FY2021
KMS partnership established
On 12 March 2021 Yansteel subscribed for a 50% interest in KMS for A$130.1m, establishing the 50:50 Thunderbird venture. Sheffield recognised a loss-of-control gain in its consolidated result.
ASX: SFX · Five-year financial review
Sheffield Resources Limited (ASX: SFX) - Five-Year Financial Review FY2021-FY2025
Five June-year annual reports. Sheffield's consolidated statements are in Australian dollars, generally A$'000; KMS joint-venture statements show 100% of that entity and are not proportionately consolidated. Operational prices use the currencies and denominators stated per row.
Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.
FY2025 Sheffield loss
A$22.050m
Consolidated statutory loss after tax; includes equity-accounted KMS result.
FY2025 Sheffield cash
A$7.088m
Consolidated cash at 30 June 2025; excludes KMS's own cash balance.
FY2025 KMS revenue
A$243.585m
100% joint-venture continuing-operations revenue, not Sheffield consolidated sales.
Five years in context
The five years span KMS joint-venture formation, Thunderbird financing and construction, then the mine's first production and first full operating year. Sheffield's reported profit changed with one-off asset gains and its equity-accounted share of KMS losses; the joint venture's sales and project borrowings belong to a different reporting boundary.
Sheffield retained a 50% interest in KMS. Its carrying amount declined from A$143.938m at 30 June 2023 to A$103.328m at 30 June 2025, while KMS's 100% statements show the financing, plant assets and production cash flows behind the project. The separate tables below preserve that distinction.
Events behind the numbers
FY2022
Asset sale and Thunderbird feasibility
Sheffield received A$36m from the Eneabba/McCalls disposal and recognised an A$29.160m gain. The KMS bankable feasibility study and construction contracting advanced the project before final investment decision.
FY2023
Thunderbird final investment decision
KMS made its final investment decision on 7 October 2022 and reached financial close on senior project facilities and equity funding. Construction progressed toward commissioning.
FY2024
First ore and concentrate shipments
First ore production occurred in October 2023; first packaged product was exported in January 2024 and inaugural bulk shipments left Broome in March 2024.
FY2025
First full production year and debt covenant waiver
Thunderbird completed its first full production year. Oversize material and maintenance constrained output, while KMS's loan-life-cover covenant breach at 30 June 2025 was covered by written waivers deferring testing.
FINANCIAL REVIEW / 01
Consolidated earnings and KMS results
Sheffield's FY2021 and FY2022 profits included the A$43.987m loss-of-control gain and A$29.160m Eneabba/McCalls sale gain. Subsequent losses include its 50% equity-accounted KMS result. The KMS operating statement below presents the whole joint venture and must be read separately from Sheffield's consolidated statement.
Sheffield profit or loss
$'000
Net profit / (loss) after income tax
AI-generated presentation · values from Sheffield consolidated profit or loss; no missing values plotted as zero.
Sheffield consolidated profit or loss
A$'000 except EPS
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Other income (FY2021–22) / interest income (FY2023–25)$'000 | 330 | 83 | 608 | 1,050 | 362 |
| Gain on loss of control / asset sale$'000 | 43,987 | 29,160 | 0 (nil) | Not applicable | Not applicable |
| Share of KMS joint-venture result$'000 | (3,717) | (866) | (5,368) | (27,638) | (20,472) |
| Employee benefits expenses$'000 | (2,958) | (1,263) | (1,605) | (1,701) | (1,528) |
| Share-based payments expenses$'000 | (1,027) | (1,160) | (914) | (706) | (483) |
| Other corporate expenses (issuer labels vary)$'000 | (3,100) | (961) | (1,330) | (1,833) | (1,017) |
| Net fair value change on financial assets$'000 | Not applicable | Not applicable | 0 (nil) | (1,361) | 1,090 |
| Finance costs / bank fees$'000 | (3,441) | (2) | (1) | (2) | (2) |
| Net profit / (loss) before income tax$'000 | 29,096 | 24,991 | (8,610) | (32,191) | (22,050) |
| Income tax (expense) / benefit$'000 | (1,088) | 1,088 | nil | nil | nil |
| Net profit / (loss) after income tax$'000 | 28,008 | 26,079 | (8,610) | (32,191) | (22,050) |
| Basic EPScents/share | 8.19 | 7.53 | (2.39) | (8.19) | (5.59) |
| Diluted EPScents/share | 8.04 | 7.44 | (2.39) | (8.19) | (5.59) |
Consolidated Sheffield accounts include its equity-accounted share of KMS, not 100% of KMS revenue or debt. FY2021 and FY2022 profits include distinct one-off gains. FY2021 statement also shows depreciation, exploration impairment, occupancy and legal costs omitted from this condensed view.
