Sheffield Resources (SFX) Q1 2026 TU earnings summary

Executive summary

• Achieved record quarterly concentrate production of 249,145 tonnes, up 24% from the previous record quarter.

• Ore mined totaled 3.0Mt, a 6% increase from the previous quarter, reflecting improved productivity.

• Concentrate shipments were 216,919 tonnes, below forecast due to challenging zircon market conditions.

• Cash balance at quarter end was $5.2 million (unaudited).

• Continued progress on portfolio diversification with investments in Brazil and Sri Lanka mineral sands projects.

Financial highlights

• C1 cash costs per tonne produced dropped to $201, down from $302 in the previous quarter, driven by higher production and lower shipping costs.

• Operating cashflows for the quarter totaled $9.5 million.

• Prepayments of $13 million received from zircon concentrate customers, supporting working capital.

• Finished goods inventory at quarter end: ~100,000 tonnes ilmenite and >30,000 tonnes zircon concentrate.

Outlook and guidance

• Unable to provide zircon concentrate sales guidance for the December 2025 quarter due to deteriorating market conditions in China.

• Focus remains on achieving full production from Thunderbird by Q1 FY27.

• Ongoing monitoring of market developments and communication of material changes.