External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

External broker reports(aggregated public sources)

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>SFX has released its DecH-25 financial results reporting a statutory net loss after tax of A$25.4mn.</li><li>The result for the most part is non-material as SFX had previously disclosed both its own and Kimberly Mineral Sand’s (KMS) – operator of the Thunderbird mine – cashflow movements via its quarterly reports.</li><li>However, we update our model to reflect SFX’s higher sales guidance for MarQ-25. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SFX has released its DecH-25 financial results reporting a statutory net loss after tax of A$25.4mn.The result for the most part is non-material as SFX had previously disclosed both its own and Kimberly Mineral Sand’s (KMS) – operator of the Thunderbird mine – cashflow movements via its quarterly reports.However, we update our model to reflect SFX’s higher sales guidance for MarQ-25. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sheffield Resources - 1H25 Financial Results

<ul><li>SFX has refreshed its DecQ-24 production and shipment guidance for the Thunderbird mine.</li><li>Both are pleasingly above our previous estimates, with targeted ilmenite and zircon concentrate sales of 160kt – 180kt (OMLe: 122kt) and 25kt – 40kt (OMLe: 26kt).</li><li>We forecast DecQ-24 revenues of A$51mn, a 41% increase from our previous estimates of A$36mn (100% basis). Cost and productivity optimisation measures continue to be assessed. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SFX has refreshed its DecQ-24 production and shipment guidance for the Thunderbird mine.Both are pleasingly above our previous estimates, with targeted ilmenite and zircon concentrate sales of 160kt – 180kt (OMLe: 122kt) and 25kt – 40kt (OMLe: 26kt).We forecast DecQ-24 revenues of A$51mn, a 41% increase from our previous estimates of A$36mn (100% basis). Cost and productivity optimisation measures continue to be assessed. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sheffield Resources - Thunderbird Production and Sales Update

<ul>
<li>SFX owns 50% of KMS, the operating company of the Thunderbird Mineral Sands mine in WA. It has a large reserve base (754 Mt), high HM grade (11% HM), and started production in Oct-23.</li>
<li>Thunderbird is a long-life asset with targeted exposure to zircon. But it is facing ramp- up difficulties and may need a recapitalisation and debt restructure.</li>
<li>While JV partner, Yansteel, has provided short-term funding to KMS, this support cannot be relied upon for SFX, putting its participation in the project at risk. </li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


SFX owns 50% of KMS, the operating company of the Thunderbird Mineral Sands mine in WA. It has a large reserve base (754 Mt), high HM grade (11% HM), and started production in Oct-23.
Thunderbird is a long-life asset with targeted exposure to zircon. But it is facing ramp- up difficulties and may need a recapitalisation and debt restructure.
While JV partner, Yansteel, has provided short-term funding to KMS, this support cannot be relied upon for SFX, putting its participation in the project at risk. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sheffield Resources - New Producer with Oversize(D) Challenges

Australia

Sheffield Resources Limited is a mineral exploration company with a bulk minerals focus. The Company's Projects are geared towards the steel industry feed cycle (iron ore and tungsten) and the emerging fillers-ceramics-pigments cycle (talc, zircon, titanium).

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Sheffield Resources (SFX AU)

Sheffield Resources - 1H25 Financial Results

Our NAV increases slightly to 16cps, and we update our 12-month Target Price accordingly and retain our Hold recommendation.

Ord Minnett

Sheffield Resources - Thunderbird Production and Sales Update

SFX has refreshed its DecQ-24 production and shipment guidance for the Thunderbird mine. Both are pleasingly above our previous estimates

Ord Minnett

Sheffield Resources - New Producer with Oversize(D) Challenges

SFX owns 50% of KMS, the operating company of the Thunderbird Mineral Sands mine in WA. It has a large reserve base (754 Mt), high HM grade (11%...

Ord Minnett

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