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Sheffield Resources LIMITED 30 April 2021 ASX Code : SFX Directors : Mr Bruce Griffin Executive Chairman Mr Bruce McFadzean Managing Director Mr John Richards Non - Executive Director Mr Gordon Cowe Non - Executive Director Mr lan Macliver Non - Executive Director Registered Office : Level 2 , 41-47 Colin Street West Perth WA 6005 Share Registry : Link Market Services Level 12 , QV1 Building 250 St Georges Terrace Perth WA 6000 Capital Structure : Ordinary Shares : 346.1M HIGHLIGHTS QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 31 MARCH 2021 Thunderbird Mineral Sands Project ( Sheffield interest - 50 % ) • • • Binding 50:50 joint venture agreements were executed between Sheffield and Yansteel on 6 January 2021 joint venture transaction completed on 12 March 2021 following receipt of $ 130m from Yansteel Established joint venture board and governance framework , focussed upon delivery of a Thunderbird Bankable Feasibility Study and project development activities to produce a zircon rich non - magnetic concentrate and LTR ilmenite Joint venture key management personnel recruitment underway Corporate adviser appointed to assist the joint venture to determine the preferred project financing strategy Corporate Activities • Board restructuring with appointment of Mr Bruce Griffin as Executive Chairman , Mr John Richards as Lead Independent Non - Executive Director and Mr Gordon Cowe as independent Non - Executive Director . Mr Will Burbury and Mr David Archer stepped down from the Board during the quarter and Mr Bruce McFadzean will transition to Non - Executive Director effective 1 July 2021 . $ 10.8m in cash at quarter end ( unaudited ) with forecast expenditure of $ 4.0m in the forthcoming quarter , largely related to non - recurring transaction and reorganisation costs . 122 ° E Unlisted Options : 1.0M Unlisted Rights : 8.6M 0 50km 123 ° E 104 ° E Market Capitalisation : A $ 145 million Cash Reserves : A $ 10.8 million ( as at 31 Mar 2021 ) Investor Relations : Bruce Griffin T : +61 8 6555 8777 E : info @ sheffield resources.com.au Paul Ryan Citadel - MAGNUS T : +61 8 6160 4900 E : pryan@citadelmagnus.com 17 ° S PROJECT TENEMENTS 18 ° S O BROOME DAMPIER PENINSULA DAMPIER PROJECT DERBYO THUNDERBIRD HMS PROJECT NIGHT TRAIN PROSPECT WESTERN AUSTRALIA EAST DERBY PROJECT CANNING BASIN Figure 1 : Location of Thunderbird Mineral Sands Project