Other income was relabelled interest income in later statements. FY2023 source-supported nil gain and fair-value change are shown as 0 (nil); distinct FY2021 and FY2022 one-off gains are not projected into later years.
Basis and presentation notes (6)
- Gain on loss of control / asset sale / FY2023 — 0 (nil): FY2023 Gain on loss of control / asset sale is issuer-reported nil in R003099 for the matching period and basis.
- Gain on loss of control / asset sale / FY2024 — Not applicable: This row retains the distinct FY2021 loss-of-control and FY2022 asset-sale gains; no amount from those transactions applies to FY2024.
- Gain on loss of control / asset sale / FY2025 — Not applicable: This row retains the distinct FY2021 loss-of-control and FY2022 asset-sale gains; no amount from those transactions applies to FY2025.
- Net fair value change on financial assets / FY2021 — Not applicable: The FVTPL instrument separately presented from FY2024 was not held in FY2021; this later investment measure does not apply.
- Net fair value change on financial assets / FY2022 — Not applicable: The FVTPL instrument separately presented from FY2024 was not held in FY2022; this later investment measure does not apply.
- Net fair value change on financial assets / FY2023 — 0 (nil): FY2023 Net fair value change on financial assets is issuer-reported nil in R004331 for the matching period and basis.
Source: Sheffield Resources annual reports, statutory statements and joint-venture notes as indicated.
KMS joint venture profit or loss (100% basis)
A$'000
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from continuing operations$'000 | Not applicable | 71,958 | 243,585 |
| Mining expenses$'000 | Not separately presented | (57,243) | (117,221) |
| Processing expenses$'000 | Not applicable | (12,115) | (28,442) |
| Logistics expenses$'000 | Not applicable | (19,893) | (44,688) |
| Non-process infrastructure & maintenance$'000 | Not applicable | (15,938) | (14,213) |
| Royalty expenses$'000 | Not applicable | (4,480) | (12,968) |
| Change in inventories$'000 | Not separately presented | 32,715 | (1,993) |
| Loss before financing costs & income tax$'000 | (6,935) | (42,141) | (12,519) |
| Finance income | 21 | 46 | 156 |
| Finance costs$'000 | (8,477) | (37,409) | (28,581) |
| Loss before income tax (100%)$'000 | (15,391) | (79,504) | (40,944) |
| Income tax benefit | 4,654 | 24,229 | 0 (nil) |
| Loss after income tax (100%)$'000 | (10,737) | (55,275) | (40,944) |
These are 100% KMS figures supplied in Sheffield's joint-venture note. This selected-line statement retains reported subtotals while site administration, general administration, depreciation and other expense lines remain outside the condensed display. FY2023 was pre-production: dashed operating lines are not applicable and blank mining/inventory cells are not established amounts. FY2024 included a reported A$24.229m tax benefit; the FY2025 benefit is issuer-reported nil.
Basis and presentation notes (8)
- Revenue from continuing operations / FY2023 — Not applicable: FY2023 KMS was pre-production; the selected audited 2023 column marks this operating line with a dash.
- Mining expenses / FY2023 — Not separately presented: The FY2023 column is blank in the selected audited KMS income table; no amount or nil status is established.
- Processing expenses / FY2023 — Not applicable: FY2023 KMS was pre-production; the selected audited 2023 column marks this operating line with a dash.
- Logistics expenses / FY2023 — Not applicable: FY2023 KMS was pre-production; the selected audited 2023 column marks this operating line with a dash.
- Non-process infrastructure & maintenance / FY2023 — Not applicable: FY2023 KMS was pre-production; the selected audited 2023 column marks this operating line with a dash.
- Royalty expenses / FY2023 — Not applicable: FY2023 KMS was pre-production; the selected audited 2023 column marks this operating line with a dash.
