.
Market Outlook
The stabilisation in the zircon concentrate market observed late in the December quarter continued into the March quarter. There have been a number of planned and unplanned reductions in zircon supply and which have resulted in a tighter market and this is expected to remain for at least the first half of 2026. KMS expects to sell all zircon concentrate production to third parties during the June quarter.
Ilmenite concentrate is sold under an offtake agreement to joint venture partner, Yansteel.
Sales of the HiTi concentrate commenced in April with production and sales of the product dependent on market demand.
Financial
Underlying C1 cash costs was $255/tonne of concentrate, compared with $275/tonne for the previous quarter, with lower volumes impacting non-mining production costs offset by inventory movement. Mining costs were flat quarter on quarter with lower production impacts offset by reduced waste mining costs. Finished goods inventory comprises approximately 52,000 tonnes of ilmenite concentrate, approximately 18,000 tonnes of zircon concentrate and approximately 43,000 tonnes HiTi concentrate available for shipment as at the end of the quarter.
| Table 2: Thunderbird Mine – C1 Cash Costs (100% basis)1 | ||
|---|---|---|
| $A per tonne produced | March 2026 | December 2025 |
| Mining | 142 | 142 |
| Processing | 44 | 41 |
| Logistics | 62 | 47 |
| G&A | 16 | 13 |
| Sub-Total | 264 | 242 |
| Inventory Movement | (9) | 33 |
| C1 Cash cost per tonne produced | 255 | 275 |
Note 1: Refer to Page 12 "Additional Information" for definitions and additional disclosure matters
Figure 8: Cash Production Costs (C1 $/tonne - excluding inventory movement)
C1 cash costs per tonne produced (excluding inventory movement) were $264/tonne of concentrate for the March quarter, compared to$ 242/tonne of concentrate for the previous quarter primarily driven by lower concentrate production.
Net operating cash inflows totalled $20.4m for the quarter reflecting the timing of shipments to customers and payments to suppliers. Prepayment arrangements with Yansteel continue to assist with short term working capital requirements.
| Table 3: Thunderbird Mine – Summary Cashflow Analysis (100% basis) | ||
|---|---|---|
| $A'000 | Mar Qtr 2026 | Dec Qtr 2025 |
| Operating Activities | ||
| Receipts from customers | 56,206 | 57,095 |
| Payments to suppliers & employees | (35,692) | (62,338) |
| Bank fees & other | (90) | 11 |
| Total Operating Cashflows | 20,424 | (5,232) |
| Investing Activities | ||
| PP&E, Mine Properties and Exploration | (3,069) | (6,117) |
| Total Investing Cashflows | (3,069) | (6,117) |
| Financing Activities | ||
| Proceeds from KMS shareholder equity issues | 0 | 6,500 |
| Proceeds (repayment) of borrowings | 0 | 9,449 |
| Net Interest (payments)/receipts | 0 | 0 |
| Repayment of lease liabilities | (3,581) | (5,230) |
| Total Financing Cashflows | (3,581) | 10,719 |
| Cash Movement | ||
| Cash available at beginning of period | 2,333 | 3,269 |
| Net cash movements | 13,774 | (630) |
| Exchange rate movement | (57) | (306) |
| Cash available at end of period | 16,050 | 2,333 |
KMS Senior Secured Loan Restructuring
During the March quarter, Sheng Feng (Hong Kong) Co., Ltd (“Sheng Feng”) executed transaction documents with OMFR (Th) LLC (“Orion”) whereby Sheng Feng received a novation of all of Orion’s rights and obligations under the Production Linked Loan Note Facility (“Facility”). Sheng Feng confirmed that it is a related party of Yansteel (sharing the same ultimate beneficial owners) and the Transaction does not change the terms of the Facility. The Transaction did not impact the financial position of Kimberley Mineral Sands and did not involve the issuance of securities, change of control or shareholder dilution.
KMS and its sponsors continued to progress debt restructure negotiations with senior secured lenders Northern Australia Infrastructure Facility (NAIF) and Sheng Feng.
