1. +SFX 14th Annual AJM Mineral Sands Conference 2014DAMPIER MINERAL SANDS PROJECT LARGE SCALE HIGH GRADE PREMIUM PRODUCT WORLD CLASS

2. +Disclaimer & Compliance Statements EXPLORATION RESULTS The information in this report that relates to Exploration Results is based on information compiled by Mr David Boyd, a Competent Person who is a Member of Australian Institute of Geoscientists (AIG). Mr Boyd is a full-time employee of Sheffield Resources Ltd and has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Boyd consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. PREVIOUSLY REPORTED INFORMATION This report includes information that relates to Exploration Results which were prepared and first disclosed under the JORC Code 2012. The information was extracted from the Companys previous ASX announcements as follows: nThunderbird Drilling Results: THUNDERBIRD HIGH GRADE MINERALISATION EXTENDS BEYOND DEFINED RESOURCE, 16 December 2013.This report also includes information that relates to Exploration Targets, Exploration Results and Mineral Resources which were prepared and first disclosed under the JORC Code 2004. The information has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. The information was extracted from the Companys previous ASX announcements as follows: n n n n n n nNEW LICENCE GRANTED OVER HIGH GRADE ZIRCON PROJECT, 7 September 2011. 1MT CONTAINED HM INFERRED RESOURCE AT ELLENGAIL, 25 October 2011. WEST MINE NORTH MINERAL RESOURCE ESTIMATE EXCEEDS EXPECTATIONS, 7 November 2011. 4.4 BILLION TONNE MAIDEN RESOURCE AT MCCALLS HMS PROJECT, 20 February 2012. ENEABBA PROJECT RESOURCE INVENTORY EXCEEDS 5MT HEAVY MINERAL, 28 August 2012. LARGE HIGH GRADE MAIDEN RESOURCE FOR THUNDERBIRD HMS DEPOSIT, 18 December 2012. YANDANOOKA RESOURCE UPGRADE AND METALLURGICAL RESULTS, 30January 2013. n n n n n nRECORD DRILL INTERSECTION AT THUNDERBIRD, 21 October 2012. 1Mt HEAVY MINERAL RESOURCE ADDED TO ENEABBA PROJECT, 30 October 2013. HIGH GRADE DRILLING RESULTS FROM THUNDERBIRD, 11 November 2013. RECORD GRADES FROM WORLD CLASS THUNDERBIRD DEPOSIT, 25 November 2013. WORLD CLASS STATUS OF THUNDERBIRD CONFIRMED BY METALLURGICAL TESTWORK, 25 March 2013. THUNDERBIRD PRODUCTS CONFIRMED AS HIGHLY MARKETABLE, 1 August 2013These announcements are available to view on Sheffield Resources Ltds website www.sheffieldresources.com.au The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, 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. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcement. FORWARD LOOKING AND EXPLORATION TARGET STATEMENTS Some statements in this report regarding estimates or future events are forwardlooking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward-looking statements include, but are not limited to, statements concerning the Companys exploration programme, outlook, target sizes and mineralised material estimates. They include statements preceded by words such as anticipated, expected, target, scheduled, intends, potential, prospective and similar expressions. The terms Target and Exploration Target, where used in this report, should not be misunderstood or misconstrued as an estimate of Mineral Resources and Reserves as defined by the JORC Code 2012, and therefore the terms have not been used in this context. Exploration Targets are conceptual in nature and it is uncertain if further exploration or feasibility study will result in the determination of a Mineral Resource or Reserve. 3. Company Snapshot Board & Management Will BurburySHAREHOLDER SPLIT12 MONTH PERFORMANCETop 20 Shareholder s40%Share Price+9%Directors19.3 %Market Cap+31%Executive ChairmanBruce McQuittyManaging DirectorDavid ArcherTechnical DirectorDavid BoydExploration ManagerMark TeakleProject Development ManagerShare Price ChartCAPITAL STRUCTURE $0.58Share priceShares on issueHigh $0.78Employee Options (Ave. Ex Price 47.7c)Low $0.25Market Cap Cash(Undiluted)(at 31 Dec., no debt)Enterprise Value119.6m 5.1m $69.4m $3.4m $66.0m3 3 4. Company Snapshot PROJECTS (ALL 100% SFX)Dampier - HMSFlagship - Thunderbird Total Resource 1.37Bt @ 6.1% HM (83Mt HM)1 including 517Mt @ 10.1% HMEneabba - HMSStrategic resource baseMcCalls HMS Very large chloride ilmenite deposit1Refer to Appendices 1 & 24 5. Location DAMPIER MINERAL SANDS PROJECTThunderbird 30km north of sealed Broome - Derby Highway140km by road to either Broome or Derby portsGas discoveries nearbyClose to Asian marketsCanning Basin Thunderbird first major HMS discovery in the provinceSheffield holds over 2,000km2www.sheffieldresources.com.au5 6. Canning Basin - New HMS Provincewww.sheffieldresources.com.au6 7. Exploration History THUNDERBIRD MINERAL SANDSRio Tinto 2003 - 2009 Scout aircore drilling8 effective holes indicated high grade potentialTenement relinquished during GFCSheffield 2010 - present Applied for E04/2083 shortly after listing on ASX in Dec 2010Recognised Thunderbird and Argo targets from Rios open file dataE04/2083 granted 5 Sept 20111st drilling campaign July-Oct 2012Maiden Resource Dec 20122nd drilling campaign July-Oct 2013Resource update imminentwww.sheffieldresources.com.au Scoping study nearingSheffields 2011 plan view interpretation of Rio Tintos aircore drilling results * Exploration Target assigned to Thunderbird by Sheffield in 2011 prior to 2012 drilling campaign and estimation of JORC Mineral Resource of 1.37Bt @ 6.1% HM in December 2012.7 8. 