- Change in inventories / FY2023 — Not separately presented: The FY2023 column is blank in the selected audited KMS income table; no amount or nil status is established.
- Income tax benefit / FY2025 — 0 (nil): FY2025 Income tax benefit is issuer-reported nil in R005725 for the matching period and basis.
Source: Sheffield Resources annual reports, statutory statements and joint-venture notes as indicated.
FINANCIAL REVIEW / 02
Financial position and project funding
At 30 June 2025 Sheffield carried A$103.328m of KMS investment and A$7.088m of consolidated cash. KMS itself had A$14.858m cash and A$255.632m reported borrowings on a 100% basis; the latter is not Sheffield consolidated debt. KMS's loan-life-cover covenant was breached at the year-end and the lenders issued waivers deferring testing.
Sheffield closing cash
$'000
Cash and cash equivalents
AI-generated presentation · values from Sheffield consolidated financial position at 30 June; no missing values plotted as zero.
Sheffield consolidated financial position at 30 June
A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents$'000 | 6,519 | 40,223 | 24,407 | 9,878 | 7,088 |
| Trade and other receivables$'000 | 297 | 42 | 64 | 53 | 35 |
| Total current assets$'000 | 6,816 | 40,265 | 24,471 | 9,931 | 7,123 |
| Investment in joint venture$'000 | 116,401 | 115,535 | 143,938 | 123,800 | 103,328 |
| Financial assets at fair value through profit or loss (CMET)$'000 | — | — | — | 1,072 | 2,581 |
| Exploration and evaluation assets$'000 | 6,648 | 0 (nil) | 1,508 | 3,774 | 3,774 |
| Total non-current assets$'000 | 123,049 | 115,535 | 145,446 | 128,646 | 109,683 |
| Total assets$'000 | 129,865 | 155,800 | 169,917 | 138,577 | 116,806 |
| Trade and other payables$'000 | 335 | 112 | 183 | 304 | 116 |
| Current provisions$'000 | 55 | 62 | 119 | 143 | 127 |
| Total current liabilities$'000 | 390 | 174 | 302 | 447 | 243 |
| Deferred tax liabilities$'000 | 1,088 | 0 (nil) | — | — | — |
| Total liabilities$'000 | 1,478 | 174 | 302 | 447 | 243 |
| Net assets$'000 | 128,387 | 155,626 | 169,615 | 138,130 | 116,563 |
| Issued capital$'000 | 133,091 | 133,091 | 155,309 | 155,674 | 156,224 |
| Reserves$'000 | 12,150 | 13,310 | 13,691 | 14,032 | 13,965 |
| Accumulated losses / (retained earnings)$'000 | (16,854) | 9,225 | 615 | (31,576) | (53,626) |
KMS assets and liabilities are not consolidated line by line. The investment in KMS is carried as a single equity-accounted asset. Net assets equal total equity; the duplicated total-equity row is omitted.
FVTPL instruments were first separately presented in FY2024. Deferred tax liability is separately shown only where the balance sheet carries it.
Basis and presentation notes (8)
- Financial assets at fair value through profit or loss (CMET) / FY2021 — —: CMET FVTPL investment was not held before FY2024.
- Financial assets at fair value through profit or loss (CMET) / FY2022 — —: CMET FVTPL investment was not held before FY2024.
- Financial assets at fair value through profit or loss (CMET) / FY2023 — —: CMET FVTPL investment was not held before FY2024.
- Exploration and evaluation assets / FY2022 — 0 (nil): FY2022 Exploration and evaluation assets is issuer-reported nil in R002160 for the matching period and basis.
- Deferred tax liabilities / FY2022 — 0 (nil): FY2022 Deferred tax liabilities is issuer-reported nil in R002172 for the matching period and basis.
- Deferred tax liabilities / FY2023 — —: No deferred tax liability line in the source balance sheet for this year.
- Deferred tax liabilities / FY2024 — —: No deferred tax liability line in the source balance sheet for this year.
- Deferred tax liabilities / FY2025 — —: No deferred tax liability line in the source balance sheet for this year.
Source: Sheffield Resources annual reports, statutory statements and joint-venture notes as indicated.