Subsequent to quarter end on 7 April 2026, Sheffield made an ASX announcement advising that KMS, Sheng Feng and NAIF have agreed a further wavier and deferral arrangement in relation to the December 2025 and March 2026 interest and principal repayment obligations and various covenant waivers associated with the senior secured facilities.
Whilst discussions regarding a resculpting of the KMS debt obligations with Sheng Feng and NAIF remain ongoing, there can be no certainty that any amendments to the senior secured loan facilities will be successfully completed. Sheffield and YGH Australia Investment Pty Ltd (YGH) a wholly owned Australian subsidiary of Yansteel continue to remain sponsors and guarantors to the senior secured loan facilities.
During the quarter KMS required further working capital support which has been received from Yansteel in the form of a US$3.1m prepayment for ilmenite. There is no certainty that KMS will continue to receive the funds necessary to meet its future working capital requirements.
June 2026 Quarter Outlook
Implementation of the ore mining recovery plan developed by KMS commenced in March and will continue throughout the June quarter. Given the inherent uncertainty around the impact of the recovery plan Sheffield is not in a position to provide production guidance for the June quarter.
Ilmenite concentrate is sold under an offtake agreement to joint venture partner Yansteel. KMS expects to sell all zircon concentrate produced during the June quarter with pricing similar to the March quarter. KMS commenced sales of the HiTi concentrate in April with production and sales of the product dependent on market demand.
Sheffield will continue to keep the market informed of material developments concerning the ore mining recovery plan, and the business operations of KMS and the Thunderbird Mineral Sands Mine.
PORTFOLIO DEVELOPMENT
South Atlantic Project
The South Atlantic Project is located within the Rio Grande do Sul Coastal Plain, a region located in the southernmost state of Brazil, Rio Grande do Sul, along the coast of the Atlantic Ocean.
Quarterly activities at RGM focussed on progressing project approvals and the pre-feasibility study. Pre-feasibility study activities included flowsheet development and trade off studies. RGM management are continuing to advance approvals and the mining decrees for Central Retiro have been received.
In order to focus its cash resources on KMS, Sheffield has agreed to suspend project funding under the option agreement with RGM, while retaining the option to acquire 20% by funding total expenditure of US$15 million (US$3 million funded to date).
Capital Metals Plc
In January 2026, Sheffield sold its 10% interest in Capital Metals for £2 million (A$4 million) before costs, realising a gain of A$0.7 million and creating additional liquidity to support corporate costs and KMS if required.
CORPORATE
As at 31 March 2026, Sheffield held cash reserves of approximately $4.4m (unaudited).
On 28 February 2026, the Company Secretary Mr Mark Di Silvio resigned and Mr Bruce Franzen was appointed.
The year-to-date position of the Quarterly Cashflow Report should be read in conjunction with this report.
During the quarter, a total sum of $223,533 was paid to related parties and their associates for Director fees, and superannuation benefits.
This announcement is authorised by the Board of Sheffield Resources Limited.
Mr Bruce Griffin
Executive Chair
29 April 2026
Investor & Shareholder Webinar – Monday, 4 May 2026 (1.00pm Perth / 3.00pm AEST)
Sheffield Resources Limited will host an investor and shareholder webinar on Monday, 4 May 2026 (1.00pm Perth / 3.00pm AEST) to discuss quarterly results.
Hosted by Bruce Griffin, Executive Chair, investors and shareholders will be able to ask questions of Sheffield management following the presentation.
Webinar details are as follows:
https://us06web.zoom.us/webinar/register/WN_LPN0pTB4StqakextMSWmqQ
ABOUT SHEFFIELD RESOURCES
Sheffield Resources Limited is focused on assembling a portfolio of global mineral sands development and production assets to generate cash returns and growth.
Our core asset is our 50% investment in Kimberley Mineral Sands Pty Ltd (KMS), the owner of the world class Thunderbird Mineral Sands Mine in operation in north-west Western Australia.
