CONTENTS FINANCIAL STATEMENTS YEAR IN REVIEW DIRECTORS’ REPORT CORPORATE DIRECTORY SHAREHOLDER INFORMATION Mineral Resources - Commentary: The Thunderbird Mineral Resource estimate as of June 2024 was 3.01 billion tonnes at 6.9% total heavy mineral (HM) for 207 Mt of contained HM. The Mineral Resource estimate has been updated to include data from the 2024 grade control drilling, has been depleted for mining to 25 June 2025, and excludes areas sterilised due to Aboriginal heritage protection considerations and mining. The Thunderbird Mineral Resource estimate as of 30 June 2025 is 2.99 billion tonnes at 6.8% total HM for 205 Mt of contained HM. The Mineral Resource at Thunderbird is estimated and reported in accordance with the guidelines of the JORC Code (2012). Reconciliation analysis was undertaken by Snowden Optiro (responsible for the Mineral Resource estimate) and Entech (responsible for the Ore Reserve estimate). This indicates that there continues to exist a high degree of uncertainty with respect to oversize estimates modelled when compared with the actual proportion of oversize experienced in mining to date. Reconciliation work undertaken in respect of the updated Mineral Resource and Ore Reserve estimates has noted poor reconcile between HM tonnes modelled and that reported at the concentrator RHF, with the model appearing to significantly overestimate the contained HM. However, acceptable reconciliation is observed when considering aggregate TiO2 + ZrO2. Drilling and sample preparation of the exploration samples resulted in oversize material being crushed and incorporated into the sand fraction. It is postulated that the model HM is overestimated by the inclusion of more trash (non-valuable) HM from the higher observed oversize and which is then reject at, or prior to the DMU, resulting in a WCP feed with a higher valuable HM (VHM). The mineral assemblage components are reported as a percentage of the total HM fraction and so adjustments to HM, to exclude non-valuable HM from the crushed oversize fraction, would also require corresponding adjustment in the mineral assemblage estimation. The modelled mineral assemblage data includes consideration of non-valuable HM in the coarser material (including the additional crushed oversize fraction). Composite HM samples were screened at 106µm and each fraction weighted. Analysis was undertaken on the -106µm fraction, and the mineral assemblage of the total HM fraction reported by assuming non-valuable HM in the +106µm fraction. The oversize contents in the updated Mineral Resource have been adjusted to align with production data, however, this will have to be monitored and may require further revision as more data becomes available. Provision has been made in the Ore Reserve estimate, by allowing for increased oversize quantity, both in determining rehandle volumes and cost and also in estimating RHF rates at the concentrator for scheduling within installed design process capacity constraints. At this stage there is insufficient data to make adjustments to the modelled HM, to account for the non-valuable HM in the additional oversize fraction, and it is not yet clear if adjustments are required to the mineral assemblage data. Work to better understand the relationship between modelled/estimated oversize, HM and VHM with actual observed quantities remains ongoing. Mining to date has been limited to a relatively small and near surface region within the global Mineral Resource and it is not yet established whether experiences from mining to date can be confidently applied to the broader Mineral Resource. The Night Train Mineral Resource estimate has not changed since 30 June 2024. Governance And Internal Controls Mineral Resource and Ore Reserve are compiled by qualified Kimberley Mineral Sands Pty Ltd personnel and/or independent consultants following industry standard methodology and techniques. The underlying data, methodology, techniques and assumptions on which estimates are prepared are subject to internal peer review by senior Company personnel, as is JORC compliance. Where deemed necessary or appropriate, estimates are reviewed by independent consultants. Competent Persons named by the Company are members of the Australasian Institute of Mining and Metallurgy and/or the Australian Institute of Geoscientists and qualify as Competent Persons as defined in the JORC Code 2012. 37 Sheffield Resources Limited Annual Report 2025
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