KMS joint venture financial position (100% basis)
A$'000
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Cash and cash equivalents$'000 | 53,197 | 95,211 | 15,350 | 14,858 |
| Inventories$'000 | 194 | 186 | 34,704 | 33,852 |
| Plant and equipment$'000 | 10,572 | 22,849 | 255,249 | 467,206 |
| Right of use assets$'000 | 2,099 | 1,739 | 94,700 | 81,619 |
| Mine properties and development$'000 | 160,960 | 383,629 | 268,797 | 84,714 |
| Total non-current assets$'000 | 179,493 | 533,893 | 650,174 | 661,559 |
| Total assets$'000 | 234,764 | 632,089 | 728,672 | 716,063 |
| Current borrowings$'000 | — | 0 (nil) | 9,775 | 34,911 |
| Non-current borrowings$'000 | — | 229,818 | 238,753 | 220,721 |
| Total current liabilities$'000 | 23,358 | 23,422 | 54,501 | 127,790 |
| Total non-current liabilities$'000 | 13,922 | 364,378 | 470,157 | 425,203 |
| Total liabilities$'000 | 37,280 | 387,800 | 524,658 | 552,993 |
| Net assets (100% JV)$'000 | 197,484 | 244,289 | 204,014 | 163,070 |
The entire KMS balance sheet is shown, not Sheffield's 50% ownership share. Project construction, plant capitalisation and borrowings change the balance-sheet mix. FY2024 values use the FY2025 audited comparative where cited.
Basis and presentation notes (3)
- Current borrowings / FY2022 — —: The project facilities were entered after 30 June 2022.
- Current borrowings / FY2023 — 0 (nil): FY2023 Current borrowings is issuer-reported nil in R004044 for the matching period and basis.
- Non-current borrowings / FY2022 — —: The project facilities were entered after 30 June 2022.
Source: Sheffield Resources annual reports, statutory statements and joint-venture notes as indicated.
KMS project debt and lease obligations (100% basis)
A$'000
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Orion Mineral Royalty Fund – current$'000 | 0 (nil) | 9,775 | 34,911 |
| Orion Mineral Royalty Fund – non-current$'000 | 136,468 | 81,728 | 63,275 |
| NAIF – non-current government debt$'000 | 93,350 | 157,025 | 157,446 |
| Total borrowings (current + non-current)$'000 | 229,818 | 248,528 | 255,632 |
| Royalty make-whole (non-current, other financial liabilities)$'000 | 112,696 | 116,527 | 93,971 |
| Lease liabilities – current$'000 | 293 | 10,224 | 11210 |
| Lease liabilities – non-current$'000 | 1,751 | 85,378 | 73515 |
| Total lease liabilities$'000 | 2,044 | 95,602 | 84725 |
Borrowings, the royalty make-whole and lease liabilities are separate obligations; do not add the latter two into reported total borrowings. The Orion facility partly moved to current maturities. The 30 June 2025 loan-life-cover covenant breach was subject to lender waivers deferring testing.
Basis and presentation notes (1)
- Orion Mineral Royalty Fund – current / FY2023 — 0 (nil): FY2023 Orion Mineral Royalty Fund – current is issuer-reported nil in R004044 for the matching period and basis.
Source: Sheffield Resources annual reports, statutory statements and joint-venture notes as indicated.
FINANCIAL REVIEW / 03
Cash generation and construction spending
Sheffield's FY2022 investing inflow included A$36m from the Eneabba/McCalls disposal. KMS drew project financing during construction and its operating cash flow turned positive in FY2025, while mine-development spending continued. The two cash-flow tables have different accounting boundaries.
Sheffield cash-flow subtotals
$'000
Net cash used in operating activitiesNet cash used in investing activitiesNet cash from / (used in) financing activities
AI-generated presentation · values from Sheffield consolidated cash flow; no missing values plotted as zero.
KMS cash-flow subtotals
$'000
Net cash from / (used in) operating activitiesNet cash used in investing activitiesNet cash from / (used in) financing activities
AI-generated presentation · values from KMS joint venture cash flow (100% basis); no missing values plotted as zero.
