Sheffield Resources Ltd. - Investor Presentation 2016

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Thunderbird One of the World’s Best Undeveloped Mineral Sands Projects

Diggers & Dealers Mining Forum August 2016 ASX : SFX

DISCLAIMER

PREVIOUSLY REPORTED INFORMATION

This presentation includes information that relates to Exploration Results, Exploration Targets, Mineral Resources, Ore Reserves, a Pre-feasibility Study and Technical Studies which were prepared and first disclosed under the JORC Code 2012. The information was extracted from the Company’s previous ASX announcements as follows:

“SHEFFIELD DOUBLES MEASURED MINERAL RESOURCE AT THUNDERBIRD” 5 July, 2016

“THUNDERBIRD MINERAL SANDS PROJECT - BFS UPDATE” 29 June, 2016

“PREMIUM ZIRCON AT NIGHT TRAIN”, 14 April 2016

“SHEFFIELD APPOINTS HATCH TO DELIVER BFS FOR THUNDERBIRD PROJECT“, 2 March 2016

“MAIDEN ORE RESERVE – THUNDERBIRD PROJECT”, 22 January, 2016

“PRE-FEASIBILITY STUDY UPDATE CONFIRMS THUNDERBIRD AS THE WORLD’S BEST UNDEVELOPED MINERAL SANDS PROJECT”, 14 October 2015

“NEW MINERAL SANDS DISCOVERY AT NIGHT TRAIN”, 22 September 2015

“OUTSTANDING RESULTS FROM ILMENITE UPGRADE TESTWORK”, 9 September 2015

“CONVENTIAL DOZER TRAP MINING CONFIRMED AS PREFERRED MINING METHOD AT THUNDERBIRD”, 17 September 2015

“THUNDERBIRD HIGH GRADE RESOURCE UPDATE”, 31 July 2015

“QUARTERLY REPORT FOR PERIOD ENDING 30 JUNE 2015”, 27 July 2015

“PRE-FEASIBILITY STUDY CONFIRMS THUNDERBIRD AS NEXT MAJOR MINERAL SANDS PROJECT IN GLOBAL DEVELOPMENT PIPELINE”, 14 May 2015

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

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

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, Ore Reserves, Pre-feasibility Study and Technical Study results, 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

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.

MINERAL RESOURCES RELATED TO PFS RESULTS

In this report that part of the Thunderbird Measured and Indicated Mineral Resource, considering the results of pit optimisations, preliminary mine designs and economic factors, that has been evaluated in the October 2015 Pre-feasibility Study is 685Mt at 11.3% HM. These considerations for the PFS are not sufficient to meet the requirements of an Ore Reserve as defined under the 2012 edition of the JORC Code and therefore should not be considered as such. Subsequent to the PFS, on 22 January 2016, Sheffield announced a maiden Ore Reserve for Thunderbird meeting the requirements of the JORC Code 2012, totalling 682.7Mt @ 11.3% HM (Proved and Probable), based on that portion of the July, 2015 Thunderbird deposit Measured and Indicated Mineral Resources within mine designs that may be economically extracted with appropriate consideration of modifying factors, costs, mineral assemblage, process recoveries and product pricing. See Appendix 1 for further details.

CORPORATE SNAPSHOT

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ASX ISSUED EMPLOYEE SHARE PRICE MARKET CASH ENTERPRISE TOP TWENTY CODE SHARES OPTIONS (28 July 2016) CAP (UNAUDITED)[2] VALUE SHAREHOLDERS[2] SFX 147.6M 8.7M A$0.62 A$92M A$5.0M A$87M ~43%

(AVE.EX PRICE 48[C] )

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Price (AUD)
Volume(k)
$0.70
700.0
$0.65
600.0
$0.60
$0.55 500.0
$0.50 400.0
$0.45 V 300.0
$0.40
200.0
$0.35
$0.30 100.0
$0.25 0.0
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2unaudited as at 30 June 2016

