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Sheffield Resources LIMITED QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 31 DECEMBER 2020 21 January 2021 HIGHLIGHTS ASX Code : SFX Directors : Mr John Richards Non - Executive Chairman Mr Bruce McFadzean Managing Director Mr Bruce Griffin Commercial Director Mr David Archer Non - Executive Director Mr Will Burbury Non - Executive Director Mr lan Macliver Non - Executive Director Registered Office : Level 2 , 41-47 Colin Street West Perth WA 6005 Thunderbird Mineral Sands Project • The FIRB advised no objections to the proposed Joint Venture , enabling $ 130m investment by Yansteel in Thunderbird Project Binding 50:50 joint venture agreements were executed between Sheffield and Yansteel on 6 January 2021 • Trial mining work program executed during the quarter . Full thickness of high grade T2 ore zone exposed confirming : • о Dozer push mining assumptions ; О Mining productivity assumptions ; A 25 tonne bulk ore sample was collected for ore feed preparation and metallurgical test work Bankable Feasibility Study metallurgical test work conducted on proposed joint venture process flowsheet to produce a zircon rich non - magnetic concentrate and LTR ilmenite Corporate Activities • $ 12.9m in cash at quarter end ( unaudited ) with forecast expenditure of $ 2.4m in the forthcoming quarter . Share Registry : Link Market Services Level 12 , QV1 Building 250 St Georges Terrace Perth WA 6000 Capital Structure : Ordinary Shares : 346.1M 122 ° E Unlisted Options : 2.3M 17 ° S Unlisted Rights : 8.6M Market Capitalisation : A $ 152 million Cash Reserves : A $ 12.9 million ( as at 31 Dec 2020 ) Investor Relations : Bruce McFadzean T : +61 8 6555 8777 E : info @ sheffield resources.com.au Paul Ryan Citadel - MAGNUS T : +61 8 6160 4900 E : pryan@citadelmagnus.com 50km Sheffield Resources Tenements 18 ° S O BROOME 123 ° E DAMPIER PENINSULA DAMPIER PROJECT DERBYO THUNDERBIRD HMS PROJECT NIGHT TRAIN PROSPECT 121 ° C WESTERN AUSTRALIA EAST DERBY PROJECT CANNING BASIN Figure 1 : Location of Sheffield's Dampier Mineral Sands Projects