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sheffieldresources.com.au

About Sheffield Resources

Sheffield Resources is a mineral sands-focused company that specializes in developing its flagship thunderbird mineral sands project. It is based in West Perth, Australia.

Sheffield Resources Headquarter Location

41 – 47 Colin Street Level 2

West Perth, Western Australia, 6005,

Australia

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Latest Sheffield Resources News

Image Resources NL : STRATEGIC ACQUISITION OF McCALLS MINERAL SANDS PROJECT

Mar 13, 2022

03/13/2022 | 05:34pm EDT Message : McCALLS MINERAL SANDS PROJECT Highlights: Completion of Sale and purchase agreement to acquire McCalls Mineral Sands Project located 100km north of Perth, Western Australia for A$12 million cash from Sheffield Resources Limited McCalls Project consists of four (4) exploration licences (ELs) across two project areas containing 5.8 billion tonnes of Mineral Resources at 1.4% total heavy minerals (THM) for 84 million tonnes of contained THM and 75 million tonnes of contained valuable heavy minerals (VHM) Mineral assemblage includes 7.1% zircon plus rutile and 82% ilmenite plus leucoxene averaging 63% TiO2, likely saleable as chloride grade ilmenite and potentially synthetic rutile feedstock Mineralisation from surface in some areas with low overall strip ratio and potentially amenable to lower cost hydraulic mining Acquisition funded out of existing cash reserves Strategic acquisition provides massive Mineral Resources base for potential future multi-decade production opportunities at high economy of scale and consideration for value-add production of synthetic rutile with decades of consistent feedstock sourcing. __________________________________________________________________________ Image Resources NL (ASX: IMA) ("Image" or "the Company") is pleased to advise it has finalised a binding sale and purchase agreement with Sheffield Resources Ltd ("Sheffield") to acquire the McCalls Mineral Sands Project ("McCalls") located 100km north of Perth in Western Australia (Figure 1). McCalls contains Mineral Resources (JORC 2012) estimated at 5.8 billion tonnes at 1.4% total heavy minerals ("THM") for 84 million tonnes contained THM, and 75 million tonnes of contained valuable heavy minerals ("VHM") with Mineral Resources in the JORC Code 2012 Indicated and Inferred categories (see Table 1 annexed to this announcement). Total consideration for the acquisition was A$12 million in cash, paid out of Image's existing cash reserves (~A$80 million as at 31 December 2021). McCalls consists of four exploration licences ("ELs") covering two project areas (McCalls and Mindarra Springs) as presented in Figure 2. Managing Director and CEO Patrick Mutz commented, "Image is excited to add such a massive mineral sands deposit to our portfolio of 'opportunities', especially as McCalls is literally in our back yard at Boonanarring. While the overall grade is low, this can be managed with an appropriate economy-of-scalecoupled with lower cost mining and processing methods. Importantly, while a number of other massive mineral sands deposits are challenged with finer grain minerals, lower grade TiO2 minerals, and higher uranium and thorium, McCalls contains medium grain minerals, has high quality TiO2 and low uranium and thorium. Image will now have the luxury of focusing on identifying potentially one or two 500Mt subsets within the Image Resources NL | ABN 57 063 977 579 Level 2, 7 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 For personal use only 5.8 billion tonne Mineral Resources, at higher HM grade and lowest strip ratio to move to feasibility study. This can be done while we continue operating on our other smaller, but higher- grade projects. Additional advantages with the acquisition of McCalls include the opportunity to evaluate the potential for full mineral separation and the possibility of establishing a new synthetic rutile production facility using cutting-edge robotic technology and green hydrogen." Figure 1 - Sheffield Resources' location map for McCalls Mineral Sands Project Image Resources NL | ABN 57 063 977 579 Level 2, 7 Ventnor Avenue, West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au Page 2 of 8 For personal use only Strategic Acquisition and Plans Mineralisation at McCalls is accessible by dry mining methods and amenable to typical heavy mineral recovery processing technology such as the wet concentration plant Image Resources NL | ABN 57 063 977 579 Level 2, 7 Ventnor Avenue, West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 For personal use only currently used at Image's Boonanarring project. However, given the reasonable level of slimes content, an evaluation will be conducted to determine if lower cost hydraulic mining and reflux classifier processing can be used to minimise overall operating costs at a substantially higher processing rate. The acquisition of McCalls, which contains estimated Mineral Resources of 5.8 billion tonnes at 1.4% THM for 84 million tonnes of contained THM (Table 1 annexed to this announcement), represents a 20-foldincrease in overall tonnes of total Mineral Resources accessible by dry mining, and more than a 700% increase in total tonnes of contained THM, when compared to the Company's current Mineral Resources estimate (including the recently acquired Eneabba Tenements) of 284 million tonnes at 3.8% THM for 10.9 million tonnes of contained THM accessible by dry mining (Table 2 annexed to this announcement). The additional Mineral Resources associated with the acquisition of McCalls represents a major positive shift in potential opportunities to identify areas for feasibility studies to facilitate the conversion of Mineral Resources