Sheffield Resources Ltd. — Investor Presentation 2015

Mar 16, 2015

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SFX
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Investor Presentation March 2015

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Disclaimer

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PREVIOUSLY REPORTED INFORMATION

This report includes information that relates to results which were prepared and first disclosed under the JORC Code 2012. The information was extracted from the Company’s previous ASX announcements as follows:

“THUNDERBIRD MINERAL SANDS PROJECT UPDATE”, 17 MARCH 2015

“THREE NEW MINERAL SANDS DISCOVERIES IN CANNING BASIN”, 25 February 2015

“THUNDERBIRD HIGH GRADE RESOURCE SURPASSES ONE BILLION TONNES”, 12 December 2014 “SHEFFIELD DOUBLES TOTAL MINERAL RESOURCES AT WORLD CLASS THUNDERBIRD HMS DEPOSIT”, 19 March 2014

“SCOPING STUDY HIGHLIGHTS THUNDERBIRD’S EXCEPTIONAL FINANCIAL RETURNS”, 14 April 2014 “THUNDERBIRD MINERAL SANDS PROJECT UPDATE”, 17 September 2014 “STANDOUT DRILLING RESULTS EXTEND HIGH GRADE MINERALISATION AT THUNDERBIRD MINERAL SANDS PROJECT”, 10 November 2014

This report also includes information that relates to Mineral Resources which were prepared and first disclosed under the JORC Code 2004. The information has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. The information was extracted from the Company’s previous ASX announcements as follows:

• “1MT CONTAINED HM INFERRED RESOURCE AT ELLENGAIL”, 25 October 2011

• “WEST MINE NORTH MINERAL RESOURCE ESTIMATE EXCEEDS EXPECTATIONS”, 7 November 2011

• “4.4 BILLION TONNE MAIDEN RESOURCE AT MCCALLS HMS PROJECT”, 20 February 2012.

• “ENEABBA PROJECT RESOURCE INVENTORY EXCEEDS 5MT HEAVY MINERAL”, 28 August 2012

• “LARGE HIGH GRADE MAIDEN RESOURCE FOR THUNDERBIRD HMS DEPOSIT”, 18 December 2012

FORWARD LOOKING STATEMENTS

Some statements in this report regarding estimates or future events are forward-looking statements. They include indications of, and guidance on, future earnings, cash flow, costs and financial performance. Forward-looking statements include, but are not limited to, statements preceded by words such as “planned”, “expected”, “projected” “estimated” “may”, “scheduled”, “intends”, “potential”, “could” “nominal” “conceptual” and similar expressions. Forward looking statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward looking statements may be affected by a range of variables that could cause actual results to differ from estimated results.

SCOPING STUDY

The Scoping Study referred to in this report is based on low-level technical and economic assessments, and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Scoping Study will be realised

The Company believes it has a reasonable basis for making the forward looking statements in this report, including with respect to any production targets, based on the information contained in the announcement “SCOPING STUDY HIGHLIGHTS THUNDERBIRD’S EXCEPTIONAL FINANCIAL RETURNS”, dated 14 April 2014, and with respect to the Mineral Resource for Thunderbird as at 19 March 2014, independently compiled by QG Pty Ltd, together with independent metallurgical, processing design, engineering, mining and marketing studies, product quality assessment, external commodity price and exchange rate forecasts and global operating cost data.

• “YANDANOOKA RESOURCE UPGRADE AND METALLURGICAL RESULTS”, 30 January 2013.

• “1Mt HEAVY MINERAL RESOURCE ADDED TO ENEABBA PROJECT”, 30 October 2013

These announcements are available to view on Sheffield Resources Ltd’s website www.sheffieldresources.com.au

In this report the term “mining inventory” is used to report that part of the Mineral Resource that has been considered in the Scoping Study. The mining inventory does not meet the requirements of an Ore Reserve as defined under the 2012 edition of the JORC Code and should not be considered an Ore Reserve. There is no certainty that all or any part of the mining inventory will be converted into Ore Reserves.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement

Company Snapshot

ASX Code : SFX

Shareholder Split

Top 20 40% Shareholders Directors 17.5%

No industry major or offtake group on register

Capital Structure

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Share price $0.725 Shares on issue 134.4m Employee Options 7.4m (Ave. Exercise Price 71c) Market Cap (Undiluted) $97.4 Cash $7.7m Enterprise Value $89.7m* 3

