5 Sheffield Resources Limited Annual Report 2023 CONTENTS FINANCIAL STATEMENTS YEAR IN REVIEW DIRECTORS’ REPORT CORPORATE DIRECTORY SHAREHOLDER INFORMATION Table 1: Key Metrics – Final Investment Decision – Thunderbird Mineral Sands Project Figure 2: Forecast Timeline to First Customer Shipment Sheffield announced that the Northern Australia Infrastructure Facility (NAIF) had ratified and executed binding documentation for a A$160 million loan facility comprising a 12-year tenor to support the development of Thunderbird. In addition to the NAIF loan facility, KMS and OMRF (Th) LLC, a related entity of the Orion Mineral Royalty Fund (Orion), executed binding and definitive documentation for a US$110 million Production Linked Facility. The A$315m debt financing package from NAIF and Orion, combined with $169 million of equity from Kimberley Mineral Sands shareholders (with Yansteel contributing $135m and Sheffield $34 million) completed the project financing requirements for Thunderbird, enabling KMS to achieve financial close in October 2022. A forecast timeline to first production is shown below. Construction activities will be largely complete during the September 2023 quarter with commissioning activities having commenced. Commencement of ore mining and sequential commissioning of the Dry Mining Unit (DMU) and process plant is expected to occur during the December 2023 quarter with first customer shipment remaining on track for the March 2024 quarter. FIRST PRODUCTS SHIPPED IN Q1 2024 Sheffield Resources Limited I ASX: SFX I Assembling a portfolio of global mineral sands development and production assets to generate cash returns and growth 1 Q3 2022 Q4 2022 2023 2024 Q2 2022 WCP Start-up EPC Contract Award (Limited Notice to Proceed) Pre FID Construction FINAL INVESTMENT DECISION Construction Commission Production FIRST PRODUCT SHIPMENT Secure NAIF and Orion Debt Facilities Document and CP’s Major Contracts underway (Full Notice to Proceed) Mining Mobilisation Current Progress: Construction >90% Complete Thunderbird - Economics Stage 1 only Stage 1 & 2 NPV8 post-tax A$842m A$1.39B IRR post-tax 26.6% 26.6% Total Funding Requirement (Stage 1) A$484m A$484m Life of Mine EBITDA A$4.8B A$8.7B Process Rate (tonnes p/hour) 1,085 2,170 Product sales (avg kt pa; all products) 913 1,365 Mine Life 33 years 36 years Long Term Average FX Rate (A$/US$) 0.75 0.75 Long Term Zircon Price - FOB (TZMI) US$1,607 US$1,607
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