Sheffield Resources Limited (SFX) AI Stock Analysis

• Market Cap: $34.02M
• Dividend Yield: N/A
• Average Volume (3M): 515.92K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.16
• Revenue Growth: N/A
• EPS Growth: 31.75%
• Country: AU
• Employees: 2
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): <0.01
• Shares Outstanding: 395,527,300
• 10 Day Avg. Volume: 310,494
• 30 Day Avg. Volume: 515,918
• PEG Ratio: 0.09
• Price to Book (P/B): 0.54
• Price to Sales (P/S): 174.34
• P/FCF Ratio: -26.63
• Enterprise Value/Market Cap: 1.65
• Enterprise Value/Revenue: -142.70
• Enterprise Value/Gross Profit: -142.70
• Enterprise Value/Ebitda: -172.03
• 1Y Price Target: $0.10
• Price Target Upside: 30.92% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: AU$0.09 ▲(8.75% Upside)

The score is driven primarily by weak operating performance and ongoing cash burn, partially mitigated by a strong, low-leverage balance sheet. Technicals are mixed with a weak long-term trend, and valuation offers limited support given negative earnings and no stated dividend yield.

Positive Factors

Zero reported debt (low leverage)

No reported debt provides durable financial flexibility, lowering refinancing and interest-rate risk. This strengthens the company's ability to fund development, absorb commodity cycles, and pursue capex or working capital needs without immediate debt pressure, a lasting stability advantage.

Sizable equity capital buffer

A substantial equity base gives the company a multi-year funding runway to progress the Thunderbird project and cover operating shortfalls without relying immediately on external debt. This preserves strategic optionality for development and commercialisation over the medium term.

Clear product end-markets (ilmenite, zircon)

The company’s focus on ilmenite and zircon ties to durable industrial demand for TiO2 pigment and ceramics. These established end-markets provide long-term structural demand for products once production scales, supporting persistent revenue potential beyond short-term cycles.

Negative Factors

Persistent negative operating cash flow

Consistent negative operating cash flow indicates the business is not yet self-funding and relies on the balance sheet or external capital. Over months this raises execution risk for project development, increases funding needs and could force dilutive financing or delayed milestones.

Sustained net losses and negative returns

Large, persistent losses and negative operating profitability erode equity and reduce internal capacity to invest in growth. Continued negative returns hamper the company's ability to transition to self-sustaining operations and increase dependence on external funding over the medium term.

No confirmed offtake or customer contracts

Absence of confirmed offtake or named customers creates structural commercial risk: scaling production depends on securing sales agreements, pricing certainty, and logistics. Without those, projected revenues remain uncertain and commercialization timelines could slip.

Sheffield Resources Limited Business Overview & Revenue Model

Company Description

Sheffield Resources Limited explores for and develops mineral properties in Australia. The company explores for zircon, rutile, ilmenite, leucoxene, and titanium minerals. Its flagship project is the Thunderbird mineral sands property located in the Canning Basin in northern Western Australia. Sheffield Resources Limited was incorporated in 2007 and is based in West Perth, Australia.

How the Company Makes Money

Sheffield Resources Limited generates revenue primarily through the extraction, processing, and sale of mineral sands, particularly zircon and titanium dioxide minerals, from its Thunderbird Mineral Sands Project. The company's revenue model is based on the sale of these minerals to industrial clients who utilize them in the production of ceramics, coatings, and other products. Key revenue streams include the export of processed mineral sands to international markets, where demand for these raw materials is driven by the construction, automotive, and manufacturing industries. Significant partnerships, such as offtake agreements with major buyers in the mineral sands market, play a crucial role in stabilizing earnings and ensuring long-term revenue generation. Additionally, the company's focus on operational efficiency and sustainable practices contributes to its economic viability and market competitiveness.

Sheffield Resources Limited Financial Statement Overview

Summary

Sheffield Resources Limited faces significant financial challenges, primarily driven by its inability to generate revenue and persistent operating losses. While the balance sheet remains relatively strong due to zero debt, the negative cash flow and lack of income generation are critical concerns for future sustainability. Immediate strategic adjustments are necessary to improve revenue generation and operational efficiency.

