Earnings release
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LinkedIn Sheffield Resources 29 January 2026 ASX Code: SFX Directors: Mr Bruce Griffin Executive Chair M r Gordon Cowe Non-Executive Director Mr s Vanessa Kickett Non-Executive Director Mr Ia n Macliver Non-Executive Director Mr J ohn Richards Non-Executive Director Registered Office: 45 Ventnor Avenue West Perth WA 6005 Share Registry: MUFG Corporate Markets QV1 Building 250 St Georges Terrace Perth WA 6000 Capital Structure: Ordinary Shares: 395.5M Unlisted Options: 1.2M Unlisted Rights: 12.7M Market Capitalisation: A$35 million Cash Reserves: A$1.4 million (as at 31 Dec 2025) 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 2025 HIGHLIGHTS Kimberley Mineral Sands (KMS) (Sheffield interest – 50%) • Ore mined totalled 2.8Mt, 7% below previous quarter (17% increase for the half year, compared to the same period last year ). The December quarter was impacted by lower contract mining productivity and seasonal weather events • Quarterly concentrate production of 212,974 metric tonnes down 15% on the previous quarter (up 31% for the half year, compared to previous year) driven by lower mined ore tonnes and mining of lower grade zones • Concentrates shipments for the quarter totalled 221,219 tonnes, in line with expectations despite challenging zircon concentrate market conditions • Yansteel prepayment arrangements for ilmenite concentrate and zirc on c oncentrate purchases continue to assist with short term working capital requirements • Review of senior secured loan facilities continuing with lenders Corporate • Sheffield cash balance of $1.4m as at 31 December 2025 (unaudited) • Divestment of Capital Metals shares in Jan 2026 realising $4m (before costs) • Investor Webinar – Monday, 2 February 2026 (refer link herein) E xecutive Chair, Mr Bruce Griffin said “Thunderbird production has stabilised at higher levels, and we continue to deliver upon our strategy to realise full production from Thunderbird by Q1 FY27. Mineral sands market conditions, particularly for KMS zircon concentrate are challenging , with some signs of the market stabilising late in the December quarter. Despite these headwinds KMS sold all zircon concentrate produced to a combination of third party customers and Yansteel.” Figure 1: Thunderbird Process Plant & stockpile area For personal use only
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KEY ACTIVITIES Kimberley Mineral Sands Pty Ltd (KMS) (Sheffield interest – 50%)1 The Thunderbird Mineral Sands Mine (Thunderbird) continues to maintain a strong focus on health and safety across its operations. During the quarter, Thunderbird recorded one restricted work injury resulting in a total recordable injury frequency rate of 3.8 as at the end of the December quarter. Thunderbird mined 2.8Mt of ore during the December quarter and produced 212,974 dry metric tonnes of concentrate . Ore mining was impacted by reduced dozer fleet availability, lower mine contractor productivity and seasonal weather impacts. The KMS team is working with the mining contractor to improve fleet dozer availability and productivity. Concentrate production was lower than the prior quarter due to lower ore volume mined and some lower grade ore zones mined during the quarter. The Heavy Mineral (HM) grade of the feed to the process plant (Rougher Head Feed or RHF) during the quarter was 20.4%, comparable to the 23.3% achieved during the previous quarter driven by low grade ore mined. Thunderbird product shipments for the quarter totalled 221,219 metric tonnes including 53,117 tonnes of zircon concentrate. Despite challenging market conditions in China for zircon concentrate , quarterly zircon concentrate shipments were the second highest to date, with shipments made to a combination third party customers and Yansteel. Table 1: Thunderbird Mine – Performance Metrics (100% basis)1 Quarterly Performance Dec 2025 Sept 2025 Mining Ore mined (‘000 tonnes) 2,828.2 3,044.3 Rougher Head Feed HM (%) 20.4 23.3 Concentrate Production (‘000 tonnes) Ilmenite 166.8 203.3 Zircon 40.1 45.8 Leucoxene 6.1 0.0 Total Concentrate Production 213.0 249.1 Concentrate Sales (‘000 tonnes) Ilmenite 168.1 178.0 Zircon 53.1 38.9 Leucoxene 0.0 0.0 Total Concentrate Sales 221.2 216.9 Financial Ilmenite Realised Sales Price (US$/dmt) 122 118 Zircon Realised Sales Price (US$/dmt) 466 524 Average Realised Sales Price (US$/dmt)2 202 163 Average Realised Sales Price (A$/dmt)2 306 249 C1 Cash Costs (A$/t Produced)1 275 201 C1 Cash Costs (excluding inventory movement) (A$/t Produced)1 242 218 C1 Cash Costs (excluding inventory movement) (A$M)1 51.6 54.4 Note 1: Refer to Page 11 “Additional Information” for definitions and additional disclosure matters Note 2: Inclusive of final adjustments for assayed volumes and specifications For personal use only
