Earnings release
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@Sheffield_ASX LinkedIn Sheffield Resources 28 January 2025 ASX Code: SFX Directors: Mr Bruce Griffin Executive Chair Mr Gordon Cowe Non-Executive Director Mrs Vanessa Kickett Non-Executive Director Mr Ian Macliver Non-Executive Director Mr John Richards Non-Executive Director Registered Office: 45 Ventnor Avenue West Perth WA 6005 Share Registry: Link Market Services QV1 Building 250 St Georges Terrace Perth WA 6000 Capital Structure: Ordinary Shares: 394.8M Unlisted Options: 2.1M Unlisted Rights: 6.4M Market Capitalisation: A$60 million Cash Reserves: A$8.4 million (as at 31 Dec 2024) Investor Relations: Bruce Griffin T: +61 8 9215 6500 E: info@sheffieldresources.com.au Mark Di Silvio T: +61 8 9215 6500 E: info@sheffieldresources.com.au QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 31 DECEMBER 2024 HIGHLIGHTS Kimberley Mineral Sands (KMS) (Sheffield interest – 50%) • Record quarterly concentrate production achieved totalling 198,704 tonnes • Mine production of 2.5Mt ore mined, in line with expectations • Continued process plant product quality and recovery outperformance • Total product shipments of 208,354 metric tonnes, including 22,904 tonnes of zircon concentrate • Zircon concentrate shipments between 40,000 to 60,000 tonnes are expected for the March 2025 quarter, with a broadened customer base in place • Offtake prepayments from Yansteel totalled US$22m during the quarter Corporate • Sheffield cash balance of $8.4m as at 31 December 2024 (unaudited) • Investor Webinar – Thursday, 30 January 2025 (refer link herein) Executive Chair, Mr Bruce Griffin said “ The team at Thunderbird achieved record production and shipments for the December quarter , with over 200,000 tonnes of products to shipped customers. With a business restructure well underway , a broadening of the zircon concentrate customer base to eleven approved offtakers, and our zircon concentrate shipments growing, KMS expect healthy production and sales throughout 2025.” Figure 1: Thunderbird Process Plant (Dec 2024) For personal use only
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2 KEY ACTIVITIES Kimberley Mineral Sands Pty Ltd (KMS) (Sheffield interest – 50%)1 Strong health, safety and environmental performance continues to be achieved at Thunderbird, with continued zero lost time incidents achieved to date. Thunderbird retains an exemplary restricted injury frequency rate of 0.0 as at the end of 2024. Thunderbird Mineral Sands Mine (Thunderbird) production in the Kimberley region of Western Australia totalled 2.5Mt of ore mined, with record quarterly concentrate production totalling 1 98,704 dry metric tonnes. Dry Mining Unit (DMU) continues to reliably achieve an annualised mining rate between 10Mt to 12Mt per annum, with this throughput rate expected to be sustained throughout FY2025. For the December quarter, the Heavy Mineral (HM) grade of the feed to the process plant (Rougher Head Feed or RHF) was 22.4% compared with 19 .2% expected from the Mineral Resource block model. Rougher Head Feed volumes achieved were approximately 75% of basis of design per tonne of ore mined, consistent with prior quarters and driven by observed oversize material . The process plant continues perform strongly, with TiO2 and ZrO2 recovery consistently above basis of design. Thunderbird product shipments totalled 208,354 metric tonnes for the quarter including 185,450 tonnes of ilmenite concentrate and 22,904 tonnes of zircon concentrate. Approximately 15,000 tonnes of zircon concentrate was shipped during January 2025. Table 1: Thunderbird Mine – Performance Metrics (100% basis)1 Quarterly Performance December 2024 September 2024 Mining Ore mined (‘000 tonnes) 2,450.6 2,589.9 Rougher Head Feed HM (%) 22.4 21.0 Concentrate Production (‘000 tonnes) Ilmenite 161.4 118.8 Zircon 37.3 34.3 Leucoxene 0.0 1.2 Total Concentrate Production 198.7 154.3 Concentrate Sales (‘000 tonnes) Ilmenite 185.5 121.6 Zircon 22.9 - Total Concentrate Sales 208.4 121.6 Financial Ilmenite Realised Sales Price (US$/dmt) 124 130 Zircon Realised Sales Price (US$/dmt) 542 N/A Average Realised Sales Price (US$/dmt) 170 130 Average Realised Sales Price (A$/dmt) 254 194 C1 Cash Costs (A$/t Produced) 273 188 C1 Cash Costs (excluding inventory movement) (A$/t Produced) 297 360 C1 Cash Costs (excluding inventory movement) (A$M) 59.0 55.5 Note 1: Refer to Page 11 “Additional Information” for definitions and additional disclosure matters For personal use only
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3 Mine Operating Performance Mine production was 2.5mt ore mined in the December quarter. DMU performance during the quarter was partially impacted by mechanical failures . Figure 2 below illustrates month-on-month mine production for 2024, with significant sustained improvements following the DMU modifications completed in April 2024. Ore production of 10Mt to 12Mt per annum equivalent is expected throughout FY2025. Figure 2: 2024 Monthly Mine Production Figure 3 shows overall actual RHF HM grade being achieved is higher than expected from the Resource Block model. The RHF throughput volume is approximately 75% of design, driven by the higher observed oversize material, and consistent with volume achievement throughout 2024. Figure 3: WCP (Rougher Head Feed) Throughput & Grade For personal use only
