Sheffield Resources (SFX) Q2 2026 TU earnings summary

Executive summary

• Thunderbird Mineral Sands Mine achieved 2.8Mt ore mined in Q4 2025, 7% below the previous quarter but 17% higher year-over-year for the half year.

• Concentrate production was 212,974 tonnes, down 15% sequentially but up 31% for the half year compared to last year.

• All zircon concentrate produced was sold despite challenging market conditions, with shipments totaling 221,219 tonnes.

• Cash balance at 31 December 2025 was A$1.4 million; divestment of Capital Metals shares in January 2026 realized A$4 million before costs.

Financial highlights

• Average realised sales price for ilmenite was US$122/dmt and for zircon US$466/dmt, with average realised price up 24% year-over-year.

• C1 cash costs per tonne produced (excluding inventory movement) rose to A$242 from A$218 in the previous quarter.

• Net cash outflows for the quarter were A$5 million, mainly due to lower sales prices and shipment timing.

• Finished goods inventory at quarter end: ~100,000 tonnes ilmenite and ~20,000 tonnes zircon concentrate.

Outlook and guidance

• March 2026 quarter mine production expected between 2.8–3.2Mt; ilmenite production 170,000–190,000 tonnes, zircon 40,000–50,000 tonnes.

• Ilmenite shipments forecast at 190,000–210,000 tonnes; zircon shipments 35,000–45,000 tonnes.

• C1 cash costs per tonne expected to range A$230–A$260.

• Market weakness for zircon expected to persist into H1 2026, but all production is expected to be sold.