Sheffield Resources Ltd. — Board/Management Information 2021

Sep 6, 2021

ASX AND MEDIA RELEASE 7 September 2021

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BOARD CHANGES

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Sheffield Resources Limited (“Sheffield” “the Company”) (ASX: SFX) wishes to advise that following his earlier transition from Managing Director to Non-Executive Director during 2021, Mr Bruce McFadzean has notified the Board of his retirement, effective immediately to enable him to focus on other business opportunities and Board commitments.

Commenting on the announcement, Executive Chair Mr Bruce Griffin said: “I’d like to personally thank Bruce for his significant achievements in steering the Company and the Thunderbird Project to where it is today. Bruce worked tirelessly to deliver a $143m joint venture transaction with our project partner Yansteel and has provided strong leadership to the Company since joining in 2015. We wish him well in future.

Mr McFadzean said: “ It has been exciting to have progressed the Thunderbird project to this position and I wish to acknowledge and thank the dedicated Sheffield and KMS team, our joint venture partner Yansteel, and the people of the Kimberley region in Western Australia for their encouragement and support during my journey with Sheffield.

This ASX announcement has been authorised for release by the Board.

ENDS

For further information please contact:

Bruce Griffin Executive Chair Tel: 08 6555 8777 info@sheffieldresources.com.au Website: www.sheffieldresources.com.au

ASX AND MEDIA RELEASE 7 September 2021

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ABOUT SHEFFIELD RESOURCES

Sheffield Resources Limited is focused on developing the world class Thunderbird Mineral Sands Project, located in north-west Western Australia. Sheffield continues to assess other regional exploration opportunities.

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.

Construction of a 500ktpa integrated titanium dioxide processing facility including a titanium slag smelter has commenced by the company. This complex will consume the Low Temperature Roast (“LTR”) ilmenite offtake from Stage 1 of the Thunderbird Mineral Sands Project.

THUNDERBIRD MINERAL SANDS

Thunderbird is one of the largest and highest grade mineral sands discoveries in the last 30 years. Sheffield’s 2019 Bankable Feasibility Study Update shows Thunderbird is a technically low risk, modest capex project that generates strong cash margins from globally significant levels of production over an exceptionally long mine-life spanning multiple decades.

Thunderbird will generate a high-quality suite of mineral sands products with specifications suited to market requirements. These products include a zircon products and ilmenite suitable for manufacturing titanium dioxide pigment or smelting into chloride slag.

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.

KIMBERLEY MINERAL SANDS

In January 2021, Sheffield and Yansteel executed binding agreements for the formation of a 50:50 Joint Venture (Kimberley Mineral Sands Pty Ltd, KMS) to own and develop the Thunderbird Mineral Sands Project and adjacent tenements on the Dampier Peninsula. The parties have agreed that the development concept for Stage 1 of the Project will be a 10.4mt per annum mine and process plant producing a zircon rich non-magnetic concentrate and LTR ilmenite.

Yansteel subscribed for a 50% interest in KMS and provided A$130.1m in project equity funding. Sheffield shall fund any project equity shortfall between A$130.1m and A$143m, less Project costs incurred prior to a Final Investment Decision (“FID”). KMS will secure project finance and, if required, project equity in excess of A$143m will be funded 50:50 by Yansteel and Sheffield. The Yansteel A$130.1m project equity investment in KMS, together with the A$12.9m funding under the Yansteel Share Placement completed on 12 August 2020 and combined with existing project financing is expected to deliver a fully funded project.

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.