Ann: Investor Presentation, page-2

Hi All,

I note with interest that this SFX investor presentation reports that Sheffield is now being covered by Ord Minnett amongst others. Set out below are key takeaways from Ord Minnett's latest research note dated 24th April 2025.

1. Thunderbird has suffered the following problems since commisioning
- High levels of Oversize
- Weak Zircon sales (until last Q)
- Higher than forecast costs
2. Thunderbird production is to be increased by 50 to 55% by Sept Q 2026
3. They believe that the improved cashflow may facilitate a debt restructure with its lenders.

4. Their target price is increased from 18 cents per share to 20 cents per share.

They conclude as follows:

"Retain a Hold recommendation and TP awaiting a debt restructure
Under our estimates, the interest payments are exceedingly difficult to meet, and
principal repayments look out of reach. We consider KMS needs a debt restructure
with less onerous interest rates, a near term holiday on principle repayments while
the mining issues are resolved, and then a longer tenure for repayment. We
understand that there have been discussions with creditors, but at present, the debt
has not been restructured and KMS has been deferring interest (i.e. DecQ-24). In
these circumstances, creditors may be in a strong legal position, and it is difficult to
be certain what equity holders actually own. Given this we cannot recommend SFX
as a Buy."

GLTAH

-DGT