*Includes $2.5m consideration from sale of Oxley potash project (ASX release 9/3/2015)

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Board & Management

Board & Management

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Will Burbury Executive Chairman Bruce McQuitty Managing Director David Archer Technical Director David Boyd Exploration Manager Project Development Mark Teakle Manager Wayne Sustainability Manager Groeneveld

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PROVEN TRACK RECORD

• History of successful Exploration and Corporate Transactions

• Discovered world class Thunderbird mineral sands deposit

• Built global scale HMS resource base in 3 years

• Completed Thunderbird Scoping Study demonstrating outstanding project economics

• Over 40 years of collective mineral sands experience

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Project Locations

(ALL 100% SFX)

Thunderbird HMS Total Resource 3.2Bt @ 6.8% HM (95Mt VHM)[1 ] including 1.08Bt @ 11.8% HM Eneabba HMS Total Resource 302Mt @ 2.2% HM (5.8Mt VHM)[1 ] McCalls HMS Total Resource 4.4Bt @ 1.2% HM (50Mt VHM)[1 ] Red Bull - Nickel Fraser Range Ni-Cu

• 1 Refer to Appendices 1 & 2

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Thunderbird - Strategic Location

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LOCATION

• 30km north of sealed Broome - Derby highway

• 140km by road to either Broome or Derby ports

• Gas discoveries nearby

• Close to Asian markets

CANNING BASIN

• Thunderbird is first major mineral sands discovery in a new province

• Tenure doubled to 5,800km[2] since Dec 2014

WESTERN AUSTRALIA

• Stable jurisdiction

• Pool of skilled workers & expertise

• Established mineral sands industry

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Recent Developments

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PERMITTING & INFRASTRUCTURE

• Mining Lease lodged July 2014

• Miscellaneous licences lodged Dec 2014

• Designated Level 2 Lead Agency Framework Project

• Preferred proponent for bulk handling facility at Derby Port

• Groundwater studies completed, water extraction licence lodged March 2015

• PFS level mine to port logistics chain studies completed

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Derby Port

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Recent Developments

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THUNDERBIRD RESOURCE UPDATE 12 December 2014

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Mineral
Valuable HM Grade (in situ) [2]
Resources [1]
Resource Cut-off Material HM Zircon % HiTi Leuc.% [Leucoxene ] Ilmenite %
HM% Mt % %
Total 3.0 3,205 6.8 0.58 0.19 0.21 1.9
Total 7.5 1,080 11.8 0.92 0.28 0.25 3.3
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Total Resource 3.2Bt @ 6.8% HM (at 3% HM cut-off)

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NE
SW
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Refer to Appendices 1 & 2 for full Resources Tabulation

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LEGEND
Block Model
Grade
3% HM
b
7.5% HM
10% HM
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High Grade Zone
1.08Bt @ 11.8% HM (at 7.5% HM cut-off)
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• Key to Thunderbird is continuous High Grade Zone

• This zone occurs at or near surface in the northern part of the deposit

• Tonnes have been rounded to reflect the relative uncertainty of the estimate. 2. The in situ grade is determined by multiplying the percentage of HM by the percentage of each valuable heavy mineral within the heavy mineral assemblage.

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Recent Developments

RESOURCE UPDATE 12 DECEMBER 2014

• Valuable Heavy Mineral in Total Resource increased by 32% to 95 million tonnes

• Total contained zircon now 19.3 million tonnes

• High grade component increased by 46% to 1.08Bt @ 11.8% HM

• Confidence increased: 82% in M & I categories

• New resource added in shallow up-dip areas:

• 95Mt @ 12.0% HM (Indicated)

• 25Mt @ 12.2% HM (Inferred)

Expected to add more high grade feed to front end of mining schedule

• Updated resource sets strong platform for PFS

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Refer to Appendices 1 & 2 for full Resources Tabulation

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Recent Developments

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METALLURGY & PRODUCT QUALITY

RECOVERIES

• 12.5 tonne bulk sample processed by Robbins Metallurgical using full scale and scalable equipment

• lmproved recoveries of all products over those achieved in Scoping Study

• Overall zircon recovery increased by 5% (to 67%) with high percentage of primary zircon (80%)

TAILINGS CO-DISPOSAL TESTWORK

• Results indicate likely feasibility of co-disposal of slimes & sand tails

• High consolidating rates/water recoveries with low-moderate flocculant dosages => reduced operational footprint and faster rehabilitation