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4 Metallurgical performance throughout the quarter is consistent with outcomes for the full year 2024, with the process plant consistently exceeding design. The ZrO2 content and recovery remains consistently above design (Figure 4) and the TiO2 content of the ilmenite concentrate continues above design rates, as is the recovery of TiO2 to the ilmenite concentrate (Figure 5). Figure 4: Process Plant Recovery & Grade – Zircon Figure 5: Process Plant Recovery & Grade – Ilmenite For personal use only
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5 Figures 6 & 7 compare actual operating performance, on a cumulative basis, to original estimates contained in the 2022 Thunderbird Bankable Feasibility Study (“BFS”) (refer ASX Announcement dated 24 March 2022 “KMS Bankable Feasibility Study Presentation”). Ore mining rates continue to be sustained at a rate of 10 – 12 mtpa. Observed oversize results in 75% of the expected RHF tonnes being processed per tonne of ore mined. Whilst there is limited opportunity to reduce oversize with the current mining method and in -pit processing, productivity enhancing measures have commenced. Figure 6: Cumulative Ore Production vs 2022 BFS Assumptions Figure 7: Cumulative Product Tonnes vs 2022 BFS Assumptions For personal use only
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6 Business Improvement Initiative A Business Improvement Initiative to identify and implement opportunities to reduce costs and increase productivity was launched during the quarter. This resulted in several cost saving initiatives being identified, including a reduction in KMS workforce requirements which regrettably resulted in approximately 20% of KMS staff and some contractors leaving the business. KMS provided impacted personnel with appropriate support during this difficult process. During the quarter, KMS took full operational control of waste mining activities at Thunderbird as a first step towards transitioning to drill and blast, excavator and truck waste mining. Late in the quarter drilling activities commenced and blasting started in January 2025. Mining and in-pit processing plans continue to be developed to achieve mining cost reduction and increase throughput rates and RHF to the process plant. Additional initiatives to maximise throughput at the process plant will be incorporated into an implementation plan during the March 2025 quarter. Sheffield will provide further updates on these initiatives and progress on other productivity enhancing measures going forward into 2025. Sales Quarterly product shipments of ilmenite concentrate totalled 185,450 metric tonnes under the offtake agreement to joint venture partner, Yansteel. Product pricing is fixed price per percent of TiO2 content contained within the ilmenite concentrate, with realised pric ing of approximately US$124/t for the quarter. Zircon concentrate shipments in the quarter totaled 22,904 metric tonnes, with shipments to existing customers resuming after the reduction of excess inventories of unprocessed concentrate in the prior quarter. The average realised price achieved for zircon concentrate was US$542/t. Following the end of the quarter KMS shipped approximately 15,000 tonnes of zircon concentrate to customers. During the quarter, KMS was successful in its efforts to add additional zircon concentrate customers , with Mineral Export Permits (MEP) secured for several new customers from the Australian government. KMS now has Mineral Export Permissions in place for eleven zircon concentrate customers including the three original zircon concentrate customers , with shipments completed to four customers to date and further new customer shipments planned during the March quarter . KMS continues t o field enquiries from other potential customers of zircon concentrate. Financial C1 cash costs per tonne produced (excluding inventory movement) were $297/tonne of concentrate for the December quarter, compared to $360/tonne of concentrate for the previous quarter. This outcome was driven by 29% higher concentrate production volume compared to the previous quarter, marginally offset by increased costs associated with organisational restructuring, including the demobilisation of waste mining contractors and transition to drill and blast activities for overburden removal. G&A expenditure was lower than the previous quarter, primarily due to the reallocation of costs following the commencement and application of activity based costing policies this quarter. Logistics costs were higher than the prior quarter, reflecting increased port charges and shipping costs driven by increased shipment activity throughout the period and coupled with absorption of reallocated G&A expenditures. Underlying C1 cash costs , after taking into account growth in inventory arising from strong production, was $273/tonne of concentrate, compared with $188 /tonne for the previous quarter. Finished goods inventory comprises approximately 75,000 tonnes of ilmenite concentrate and over 60,000 tonnes of zircon concentrate available for shipment as at the end of the quarter. For personal use only
