THUN­DER BIRD

PROJECT UP­DATE 9

Broome Advertiser - - News - Want to know more - con­tact Kim Per­van kper­[email protected]­d­resources.com.au

THUN­DER­BIRD MOVES TO­WARDS CON­STRUC­TION

Sh­effield Re­sources has made sig­nif­i­cant progress to­wards the devel­op­ment of its world-class Thun­der­bird Min­eral Sands Project in the Kim­ber­ley re­gion of Western Aus­tralia. All key per­mit­ting has been se­cured, fi­nanc­ing is on track and the Project is con­struc­tion ready. Thun­der­bird prom­ises the peo­ple of the Kim­ber­ley in­ter­gen­er­a­tional lo­cal em­ploy­ment and re­gional devel­op­ment. The Project is ex­pected to cre­ate 220 project jobs, in­creas­ing to 300 in the fifth year of pro­duc­tion, over a 42-year mine life. A lo­cal drive-in drive-out work­force will en­sure salaries stay in the re­gion. Thun­der­bird con­tains the world’s largest and high­est-grade un­de­vel­oped re­serves of zir­con and il­menite. Min­eral sands prod­ucts will be ex­ported to mar­kets in Europe, In­dia and Asia through the ports of Derby and Broome.

NA­TIVE TI­TLE PROCESS COM­PLETE AND MIN­ING LEASE GRANTED

Fol­low­ing a favourable Na­tional Na­tive Ti­tle Tri­bunal de­ci­sion, the Western Aus­tralian De­part­ment of Mines, In­dus­try, Reg­u­la­tion and Safety granted the Min­ing Lease for Thun­der­bird in Septem­ber 2018. A Na­tive Ti­tle agree­ment has been agreed be­tween Sh­effield and Tra­di­tional Own­ers. The Agree­ment pro­vides for roy­alty pay­ments, lo­cal and Abo­rig­i­nal em­ploy­ment, busi­ness com­mit­ments and strong pro­tec­tion for Abo­rig­i­nal her­itage and the en­vi­ron­ment.

EN­VI­RON­MEN­TAL AP­PROVALS GRANTED

The WA Min­is­ter for the En­vi­ron­ment granted en­vi­ron­men­tal ap­proval for Thun­der­bird in Au­gust 2018 af­ter four years of en­vi­ron­men­tal stud­ies, con­sul­ta­tion and as­sess­ment of the low-im­pact project. The com­ple­tion of the State en­vi­ron­men­tal process pre­ceded the grant­ing of the Fed­eral en­vi­ron­men­tal ap­proval in Septem­ber 2018, de­liv­er­ing the fi­nal key en­vi­ron­men­tal ap­proval re­quired to de­velop Thun­der­bird.

FUND­ING TASK ON TRACK

Sh­effield has ex­e­cuted a US$175m (A$240m1) fully un­der­writ­ten, syn­di­cated fa­cil­ity agree­ment with Tau­rus Min­ing Fi­nance Fund and Tau­rus Min­ing Fi­nance An­nex Fund for a seven-year term loan. The agree­ment fol­lows Fed­eral Govern­ment sup­port for Thun­der­bird through a A$95m North­ern Aus­tralia In­fras­truc­ture Fund (NAIF) fa­cil­ity. These agree­ments pro­vide cer­tainty of fund­ing and sup­port the suc­cess­ful de­liv­ery of Thun­der­bird.

EN­GI­NEER­ING, PRO­CURE­MENT AND CON­STRUC­TION CON­TRACT

Sh­effield has awarded a A$366m fixed price, lump sum en­gi­neer­ing, pro­cure­ment and con­struc­tion (EPC) con­tract to GR En­gi­neer­ing Ser­vices (GRES) for the de­sign and con­struc­tion of the Thun­der­bird min­eral pro­cess­ing plant, sup­port­ing in­fras­truc­ture and as­so­ci­ated fa­cil­i­ties. Un­der the EPC con­tract, GRES will de­sign and con­struct a min­eral pro­cess­ing plant and sup­port­ing in­fras­truc­ture.

PROD­UCT SALES – STRONG PROGRESS

Sh­effield con­tin­ues to see strong global de­mand for the min­eral sands prod­ucts that will be pro­duced at Thun­der­bird. The com­pany has se­cured bind­ing off­take agree­ments for 100% of Stage 1 fore­cast zir­con prod­ucts and ap­prox­i­mately 50% of the es­ti­mated to­tal vol­ume of LTR il­menite. More than 75% of fore­cast Stage 1 rev­enue is un­der bind­ing agree­ment.

CON­STRUC­TION TIME­LINE

Early ap­proved works to en­able con­struc­tion to com­mence are un­der­way in­clud­ing roads, wa­ter bores and con­struc­tion of a vil­lage to house the con­struc­tion work­force. Con­struc­tion is planned to com­mence af­ter the Kim­ber­ley wet sea­son. 1 As­sumes AUD: USD ex­change rate of $0.73 : $1.00

Tak­ing shape on site - the Vil­lage to house the Thun­der­bird con­struc­tion work­force.

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