4 Sheffield Resources Limited Annual Report 2025 KIMBERLEY MINERAL SANDS (KMS) During the reporting period, through its 50% interest in Kimberley Mineral Sands Pty Ltd (KMS), Sheffield Resources Limited (Sheffield, the Company or the Group) completed the first full year of production from the Thunderbird Mineral Sands Mine (Thunderbird) in the Kimberley region of Western Australia. KMS is a 50/50 joint venture between Sheffield and YGH Australia Investment Pty Ltd (Yansteel). Yansteel is a wholly-owned subsidiary of Tangshan Yanshan Iron & Steel Co. Ltd, a privately owned steel manufacturer headquartered in Hebei, China producing approximately 10mt per annum of steel products. Thunderbird is one of the largest and highest-grade zircon mineral sands deposits in the world and contains valuable minerals including ilmenite, zircon and leucoxene, which are extracted and exported as concentrates via the Port of Broome to offtake partners in China. Construction activities at Thunderbird were completed during 2023, ahead of schedule and within the original $484 million budget. The maiden shipment of Thunderbird products to customers was completed in January 2024, with the first bulk shipment departing Broome in March 2024. Throughout the first full production period for the 2025 financial year, Thunderbird produced 741,826 tonnes of concentrate products, mining in excess of 10 million tonnes of ore. From commencement of operations through to the end of June 2025, Thunderbird had shipped in excess of 1,000,000 tonnes of concentrate products to its offtake customers in China. Review of Operations Thunderbird Process Plant and stockpile area
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