PRODUCT QUALITY

• Scoping Study product assessment by TZMI & Ruidow indicates products readily marketable:

• Premium grade zircon suitable for ceramics market

• Primary ilmenite featuring low Cr2O3 and low alkalis suitable for sulphate pigment process or sulphate or chloride slag

• HiTi80 product suitable for welding rod market

• PFS product assessment & marketing studies underway

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12.5 tonne sample processed at RJ Robbins laboratory, Brisbane

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Primary zircon product from 12.5t testwork

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Tier 1 Project

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THUNDERBIRD MINERAL SANDS

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7.00
Amongst
the world’s
6.00
Puttalam [(ILU) ] largest and
Fairbreeze [(TROX) ] highest
5.00
grade
Douglas [(ILU) ]
Toliara [(WTR) ]
deposits
4.00
Thunderbird High Grade Zone
Moma [(KMR) ] 1.08Bt @ 11.8%HM (7.5% HM c/o)
Kwale [(BSE) ] Namakwa [(TROX) ]
3.00
Thunderbird
3.2Bt @ 6.8%HM (3% HM c/o) Only deposits greater
2.00 than 100Mt are shown.
Bubble size proportional
Sierra Rutile [(SRX) ] to contained VHM tonnes
Eneabba [(SFX) ]
JA Resource 2008 [(ILU) ]
Grand Cote [(MDL) ]
1.00 Cyclone [(DRX) ] Data compiled by SFX
from open file sources.
Coburn [(GUN) ]
Rio Tinto’s deposits
excluded (unable to be
McCalls [(SFX) ] sourced)
0.00
0.00 -0.10 0.40 0.90 1.40 1.90
Mineral Grade (Rut+Lux+Ilm) %
2
In Situ TiO
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In Situ Zircon Grade %

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Tier 1 Project

THUNDERBIRD MINERAL SANDS

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LARGE ZIRCON DEPOSITS DISCOVERED OVER PAST 30 YEARS

20 15 10

Most significant discovery in decades: Grade and Scale

5 0

Year of Discovery

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* Thunderbird contained zircon @ 3% HM cut-off Dec 2015
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Thunderbird Project Metrics

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RESULTS OF SCOPING STUDY APRIL 2014

PHYSICALS

• 32 Year Mine Life

• 20.8Mtpa average mining rate (dry mining)

• Average annual production is estimated to be:

• 118,200tpa zircon (approx. 8% of global supply)

• 545,000tpa ilmenite (approx. 4% of global supply)

• 21,700tpa HiTi80

• High grades and very low strip ratio in initial years

FINANCIALS

• Long life, strong margin project

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Zircon
1000000
HiTi 80
900000
Ilmenite
800000
700000
600000
500000
400000
300000
200000
100000
0
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• Projected $140mpa EBITDA for 32 years[1]

• LOM R:C ratio 2:1, first 10 years 2.4:1

• Modest estimated Capex[2] requirement of A$294m, with short payback period of 2 years

Schedule Year

Thunderbird Projected Saleable Product Physicals

• Revenue split: zircon 57%, ilmenite 36%, HiTi80 7%

PFS DUE APRIL 2015

1 Assuming long term pricing: US$1,475 zircon, US$185 ilmenite, US$870 HiTi80, A$:US$ 0.90 2 Excludes estimated cost of PFS ($5m) and DFS ($10m).

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Regional Exploration Success

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NEW PROVINCE - THREE NEW DISCOVERIES

• Discoveries from limited scout drilling:

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• Night Train – best 9m @ 6.3% HM

• Nomad – best 13.5m @ 3.0% HM

• Seagull - best 4.5m @ 5.4% HM

• High value mineral assemblage: 92% VHM including 15% zircon, 61% leucoxene+HiTi at Night Train

• New fertile province => high rate of discovery

• 3,275km[2] of new tenure applications since Dec 2014

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Night Train Cross Section

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Nomad Cross Section

Timeline to Production

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Upcoming Milestones Will Drive Shareholder Value

• PFS April 2015

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• Resource & PFS Updates Q3 2015