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Mine Operating Performance Mine production was 2.8Mt ore mined in the December quarter. Figure 2 below illustrates mine production for the quarter, compared to the previous quarter and for the same quarterly period in 2024. Ore production was lower for the quarter driven by mobile fleet availability and contractor productivity alongside seasonal weather impact. Figure 2: Quarterly Mine Production Figure 3 depicts actual RHF HM grade and volumes achieved during the quarter compared to the prior periods described. The RHF grade reduction in the December quarter relative to the previous quarter was primarily due to mining of lower grade ore zones. Figure 3: WCP (Rougher Head Feed) Throughput & Grade Dec Qtr - 2024 Sep Qtr - 2025 Dec Qtr - 2025 0.0 1.0 2.0 3.0 4.0 Ore Tonnes Mined (millions) 10% 15% 20% 25% 30% Dec Qtr - 2024 Sep Qtr - 2025 Dec Qtr - 2025 0.0 0.5 1.0 1.5 2.0 Rougher Head Feed (Grade) Rougher Head Feed Tonnes (millions) For personal use only
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Zircon recovery varied throughout the quarter and was lower than expected, whilst quality of product was maintained and consistent with prior periods . Consistent TiO2 metallurgical performance was achieved throughout the quarter (Figures 4 & 5). Figure 4: Process Plant Recovery & Grade – Zircon Figure 5: Process Plant Recovery & Grade – Ilmenite 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Dec Qtr - 2024 Sep Qtr - 2025 Dec Qtr - 2025 ZrO2 Recovery ZrO2 in Zircon Concentrate 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Dec Qtr - 2024 Sep Qtr - 2025 Dec Qtr - 2025 TiO2 Recovery TiO2 in Ilmenite Concentrate For personal use only
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Figure 6 shows concentrate production volumes achieved in the current quarter relative to the prior quarter and the same quarterly period in the prior year. Production volumes declined quarter on quarter driven by lower ore volume and lower ore grade. Leucoxene concentrate production was restarted late in the quarter, with notable offtake interest from potential customers moving into 2026. Figure 6: Quarterly Thunderbird Product Volumes Sales Quarterly product shipments of ilmenite concentrate totalled 168,102 metric tonnes under the offtake agreement to Yansteel. Product pricing is fixed price per percent of TiO2 content contained within the ilmenite concentrate, with realised pric ing of approximately US$122/t for the quarter, reflecting TiO2 content consistent with the 38.5% assumed in the contract value of US$123/t. Figure 7: Quarterly Thunderbird Product Sales Zircon concentrate shipments for the quarter totaled 53,117 metric tonnes with shipments to both third party customers and Yansteel. The average realised price achieved for zircon concentrate was US$466/t for the December quarter, 11% below the previous quarter due to a higher proportion of FOB sales (to Yansteel) and challenging zircon concentrate market conditions in China. Dec Qtr - 2024 Sep Qtr - 2025 Dec Qtr - 2025 0 50,000 100,000 150,000 200,000 250,000 300,000 Product Volume (Tonnes) Zircon Ilmenite Leucoxene Dec Qtr - 2024 Sep Qtr - 2025 Dec Qtr - 2025 0 50,000 100,000 150,000 200,000 250,000 Product Shipments (Tonnes) Zircon Ilmenite Leucoxene For personal use only
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Tropical cyclone Hayley impacted operations at the Port of Broome in late December 2025, resulting in the closure of the Broome port and delayed loading of a combined zircon and ilmenite concentrate shipment. This deferred the loading of approximately 2 ,000 tonnes of zircon concentrate and 35,000 tonnes of ilmenite concentrate into early January 2026. Market Outlook The deterioration in the zircon concentrate market observed in the September quarter continued into the December quarter. Late in the December quarter, there were some indications of the market stabilising, however market weakness is expected to continue for at least the first half of 2026. Despite this market weakness, KMS expects to sell all zircon concentrate production to a combination of third parties and its joint venture partner Yansteel during the March quarter. Ilmenite concentrate is being sold under an offtake agreement to joint venture partner, Yansteel. Product pricing is fixed price per percent of TiO 2 content contained within the ilmenite concentrate, with an assumed TiO2 content of 38.5% resulting in a contract value of US$123/t. Financial Underlying C1 cash costs was $275/tonne of concentrate, compared with $201/tonne for the previous quarter, primarily driven by lower production volumes and mine productivity. Finished goods inventory comprises approximately 100,000 tonnes of ilmenite concentrate and approximately 20 ,000 tonnes of zircon concentrate available for shipment as at the end of the quarter. Note 1: Refer to Page 11 “Additional Information” for definitions and additional disclosure matters Figure 8: Cash Production Costs (C1 $/tonne – excluding inventory movement) Dec Qtr - 2024 Sep Qtr - 2025 Dec Qtr - 2025 $0 $100 $200 $300 $400 $A per tonne produced Table 2: Thunderbird Mine – C1 Cash Costs (100% basis)1 $A per tonne produced December 2025 September 2025 Mining 142 128 Processing 41 37 Logistics 47 47 G&A 13 6 Sub-Total 242 218 Inventory Movement 33 (17) C1 Cash cost per tonne produced 275 201 For personal use only