Income Statement

Sheffield Resources Limited reported zero revenue over the past two years, indicating challenges in generating sales. The significant net losses and negative EBIT and EBITDA margins suggest poor profitability and operational inefficiencies. The absence of revenue growth further highlights the company's struggle to improve its financial performance.

Balance Sheet

The company shows a strong equity position with zero debt, resulting in a favorable debt-to-equity ratio of 0. The equity ratio is high, indicating a solid capital structure. However, the declining trend in total assets and equity from the previous year might suggest potential risks if the company continues to struggle operationally.

Cash Flow

The cash flow situation is concerning, with negative operating cash flow and free cash flow. The free cash flow has worsened, reflecting cash constraints. Although the company has managed to maintain cash reserves, the reliance on financing activities for cash inflow points towards potential sustainability issues.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	-393.00K	362.00K	0.00	0.00	0.00	215.00K
Gross Profit	-393.00K	362.00K	0.00	0.00	0.00	-457.00K
EBITDA	-326.00K	-22.05M	-313.00K	-3.24M	-2.53M	32.99M
Net Income	-50.31M	-22.05M	-32.19M	-8.61M	26.08M	28.01M
Balance Sheet
Total Assets	113.25M	116.81M	138.58M	169.92M	155.80M	129.87M
Cash, Cash Equivalents and Short-Term Investments	8.37M	7.09M	9.88M	24.41M	40.22M	6.52M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	310.00K	243.00K	447.00K	302.00K	174.00K	1.48M
Stockholders Equity	112.94M	116.56M	138.13M	169.62M	155.63M	128.39M
Cash Flow
Free Cash Flow	-4.85M	-2.37M	-4.57M	-2.23M	-2.32M	-12.80M
Operating Cash Flow	-2.59M	-2.37M	-2.31M	-2.23M	-2.13M	-7.26M
Investing Cash Flow	-12.19M	-420.00K	-12.19M	-35.30M	35.83M	-5.83M
Financing Cash Flow	0.00	0.00	-31.00K	21.71M	0.00	12.52M

Sheffield Resources Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.08
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:SFX, the sentiment is Neutral. The current price of 0.08 is above the 20-day moving average (MA) of 0.08, below the 50-day MA of 0.09, and below the 200-day MA of 0.14, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 54.08 is Neutral, neither overbought nor oversold. The STOCH value of 66.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:SFX.

Sheffield Resources Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MTH	52 Neutral	AU$107.03M	-19.77	―	―	―	54.26%
CZR	51 Neutral	AU$109.98M	-5.46	-103.22%	―	―	-278.88%
DRE	50 Neutral	AU$152.35M	-5.42	-36.29%	―	―	-166.67%
CLE	46 Neutral	AU$57.51M	-8.23	-63.09%	―	-27.03%	29.55%
SFX	45 Neutral	$34.02M	-1.50	-17.39%	―	―	31.75%
HAS	45 Neutral	AU$132.01M	-0.49	-116.31%	―	―	-414.88%

Sheffield Resources Limited Corporate Events

Sheffield Wins Thunderbird Debt Waiver but Flags Ongoing Funding Risk

Sheffield Resources has updated the market on the financing position of the Thunderbird Mineral Sands Mine in Western Australia, operated through its 50:50 joint venture Kimberley Mineral Sands with Yansteel. The project’s primary lenders, Orion Resource Partners and the Northern Australia Infrastructure Facility, have agreed to waive and defer the December 2025 interest and principal repayments and related covenants under the senior secured loan facilities, providing near‑term relief but underscoring ongoing financial pressures. While discussions on a broader project finance restructure continue, Sheffield cautioned there is no assurance of a successful outcome or that Kimberley Mineral Sands will secure sufficient shareholder funding to meet working capital needs, leaving operational and financial uncertainty for the project and its stakeholders; the company pledged to keep investors informed of material developments.

The most recent analyst rating on (AU:SFX) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Sheffield Resources Limited stock, see the AU:SFX Stock Forecast page.