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7 As the end of December 2024, KMS cash reserves totall ed $4.8m, with negative operating cashflow in the quarter primarily driven by lower than planned zircon concentrate sales, coupled with restructuring costs of the business. During the quarter, KMS arranged offtake prepayment facilities with Yansteel totalling US$22m, to assist with near term working capital requirements. Offtake prepayment shall be repaid from delivered ilmenite concentrate volumes during the next six months and may be renewed by mutual agreement. In addition to the net interest payments shown in Table 3, the December quarterly interest payments on borrowings were rescheduled to January 2025. Table 2: Thunderbird Mine – C1 Cash Costs (100% basis) $A per tonne produced December 2024 September 2024 Mining 163 176 Processing 45 44 Logistics 69 60 G&A 20 80 Sub-Total 297 360 Inventory Movement (24) (172) C1 Cash cost per tonne produced 273 188 Table 3: Thunderbird Mine – Summary Cashflow Analysis (100% basis) $A’000 Dec Qtr 2024 Sept Qtr 2024 Operating Activities Receipts from customers 54,260 37,897 Payments to suppliers & employees (67,174) (39,016) Bank fees & other charges (116) 0 Total Operating Cashflows (13,030) (1,119) Investing Activities PP&E, Mine Properties and Exploration (10,332) (3,934) Total Investing Cashflows (10,332) (3,934) Financing Activities Proceeds from equity issues to KMS shareholders 0 0 Proceeds from borrowings 35,138 0 Net Interest (payments)/receipts (7,392) 0 Repayment of lease liabilities (5,617) (4,545) Total Financing Cashflows 22,129 (4,545) Cash Movement Cash available at beginning of period 5,631 15,350 Net cash movements (1,233) (9,598) Exchange rate movement 365 (121) Cash available at end of period 4,763 5,631 For personal use only
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8 March 2025 Quarter Outlook Consistent m ine production of between 2.5 to 3 million tonnes of ore per quarter continues at Thunderbird, with the process plant maintaining product recoveries above its original design capacity. For the March 2025 quarter, ilmenite concentrate production is expected to be between 160,000 and 180,000 tonnes and zircon concentrate production is expected to be between 40 ,000 and 4 5,000 tonnes. Total ilmenite concentrate shipments for the March 2025 quarter are expected to be between 160,000 and 180,000 tonnes with regular shipments occurring each month under the life of mine offtake arrangement with joint venture partner Yansteel. Zircon concentrate shipments to existing and new customers are expected to range between 40,000 and 60,000 tonnes for the March 2025 quarter with approximately 15,000 tonnes shipped during January 2025. KMS expects March quarter prices to be consistent with the December quarter. In addition , KMS expects to ship between 15,000 and 20,000 tonnes of stockpiled leucoxene concentrate during the March quarter including approximately 9,000 tonnes shipped in January 2025. C1 cash costs per tonne produced (excluding inventory movement) are expected to range between A$270 to A$300 for the March quarter. PORTFOLIO DEVELOPMENT Alongside the KMS interest, Sheffield intends to develop a portfolio of mineral sands interests. To date, Sheffield has negotiated an option to acquire an initial 20% interest in the South Atlantic Project with the potential to increase to 80% through staged development and has also acquired a 10% equity interest in Capital Metals Plc, an entity with mineral sands project interests in Sri Lanka. 1. South Atlantic Project The South Atlantic Project is located within the Rio Grande do Sul Coastal Plain, a region located in the southernmost state of Brazil, Rio Grande do Sul, along the coast of the Atlantic Ocean. RGM Work Program Activities RGM is working to complete Mineral Resource estimates for Retiro and Bujuru with expected to be completed during the March 2025 quarter. A ctivities to progress a Pre-Feasibility Study (PFS) for the South Atlantic Project continued, with completion expected during 2025. IBAMA, the national environmental regulator, has completed all activities required to progress the Retiro Installation Licence (LI) application , with representatives of IBAMA undertaking further community consultation meetings during the quarter. IBAMA shall consider approval of the LI over the coming months and upon approval, RGM may apply for a Mining Decree for Retiro. Capital Metals Plc Sheffield retains a 10% interest in Capital Metals Plc (AIM: CMET), the owner of the Taprobane Minerals Project in Sri Lanka . CMET is progressing in- country activities within Sri Lanka toward development of the Taprobane Minerals Project. For personal use only