Additionally, Sheffield executed a binding agreement in February 2023, providing the Company with an option to acquire up to an initial 20% interest in the South Atlantic Mineral Sands Project in Brazil.
KIMBERLEY MINERAL SANDS
Kimberley Mineral Sands Pty Ltd, (KMS) is a 50:50 Joint Venture between Sheffield and Yansteel. The joint venture owns and operates the Thunderbird Mineral Sands Mine and actively exploring adjacent tenements on the Dampier Peninsula. Yansteel holds its interest in KMS through its wholly owned Australian subsidiary YGH Australia Investment Pty Ltd.
KMS is governed by a four person Board of Directors with Sheffield and Yansteel each nominating two directors. Key Joint Venture decisions require unanimous approval of both shareholders. KMS operates as a standalone entity with its own management and employees.
THUNDERBIRD MINERAL SANDS MINE
The Thunderbird Mineral Sands Mine ("Thunderbird") is one of the largest and highest grade mineral sands discoveries in the last 30 years.
Now in production Thunderbird is expected to generate a high-quality suite of mineral sands concentrate products suited to market requirements. These products include a zircon concentrate and an ilmenite concentrate that contains a high quality ilmenite suitable smelting into chloride slag or for manufacturing titanium dioxide pigment.
Thunderbird is located in one of the world's most attractive mining investment jurisdictions and is well placed to deliver long term, secure supply of high quality products to a range of potential customers over a decades long mine life.
ABOUT YANSTEEL
Yansteel is a wholly-owned subsidiary of Tangshan Yanshan Iron & Steel Co., Ltd, a privately owned steel manufacturer headquartered in Hebei, China producing approximately 10Mt per annum of steel products and has annual revenues of ~A$6bn.
Yansteel's 500ktpa integrated titanium dioxide processing facility, which includes a titanium slag smelter, will consume the magnetic concentrate from Stage 1 of the Thunderbird Mineral Sands Project under a take or pay offtake agreement.
SOUTH ATLANTIC PROJECT
The South Atlantic Project is located in south east Brazil. Four main deposits have been identified within the project area: Retiro, Estreito, Capao do Meio and Bujuru with Mineral Resources developed for the Retiro and Bujuru deposits. The combined Mineral Resource for Retiro and Bujuru is 771Mt of material at an average grade of 3.0% THM (please refer to ASX announcement dated 25 June 2025 titled "South Atlantic Project: Maiden Mineral Resource & Retiro Licence Approval".
The tenements are held by RGM. Sheffield entered into an option agreement with RGM in February 2023, with subsequent extensions agreed in August 2024, October 2025 and February 2026. Sheffield will provide funding for project related activities over an initial 48 month period and earn an option to acquire up to 20% of RGM a total investment of US$15m, less any funds contributed during the option period. Should Sheffield elect to exercise the option, subject to various conditions being satisfied, including project financing being obtained and all funds required for project construction being secured, Sheffield may exercise a further option to increase its interest in RGM up to 80%.