Sheffield Resources Announces Director’s Interest Update

Sheffield Resources Limited announced a change in the director’s interest, with Bruce Griffin acquiring additional performance rights. This change, approved by shareholders, reflects a strategic move to align the director’s interests with the company’s performance, potentially impacting stakeholder confidence and the company’s market positioning.

The most recent analyst rating on (AU:SFX) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Sheffield Resources Limited stock, see the AU:SFX Stock Forecast page.

Sheffield Resources Announces Cessation of Securities

Sheffield Resources Limited announced the cessation of 480,000 securities due to the expiry of options or other convertible securities without exercise or conversion as of December 1, 2025. This cessation of securities may impact the company’s capital structure and could have implications for its market positioning and stakeholder interests.

The most recent analyst rating on (AU:SFX) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Sheffield Resources Limited stock, see the AU:SFX Stock Forecast page.

Sheffield Resources Issues Performance Rights to Employees

Sheffield Resources Limited announced the issuance of 5,078,125 performance rights under an employee incentive scheme, which are unquoted and subject to transfer restrictions. This move is part of the company’s strategy to motivate and retain key personnel, potentially impacting its operational efficiency and market positioning positively.

The most recent analyst rating on (AU:SFX) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Sheffield Resources Limited stock, see the AU:SFX Stock Forecast page.

Sheffield Resources Limited Successfully Concludes 2025 AGM

Sheffield Resources Limited held its 2025 Annual General Meeting, where all proposed resolutions were passed. Key resolutions included the adoption of the remuneration report, re-election of directors, issuance of performance rights, and approval of a 10% placement capacity. This successful meeting reflects strong shareholder support and positions the company for continued operational and strategic growth.

The most recent analyst rating on (AU:SFX) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Sheffield Resources Limited stock, see the AU:SFX Stock Forecast page.

Sheffield Resources Addresses Financial Challenges Amid Market Conditions

Sheffield Resources Limited has announced an update regarding the Thunderbird Mineral Sands Mine, highlighting ongoing discussions with lenders about potential debt restructuring due to challenging market conditions. The company, along with Yansteel, will provide a $6.5 million contribution to address working capital needs, but further shareholder contributions may be necessary. The outcome of these financial negotiations remains uncertain, impacting the company’s operations and its ability to meet financial obligations.

The most recent analyst rating on (AU:SFX) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Sheffield Resources Limited stock, see the AU:SFX Stock Forecast page.

Sheffield Resources Secures Zircon Offtake Agreement with Yansteel Amid Market Challenges

Sheffield Resources Limited has announced a zircon concentrate offtake agreement with Yansteel for the Thunderbird Mineral Sands Mine, addressing deteriorating market conditions in China. This agreement secures a fixed FOB price for unsold zircon concentrate until the end of 2025, with potential extension. Yansteel, a supportive partner and shareholder, continues to back Sheffield’s operations, including 100% offtake of ilmenite concentrate and financial support for KMS. The agreement highlights Yansteel’s commitment to Thunderbird’s strategy to achieve full production by Q1 FY27. Meanwhile, KMS is in discussions with lenders to align debt repayments with revised mine plans, though outcomes remain uncertain.

The most recent analyst rating on (AU:SFX) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on Sheffield Resources Limited stock, see the AU:SFX Stock Forecast page.

Sheffield Resources Achieves Record Production Amid Market Challenges

Sheffield Resources Limited reported a record quarterly production of mineral sands concentrates at its Thunderbird Mine, with a 24% increase over the previous record. Despite this, the company faces challenging market conditions for zircon concentrate, particularly in China, which has impacted sales volumes. The company is continuing to advance its mining and processing operations, with a focus on achieving full production by the first quarter of fiscal year 2027. Financially, Sheffield maintains a cash balance of $5.2 million and has completed a share subscription agreement with Capital Metals Plc.

The most recent analyst rating on (AU:SFX) stock is a Hold with a A$0.13 price target. To see the full list of analyst forecasts on Sheffield Resources Limited stock, see the AU:SFX Stock Forecast page.