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9 CORPORATE As at 31 December 2024, Sheffield held cash reserves of approximately $8.4m (unaudited). The year-to-date position of the Quarterly Cashflow Report should be read in conjunction with this report. During the quarter, a total sum of $226,442 was paid to related parties and their associates for Director fees and superannuation benefits. This announcement is authorised by the Board of Sheffield Resources Limited. Mr Bruce Griffin Executive Chair 28 January 2025 Investor & Shareholder Webinar – Thursday, 30 January 2025 (2.00pm Perth / 5.00pm AEST) Sheffield Resources Limited will host an investor and shareholder webinar on Thursday, 30 January 2025 (2.00pm Perth / 5.00pm AEST) to discuss quarterly results. Hosted by Bruce Griffin, Executive Chair, investors and shareholders will be able to ask questions of Sheffield management following the presentation. Webinar details are as follows: https://us06web.zoom.us/webinar/register/WN_LCcEvr9hQWmuBnprrPSRfQ#/registration For personal use only
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10 ABOUT SHEFFIELD RESOURCES Sheffield Resources Limited is focused on assembling a portfolio of global mineral sands development and production assets to generate cash returns and growth. Our core asset is our 50% investment in Kimberley Mineral Sands Pty Ltd (KMS), the owner of the world class Thunderbird Mineral Sands Mine in operation in north-west Western Australia. Additionally, Sheffield executed a binding agreement in February 2023, providing the Company with an option to acquire up to an initial 20% interest in the South Atlantic Mineral Sands Project in Brazil, and owns 10% of Capital Metals Plc (AIM: CMET), the owner of the Taprobane Mineral Sands Project in Sri Lanka. KIMBERLEY MINERAL SANDS Kimberley Mineral Sands Pty Ltd, (KMS) is a 50:50 Joint Venture between Sheffield and Yansteel. The joint venture owns and is operating the Thunderbird Mineral Sands Mine and actively exploring adjacent tenements on the Dampier Peninsula. KMS is governed b y 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. THUNDERBIRD MINERAL SANDS MINE The Thunderbird Mineral Sands Mine (“Thunderbird”) is one of the largest and highest grade mineral sands discoveries in the last 30 years. Now in production Thunderbird is expected to generate a high-quality suite of mineral sands concentrate products suited to market requirements. These products include a zircon concentrate and an ilmenite concentrate that contains a high quality ilmenite suitable smelting into chloride slag or for manufacturing titanium dioxide pigment. 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 over a decades long mine life. 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$6bn. Yansteel’s 500ktpa integrated titanium dioxide processing facility, which includes a titanium slag smelter, will consume the magnetic concentrate from Stage 1 of the Thunderbird Mineral Sands Project under a take or pay offtake agreement. SOUTH ATLANTIC PROJECT The South Atlantic Project is located in south east Brazil. Four main deposits have been identified within the project area: Retiro, Estreito, Capao do Meio and Bujuru with Exploration Targets developed for the Retiro and Bujuru deposits. The combined Exploration Target for Retiro and Bojuru is estimated between 500 and 720 Mt of material at an average grade of 4.0% to 3.2% HM. The tenements are held by RGM. Sheffield entered into an option agreement with RGM in February 2023 and extended int in August 2024. Sheffield will provide US$ 4.0m to fund project related activities over an initial 30 month period and earn an option to acquire up to 20% of RGM via the progressive investment of a further US$11.0m (US$15.0m in total) to acquire a 20% interest. Should Sheffield elect to exercise the o ption, subject to various conditions being satisfied, including project financing being obtained and all funds required for project construction being secured, Sheffield may exercise a further option to increase its interest in RGM up to 80%. For personal use only