Schedule 1: Interests in Mining Tenements as at the end of the quarter as required under ASX Listing Rule 5.3.3
Kimberley Mineral Sands Joint Venture (Sheffield interest - 50%)¹
| Project | Tenement | Holder | Interest | Location | Status |
|---|---|---|---|---|---|
| Mineral Sands | E04/2083 | Thunderbird Operations Pty Ltd | 100% | Canning Basin | Granted |
| Mineral Sands | E04/2084 | Thunderbird Operations Pty Ltd | 100% | Canning Basin | Granted |
| Mineral Sands | E04/2171 | Thunderbird Operations Pty Ltd | 100% | Canning Basin | Granted |
| Mineral Sands | E04/2390 | Thunderbird Operations Pty Ltd | 100% | Canning Basin | Granted |
| Mineral Sands | E04/2456 | Thunderbird Operations Pty Ltd | 100% | Canning Basin | Granted |
| Mineral Sands | E04/2478 | Thunderbird Operations Pty Ltd | 100% | Canning Basin | Granted |
| Mineral Sands | E04/2494 | Thunderbird Operations Pty Ltd | 100% | Canning Basin | Granted |
| Mineral Sands | E04/2509 | Thunderbird Operations Pty Ltd | 100% | Canning Basin | Granted |
| Mineral Sands | E04/2540 | Thunderbird Operations Pty Ltd | 100% | Canning Basin | Granted |
| Mineral Sands | L04/82 | Thunderbird Operations Pty Ltd | 100% | Canning Basin | Granted |
| Mineral Sands | L04/83 | Thunderbird Operations Pty Ltd | 100% | Canning Basin | Granted |
| Mineral Sands | L04/84 | Thunderbird Operations Pty Ltd | 100% | Canning Basin | Granted |
| Mineral Sands | L04/85 | Thunderbird Operations Pty Ltd | 100% | Canning Basin | Granted |
| Mineral Sands | L04/86 | Thunderbird Operations Pty Ltd | 100% | Canning Basin | Granted |
| Mineral Sands | L04/92 | Thunderbird Operations Pty Ltd | 100% | Canning Basin | Granted |
| Mineral Sands | L04/93 | Thunderbird Operations Pty Ltd | 100% | Canning Basin | Granted |
| Mineral Sands | M04/459 | Thunderbird Operations Pty Ltd | 100% | Canning Basin | Granted |
Notes:
¹Thunderbird Operations Pty Ltd is a wholly owned subsidiary of Kimberley Mineral Sands Pty Ltd (refer to ASX announcement 12 March 2021). Kimberley Mineral Sands Pty Ltd is a 50:50 incorporated joint venture between Sheffield Resources Ltd and YGH Australia Investment Ltd (Yansteel).
ADDITIONAL INFORMATION
Kimberley Mineral Sands - Equity Accounting
Sheffield is the 50% owner of Kimberley Mineral Sands Pty Ltd, the ultimate owner and operator of the Thunderbird Mine. Sheffield uses the equity accounting method in relation to its joint venture investment in KMS & the Thunderbird Mine. As KMS is privately held and equity accounted by Sheffield, financial results are not consolidated. Sheffield does elect to disclose a wider range of financial and non-financial KMS information on 100% basis for the benefit of shareholders.
GAAP and Non-GAAP financial metrics
Sheffield Resources utilises GAAP and Non-GAAP financial metrics for measuring business unit performance from time to time. Where disclosed by the Company, the following definitions shall apply (unless otherwise denoted):
"C1 Cash Costs" comprises costs including mining, processing, selling & transportation, general & administrative, community, permitting, inventory movement and by-product and co-product credits. Prior period disclosure of C1 cash costs may be affected by cost reallocations, transfers and movements with C2 and C3 cost categories in the ordinary course of business and in accordance with accounting policy and practice.
"C2 Production Costs" comprises C1 Cash Costs, plus depreciation and amortisation charges.
"C3 Total Costs" comprises C2 Production Costs, plus royalty expenses, interest charges, exploration costs, sustaining capital and lease expenditures.
"Revenue to Cost Ratio" comprises gross revenue divided by the sum of C1 Cash Costs (excluding inventory movement) and royalty expenses.
"All In Sustaining Costs (AISC)" and "All In Costs (AIC)" are in accordance with the "Word Gold Council - 2018 Updated Guidance Note on Non-GAAP Metrics" disclosures.
COMPLIANCE STATEMENTS
This document should be read in conjunction with the following announcements by the Company: "Thunderbird Ore Reserve Update" dated 24 March 2022, "Thunderbird BFS, Results, Financing and Project Update" dated 24 March 2022, "Thunderbird Final Investment Decision", "Mineral Resource and Ore Reserve Statement" dated 24
September 2019 and "South Atlantic Project: Maiden Mineral Resource & Retiro Licence Approval" dated 25 June 2025 (the Primary Announcements). Information in this document in relation to Mineral Resources, Ore Reserves and metallurgy and process design has previously been reported in the Primary Announcements. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of the 24 September 2019 Thunderbird Mineral Resource and Ore Reserve Statement and the 24 March 2022 Thunderbird Ore Reserve Update, that all material assumptions and technical parameters underpinning the estimates with regards to the Company in the relevant market announcement continue to apply and have not materially changed. The Company confirms that all material assumptions underpinning any production target and any forecast financial information derived from any production target that is disclosed in this announcement continue to apply and have not materially changed. The Company confirms that the form and context of the Competent Person's findings are presented and have not been materially modified from the original market announcements.