• DFS Q4 2016

• Permitting & Approvals

• Regional Exploration – follow up recent discoveries

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Production Long life
Pre-feasibility DFS Development Commencing  Offering leverage to
Scoping multiple pricing
Study cycles
2014 Q2 2014 Q3 2014 Q4 2015 2016 2017 2018 >32 Year LOM
Permitting & Approvals
Regional Exploration
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• Level 2 Flora and Fauna surveys completed

• Mining Lease application lodged July 2014

• Lead Agency Framework Project Proposal March 2015

• Native Title negotiations Q2-Q3 2015

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Fraser Range Nickel

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LARGE FOOTPRINT IN NEW PROVINCE

FRASER RANGE

• Fraser Range tenement position grown to 2,300km[2 ]

• Red Bull and Big Bullocks projects are main focus

• Aim is to generate new targets for RC drilling Q2-Q3 2015

RED BULL

• Moving Loop EM survey underway over Northern Targets

• Targeting areas of Ni-Cu-Co-Cr anomalism in aircore drilling and soils

• Results expected early Q2 2014

BIG BULLOCKS

• Sits over main gravity ridge of Fraser Complex

• Multiple magnetic lows (interpreted ultramafic bodies)

• Scout aircore drilling program underway

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Sheffield’s tenement position in Fraser Range region

• Results expected Q2 2014

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Conclusion

ADVANCING THUNDERBIRD TOWARDS DEVELOPMENT

• World class, large scale, long life project

• One of very few large zircon-rich projects in the global development pipeline

• High estimated cash margins with leverage to multiple pricing cycles

• Modest estimated development capital

• Globally significant projected production levels of zircon and ilmenite

• Preferred proponent for Derby port bulk handling facility

• Further upside from recent developments

• Near-term major milestones:

• PFS completion April 2015

• PFS update Q3 2015

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Appendix 1: Resource Inventory SHEFFIELD’S CONTAINED VALUABLE HM (VHM)* RESOURCE INVENTORY AT 12 DECEMBER 2014

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Deposit	Resource Category	Zircon (‘000t)	Rutile (‘000t)	HiTi Leuc. (‘000t)	Leuc. (‘000t)	Ilmenite (‘000t)	Total VHM (‘000t)
Thunderbird	Measured	500	-	200	200	1,800	2,600
Thunderbird	Indicated	15,900	-	5,200	6,500	50,400	78,100
Thunderbird	Inferred	2,800	-	1,000	1,300	9,000	14,100
Yandanooka	Measured	13	2	-	3	87	105
Yandanooka	Indicated	240	81	-	83	1,440	1,840
Yandanooka	Inferred	4	1	-	2	23	29
Durack	Indicated	144	29	-	52	703	928
Durack	Inferred	26	5	-	13	121	164
Drummond Crossing	Indicated	143	101	-	37	542	823
Drummond Crossing	Inferred	7	5	-	1	28	41
Ellengail	Inferred	92	90	-	19	658	859
West Mine North	Measured	18	33	-	42	200	293
West Mine North	Indicated	71	87	-	46	506	709
McCalls	Inferred	3,490	1,060	-	2,580	42,910	50,040
Total	Measured	530	35	200	245	2,090	3,100
Total	Indicated	16,500	300	5,200	6,720	53,590	82,310
Total	Inferred	6,420	1,160	1,000	3,915	52,740	65,235
Total	All	23,450	1,500	6,400	10,880	108,420	150,650

All tonnages have been rounded to reflect the relative uncertainty of the estimate, thus sum of columns may not equal. The contained VHM tonnages in the above table are derived from Mineral Resource Estimates for the Yandanooka, Ellengail , West Mine North, McCalls, Durack deposits (estimated using a 0.9% HM cut-off), the Drummond Crossing deposit (estimated using a 1.1% HM cut-off) and the Thunderbird deposit (estimated using a 3% HM cut-off) detailed in Appendix 2.. * Valuable Heavy Minerals are classified as zircon, rutile, HiTi leucoxene, leucoxene and ilmenite. See the compliance statements at the beginning of this presentation for important information relating to the reporting of these Mineral Resources.