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C1 cash costs per tonne produced (excluding inventory movement) were $242/tonne of concentrate for the December quarter, compared to $218/tonne of concentrate for the previous quarter primarily driven by lower concentrate production. Net cash outflows totalled $5m for the quarter, driven by lower sales price achievement and timing of product shipments to customers. Prepayment arrangements with Yansteel continue to assist with short term working capital requirements. KMS Senior Secured Loan Restructuring During the September quarter, KMS initiated discussions with the senior secured lenders with a view to resculpting and aligning the future scheduled debt repayments to the revised mine plan, costs and forecast prices (refer to ASX announcement dated 22 July 2025). During the quarter, KMS agreed a wavier and deferral arrangement in relation to the December 2025 interest and principal repayment obligations, and various covenant waivers associated with the senior secured facilities. In late January 2026, Orion had entered into an agreement with Sheng Feng, a related entity of Yansteel, whereby the parties have agreed to novate the loan facility from Orion to Sheng Feng. KMS continues to progress and advance debt restructure negotiations, however there can be no certainty that any amendments to the senior secured loan facilities will be successfully completed during the near term. Sheffield and Yansteel remain sponsors and guarantors to the senior secured loan facilities. Table 3: Thunderbird Mine – Summary Cashflow Analysis (100% basis) $A’000 Dec Qtr 2025 Sep Qtr 2025 Operating Activities Receipts from customers 57,095 75,166 Payments to suppliers & employees (62,338) (65,417) Bank fees & other 11 (279) Total Operating Cashflows (5,232) 9,470 Investing Activities PP&E, Mine Properties and Exploration (6,117) (9,999) Total Investing Cashflows (6,117) (9,999) Financing Activities Proceeds from KMS shareholder equity issues 6,500 0 Proceeds (repayment) of borrowings 9,449 0 Net Interest (payments)/receipts 0 (6,437) Repayment of lease liabilities (5,230) (4,381) Total Financing Cashflows 10,719 (10,818) Cash Movement Cash available at beginning of period 3,269 14,858 Net cash movements (630) (11,347) Exchange rate movement (306) (242) Cash available at end of period 2,333 3,269 For personal use only
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March 2026 Quarter Outlook Mine production of between 2.8 to 3.2 million tonnes of ore per quarter is expected at Thunderbird, with the process plant expected to maintain product quality encountered in recent quarters. For the March 2026 quarter, ilmenite concentrate production is expected to be between 170,000 and 190,000 tonnes and zircon concentrate production is expected to be between 40,000 and 50,000 tonnes. Total ilmenite concentrate shipments for the March 2026 quarter are expected to be between 190,000 and 2 10,000 tonnes with regular shipments occurring each month under the life of m ine offtake arrangement with joint venture partner Yansteel. Zircon concentrate shipments are expected to range between 35,000 and 45,000 tonnes for the March 2026 quarter with pricing forecast to be similar to the December quarter. C1 cash costs per tonne produced (excluding inventory movement) are expected to range between A$230 to A$260 for the March quarter. PORTFOLIO DEVELOPMENT 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. Quarterly activities at RGM focussed on progressing project approvals and the pre -feasibility study. A drilling campaign totalling approximately 1, 300 metres was completed at Bujuru and South Retiro with assaying underway. Pre-feasibility study activities included flowsheet development and trade off studies. RGM management are continuing to advance approvals including the Central Retiro mining decree. In order to focus its cash resources on KMS, Sheffield has agreed to suspend project funding under the option agreement with RGM, while retaining the option to acquire 20% of by funding total expenditure of US$15 million (US$3 million funded to date). Capital Metals Plc Sheffield held a 10% interest in Capital Metals Plc (AIM: CMET) during the quarter , 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. In January 2026, Sheffield sold its 10% interest in Capital Metals for £2 million (A$4 million) before costs, realising a gain of A$ 0.7 million and creating additional liquidity to support corporate costs and KMS if required. CORPORATE As at 31 December 2025, Sheffield held cash reserves of approximately $1.4m (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 $230,200 was paid to related parties and their associates for Director fees, bonus payments and superannuation benefits. This announcement is authorised by the Board of Sheffield Resources Limited. Mr Bruce Griffin Executive Chair 29 January 2026 For personal use only