Sheffield consolidated cash flow
A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments to suppliers and employees (combined)$'000 | (7,298) | (2,326) | (2,808) | (3,379) | (2,730) |
| Payments to employees (split presentation)$'000 | Included in combined line | Included in combined line | Included in combined line | Included in combined line | (1,563) |
| Payments to suppliers (split presentation)$'000 | Included in combined line | Included in combined line | Included in combined line | Included in combined line | (1,167) |
| Interest received$'000 | 41 | 83 | 583 | 1,076 | 362 |
| Net cash used in operating activities$'000 | (7,257) | (2,128) | (2,226) | (2,305) | (2,370) |
| Proceeds from Eneabba/McCalls asset disposal | — | 36,000 | — | — | — |
| Payments for exploration and evaluation expenditure$'000 | (795) | (195) | 0 (nil) | (2,260) | 0 (nil) |
| Investment in joint venture$'000 | — | 0 (nil) | (33,771) | (7,500) | 0 (nil) |
| Investment in financial assets$'000 | — | — | 0 (nil) | (2,433) | (420) |
| Net cash used in investing activities$'000 | (5,827) | 35,832 | (35,305) | (12,193) | (420) |
| Proceeds from issue of shares$'000 | 12,882 | 0 (nil) | 22,685 | 0 (nil) | — |
| Net cash from / (used in) financing activities$'000 | 12,520 | 0 (nil) | 21,715 | (31) | 0 (nil) |
| Net increase / (decrease) in cash and cash equivalents$'000 | (564) | 33,704 | (15,816) | (14,529) | (2,790) |
| Cash and cash equivalents at end of period$'000 | 6,519 | 40,223 | 24,407 | 9,878 | 7,088 |
Signed statutory cash flows: parentheses are outflows. FY2022 investing inflow includes A$36m asset-sale proceeds. FY2025 employee and supplier payments are separately reported and sum to the displayed combined A$2.730m outflow; FY2021–FY2024 have reported combined lines, so the retained component rows say Included in combined line. Several FY2022 figures come from the FY2023 report's FY2022 comparative. Component rows are selected drivers, not a full subtotal reconciliation.
Basis and presentation notes (25)
- Payments to employees (split presentation) / FY2021 — Included in combined line: FY2021 employee and supplier payments are disclosed together in the combined row; no separate component amount is stated in the selected statement.
- Payments to employees (split presentation) / FY2022 — Included in combined line: FY2022 employee and supplier payments are disclosed together in the combined row; no separate component amount is stated in the selected statement.
- Payments to employees (split presentation) / FY2023 — Included in combined line: FY2023 employee and supplier payments are disclosed together in the combined row; no separate component amount is stated in the selected statement.
- Payments to employees (split presentation) / FY2024 — Included in combined line: FY2024 employee and supplier payments are disclosed together in the combined row; no separate component amount is stated in the selected statement.
- Payments to suppliers (split presentation) / FY2021 — Included in combined line: FY2021 employee and supplier payments are disclosed together in the combined row; no separate component amount is stated in the selected statement.
- Payments to suppliers (split presentation) / FY2022 — Included in combined line: FY2022 employee and supplier payments are disclosed together in the combined row; no separate component amount is stated in the selected statement.
- Payments to suppliers (split presentation) / FY2023 — Included in combined line: FY2023 employee and supplier payments are disclosed together in the combined row; no separate component amount is stated in the selected statement.
- Payments to suppliers (split presentation) / FY2024 — Included in combined line: FY2024 employee and supplier payments are disclosed together in the combined row; no separate component amount is stated in the selected statement.
- Proceeds from Eneabba/McCalls asset disposal / FY2021 — —: The FY2022 asset sale had not occurred.
- Proceeds from Eneabba/McCalls asset disposal / FY2023 — —: One-off FY2022 transaction.
- Proceeds from Eneabba/McCalls asset disposal / FY2024 — —: One-off FY2022 transaction.
- Proceeds from Eneabba/McCalls asset disposal / FY2025 — —: One-off FY2022 transaction.
- Payments for exploration and evaluation expenditure / FY2023 — 0 (nil): FY2023 Payments for exploration and evaluation expenditure is issuer-reported nil in R003028 for the matching period and basis.
- Payments for exploration and evaluation expenditure / FY2025 — 0 (nil): FY2025 Payments for exploration and evaluation expenditure is issuer-reported nil in R005561 for the matching period and basis.
- Investment in joint venture / FY2021 — —: FY2021 JV formation is reflected in deconsolidation and separate KMS equity; no like-for-like cash-flow line here.