Production Target Cautionary Statement
Information in this document that relates to production targets (including subsets of such targets) was first reported within the Primary Announcements. Sheffield confirms that all the material assumptions underpinning the production targets, and the forecast financial information derived from the production targets, continue to apply and have not materially changed.
Disclaimer
This document has been prepared by Sheffield Resources Limited based on information from its own and third-party sources, including Kimberley Mineral Sands Pty Ltd, and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, despatch or provision of this document, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this document. Except for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this document including, without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliability or you or any other person placing any reliance on this document, its accuracy, completeness, currency or reliability. Information in this document which is attributed to a third-party source has not been checked or verified by the Company. This document is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. This document does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. It should be read in conjunction with, and full review made of, the Company's disclosures and releases lodged with the Australian Securities Exchange (ASX) and available at www.asx.com.au. Each recipient must make its own independent assessment of the Company before acquiring any shares in the Company.
All dollar values are in Australian dollars (A$ or AUD) unless otherwise stated.
Forward Looking Information
This document contains forward-looking statements. Wherever possible, words such as "intends", "expects", "scheduled", "estimates", "anticipates", "believes", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify these forward-looking statements. Although the forward-looking statements contained in this document reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, the Company cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Company's actual results, events, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although Sheffield has attempted to identify
important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements (refer in particular to the "Key Risks" section of the Company's ASX announcement dated 24 March 2022, "Thunderbird BFS, Results, Financing and Project Update"), there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended, including those risk factors discussed in the Company's public filings. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on forward-looking statements.
Any forward-looking statements are made as of the date of this announcement, and Sheffield assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law. This document may contain certain forward-looking statements and projections regarding:
- estimated Resources and Reserves;
- planned production and operating costs profiles;
- planned capital requirements; and
- planned strategies and corporate objectives.
Such forward-looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Sheffield and Kimberley Mineral Sands Pty Ltd. The forward-looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved. Sheffield does not make any representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking statements/projections based on new information, future events or otherwise except to the extent required by applicable laws.
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity
Sheffield Resources Limited
ABN
29 125 811 083
Quarter ended ("current quarter")
31 March 2026
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
|---|---|---|---|
| 1. | Cash flows from operating activities | ||
| 1.1 | Receipts from customers | - | - |
| 1.2 | Payments for | ||
| (a) exploration & evaluation | - | - | |
| (b) development | - | - | |
| (c) production | - | - | |
| (d) staff costs | (456) | (1,220) | |
| (e) administration and corporate costs | (135) | (744) | |
| 1.3 | Dividends received (see note 3) | - | - |
| 1.4 | Interest received | 26 | 108 |
| 1.5 | Interest and other costs of finance paid | - | (1) |
| 1.6 | Income taxes paid | - | - |
| 1.7 | Government grants and tax incentives | - | - |
| 1.8 | Other (provide details if material) | - | - |
| 1.9 | Net cash from / (used in) operating activities | (565) | (1,857) |
| 2. Cash flows from investing activities | |||
| --- | --- | ||
| 2.1 Payments to acquire or for: | |||
| (a) entities | - | ||
| (b) tenements | - | ||
| (c) property, plant and equipment | - | ||
| (d) exploration & evaluation | - | ||
| (e) investments | - | ||
| (f) other non-current assets | - |
ASX Listing Rules Appendix 5B (17/07/20)
- See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
|---|---|---|---|
| 2.2 | Proceeds from the disposal of: | ||
| (a) entities | |||
| (b) tenements | |||
| (c) property, plant and equipment | |||
