Sheffield Resources Limited advised that construction and early works activities at the Thunderbird Mineral Sands Project (Thunderbird) are continuing to advance in line with expectations, supported by GR Engineering Services Limited (GRES) and local contractors within the Kimberley region of Western Australia. Civil earthworks activities have significantly advanced and long lead item procurement, structural steel and piping manufacture also underway. Following completion and award of the EPC contract with GRES earlier in the year all remaining major construction and supply contracts to support project development are nearing completion, inclusive of energy supply, power generation and mining services agreements.

Sheffield will inform the market of material developments in relation to each of the major construction and supply contracts upon their completion. Project financing activities are progressing well despite the market impact of the war in Ukraine and central banks interest rate increases in response to inflation. Following receipt of the Northern Australia Infrastructure Facility (NAIF) Investment Decision in April 2022, offering financial assistance of up to AUD 160 million, the Kimberley Mineral Sands joint venture is advancing a second tranche of project financing via a third party commercial loan facility to complement NAIF financing and fully fund Stage 1 construction of Thunderbird.

Sheffield will provide the market with a further update upon completion of project financing arrangements.