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Sheffield Resources Limited (ASX:SFX)

ALERT: Price-sensitive ASX Announcement for SFX
Current share price for SFX : $0.045 -0.14 (-75.68%)+
Announcement
Release
22 Jul 2025 8:16AM
Price at Release
$0.185
Full Release
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Summary
The document is the Quarterly Activities and Appendix 5B Cash Flow Report for Sheffield Resources Limited for the quarter ending 31 March 2023. It highlights significant operational progress at the Thunderbird Mineral Sands Project, particularly the advancement of construction activities and key contracts secured by Kimberley Mineral Sands (KMS), the joint venture between Sheffield and Yansteel. The report details expenditure, production guidance, funding arrangements, and corporate activities, including board changes and the company's focus on environmental, social, and governance (ESG) matters. The cash flow report outlines operating, investing, and financing cash movements, with a closing cash balance of $28.7 million. The company remains on track for project delivery timelines and continues to pursue exploration and development opportunities.
Key Points
  • Thunderbird Mineral Sands Project construction and development advanced significantly during the quarter.
  • Kimberley Mineral Sands (KMS), the joint venture between Sheffield and Yansteel, secured major contracts for mining, power, and logistics.
  • Project capital expenditure for Thunderbird is expected to be $484 million, and the project remains within budget and on schedule for first production in early 2024.
  • Sheffield board changes included the appointment of Mr. John Richards as Non-Executive Chair and the resignation of Mr. Bruce Griffin as Non-Executive Director.
  • Focus on ESG initiatives with continued engagement with Traditional Owners and other stakeholders.
  • Cash outflows from operating activities were $1.8 million, with $16.0 million spent on investing activities relating primarily to the Thunderbird Project.
  • The company closed the quarter with a cash balance of $28.7 million and no debt.
  • Exploration activities included work at the Dampier Project and a review of zircon, rare earths, and mineral sands opportunities.
  • Ongoing construction milestones achieved include civil works, mining unit assembly, and camp expansion.
  • Sheffield continues to evaluate further growth and exploration opportunities aligned with its strategic objectives.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.