Sheffield Resources Limited (ASX: SFX) – Mineral Sands – Offtake Agreements in Place – Funding & Permits Approved – WA

October 15, 2018
We have a current base case value of A$1.75/share for Sheffield, with the majority of this ascribed to our risked NPV8 valuation of Thunderbird. Our per share valuation is based on a share structure diluted for equity raised for the development of Thunderbird. The current deep discount in the value of Sheffield to the expected value of Thunderbird, that the Company or the Project make an attractive takeover or acquisition opportunity.