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Appendix 2: HMS Mineral Resources[1 ]

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INVENTORY 12 DECEMBER 2014

Project	Deposit	Resource Category	Cut-off **(% HM)3 **	Material (Mt)*	Bulk Density	HM %	Slimes **%3 **	Osize %	In-situ HM (Mt)*	Zircon2 %	Rutile2 %	HiTi Leuc. % 2	Leuc.2 %	Ilmenite2 %
THUNDER BIRD	Thunderbird	Measured	3.0	75	2.1	7.9	19	11	6	9.3	-	2.7	2.7	30
	Thunderbird	Indicated	3.0	2,550	2.1	7.0	16	9	180	8.9	-	2.9	3.6	28
	Thunderbird	Inferred	3.0	580	2.0	5.6	16	9	32	8.8	-	3.0	4.1	28
	Total Thunderbird	Total	3.0	3,205	2.1	6.8	16	9	218	8.9	-	2.9	3.7	28
ENEABBA	Yandanooka	Measured	0.9	3	2.0	4.1	15	14	0.1	11	1.9	-	2.2	72
	Yandanooka	Indicated	0.9	90	2.0	2.3	16	15	2.1	11	3.9	-	3.9	69
	Yandanooka	Inferred	0.9	3	2.0	1.2	18	21	0.03	11	3.9	-	4.6	68
	Yandanooka	Total	0.9	96	2.0	2.3	16	15	2.2	11	3.8	-	3.9	69
	Durack	Indicated	0.9	50	2.0	2.0	15	21	1.0	14	2.8	-	5.1	69
	Durack	Inferred	0.9	15	1.9	1.2	14	17	0.2	14	2.5	-	7.2	66
	Durack	Total	0.9	65	2.0	1.8	15	20	1.2	14	2.8	-	5.6	68
	Drummond Crossing	Indicated	1.1	49	2.0	2.1	16	9	1.0	14	10	-	3.6	53
	Drummond Crossing	Inferred	1.1	3	2.0	1.5	16	8	0.05	13	10	-	2.8	55
	Drummond Crossing	Total	1.1	52	2.0	2.1	16	9	1.1	14	10	-	3.5	53
	Ellengail	Inferred	0.9	46	2.0	2.2	16	2	1.0	8.9	8.7	-	1.9	64
	Ellengail	Total	0.9	46	2.0	2.2	16	2	1.0	8.9	8.7	-	1.9	64
	West Mine North	Measured	0.9	6	2.0	5.6	15	1	0.4	4.9	9.1	-	12	55
	West Mine North	Indicated	0.9	36	1.9	2.3	13	3	0.8	8.4	10	-	5.4	60
	West Mine North	Total	0.9	43	1.9	2.8	13	3	1.2	7.9	10	-	6.4	59
	Total	Measured	Var.	9	2.0	5.2	15	5	0.5	6.7	6.8	-	8.7	60
	Total	Indicated	Var.	225	2.0	2.2	15	13	5.0	12	6.0	-	4.4	64
	Total	Inferred	Var.	68	2.0	1.9	15	6	1.3	10	7.2	-	3.2	64
	Total Eneabba	All	Var.	302	2.0	2.2	15	11	6.8	12	6.3	-	4.2	64
MCCALLS	McCalls	Inferred	0.9	4,431	2.3	1.2	27	1.4	53	6.6	2.0	-	4.9	81
	Total McCalls	All	0.9	4,431	2.3	1.2	27	1.4	53	6.6	2.0	-	4.9	81

• All tonnages and grades have been rounded to reflect the relative uncertainty of the estimate and maintain consistency throughout the table, thus sum of columns may not equal. 1 See the compliance statements at the beginning of this presentation for important information relating to the reporting of these Mineral Resources. 2 The Mineral Assemblage is represented as the percentage of the Heavy Mineral (HM) component of the deposit, determined by QEMSCAN for Eneabba & McCalls, with TiO2 minerals defined according to the following ranges: Rutile >95% TiO2; Leucoxene 85-95% TiO2; Ilmenite <55-85% TiO2; for Dampier the mineral assemblage was determined by screening and magnetic separation. Magnetic fractions were analysed by QEMSCAN for mineral determination as follows: Ilmenite: 40-70% TiO2 >90% Liberation; Leucoxene: 70-94% TiO2 >90% Liberation; High Titanium Leucoxene (HiTi Leucoxene): >94% TiO2 >90% Liberation; and Zircon: 66.7% ZrO2+HfO2 >90% Liberation. Non-magnetic fractions were submitted for XRF analysis and minerals determined as follows: Zircon: ZrO2+HfO2/0.667 and High Titanium Leucoxene (HiTi Leucoxene): TiO2/0.94. 3 West Mine North, Drummond Crossing, Durack and McCalls deposits are reported below 35% slimes cut-off.

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