CONTENTS FINANCIAL STATEMENTS YEAR IN REVIEW DIRECTORS’ REPORT CORPORATE DIRECTORY SHAREHOLDER INFORMATION Ore Reserves - Commentary: Detailed comparison (before appropriate rounding for tabulation) has been performed between the 2024 Ore Reserve and this updated estimate by considering changes in Ore, Heavy Mineral (HM) and Valuable Heavy Mineral (VHM) tonnages between estimates. The main variance, in terms of ore tonnage, is due to changes in T1 (lower grade) feed strategy for consistency with the current life of mine plan and scale up assumptions to a second DMU as per recently disclosed business improvement initiatives. In aggregate, these changes remove 27 Mt @ 4.6% HM of ore material in the updated Ore Reserve compared to the previous disclosure. A 10Mt reduction in ore tonnes is due to mining depletion and a 1Mt reduction due to sterilisation and exclusion of material below the finished floor and required for pit road access within the current disturbance area limitations. The largest reduction between this updated estimate and the prior disclosure, in terms of contained VHM, is associated with mining depletion for the reporting period. The removal of the lower grade T1 feed material represents a 1.7% reduction in contained VHM over the previous disclosed Ore Reserve and is not considered material. There are no material differences in primary in-situ grades or mineral assemblage between estimates, other than the inclusion of the adjusted oversize estimate used for enhanced mine planning. The Ore Reserve estimate was prepared by Entech Pty Ltd, an experienced and prominent mining engineering consultancy with appropriate mineral sands experience in accordance with the JORC Code (2012 Edition). The Ore Reserve is estimated using all available geological and relevant drill hole and assay data, including mineralogical sampling and test work on mineral recoveries and final product qualities. Measured and Indicated Resources were converted to Proved and Probable Ore Reserves respectively, subject to mine design, modifying factors and economic valuation. The Company is not aware of any new information or data that materially affects the information included in the Ore Reserve estimate. 35 Sheffield Resources Limited Annual Report 2025
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