Sheffield Resources
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Sheffield Resources (SFX) investor relations material

Sheffield Resources H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary24 Feb, 2026

Executive summary

  • Mineral sands operations advanced in Australia, with ongoing evaluation in Brazil and Sri Lanka.

  • Thunderbird Mine production increased despite challenging market conditions, with safety performance maintained.

  • Net loss after tax for the half year was $14.5m, an improvement from $25.4m loss in the prior year.

  • Cash reserves declined to $1.4m at period end, with net assets at $102.2m.

  • Sale of 10% interest in Capital Metals for £2m (A$4m) completed in January 2026.

Financial highlights

  • Revenue from joint venture (100% basis) rose to $129.8m from $76.0m year-over-year.

  • Net loss after tax improved to $14.5m from $25.4m year-over-year.

  • Net cash outflows from operating activities were $1.3m, slightly improved from $1.5m prior year.

  • C1 cash costs per tonne produced were $229, with underlying C1 cash costs at $235/tonne.

  • Finished goods inventory at period end: ~100,000 tonnes ilmenite, >20,000 tonnes zircon.

Outlook and guidance

  • Market weakness in zircon concentrate expected to persist through at least the first half of 2026.

  • Throughput and mining rates at Thunderbird expected to grow in FY2026.

  • Debt restructuring negotiations ongoing; no certainty of successful amendments in near term.

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Frequently asked questions

Sheffield Resources Limited is an Australian mineral sands exploration and development company focused on the production of zircon, ilmenite, and other valuable heavy minerals. The company's primary asset is the Thunderbird Mineral Sands Project, located in Western Australia, which is one of the largest undeveloped mineral sands deposits globally. Sheffield Resources is working on developing Thunderbird to supply high-quality mineral sands for use in ceramics, pigments, and industrial applications. Sheffield Resources Limited is headquartered in West Perth, Australia, and its shares are listed on the ASX.

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