Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-74

For those interested, updated research report from Dr Chris Baker on Sheffield Resources (SFX) following the recent March quarterly and follow-up discussions with Bruce Griffin.

Some small adjustments to short-term pricing and production inputs - valuation of $1.85 per share.

"No change to our view that SFX remains an undervalued exposure to a world class mineral sands – mainly zircon – project, where a global supply shortfall appears inevitable over the next 2 years. We expect SFX to rerate as commissioning risks dissipate."

Includes a very good breakdown of the pricing of non-magnetic concentrate for those a little bewildered by the variation between US$702/t (KMS non-magnetic concentrate price for March Qtr) vs premium zircon price of circa US$1950/t. (consistent with what @2ic previously posted on the topic).




Full report can be accessed now on the SFX website. https://www.sheffieldresources.com.au/site/investor-centre/research-reports