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Sheffield Resources Limited

Sheffield Resources is a mineral sands (Cooper, Nickel, Gold) focused explorer and developer, headquartered in Perth, Western Australia.

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Sheffield Resources remains one of Breakaway’s preferred exposures based on the calibre of the Thunderbird project and the quality of management. Significant positive news flow is expected in the coming weeks as the release of the PFS is likely to outline enhanced economics on an already economically robust project. Sheffield is well on the way to becoming a globally significant mineral sands producer.

Sheffield Resources continues to steadily advance its flagship Thunderbird deposit, putting the Company firmly on track to become a Tier 1 mineral sands producer. The 2014 Scoping Study already demonstrated robust project economics; however, following the latest resource upgrade the project economics are expected to be strongly enhanced. Details will be outlined with the release of the PFS, scheduled in the current quarter. Assuming a positive outcome in the PFS, Sheffield will undertake a Definitive Feasibility Study, expected by mid-2016, with first production targeted as early as Q4 2017.

The Thunderbird Resource now stands at 3.2Bt @ 6.8% HM (3% HM cut off) containing 95Mt of HM, including 19.3Mt of zircon, making it one of the largest accumulations of zircon in the world. Within the broader Thunderbird resource, Sheffield has identified a ‘high grade’ core which hosts 1.1Bt @ 11.8% HM (7.5% HM cut off) of which +88% is in the Measured and Indicated category. This ‘high grade’ resource is sufficient for at least 32 years of production at the targeted 20.8Mtpa rate.

Sheffield is on track to become a globally significant zircon and ilmenite producer, which will be important to support future funding requirements and placing the Company firmly on the radar for potential corporate activity.

In late 2014, Sheffield Resources announced a significant resource upgrade at the Company’s flagship Thunderbird project.

Applying a 3.0% HM cut-off, the resource now stands at 3.205Bt @ 6.8% HM and compares to the previous resource of 2.62Bt @ 6.5% HM.

Within this resource, Sheffield has identified a coherent ‘high grade core’ containing 1,080Mt @ 11.8% HM containing 10.0Mt of zircon, 3.1Mt of high-titanium leucoxene, 2.8Mt of leucoxene and 36Mt of ilmenite (at the higher grade 7.5% HM cut off). The upgrade represents a 46% increase to the previous ‘high grade’ component of the resource, incorporating an increase in both tonnes and grade.

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Markets: Copper, Gold, Manganese, Nickel