DIRECTORS, MANAGEMENT & REGISTER

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3% [1%]
BOARD MANAGEMENT 11% 16%
Will Burbury Bruce McFadzean
Directors
Non-executive Chairman Managing Director
New Zealand
Bruce McFadzean David Archer
Managing Director Technical Director Retail Tasmania
David Archer Mark Di Silvio Retail WA
Technical Director CFO/Company Secretary 36% 29% Retail Australia
Bruce McQuitty Jim Netterfield Institutional
Non-executive Director BFS Project Manager
Overseas
Neil Patten-Williams
Marketing Manager 4%
Mark Teakle
Development Manager
David Boyd
Exploration Manager
Wayne Groeneveld
Sustainability Manager
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THUNDERBIRD DISCOVERY TO PRODUCTION

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ASX listed December 2010

Thunderbird Mineral Sands Tier 1 project

From initial drill hole to BFS in 4 Years

Targeting first production from Thunderbird early 2019

Potential Multi-decade (+40 year) operation

First mover status in Canning Basin mineral sands province

Lead Agency status with Department of Mines and Petroleum

2013 Explorer of the year and 2013 Diggers and Dealers Best Emerging Company Award

THUNDERBIRD - WORLD CLASS ORE RESERVE

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10.00
Murray Basin (ILU)
8.00
6.00 Richards Bay (RIO) Perth Basin (ILU)
Fairbreeze (TROX) Namakwa (TROX)
QMM (RIO)
Kwale (BSE)
THUNDERBIRD (SFX)
4.00
Moma
Dongara (TROX)
(KMR)
2.00
Grand Cote
(MDL) Keysbrook (MZI)
Cyclone (DRX)
Eucla Basin (ILU)
0.00 Cooljarloo Cooljarloo Coburn (STA)
0 (TROX) West (TROX) 0.2 0.4 0.6 0.8 1 1.2
In Situ Zircon %
Zircon Grade
Grade
2
TiO
In Situ Titanium Minerals (Ilm+Lux+Rut) %
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Amongst the world’s largest and highest grade zircon rich Ore Reserves

Australia, one of the best mining jurisdictions in the world

Most of the world’s minerals sands Ore Reserves are in high risk jurisdictions

Thunderbird Ore Reserves ranked against Ore Reserves of current mineral sands operations and projects under investigation globally

Blue bubbles are operating mines, green bubbles are Ore Reserves reported but project is not operating. Blue hatch bubbles represent operating African mines’ Ore Reserves Bubble size proportional to tonnes of contained VHM. Only Ore Reserves > 4Mt contained VHM shown. Data compiled by Sheffield from public sources

TARGET KEY METRICS

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FINANCIALS PHYSICALS

Capital: <A$300M[1] (US$220M)
Multi decade (>40 year) LOM
<4 year payback
Low strip ratio 0.7:1.0 (LOM)
A$12B gross revenue (LOM)
Strip ratio 0.2:1.0 (yrs 1-7)
Zircon and Ilmenite rich revenue stream
- 80% premium grade zircon
Ilmenite LTR >57% TiO 2
Revenue 60% zircon, 32% ilmenite & 8% HiTi

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COST & PRICE FORECAST

Targeting A$308/t C1 cost[2]
LOM Zircon price US$1371/t ~
( US$1,000 current)
LOM Ilmenite price US$185/t ~
( US$135 current)
LOM HiTi88 price US$700/t ~
( US$400 current)
Exchange rate $0.74 ($0.75 current)

Target Key Metrics based on results of Pre-feasibility Study announced on 14 October 2015. 1 Includes contingency.