- Investment in joint venture / FY2022 — 0 (nil): FY2022 Investment in joint venture is issuer-reported nil in R003033 for the matching period and basis.
- Investment in joint venture / FY2025 — 0 (nil): FY2025 Investment in joint venture is issuer-reported nil in R005559 for the matching period and basis.
- Investment in financial assets / FY2021 — —: No separate line in FY2021 cash statement.
- Investment in financial assets / FY2022 — —: No separate line in FY2022 cash statement.
- Investment in financial assets / FY2023 — 0 (nil): FY2023 Investment in financial assets is issuer-reported nil in R004192 for the matching period and basis.
- Proceeds from issue of shares / FY2022 — 0 (nil): FY2022 Proceeds from issue of shares is issuer-reported nil in R003041 for the matching period and basis.
- Proceeds from issue of shares / FY2024 — 0 (nil): FY2024 Proceeds from issue of shares is issuer-reported nil in R004199 for the matching period and basis.
- Proceeds from issue of shares / FY2025 — —: No share-proceeds line separately presented in FY2025.
- Net cash from / (used in) financing activities / FY2022 — 0 (nil): FY2022 Net cash from / (used in) financing activities is issuer-reported nil in R003045 for the matching period and basis.
- Net cash from / (used in) financing activities / FY2025 — 0 (nil): FY2025 Net cash from / (used in) financing activities is issuer-reported nil in R005567 for the matching period and basis.
Source: Sheffield Resources annual reports, statutory statements and joint-venture notes as indicated.
KMS joint venture cash flow (100% basis)
A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Receipts from customers$'000 | 140 | 135 | 23 | 49,708 | 253,049 |
| Suppliers and employees (combined)$'000 | (20) | (300) | (4,086) | (108,183) | (194,358) |
| Payments to employees (split presentation)$'000 | Included in combined line | Included in combined line | Included in combined line | Included in combined line | (27,651) |
| Payments to suppliers (split presentation)$'000 | Included in combined line | Included in combined line | Included in combined line | Included in combined line | (166,707) |
| Interest paid on borrowings / net interest and other finance costs paid$'000 | — | — | (5) | (25,756) | (30,207) |
| Net cash from / (used in) operating activities$'000 | 163 | (125) | (4,043) | (84,234) | 17,093 |
| Payments for plant and equipment (PP&E capex)$'000 | (31) | (87) | (14,794) | (10,360) | (3,526) |
| Payments for mine assets under development$'000 | (7,277) | (73,014) | (210,609) | (81,388) | (19,159) |
| Net cash used in investing activities$'000 | (8,320) | (74,578) | (227,965) | (93,650) | (23,561) |
| Proceeds from borrowings$'000 | — | — | 216,840 | 97,343 | 64,138 |
| Repayment of borrowings$'000 | — | — | — | Not separately presented | (39,121) |
| Proceeds from issue of shares (JV)$'000 | 130,118 | 0 (nil) | 57,542 | 15,000 | — |
| Net cash from / (used in) financing activities$'000 | 134,635 | (317) | 274,022 | 98,063 | 6544 |
| Net foreign exchange differences$'000 | — | — | 0 (nil) | (40) | -568 |
| Cash and cash equivalents at end of period$'000 | 128,217 | 53,197 | 95,211 | 15,350 | 14858 |
100% KMS cash flows, not Sheffield's consolidation. FY2021 amounts come from the FY2022 report's 2021 comparative KMS column. FY2025 separately reported employee and supplier payments sum to the displayed combined A$194.358m outflow; earlier split component rows remain Included in combined line. FY2025 closing cash includes the separately reported foreign exchange movement; net movement before FX is not a closing-cash bridge. JV lease payments change presentation and are excluded from this condensed component table.
Basis and presentation notes (21)
- Payments to employees (split presentation) / FY2021 — Included in combined line: FY2021 employee and supplier payments are disclosed together in the combined row; no separate component amount is stated in the selected statement.
- Payments to employees (split presentation) / FY2022 — Included in combined line: FY2022 employee and supplier payments are disclosed together in the combined row; no separate component amount is stated in the selected statement.
- Payments to employees (split presentation) / FY2023 — Included in combined line: FY2023 employee and supplier payments are disclosed together in the combined row; no separate component amount is stated in the selected statement.
