7 Sheffield Resources Limited Annual Report 2025 CONTENTS FINANCIAL STATEMENTS YEAR IN REVIEW DIRECTORS’ REPORT CORPORATE DIRECTORY SHAREHOLDER INFORMATION 20% of KMS staff and some contractors leaving the business. KMS provided impacted personnel with appropriate support during this difficult process. During the reporting period, the business improvement initiative has seen KMS complete a series of production trials that successfully demonstrated that the existing fleet of dozers and DMU could sustain a mining rate equivalent to 16mtpa. Based upon this, KMS has developed an operating plan to progressively increase mine production capacity to 16mtpa by the end of the 2026 financial year. In conjunction with this approach, KMS transitioned to drill and blast waste mining and mobilised a new waste mining contractor with a larger excavator and truck waste mining fleet. Drill & blast activities commenced in January 2025, with 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. Sales Product shipments of ilmenite concentrate totalled 594,275 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 pricing of approximately US$129/t for the reporting period. Zircon concentrate shipments totaled 144,521 metric tonnes, with shipments to a wide range of offtake customers throughout the reporting period. The average realised price achieved for zircon concentrate was US$549/t. Financial At the end of June 2025, KMS cash reserves totalled $15m. During the reporting period, KMS arranged offtake prepayment facilities with Yansteel to assist with near term working capital requirements. As at the end of June 2025, offtake prepayments totalled $31m, which shall be repaid from delivered ilmenite concentrate volumes during the 2026 financial year and may be renewed by mutual agreement. KMS had fully utilised debt facilities from NAIF Facility A (A$120 million), NAIF Facility B (A$40 million), and Orion Mineral Resource Fund (US$110 million). In accordance with the terms of the Orion facility agreement, the initial amortisation payment of US$11 million was made on 30 June 2025. As at the balance date, the total outstanding balance on the Orion facility was US$99 million. Quarterly interest payment instalments were made throughout the financial year to both NAIF and Orion in the ordinary course of business. C1 cash costs per tonne produced were $296/tonne of concentrate for the reporting period. C1 costs may differ from previously reported quarterly interim results due to cost reconciliation and reallocations that have occurred during 2025. Finished goods inventory comprises approximately 70,000 tonnes of ilmenite concentrate and over 20,000 tonnes of zircon concentrate available for shipment as at the end of the reporting period. THUNDERBIRD MINE – 2025 FINANCIAL YEAR PERFORMANCE METRICS (100% basis) 1H 2025 2H 2025 Full Year 2025 Ore Mined (‘000 tonnes) 5,040 5,369 10,409 Wet Concentrator - Rougher Head Feed (HM Grade %) 21.7 18.9 20.1 Production – Ilmenite Concentrate (tonnes) 280,178 306,465 586,643 Production – Zircon Concentrate (tonnes) 71,626 82,397 154,023 Sales – Ilmenite Concentrate (tonnes) 307,041 287,234 594,275 Sales – Zircon Concentrate (tonnes) 23,199 121,322 144,521 Ilmenite Concentrate Realised Sales Price (US$/dmt) 126 132 129 Zircon Concentrate Realised Sales Price (US$/dmt) 545 550 549 Average Realised Sales Price (A$/dmt) 230 392 322 C1 Cash Costs (A$/t Produced) 198 385 296
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