2 Including government royalty

BFS STKEY TA R GETSATEGY

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KEY DELIVERABLES

Targeting:

BFS Completion late 2016
Targeting 7.5-10.0 Mt initial capacity with potential scope to double capacity >year 4
Further improvements from LTR ilmenite roasting
Simplification of product process flow sheet
Capital efficient design

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COMMUNITY/EMPLOYMENT

PERMITTING

Government support via

Targeting:

“Lead Agency Status” from Department of Mines and Petroleum (DMP) • P ublic E nvironmental R eview process commenced

Local DIDO workforce
Promotion of Aboriginal
employment and business opportunities
Positive community support
- Native Title approvals targeted in 2016
Promotion of local business participation
Local government approval
• Long mine life opportunity for processes commenced
local communities
Optimise recoveries

BFS UPDATEKEY TARGETS

Tier 1 Engineering House HATCH managing the BFS delivery

PROCESS TEST WORK LOW TEMP. ROAST

OTHER

• •
40t bulk sample testing on High-grade LTR Ilmenite Mineral Resource Update full-scale and scalable (57.9% TiO2) produced from doubles Measured Resources equipment bench-scale test work to 220Mt @ 14.5% HM
• • • Increased HM grade of feed Outstanding improvements in Trenching confirms BFS –
to Wet Concentration Plant the FeO:Fe2O3 ratio to >1.0 production rates will be readily (WCP) to 26.2% potential game-changer for achieved with D11 dozers
• sulphate ilmenite market • Stage recoveries increased Project Environmental Scoping •
for ilmenite and zircon from Pilot-scale continuous-flow test Document (ESD) approved by PFS in WCP and Concentrate at Hazen Laboratories, the Western Australian Upgrade Plant (CUP) Colorado USA on Thunderbird Environmental Protection ilmenite Authority (EPA)
•
Final product samples to be Native Title negotiations generated for customers remain on target for completion before the end of 2016

Refer to ASX Announcements dated 29 June and 5 July 2016 for further details

THUNDERBIRD - WORLD CLASS DEPOSIT

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• Thunderbird has a continuous High Grade Zone of up to 46m thickness

• HG zone is surface outcropping in the northern part of the deposit

• Deposit geometry and grade consistency favours large scale mining

• Very low strip Ratio (<0.7:1:0) targeted

CONVENTIONAL PROCESSING

Conventional heavy mineral sands processing circuit to deliver zircon, ilmenite, and HiTi88 products[1] The process includes an ilmenite upgrade step using a low temperature roast (“LTR”) LTR upgrades the primary ilmenite by 22% to produce a high grade sulphate ilmenite BFS targeting further LTR ilmenite upgrades[2] BFS targeting premium zircon product and a secondary zircon concentrate

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1 Process design by Robbins Engineering, based on metallurgical testwork carried out on a 40t bulk sample using full scale & scalable equipment

2 BFS test work has achieved ferric/ferrous ratio >1. Further work in progress.

INFRASTRUCTURE & LOGISTICS POTENTIAL

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TARGETED MINING & SITE INFRASTRUCTURE

THUNDERBIRD SITE LAYOUT PLAN

Targeting initial 7.5mtpa dry mining capacity
Conventional dozer trap mining (eg. JA, Kwale)
Proposed mining to commence in shallow northern sector of deposit
WCP, MSP and initial tailings dam adjacent to deposit
Only 2 WCP moves expected during mine operations

PRODUCT HANDLING & EXPORT TARGETS:

Products trucked 150km from mine to Derby
Access agreement over bulk handling facility at Derby
Product storage & loading at Derby Port
Barging & transhipment of bulk ilmenite product
Close proximity to potential markets

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REGIONAL EXPLORATION POTENTIAL

NEW PROVINCE – MULTIPLE DISCOVERIES

New discoveries from limited scout drilling including the zircon rich Night Train prospect, significant results include[1]
7.5m @ 8.23% HM
12.0m @ 5.48% HM
7.5m @ 7.23% HM
Night Train has a high value mineral assemblage: 92% VHM , including 15% zircon, 61% leucoxene + HiTi[1]
High quality zircon produced from metallurgical test sample[2]
Test sample contained 17.4% zircon heavy mineral assemblage[2]
New fertile province = high rate of discovery
Large, strategic tenement holding over most prospective Formations
Further drilling planned during 2H 2016
1 refer ASX:SFX announcements of 22 September 2015 and 25 February 2015 2 refer ASX:SFX announcements of 14 April 2016

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THUNDERBIRD KEY TARGETS & NEXT STEPS[1]