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11 Schedule 1: Interests in Mining Tenements as at the end of the quarter as required under ASX Listing Rule 5.3.3 Kimberley Mineral Sands Joint Venture (Sheffield interest – 50%)1 Project Tenement Holder Interest Location Status Mineral Sands E04/2081 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands E04/2083 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands E04/2084 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands E04/2171 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands E04/2349 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands E04/2390 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands E04/2456 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands E04/2478 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands E04/2494 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands E04/2509 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands E04/2540 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands E04/2554 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands E04/2571 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands E04/2597 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands L04/82 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands L04/83 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands L04/84 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands L04/85 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands L04/86 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands L04/92 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands L04/93 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Mineral Sands M04/459 Thunderbird Operations Pty Ltd 100% Canning Basin Granted Notes: 1Thunderbird Operations Pty Ltd is a wholly owned subsidiary of Kimberley Mineral Sands Pty Ltd (refer to ASX announcement 12 March 2021). Kimberley Mineral Sands Pty Ltd is a 50:50 incorporated joint venture between Sheffield Resources Ltd and YGH Australia Investment Ltd (Yansteel). ADDITIONAL INFORMATION Kimberley Mineral Sands - Equity Accounting Sheffield is the 50% owner of Kimberley Mineral Sands Pty Ltd, the ultimate owner and operator of the Thunderbird Mine. Sheffield uses the equity accounting method in relation to its joint venture investment in KMS & the Thunderbird Mine. As KMS is privately held and equity accounted by Sheffield, financial results are not consolidated. Sheffield does elect to disclose a wider range of financial and non-financial KMS information on 100% basis for the benefit of shareholders. GAAP and Non-GAAP financial metrics Sheffield Resources utilises GAAP and Non -GAAP financial metrics for measuring business unit performance from time to time. Where disclosed by the Company, the following definitions shall apply (unless otherwise denoted): “C1 Cash Costs” comprises costs including mining, processing, selling & transportation, general & administrative, community, permitting, inventory movement and by-product and co-product credits. “C2 Production Costs” comprises C1 Cash Costs, plus depreciation and amortisation charges. “C3 Total Costs” comprises C2 Production Costs , plus royalty expenses, interest charges, exploration costs, sustaining capital and lease expenditures. “Revenue to Cost Ratio” comprises gross revenue divided by the sum of C1 Cash Costs (excluding inventory movement) and royalty expenses. “All In Sustaining Costs (AISC)” and “All In Costs (AIC)” are in accordance with the “Word Gold Council – 2018 Updated Guidance Note on Non-GAAP Metrics” disclosures. For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Sheffield Resources Limited ABN Quarter ended (“current quarter”) 29 125 811 083 31 December 2024 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (374) (804) (e) administration and corporate costs (298) (896) 1.3 Dividends received (see note 3) - - 1.4 Interest received 93 195 1.5 Interest and other costs of finance paid (1) (1) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (580) (1,506) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - - (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Loans to third party entities - - 2.4 Dividends received (see note 3) - - 2.5 Other - - 2.6 Net cash from / (used in) investing activities - - 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of finance lease - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities - - 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 8,952 9,878 4.2 Net cash from / (used in) operating activities (item 1.9 above) (580) (1,506) 4.3 Net cash from / (used in) investing activities (item 2.6 above) - - 4.4 Net cash from / (used in) financing activities (item 3.10 above) - - For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 8,372 8,372 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 8,372 8,952 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 8,372 8,952 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 – Salary & Directors Fees 226 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Nil Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (580) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (580) 8.4 Cash and cash equivalents at quarter end (item 4.6) 8,372 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 8,372 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 14 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 28 January 2025 Authorised by: By the Board of Sheffield Resources Limited For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report . 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]” . If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity , and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only