Sheffield Resources (SFX) H2 2024 earnings summary

Executive summary

• Achieved first production at Thunderbird Mineral Sands Mine in October 2023, transitioning from developer to producer.

• Construction at Thunderbird completed on time and within the original $484 million budget, despite inflationary pressures.

• Maiden shipment to customers in January 2024, with first bulk shipment in March 2024.

• Workforce is 83% local, 30% Aboriginal, and 29% female, reflecting strong community engagement.

• Investments made in South Atlantic Project (Brazil) and Capital Metals Plc (Sri Lanka).

Financial highlights

• Net loss after tax for FY2024 was $32.2 million, compared to $8.6 million loss in FY2023.

• Cash and cash equivalents at 30 June 2024 were $9.9 million, down from $24.4 million at 30 June 2023.

• Net assets at 30 June 2024 were $138.1 million, compared to $169.6 million at 30 June 2023.

• Thunderbird product sales revenue was $72.0 million for 193,418 dry metric tonnes sold.

• Share of joint venture loss (KMS) was $27.6 million for FY2024.

Outlook and guidance

• Focus for FY2025 is on increasing production and shipping, operational improvements, and commencing loan repayments.

• Mine production expected to be sustained at 2.5–3.0Mt of ore mined per quarter from September 2024 onwards.

• Anticipates sustained mineral sands production consistent with design objectives in FY2025.