TARGETED NEXT STEPS • Secure exclusive port access completed • Appointment of BFS Study Manager completed • 40t bulk sample met test work commenced • Flow sheet optimisation completed • Ore Reserve completed • Environmental commenced • Native Title Agreement and Permitting commenced • Marketing Manager appointed • Debt Advisor commenced • Off-take partners commenced TARGETS • Further reductions in capital 2016 • BFS – complete in 2016 • Native Title Agreement 2016 • Environmental permitting 2016/17 • Off-take partners sought 2016/17 • Funding options assessed 2016 • Exploration drilling 2016 • Partner identified 2016 • Construction commences 2017 • Commissioning 2018 Off-take 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Funding BFS Update BFS Final PER Commission Construction Exploration Drilling Native Title	TARGETED NEXT STEPS • Secure exclusive port access completed • Appointment of BFS Study Manager completed • 40t bulk sample met test work commenced • Flow sheet optimisation completed • Ore Reserve completed • Environmental commenced • Native Title Agreement and Permitting commenced • Marketing Manager appointed • Debt Advisor commenced • Off-take partners commenced TARGETS • Further reductions in capital 2016 • BFS – complete in 2016 • Native Title Agreement 2016 • Environmental permitting 2016/17 • Off-take partners sought 2016/17 • Funding options assessed 2016 • Exploration drilling 2016 • Partner identified 2016 • Construction commences 2017 • Commissioning 2018 Off-take 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Funding BFS Update BFS Final PER Commission Construction Exploration Drilling Native Title	TARGETED NEXT STEPS • Secure exclusive port access completed • Appointment of BFS Study Manager completed • 40t bulk sample met test work commenced • Flow sheet optimisation completed • Ore Reserve completed • Environmental commenced • Native Title Agreement and Permitting commenced • Marketing Manager appointed • Debt Advisor commenced • Off-take partners commenced TARGETS • Further reductions in capital 2016 • BFS – complete in 2016 • Native Title Agreement 2016 • Environmental permitting 2016/17 • Off-take partners sought 2016/17 • Funding options assessed 2016 • Exploration drilling 2016 • Partner identified 2016 • Construction commences 2017 • Commissioning 2018 Off-take 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Funding BFS Update BFS Final PER Commission Construction Exploration Drilling Native Title	TARGETED NEXT STEPS • Secure exclusive port access completed • Appointment of BFS Study Manager completed • 40t bulk sample met test work commenced • Flow sheet optimisation completed • Ore Reserve completed • Environmental commenced • Native Title Agreement and Permitting commenced • Marketing Manager appointed • Debt Advisor commenced • Off-take partners commenced TARGETS • Further reductions in capital 2016 • BFS – complete in 2016 • Native Title Agreement 2016 • Environmental permitting 2016/17 • Off-take partners sought 2016/17 • Funding options assessed 2016 • Exploration drilling 2016 • Partner identified 2016 • Construction commences 2017 • Commissioning 2018 Off-take 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Funding BFS Update BFS Final PER Commission Construction Exploration Drilling Native Title	TARGETED NEXT STEPS • Secure exclusive port access completed • Appointment of BFS Study Manager completed • 40t bulk sample met test work commenced • Flow sheet optimisation completed • Ore Reserve completed • Environmental commenced • Native Title Agreement and Permitting commenced • Marketing Manager appointed • Debt Advisor commenced • Off-take partners commenced TARGETS • Further reductions in capital 2016 • BFS – complete in 2016 • Native Title Agreement 2016 • Environmental permitting 2016/17 • Off-take partners sought 2016/17 • Funding options assessed 2016 • Exploration drilling 2016 • Partner identified 2016 • Construction commences 2017 • Commissioning 2018 Off-take 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Funding BFS Update BFS Final PER Commission Construction Exploration Drilling Native Title	TARGETED NEXT STEPS • Secure exclusive port access completed • Appointment of BFS Study Manager completed • 40t bulk sample met test work commenced • Flow sheet optimisation completed • Ore Reserve completed • Environmental commenced • Native Title Agreement and Permitting commenced • Marketing Manager appointed • Debt Advisor commenced • Off-take partners commenced TARGETS • Further reductions in capital 2016 • BFS – complete in 2016 • Native Title Agreement 2016 • Environmental permitting 2016/17 • Off-take partners sought 2016/17 • Funding options assessed 2016 • Exploration drilling 2016 • Partner identified 2016 • Construction commences 2017 • Commissioning 2018 Off-take 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Funding BFS Update BFS Final PER Commission Construction Exploration Drilling Native Title	TARGETED NEXT STEPS • Secure exclusive port access completed • Appointment of BFS Study Manager completed • 40t bulk sample met test work commenced • Flow sheet optimisation completed • Ore Reserve completed • Environmental commenced • Native Title Agreement and Permitting commenced • Marketing Manager appointed • Debt Advisor commenced • Off-take partners commenced TARGETS • Further reductions in capital 2016 • BFS – complete in 2016 • Native Title Agreement 2016 • Environmental permitting 2016/17 • Off-take partners sought 2016/17 • Funding options assessed 2016 • Exploration drilling 2016 • Partner identified 2016 • Construction commences 2017 • Commissioning 2018 Off-take 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Funding BFS Update BFS Final PER Commission Construction Exploration Drilling Native Title	TARGETED NEXT STEPS • Secure exclusive port access completed • Appointment of BFS Study Manager completed • 40t bulk sample met test work commenced • Flow sheet optimisation completed • Ore Reserve completed • Environmental commenced • Native Title Agreement and Permitting commenced • Marketing Manager appointed • Debt Advisor commenced • Off-take partners commenced TARGETS • Further reductions in capital 2016 • BFS – complete in 2016 • Native Title Agreement 2016 • Environmental permitting 2016/17 • Off-take partners sought 2016/17 • Funding options assessed 2016 • Exploration drilling 2016 • Partner identified 2016 • Construction commences 2017 • Commissioning 2018 Off-take 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Funding BFS Update BFS Final PER Commission Construction Exploration Drilling Native Title	TARGETED NEXT STEPS • Secure exclusive port access completed • Appointment of BFS Study Manager completed • 40t bulk sample met test work commenced • Flow sheet optimisation completed • Ore Reserve completed • Environmental commenced • Native Title Agreement and Permitting commenced • Marketing Manager appointed • Debt Advisor commenced • Off-take partners commenced TARGETS • Further reductions in capital 2016 • BFS – complete in 2016 • Native Title Agreement 2016 • Environmental permitting 2016/17 • Off-take partners sought 2016/17 • Funding options assessed 2016 • Exploration drilling 2016 • Partner identified 2016 • Construction commences 2017 • Commissioning 2018 Off-take 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Funding BFS Update BFS Final PER Commission Construction Exploration Drilling Native Title	TARGETED NEXT STEPS • Secure exclusive port access completed • Appointment of BFS Study Manager completed • 40t bulk sample met test work commenced • Flow sheet optimisation completed • Ore Reserve completed • Environmental commenced • Native Title Agreement and Permitting commenced • Marketing Manager appointed • Debt Advisor commenced • Off-take partners commenced TARGETS • Further reductions in capital 2016 • BFS – complete in 2016 • Native Title Agreement 2016 • Environmental permitting 2016/17 • Off-take partners sought 2016/17 • Funding options assessed 2016 • Exploration drilling 2016 • Partner identified 2016 • Construction commences 2017 • Commissioning 2018 Off-take 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Funding BFS Update BFS Final PER Commission Construction Exploration Drilling Native Title	TARGETED NEXT STEPS • Secure exclusive port access completed • Appointment of BFS Study Manager completed • 40t bulk sample met test work commenced • Flow sheet optimisation completed • Ore Reserve completed • Environmental commenced • Native Title Agreement and Permitting commenced • Marketing Manager appointed • Debt Advisor commenced • Off-take partners commenced TARGETS • Further reductions in capital 2016 • BFS – complete in 2016 • Native Title Agreement 2016 • Environmental permitting 2016/17 • Off-take partners sought 2016/17 • Funding options assessed 2016 • Exploration drilling 2016 • Partner identified 2016 • Construction commences 2017 • Commissioning 2018 Off-take 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Funding BFS Update BFS Final PER Commission Construction Exploration Drilling Native Title
BFS Update BFS Final PER Commission										Commission

