Sheffield Resources (SFX) H2 2025 earnings summary

Executive summary

• Achieved first full year of production at Thunderbird Mineral Sands Mine, with over 10.4 million tonnes of ore mined and 741,826 tonnes of concentrate produced for FY2025.

• Maiden shipment to customers completed in January 2024; over 1 million tonnes shipped by June 2025.

• Business improvement initiatives implemented to address oversize material and productivity challenges, resulting in workforce reduction and operational enhancements.

• Focus for FY2026 is on increasing mine production capacity to 16mtpa and maximizing local employment.

Financial highlights

• Group net loss after tax for FY2025 was $22.1m, an improvement from $32.2m loss in FY2024.

• Cash and cash equivalents at 30 June 2025 were $7.1m (2024: $9.9m); net assets stood at $116.6m (2024: $138.1m).

• KMS (Thunderbird JV) revenue was $243.6m, with a net loss of $40.9m (100% basis).

• C1 cash costs for concentrate production were $296/t; average realised sales prices: ilmenite $129/t, zircon $549/t (USD).

• KMS cash reserves at year-end were $15m; offtake prepayments from Yansteel totaled $31m.

Outlook and guidance

• Thunderbird mine to progressively increase production to 16mtpa by H2 FY2026.

• Expected concentrate production rates for H2 FY2026: 900,000–950,000 tpa ilmenite, 220,000–240,000 tpa zircon.

• Continued focus on operational efficiency, cost reduction, and broadening customer base.