2 Sheffield Resources Limited Annual Report 2024 Chair’s Letter Dear Shareholders, The 2024 financial year delivered a significant achievement that very few junior resource companies are able to achieve, following the delivery of first production at the Thunderbird Mineral Sands Mine in October 2023. Transitioning to a producer is a tremendous milestone for Sheffield Resources Limited. The Thunderbird Mineral Sands Mine is a long life and outstanding world class mineral sands mine, and we look forward to further success in 2025 as production grows toward nameplate capacity. Construction activities at Thunderbird were finalised in late 2023 on time and budget. Importantly this was achieved safely with over 1 million hours of work completed during the construction phase lost time injury free; an outstanding achievement by our construction team and all contractors involved with the construction program. Pleasingly this strong safety performance has continued into operations with over 500,000 hours of work completed lost time injury free since operations commenced in October 2023. Delivery of the Thunderbird mine into production within our original $484 million funding envelope was a significant achievement, particularly given the backdrop of inflationary pressures and economic headwinds experienced globally throughout the financial year. Commissioning activities commenced in mid-2023, with waste stripping and movement ahead of planned initial mining activities. First ore production occurred in October 2023, ahead of schedule, with management and control of the processing plant transferred to the Kimberley Mineral Sands operations team by EPC contractor GR Engineering Services. The maiden shipment of Thunderbird products to customers was completed in January 2024, with the first bulk shipment departing from the Port of Broome in March 2024. Year in Review I am pleased to present to you the 2024 Annual Report for Sheffield Resources. It has been an exciting and successful year for your Company.
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