			Off-take
		2016			2017				2018
Q1	Q2		Q3	Q4	Q1	Q2	Q3	Q4
			Funding
Construction Exploration Drilling Native Title

1 There is no guarantee that these targets and steps will be achieved.

KEY INVESTMENT HIGHLIGHTS

Tier 1, high grade, large scale mineral sands project
Among the world’s largest and highest grade deposits
Located in the world’s best mining jurisdiction
Well advanced asset – BFS underway
Updated PFS completed in late 2015, BFS underway with completion targeted in 2016
Technically simple project utilising conventional mining and processing methods
Targeting low strip ratio (<0.7:1.0)
Premium zircon and ilmenite products
Robust metallurgical test program
Targeted strong cash flow over multi-decade (+40 year) mine life
Targeted revenue to cash cost ratio of 2:1 across LOM provides strong cash margins
Logistics and export infrastructure potential
Port access agreement in place and close proximity to key Asian markets
Favourable mineral sands market dynamics
Project commissioning targeted in late 2018

APPENDIX 1 THUNDERBIRD DEPOSIT ORE RESERVES[1,2]

Valuable Heavy Mineral (VHM) in-situ grade

Ore Reserve Category	Ore Tonnes (millions) In-situ HM Tonnes (millions) HM Grade (%)	Valuable HM Grade (In-situ)2 Slimes (%) Osize (%) Zircon % HiTi Leuc % Leuc % Ilmenite %
Proved	115.1 15.8 13.7	1.01 0.29 0.28 3.67 17.3 12.7
Probable	567.6 61.9 10.9	0.85 0.27 0.29 3.03 16.1 10.2
Total	682.7 77.1 11.3	0.88 0.27 0.29 3.14 16.3 10.6

Mineral assemblage as percentage of HM grade

Ore Reserve Category	Ore Tonnes (millions) In-situ HM Tonnes (millions) HM Grade (%)	Mineral Assemblage3 Slimes (%) Osize (%) Zircon (%) HiTi Leuc (%) Leuc (%) Ilmenite (%)
Proved	115.1 15.8 13.7	7.4 2.1 2.1 26.8 17.3 12.7
Probable	567.6 61.9 10.9	7.8 2.5 2.6 27.9 16.1 10.2
Total	682.7 77.1 11.3	7.7 2.4 2.5 27.7 16.3 10.6

1 Calculations have been rounded to the nearest 100,000 t, 0.1 % grade. Differences may occur due to rounding. Ore Reserves are based upon the published July 2015 Mineral Resource, reported by economic cut-off with appropriate consideration of modifying factors, costs, mineral assemblage, process recoveries and product pricing.

2The in-situ grade is determined by multiplying the HM Grade by the percentage of each valuable heavy mineral within the heavy mineral assemblage.

3 Mineral Assemblage is reported as a percentage of HM Grade, it is derived by dividing the in-situ grade for each mineral by the HM grade.

APPENDIX 1 THUNDERBIRD DEPOSIT MINERAL RESOURCE[1,2]