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Investor & Shareholder Webinar – Monday, 2 February 2026 (8.00am Perth / 11.00am AEST) Sheffield Resources Limited will host an investor and shareholder webinar on Monday, 2 February 2026 (8.00am Perth / 11.00am 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_PsGuxgp9RpiEX-mDB_bHFg For personal use only
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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 bi nding 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 operates the Thunderbird Mineral Sands Mine and actively exploring adjacent tenements on the Dampier Peninsula. 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. 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 a n 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 10 Mt 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 Mineral Resources developed for the Retiro and Bujuru deposits. The combined Mineral Resource for Retiro and Bujuru is 771Mt of material at an average grade of 3.0% THM (please refer to ASX announcement dated 25 June 2025 titled “ South Atlantic Project: Maiden Mineral Resource & Retiro Licence Approval”. The tenements are held by RGM. Sheffield entered into an option agreement with RGM in February 2023 , with subsequent extensions agreed in August 2024 and October 2025. Sheffield will provide funding for project related activities over an initial 48 month period and earn an option to acquire up to 20% of RGM a total investment of US$15m, less any funds contributed during the option period. Should Sheffield elect to exercise the option, 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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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 E04/2083 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 E04/2390 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 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 relatio n 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. Prior period disclosure of C1 cash costs may be affected by cost reallocations, transfers and movements with C2 and C3 cost categories in the ordinary course of business and in accordance with accounting policy and practice. “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. COMPLIANCE STATEMENTS This document should be read in conjunction with the following announcements by the Company: "Thunderbird Ore Reserve Update" dated 24 March 2022, “Thunderbird BFS, Results, Financing and Project Update” dated 24 March 2022, “Thunderbird Final Investment Decision” , "Mineral Resource and Ore Reserve Statement" dated 24 September 2019 and “South Atlantic Project: Maiden Mineral Resource & Retiro Licence Approval ” dated 25 June For personal use only
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2025 (the Primary Announcements). Information in this document in relation to Mineral Resources, Ore Reserves and metallurgy and process design has previously been reported in the Primary Announcements. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of the 24 September 2019 Thunderbird Mineral Resource and Ore Reserve Statement and the 24 March 2022 Thunderbird Ore Reserve Update, that all material assumptions and technical parameters underpinning the estimates with regards to the Company in the relevant market announcement continue to apply and have not materially changed. The Company confirms that all material assumptions underpinning any production target and any forecast financial information derived from any production target that is disclosed in this announcement continue to apply and have not materially changed. The Company confirms that the form and context of the Competent Person's findings are presented and have not been materially modified from the original market announcements. Production Target Cautionary Statement Information in this document that relates to production targets (including subsets of such targets) was first reported within the Primary Announcements. Sheffield confirms that all the material assumptions underpinning the production targets, and the forecast financial information derived from the production targets, continue to apply and have not materially changed. Disclaimer This document has been prepared by Sheffield Resources Limited based on information from its own and third-party sources, including Kimberl ey Mineral Sands Pty Ltd, and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement , submission, despatch or provision of this document, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this document. Except for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this document including, without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliability or you or any other person placing any reliance on this document, its accuracy, completeness, currency or reliability. Information in this