to Ore Reserves, which if/when achieved, could be the catalyst for a re-rating of the value of the Company. These opportunities could include economy-of-scale advantages with ore processing rates of up to 3,000 tonnes per hour in potential future dry or hydraulic mining operations that could span multiple decades. Acquisition of the McCalls Project does not change Image's current development plans for its 100%-owned Atlas deposit, which is slated for production following the cessation of production at Boonanarring, likely in Q1 2023. Similarly, the feasibility study ("FS") being conducted on Image's 100%-owned Bidaminna project is continuing in anticipation of commencement of project development planning following positive FS results, as a stand- alone project operated in parallel with Atlas. Initial plans for McCalls will be a reassessment of the Mineral Resources estimate by Image's JORC Competent Person and securing exploration access for the conduct of advanced ground magnetics and associated scout drilling for the potential development of a geophysical model to predict higher grade regions within the greater Mineral Resources area. Such plans will be lower priority to current project development plans. This document is authorised for release to the market by the Managing Director. Patrick Mutz Managing Director +61 8 9485 2410 info@imageres.com.au www.imageres.com.au Image Resources NL | ABN 57 063 977 579 Level 2, 7 Ventnor Avenue, West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au Page 4 of 8 Image Resources Background Information Image is an established, profitable mineral sands mining company, operating open-cut mining and ore processing facilities at its 100%-owned,high-grade,zircon-rich Boonanarring Mineral Sands Project located 80km north of Perth, Western Australia, in the North Perth Basin. Boonanarring is arguably one of the highest-grade,zircon-rich, mineral sands projects in Australia. The project was constructed and commissioned on-time and on-budget in 2018. Production of HMC commenced December 2018 and ramped-up to exceed name-plate capacity in only the second month of operation (January 2019). The Company repaid its outstanding debt ahead of schedule in February 2021 and paid an inaugural dividend of $0.02 per share in April 2021, after only two years as an active mining company (CY2019 and CY2020), and is on-track to meet its market guidance for CY2021 which is similar to CY2020. Since February 2021 Image is focused on a multi-pronged growth strategy which includes (1) maintaining its strong economic performance at Boonanarring and continuing at its 100%-owned Atlas, Helene and Hyperion projects; (2) progressing a feasibility study at its 100%-owned Bidaminna project in support of development of a second mining and processing centre to be operated in parallel with operations at Atlas; (3) evaluating the economic potential of its two 100%-owned gold tenements and King Farmin tenement, all located SE of Kalgoorlie; and (4) investigate opportunities outside of the Company's current mineral sands portfolio to identify a larger potential mine-life deposit for development. Forward looking statements Certain statements made during or in connection with this communication, including, without limitation, those concerning the economic outlook for the mining industry, expectations regarding prices, exploration or development costs and other operating results, growth prospects and the outlook of Image's operations contain or comprise certain forward-looking statements regarding Image's operations, economic performance and financial condition. Although Image believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes that could result from future acquisitions of new exploration properties, the risks and hazards inherent in the mining business (including industrial accidents, environmental hazards or geologically related conditions), changes in the regulatory environment and other government actions, risks inherent in the ownership, exploration and operation of or investment in mining properties, fluctuations in prices and exchange rates and business and operations risks management, as well as generally those additional factors set forth in our periodic filings with ASX. Image undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. McCalls Project Acquisition Images Resources NL acquired the McCalls Project as of 11 March 2022 from Sheffield Resources Ltd. Although Image has reviewed reports, information and data in relation to McCalls (which comprises the McCalls Project Mineral Resources at McCalls and Mindarra Springs) and has no reason to question the reliability of the reported information, Image cannot confirm whether there is any new information or data that materially affects the information included in the relevant Sheffield market announcements, nor can it confirm, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Image cannot confirm that the form and context in which the Competent Persons' findings are presented have not been materially modified from the relevant original market announcements. The Company will directly commission a Competent Person to provide JORC and ASX compliance statements when these Mineral Resources are included in future public reports. Image Resources NL | ABN 57 063 977 579 Level 2, 7 Ventnor Avenue, West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au Page 5 of 8 This is an excerpt of the original content. To continue reading it, access the original document here . Attachments

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  • Where is Sheffield Resources's headquarters?

    Sheffield Resources's headquarters is located at 41 – 47 Colin Street, West Perth.

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