Cut-off (HM%)	Mineral Resource Category	Material Tonnes (millions) In-situ HM Tonnes (millions) HM Grade (%)	ValuableHMGrade (In-situ)3 Slimes (%) Osize (%) Zircon (%) HiTi Leuc (%) Leuc (%) Ilmenite (%)
> 3% HM	Measured	510 45 8.9	0.71 0.20 0.19 2.4 18 12
	Indicated	2,120 140 6.6	0.55 0.18 0.20 1.8 16 9
	Inferred	600 38 6.3	0.53 0.17 0.20 1.7 15 8
	Total	3,230 223 6.9	0.57 0.18 0.20 1.9 16 9
>7.5% HM	Measured	220 32 14.5	1.07 0.31 0.27 3.9 16 15
	Indicated	640 76 11.8	0.90 0.28 0.25 3.3 14 11
	Inferred	180 20 10.8	0.87 0.27 0.26 3.0 13 9
	Total	1,050 127 12.2	0.93 0.28 0.26 3.3 15 11
Cut-off (HM%)	Mineral Resource Category	Material Tonnes (millions) In-situ HM Tonnes (millions) HM Grade (%)	Mineral Assemblage4 Slimes (%) Osize (%) Zircon (%) HiTi Leuc (%) Leuc (%) Ilmenite (%)
> 3% HM	Measured	510 45 8.9	8.0 2.3 2.2 27 18 12
	Indicated	2,120 140 6.6	8.4 2.7 3.1 28 16 9
	Inferred	600 38 6.3	8.4 2.6 3.2 28 15 8
	Total	3,230 223 6.9	8.3 2.6 2.9 28 16 9
>7.5% HM	Measured	220 32 14.5	7.4 2.1 1.9 27 16 15
	Indicated	640 76 11.8	7.6 2.4 2.1 28 14 11
	Inferred	180 20 10.8	8.0 2.5 2.4 28 13 9
	Total	1,050 127 12.2	7.6 2.3 2.1 27 15 11

THUNDERBIRD DEPOSIT CONTAINED VALUABLE HM (VHM) IN MINERAL RESOURCES[1,2,5]

Cut-off (HM%)	Mineral Resource Category Zircon Tonnes (thousands) HiTi Leucoxene Tonnes (thousands) Leucoxene Tonnes (thousands) Ilmenite Tonnes (thousands) Total VHM Tonnes (thousands)
>3% HM	Measured 3,600 1,000 1,000 12,000 17,700 Indicated 11,800 3,800 4,300 39,100 59,000 Inferred 3,200 1,000 1,200 10,500 15,900 Total 18,600 5,900 6,500 61,700 92,600
>7.5% HM	Measured 2,300 700 600 8,400 12,000 Indicated 5,800 1,800 1,600 21,000 30,200 Inferred 1,600 500 500 5,600 8,200 Total 9,700 3,000 2,700 35,000 50,400

1The Thunderbird Mineral Resources are reported inclusive of (not additional to) Ore Reserves. The Mineral Resource reported above 3% HM cut-off is inclusive of (not additional to) the Mineral Resource reported above 7.5% HM cut-off. Mineral Resources for the Dampier Project were prepared and first disclosed under the JORC Code 2012.[2] All tonnages and grades have been rounded to reflect the relative accuracy and confidence level of each estimate and to maintain consistency throughout the table, therefore the sum of columns may not equal.[3] The in-situ grade is determined by multiplying the HM Grade by the percentage of each valuable heavy mineral within the heavy mineral assemblage.[4] The Mineral Assemblage is represented as the percentage of HM grade. For Dampier the mineral assemblage was determined by screening and magnetic separation. Magnetic fractions were analysed by QEMSCAN for mineral determination as follows: >90% liberation and; Ilmenite 40-70% TiO2; Leucoxene 70-94% TiO2; High Titanium Leucoxene (HiTi Leucoxene) >94% TiO2 and Zircon 66.7% ZrO2+HfO2. The non-magnetic fraction was analysed by XRF and minerals determined as follows: Zircon ZrO2+HfO2/0.667 and HiTi Leucoxene TiO2/0.94.[5] The VHM resource inventory is derived from information in the Mineral Resource table.

APPENDIX 2 THUNDERBIRD HIGH GRADE MINERAL RESOURCE AT 7.5% HM CUT-OFF 31 JULY 2015

	Mineral Resources1	Mineral Resources1	Valuable HM Grade (in situ)2	Valuable HM Grade (in situ)2	Valuable HM Grade (in situ)2	Valuable HM Grade (in situ)2
Resource	Material Mt	HM %	Zircon %	HiTi Leuc %	Leucoxene %	Ilmenite %
Measured	220	14.5	1.07	0.31	0.27	3.9
Indicated	640	11.8	0.90	0.28	0.25	3.3
Inferred	180	10.8	0.87	0.27	0.26	3.0
Total	1,050	12.2	0.93	0.28	0.26	3.3

Globally Significant > 1Bt at 12.2% HM

Measured + Indicated > 80% of Resource

Refer to Appendix 1 for full Resources Tabulation. Tonnes have been rounded to reflect the relative accuracy and confidence level of the estimate.
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.