document which is attributed to a third -party source has not been checked or verified by the Company. This document is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. This document does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. It should be read in conjunction with, and full review made of, the Company’s disclosures and releases lodged with the Australian Securities Exchange (ASX) and available at www.asx.com.au. Each recipient must make its own independent assessment of the Company before acquiring any shares in the Company. All dollar values are in Australian dollars (A$ or AUD) unless otherwise stated. Forward Looking Information This document contains forward -looking statements. Wherever possible, words such as “intends”, “expects”, “scheduled”, “estimates”, “anticipates”, “believes”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, have been used to identify these forward -looking statements. Although the forward -looking statements contained in this document reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, the Company cannot be certain that actual results will be consistent with these forward -looking statements. A number of factors could cause events and a chievements to differ materially from the results expressed or implied in the forward -looking statements. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward- looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Company's actual results, events, prospects and opportunities to differ materially from those expressed or implied by such forward -looking statements. Although Sheffield has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those For personal use only
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described in forward -looking statements (refer in particular to the “Key Risks” se ction of the Company’s ASX announcement dated 24 March 2022, “Thunderbird BFS, Results, Financing and Project Update” ), there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended, including those risk factors discussed in the Company’s public filings. There can be no assurance that the forward - looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accord ingly, prospective investors should not place undue reliance on forward - looking statements. Any forward-looking statements are made as of the date of this announcement, and Sheffield assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law. This document may contain certain forward-looking statements and projections regarding: • estimated Resources and Reserves; • planned production and operating costs profiles; • planned capital requirements; and • planned strategies and corporate objectives. Such forward-looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Sheffield and Kimberley Mineral Sands Pty Ltd. The forward-looking statements/projections are inherently uncertain and ma y therefore differ materially from results ultimately achieved. Sheffield does not make any representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward -looking statements/projections based on new information, future events or otherwise except to the extent required by applicable laws. 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 2025 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 (338) (764) (e) administration and corporate costs (245) (609) 1.3 Dividends received (see note 3) - - 1.4 Interest received 29 82 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 (555) (1,292) 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 - (772) (e) investments (3,250) (3,632) (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 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (3,250) (4,404) 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 borrowings - - 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 5,197 7,088 4.2 Net cash from / (used in) operating activities (item 1.9 above) (555) (1,292) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (3,250) (4,404) 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 1,392 1,392 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 1,392 5,197 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) 1,392 5,197 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 1 230 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - 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. 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. 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. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (555) 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) (555) 8.4 Cash and cash equivalents at quarter end (item 4.6) 1,392 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 1,392 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.5 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: 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. 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: 29 January 2026 Authorised by: Board of Directors 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