Thunderbird Mine Ships 226,940 Tonnes, Targets 16 Mtpa by 2026

Strong Operational Performance at Thunderbird

Sheffield Resources Limited has reported a robust quarterly performance for the period ended 31 March 2025, driven by its 50% interest in Kimberley Mineral Sands Pty Ltd (KMS) and the Thunderbird Mineral Sands Mine in Western Australia. The joint venture achieved a milestone of one million lost time injury (LTI) free operating hours, underscoring a strong commitment to safety alongside operational excellence.

During the quarter, Thunderbird mined 2.5 million tonnes of ore and produced 187,628 tonnes of mineral sands concentrate, including ilmenite, zircon, and leucoxene. Notably, the process plant continued to outperform design expectations with consistent recovery rates above target for titanium dioxide (TiO2) and zirconium dioxide (ZrO2), key indicators of product quality.

Record Shipments and Positive Cashflow

The quarter saw record total product shipments of 226,940 tonnes, with zircon concentrate shipments reaching 82,199 tonnes, a new high for the operation. This surge was supported by an expanded customer base and strong market demand, particularly for zircon concentrate. The average realised price for zircon was US$543 per tonne, reflecting favourable market conditions.

Financially, KMS generated positive operating cashflow of A$32 million, a significant turnaround supported by record sales volumes. The company also repaid US$14 million of the Yansteel offtake prepayment facility, demonstrating prudent financial management. Sheffield’s cash reserves stood at A$7.8 million as at 31 March 2025 (unaudited), providing a solid liquidity buffer.

Strategic Ramp-Up Plan to 16 Mtpa

Looking ahead, KMS has outlined a clear plan to ramp up mining throughput to 16 million tonnes per annum by the second half of 2026. This increase is expected to boost concentrate production to approximately 900,000 to 950,000 tonnes of ilmenite and 220,000 to 240,000 tonnes of zircon by the first quarter of fiscal 2027.

The ramp-up strategy involves enhancing waste mining capacity through drill and blast programs, mobilising additional contractors, and upgrading equipment fleets. Minor modifications to the Dry Mining Unit (DMU) screens will optimise feed to the process plant, with no major capital expenditure anticipated. This operational scaling is expected to reduce unit production costs and defer decisions on further expansions until later in the decade.

Ongoing Development and Corporate Updates

Beyond Thunderbird, Sheffield is advancing its portfolio with progress on the South Atlantic Project in Brazil, where mineral resource estimates and a Pre-Feasibility Study are expected to be completed in 2025. Sheffield also holds a 10% stake in Capital Metals Plc, which is developing the Taprobane Minerals Project in Sri Lanka.

Corporate governance remains steady with no changes to the board, and related party payments for director fees and superannuation totalled A$236,442 during the quarter. Sheffield will host an investor webinar on 24 April 2025 to discuss these results and outlook in more detail.