- Payments to employees (split presentation) / FY2024 — Included in combined line: FY2024 employee and supplier payments are disclosed together in the combined row; no separate component amount is stated in the selected statement.
- Payments to suppliers (split presentation) / FY2021 — Included in combined line: FY2021 employee and supplier payments are disclosed together in the combined row; no separate component amount is stated in the selected statement.
- Payments to suppliers (split presentation) / FY2022 — Included in combined line: FY2022 employee and supplier payments are disclosed together in the combined row; no separate component amount is stated in the selected statement.
- Payments to suppliers (split presentation) / FY2023 — Included in combined line: FY2023 employee and supplier payments are disclosed together in the combined row; no separate component amount is stated in the selected statement.
- Payments to suppliers (split presentation) / FY2024 — Included in combined line: FY2024 employee and supplier payments are disclosed together in the combined row; no separate component amount is stated in the selected statement.
- Interest paid on borrowings / net interest and other finance costs paid / FY2021 — —: Selected FY2022 KMS cash-flow statement has no separate interest-paid line for FY2021 or FY2022.
- Interest paid on borrowings / net interest and other finance costs paid / FY2022 — —: Selected FY2022 KMS cash-flow statement has no separate interest-paid line for FY2021 or FY2022.
- Proceeds from borrowings / FY2021 — —: No borrowing-proceeds line in selected FY2021 statement.
- Proceeds from borrowings / FY2022 — —: No borrowing-proceeds line in selected FY2022 statement.
- Repayment of borrowings / FY2021 — —: No borrowing-repayment line in selected FY2021 statement.
- Repayment of borrowings / FY2022 — —: No borrowing-repayment line in selected FY2022 statement.
- Repayment of borrowings / FY2023 — —: No borrowing-repayment line in selected FY2023 statement.
- Repayment of borrowings / FY2024 — Not separately presented: The FY2025 audited cash-flow table's FY2024 comparative repayment cell is blank; no FY2024 amount or nil status is established there.
- Proceeds from issue of shares (JV) / FY2022 — 0 (nil): FY2022 Proceeds from issue of shares (JV) is issuer-reported nil in R001822 for the matching period and basis.
- Proceeds from issue of shares (JV) / FY2025 — —: FY2025 audited KMS cash-flow source row is blank; the extraction's nil interpretation (R005633) is not accepted as a reported zero.
- Net foreign exchange differences / FY2021 — —: FX movement not separately presented in selected FY2021 cash-flow slice.
- Net foreign exchange differences / FY2022 — —: FX movement not separately presented in selected FY2022 cash-flow slice.
- Net foreign exchange differences / FY2023 — 0 (nil): FY2023 Net foreign exchange differences is issuer-reported nil in R004267 for the matching period and basis.
Source: Sheffield Resources annual reports, statutory statements and joint-venture notes as indicated.
FINANCIAL REVIEW / 04
Shareholders and capital returns
Sheffield did not pay or declare a dividend in FY2021–FY2025. The FY2023 equity raising supported KMS growth options, the South Atlantic opportunity and corporate activities; later performance-right conversions lifted the share count without an equivalent cash issue.
Sheffield share capital and dividends
Shares except issued capital in A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Ordinary shares at year-endshares | 346,054,761 | 346,587,555 | 392,631,111 | 393,169,907 | 394,804,950 |
| Issued capital at year-endA$'000 | 133,091 | 133,091 | 155,309 | 155,674 | 156,224 |
| Dividend per sharecents/share | nil | nil | nil | nil | nil |
No dividend was paid or declared in any of the five reports. Share issuance and performance-right conversions changed the share count; year-end issued capital is a carrying value, not market capitalisation.
Source: Sheffield Resources annual reports, statutory statements and joint-venture notes as indicated.
FINANCIAL REVIEW / 05
Thunderbird operating transition
Thunderbird produced first ore in October 2023 and made its maiden bulk shipments in March 2024. FY2025 was its first full production year. The issuer attributed operating constraints to oversize material, waste-mining rates and DMU maintenance; those explanations should be kept separate from audited financial-statement amounts.
The issuer's FY2025 headline shipment aggregate and the sum of the two reported product sales rows differ. The selected annual extraction does not explain the difference, so the chart uses only the individual production rows and no combined shipment figure is inferred.
