CONTENTS FINANCIAL STATEMENTS YEAR IN REVIEW DIRECTORS’ REPORT CORPORATE DIRECTORY SHAREHOLDER INFORMATION SECTION 9: 2026 FINANCIAL YEAR PLANNED REMUNERATION STRUCTURE Via the Committee during the prior 2024 financial year, the Company engaged a third-party consultant to perform a remuneration benchmarking study in relation to Key Management Personnel. The study considered market-based peer analysis of both fixed and variable remuneration, with proposed amendments to policy and remuneration arrangements subsequently adopted and approved by the Board. Principal outcomes of the policy structure for the 2024 financial year and applicable for subsequent financial years are as follows: Policy Structure – Suspension of Share Option grants in favour of Performance Rights. – Pro-rata STI and LTI vesting shall take place upon a Change of Control event, replacing the historical treatment of automatic vesting. – Removal of the individual performance scorecard due to a small management team. Outcomes will be solely aligned to company performance, going forward. – Board discretion to be considered in the event of a material reputation damaging event Total Fixed Remuneration No amendments to Total Fixed Remuneration are proposed. Short Term Incentive (STI) STI based upon annual performance targets attributable to the operation of the Thunderbird Mineral Sands Mine, payable 50% in cash and 50% in the form of Performance Rights which vest (subject to the successful attainment of performance objectives, as determined by the Board) following the end of the annual performance period. These will have a total life spanning 5 years. A maximum of three performance measures, aligned to Production, Cost and, Health, Safety Environmental and Governance performance will be considered. Long Term Incentive (LTI) LTI’s linked to market-based measures including, but not limited to, absolute and relative total shareholder return measures. An annual LTI grant, spanning a three-year performance period, subject to the achievement of total shareholder return performance criteria. Non-Executive Directors No amendments to the fee structure are proposed. END OF AUDITED REMUNERATION REPORT Signed in accordance with a resolution of the Directors, made pursuant to S298(2) of the Corporations Act 2001. For and on behalf of the Directors Bruce Griffin Executive Chair Perth, Western Australia 18 September 2025 33 Sheffield Resources Limited Annual Report 2025
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