Sheffield Resources (SFX) H2 2026 earnings summary

Executive summary

• Second full year of production at Thunderbird Mineral Sands Mine, with operational turnaround after early-year challenges and a focus on increasing production and cost savings initiatives.

• 852,118 tonnes of concentrate produced and 823,001 tonnes shipped; strong support from JV partner Yansteel and successful debt waivers and deferrals with lenders.

• Net loss after tax of $52.7m, compared to $22.1m loss in 2025; cash reserves at $4m and net assets at $64.4m as of June 2026.

• Divestment of Capital Metals PLC stake for $3.6m and continued progress on the South Atlantic Project in Brazil.

Financial highlights

• Revenue from continuing operations: $149,000 (2025: $362,000).

• Net loss after tax: $52.7m (2025: $22.1m loss).

• Cash and cash equivalents: $4m (2025: $7.1m).

• Net assets: $64.4m (2025: $116.5m).

• No dividends declared or paid.

• KMS (JV) revenue: $234.1m; JV net loss: $101.5m (100% basis).

Outlook and guidance

• Focus on further increasing Thunderbird production in FY2027, targeting 900,000–950,000 tpa ilmenite and 200,000–220,000 tpa zircon concentrate.

• Ongoing negotiations for a Standstill Agreement to defer KMS debt obligations to June 2027 and support debt restructuring.

• Continued investment in operational efficiency, local employment, and community engagement.