Concentrate production by product
tonnes
Ilmenite concentrate production (tonnes)Zircon concentrate production (tonnes)
AI-generated presentation · values from Thunderbird production and sales (KMS 100% basis); no missing values plotted as zero.
Thunderbird production and sales (KMS 100% basis)
Mixed units; see row labels
| Metric | FY2024 | FY2025 |
|---|---|---|
| Ore minedmillion tonnes | 4.3 | 10.409 |
| Rougher head feed heavy-mineral grade% | 22.9 | 20.1 |
| Ilmenite concentrate production (tonnes)tonnes | 220,245 | 586,643 |
| Zircon concentrate production (tonnes)tonnes | 59,741 | 154,023 |
| Ilmenite concentrate sales (tonnes)tonnes | 149,628 | 594,275 |
| Zircon concentrate sales (tonnes)tonnes | 43,790 | 144,521 |
| C1 cash cost per tonne producedA$/t | Not available in checked reports | 296 |
Thunderbird first produced ore in October 2023, so FY2024 is its ramp-up year and FY2025 its first full production year. FY2024 ore mined is a rounded management narrative; FY2025 is a full-year operating-table figure. Final DB lookup confirmed the C1 cost table has 1H2025, 2H2025 and full year 2025 columns only; its A$296/t cannot be used for FY2024. FY2024 STI cost hurdles are not actual C1 A$/t. Sales rows refer to product tonnes and must not be equated to the separately reported shipment aggregate.
Basis and presentation notes (1)
- C1 cash cost per tonne produced / FY2024 — Not available in checked reports: The FY2024 parsed operating review and remuneration targets do not establish an actual full-year Thunderbird C1 A$/t result. Relative budget thresholds and the FY2025 A$296/t result are not substituted. Final search closed on 28 September 2026; this is a limit of the checked parsed reports, not proof of issuer non-disclosure and not a zero.
Source: Sheffield Resources annual reports, statutory statements and joint-venture notes as indicated.
Thunderbird realised prices and unit cost, FY2025
Per dry metric tonne or tonne produced
| Metric | FY2025 |
|---|---|
| Ilmenite concentrate realised sales price (US$/dmt)US$/dmt | 129 |
| Zircon concentrate realised sales price (US$/dmt)US$/dmt | 549 |
| Average realised sales price (A$/dmt, blended)A$/dmt | 322 |
US dollar product prices and Australian dollar blended prices are separate measures. C1 cost is shown in the operations table and is per tonne produced, so it is not charted against prices.
Source: Sheffield Resources annual reports, statutory statements and joint-venture notes as indicated.
Reading the figures
- FY2024 actual C1 cash cost per tonne remains unavailable after the authorised parsed-body check. Budget-cost hurdles are not actual costs; A$296/t belongs to FY2025. No FY2024 cost or two-year trend is invented.
- The FY2025 headline shipment aggregate differs from the sum of reported ilmenite and zircon sales rows. Different definitions may apply; this report does not assert a reconciliation.
- Selected FY2021/FY2022 KMS profit-or-loss line detail is insufficient for a comparable 100% operating statement; the KMS profit-or-loss table begins in FY2023.
- The condensed cash-flow tables list selected drivers and reported subtotals. FY2025 employee and supplier outflows are combined only by a disclosed two-input calculation, while earlier years retain their source combined amounts and component rows without invented splits. Lease-cash classification varies by year.
- Technical rendering and independent semantic review are separate from publication approval. This local candidate is unpublished.
- Final targeted check: existing parsed annual-report DB evidence was read on 28 September 2026. Not available in checked reports is a closed data-availability limit, never a numeric zero. Only the previously held cells and their directly related notes were changed; this is not a new full-report audit or publication approval.
Annual-report source registry
- 2021 Annual ReportSheffield Resources Limited; year ended 2021-06-30; report dated 2021-09-10.
- 2022 Annual ReportSheffield Resources Limited; year ended 2022-06-30; report dated 2022-09-15.
- 2023 Annual ReportSheffield Resources Limited; year ended 2023-06-30; report dated 2023-09-27.
- 2024 Annual ReportSheffield Resources Limited; year ended 2024-06-30; report dated 2024-10-14.
- 2025 Annual ReportSheffield Resources Limited; year ended 2025-06-30; report dated 2025-09-18.
Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.
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AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.
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