| (d) investments | |||
| (e) other non-current assets | - | ||
| - | |||
| - | |||
| 3,604 | |||
| - | - | ||
| - | |||
| - | |||
| 3,604 | |||
| - | |||
| 2.3 | Cash flows from loans to other entities | - | - |
| 2.4 | Dividends received (see note 3) | - | - |
| 2.5 | Other (provide details if material) | - | - |
| 2.6 | Net cash from / (used in) investing activities | 3,604 | (800) |
| 3. | Cash flows from financing activities | ||
| 3.1 | Proceeds from issues of equity securities (excluding convertible debt securities) | - | - |
| 3.2 | Proceeds from issue of convertible debt securities | - | - |
| 3.3 | Proceeds from exercise of options | - | - |
| 3.4 | Transaction costs related to issues of equity securities or convertible debt securities | - | - |
| 3.5 | Proceeds from borrowings | - | - |
| 3.6 | Repayment of borrowings | - | - |
| 3.7 | Transaction costs related to loans and borrowings | - | - |
| 3.8 | Dividends paid | - | - |
| 3.9 | Other (provide details if material) | - | - |
| 3.10 | Net cash from / (used in) financing activities | - | - |
| 4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
| 4.1 | Cash and cash equivalents at beginning of period | 1,392 | 7,088 |
| 4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (565) | (1,857) |
| 4.3 | Net cash from / (used in) investing activities (item 2.6 above) | 3,604 | (800) |
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | - | - |
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
|---|---|---|---|
| 4.5 | Effect of movement in exchange rates on cash held | - | - |
| 4.6 | Cash and cash equivalents at end of period | 4,431 | 4,431 |
| 5. | Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter $A'000 | Previous quarter $A'000 |
| --- | --- | --- | --- |
| 5.1 | Bank balances | 4,431 | 1,392 |
| 5.2 | Call deposits | - | - |
| 5.3 | Bank overdrafts | - | - |
| 5.4 | Other (provide details) | - | - |
| 5.5 | Cash and cash equivalents at end of quarter (should equal item 4.6 above) | 4,431 | 1,392 |
| 6. | Payments to related parties of the entity and their associates | Current quarter $A'000 | |
| --- | --- | --- | |
| 6.1 | Aggregate amount of payments to related parties and their associates included in item 1 | 224 | |
| 6.2 | Aggregate amount of payments to related parties and their associates included in item 2 | - | |
| Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. |
6.1 These payments relate to existing remuneration arrangements being Executive Chairman, and Non-Executive Directors.
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| 7. | Financing facilities
Note: the term “facility” includes all forms of financing arrangements available to the entity.
Add notes as necessary for an understanding of the sources of finance available to the entity. | Total facility amount at quarter end $A'000 | Amount drawn at quarter end $A'000 |
| --- | --- | --- | --- |
| 7.1 | Loan facilities | - | - |
| 7.2 | Credit standby arrangements | - | - |
| 7.3 | Other (please specify) | - | - |
| 7.4 | Total financing facilities | - | - |
| 7.5 | Unused financing facilities available at quarter end | | - |
| 7.6 | Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. | | |
| | | | |
| 8. | Estimated cash available for future operating activities | $A'000 |
| --- | --- | --- |
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | (565) |
| 8.2 | (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) | - |
| 8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (565) |
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 4,431 |
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | - |
| 8.6 | Total available funding (item 8.4 + item 8.5) | 4,431 |
| 8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 7.8 |
| 8.8 | Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. | |
| | If item 8.7 is less than 2 quarters, please provide answers to the following questions:
8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? | |
| | Answer: NA | |
| | 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? | |
| | Answer: NA | |
ASX Listing Rules Appendix 5B (17/07/20)
- See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? |
|---|
| Answer: NA |
| Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. |
Compliance statement
- This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
- This statement gives a true and fair view of the matters disclosed.
29 April 2026
Date: ...
Board of Directors
Authorised by: ...
(Name of body or officer authorising release – see note 4)
Notes
- This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
- If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, 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. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
- Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
- If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee – eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".
- If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.