Sheffield Resources Limited announce an update to the Ore Reserve for the Thunderbird Mineral Sands Project (Thunderbird or Project), in the north west of Western Australia. The Ore Reserve forms the basis of the Kimberley Mineral Sands Bankable Feasibility Study (KMS BFS) completed by Kimberley Mineral Sands (KMS) and released by Sheffield on 24 March 2022. KMS is a 50/50 joint venture between Sheffield and YGH Australia Investment Pty Ltd. (Yansteel), formed in 2021 to develop the Thunderbird Mineral Sands Project. This Ore Reserve estimate was prepared by Entech Pty Ltd, an experienced and prominent mining engineering consultancy with appropriate mineral sands experience and industry knowledge. The Ore Reserve of 754 million tonnes at 11.0% HM contains 83 million tonnes of HM compared to the previous Ore Reserve of 748 million tonnes at 11.2% HM containing 84 million tonnes of HM. This Ore Reserve reflects changes in market product pricing, the flow sheet, product mix, ore feed blending
strategy and geotechnical information and mining cost data gathered from the trial mining programs at Thunderbird. The majority of the cost estimates applied to determine the Ore Reserve have been informed by negotiated agreements or cost estimates prepared by independent third parties. In addition, binding offtake agreements account for approximately 80% of estimated Stage 1 development revenues. The KMS BFS removes the Ilmenite Processing Circuit (IPC) which contained the Low Temperature Roast (LTR) previously included in the 2017 BFS and removes the Mineral Separation Plant (MSP) components included in both the 2017 BFS and 2019 BFS Update. The 2019 BFS Update was previously designed to produce premium zircon, zircon concentrate and primary ilmenite. The current KMS BFS flowsheet is forecast to produce a Non-Magnetic Concentrate (NMC) product containing zircon and rutile, a Paramagnetic Concentrate (PMC) being a co-product from the Non-Magnetic Finisher Circuit which contains titanium units in combination with iron oxides and low levels of monazite, and an ilmenite rich Magnetic Concentrate (MC).