APPENDIX 3: PRODUCT ASSESSMENT STUDY BY TZMI

HIGH QUALITY PRODUCTS

ZIRCON (60% OF REVENUE)

Primary zircon product meets the requirements for premium classification for use in the ceramic sector (80%)
Targeting combination of secondary and special zircon products into a single zircon concentrate (20%)

LTR ILMENITE (32% OF REVENUE)

LTR ilmenite (56.1% TiO2) is suitable feedstock for sulphate pigment manufacture and, due to low impurities could be a preferential blend feed
Low in key impurities Cr, Ca and Mg
Smelter modelling shows TiO2 content of the simulated slag product exceeded levels of typical chloride grade slags available from western ilmenite smelters
Test work targeting increased reactivity and grade of the LTR ilmenite

HITI88 (8% OF REVENUE)

HiTi88 product (87.7% TiO2 content) is suitable for welding electrode application, particularly for flux core wires

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AI assistant

Sheffield Resources Ltd. — Investor Presentation 2016

44780_rns_2016-07-31_7b640d51-df1f-463c-a9c6-38433a525b38.pdf

DISCLAIMER

PREVIOUSLY REPORTED INFORMATION

FORWARD LOOKING STATEMENTS

MINERAL RESOURCES RELATED TO PFS RESULTS

CORPORATE SNAPSHOT

DIRECTORS, MANAGEMENT & REGISTER

THUNDERBIRD DISCOVERY TO PRODUCTION

THUNDERBIRD - WORLD CLASS ORE RESERVE

Amongst the world’s largest and highest grade zircon rich Ore Reserves

Australia, one of the best mining jurisdictions in the world

Most of the world’s minerals sands Ore Reserves are in high risk jurisdictions

TARGET KEY METRICS

FINANCIALS PHYSICALS

COST & PRICE FORECAST

BFS STKEY TA R GETSATEGY

KEY DELIVERABLES

Targeting:

COMMUNITY/EMPLOYMENT

PERMITTING

Targeting:

BFS UPDATEKEY TARGETS

Tier 1 Engineering House HATCH managing the BFS delivery

PROCESS TEST WORK LOW TEMP. ROAST

OTHER

THUNDERBIRD - WORLD CLASS DEPOSIT

CONVENTIONAL PROCESSING

INFRASTRUCTURE & LOGISTICS POTENTIAL

TARGETED MINING & SITE INFRASTRUCTURE

THUNDERBIRD SITE LAYOUT PLAN

PRODUCT HANDLING & EXPORT TARGETS:

REGIONAL EXPLORATION POTENTIAL

NEW PROVINCE – MULTIPLE DISCOVERIES

THUNDERBIRD KEY TARGETS & NEXT STEPS[1]

KEY INVESTMENT HIGHLIGHTS

APPENDIX 1

THUNDERBIRD DEPOSIT ORE RESERVES[1,2]

Valuable Heavy Mineral (VHM) in-situ grade

Mineral assemblage as percentage of HM grade

APPENDIX 1

THUNDERBIRD DEPOSIT MINERAL RESOURCE[1,2]

THUNDERBIRD DEPOSIT CONTAINED VALUABLE HM (VHM) IN MINERAL RESOURCES[1,2,5]

APPENDIX 2

THUNDERBIRD HIGH GRADE MINERAL RESOURCE AT 7.5% HM CUT-OFF 31 JULY 2015

APPENDIX 3: PRODUCT ASSESSMENT STUDY BY TZMI

HIGH QUALITY PRODUCTS

ZIRCON (60% OF REVENUE)

LTR ILMENITE (32% OF REVENUE)

HITI88 (8% OF REVENUE)

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