8Key Messages THUNDERBIRD MINERAL SANDS8 9. Large Scale, High Grade THUNDERBIRD MINERAL SANDS DECEMBER 2012 RESOURCE Maiden Mineral Resource 1.37Bt @ 6.1% HM (Indicated & Inferred)1Includes coherent high grade component of 517Mt @ 10.1% HM (Indicated & Inferred)2High in-situ VHM grades2: 0.7% zircon, 0.16% rutile, 0.44% leucoxene and 2.9% ilmenite E4kmEStrong grade continuity Low overburden1 2At 2% HM cut-off. Refer to Appendices 1 & 2. At 7.5% HM cut-off. Refer to Appendices 1 & 2.9 10. World Class THUNDERBIRD MINERAL SANDS 7.00In Situ TiO2 Mineral Grade (Rut+Lux+Ilm) %Puttalam(ILU)6.00Amongst the worlds largest and highest grade deposits5.00Toliara(WTR)Douglas(ILU)4.00Thunderbird High Grade Zone Kwale(BSE)517Mt @ 10.1% HM (SFX)3.00Moma(KMR)Thunderbird (SFX) 1.37Bt @ 6.1% HM2.00Sierra Rutile Eneabba (SFX) Grand Cote (MDL)1.00Coburn McCalls 0.00 -0.10(SRX)JA Resource 2008Cyclone(ILU)(DRX)(GUN)Only deposits greater than 100Mt are shown. Bubble size proportional to contained VHM tonnes.(SFX)0.400.90In Situ Zircon Grade %1.401.90Data compiled by SFX from open file sources. Rio Tintos deposits excluded (unable to be sourced).10 11. Year of Discovery 2012201120102009200820072006 Cyclone(DRX)(SFX)(ILU)ThunderbirdJacinth-Ambrosia82005(WTR)(GUN)Toliara(ILU)CoburnKwale (BSE) Douglas(ILU)(SFX)10200420032002200120001999199819971997PuttalamMcCalls(MDL)Moma14199619951994199319921991219904Grand Cote61989198819871986198519841983Contained zircon (Mt)(KMR)World Class THUNDERBIRD MINERAL SANDSLarge Zircon Deposits Discovered over past 30 years12Projects of this scale and grade only come along once a decade0* Thunderbird contained zircon @ 2% HM cut-off Dec 201211 12. New Developments THUNDERBIRD MINERAL SANDSPROGRESS SINCE LAST AJM Metallurgical testwork Product marketing studies 2nd drilling campaign Environmental studies Resource estimation nearing completion Scoping studies also nearing completion12 13. Metallurgy THUNDERBIRD MINERAL SANDS Excellent Results from Bulk Sample Testwork 6 tonne bulk sample from 2012 drilling Processed at RJ Robbins Laboratory, Brisbane Mineralisation responds well to conventional processing techniques Slimes have low clay content requiring low flocculant dosages Processing flowsheet designed for Scoping Study 30 tonne bulk sample collected from 2013 drilling for further process refinement during PFS Part of 30 tonne Thunderbird bulk sample from 2013 drilling campaignwww.sheffieldresources.com.au6 tonne Thunderbird bulk sample processed at RJ Robbins laboratory, Brisbane13 14. Premium Products THUNDERBIRD MINERAL SANDSHighly Marketable Products as assessed by TZMI nPremium grade zircon suitable for ceramics (largest sector of zircon market)nPrimary ilmenite suitable for sulphate pigment process or sulphate or chloride slag (broad customer base)nPrimary ilmenite has low Cr2O3 and low alkalis ideal blending feednSecondary ilmenite, HiTi & rutile products suitable for welding rod marketThunderbird ZirconThunderbird Rutile14 15. Recent Drilling THUNDERBIRD MINERAL SANDSSECOND DRILLING CAMPAIGN 281 aircore drill holes for 18,845m Completed Oct 2013 Infill drilling aimed at improving resource classification Step-out drilling results mineralisation extends beyond Dec 2012 resource outline Record intersection82.5m @ 7.53% HM (THAC311)82.5m @ 7.53% HM from 24m11At 2.0% HM cut-off. Refer to ASX Releases for full details.15 16. Recent Drilling THUNDERBIRD MINERAL SANDS Results define a thick, high grade zone at 7.5% HM cutoff Dimensions: 6km x 2.5km Intersections1 include: 19.5m @ 21.0% HM from 12m 28m @ 17.9% HM from 32m 24m @ 16.1% HM from 25.5m 32.5m @ 14.5% HM from 29m 30m @ 15.0% HM from 30m Scoping Study will focus on optimising this high grade zone in early production years1At 7.5% HM cut-off. Refer to ASX Releases for full details.28.0m @ 17.9% HM (THAC371)19.5m @ 21.0% HM (THAC352)24.0m @ 16.1% HM (THAC403) 32.5m @ 14.5% HM (THAC400)30.0m @ 15.0% HM (THAC344)16 17. Recent Drilling THUNDERBIRD MINERAL SANDS Thick, high grade mineralisation displaying strong continuity17 18. Environmental & Groundwater Studies THUNDERBIRD MINERAL SANDS Level 1 studies completed 2012 Level 2 Flora and Fauna surveys nearing completion Environmental consultants ecologia have extensive experience in district Desktop groundwater studies completed 2013 Site groundwater studies to be undertaken during PFS 201418 19. Dampier Timeline Scoping Study Resource Update Drilling CompletedDFS DevelopmentPrefeasibility 20132014 Q12014 Q22014 Q32014 Q420152016Permitting & Approvals Regional Exploration19 20. Conclusion Thunderbird - a World Class HMS depositOnce in a decade discoveryHigh quality zircon & ilmenite productsResource update & scoping study Q1 2014Moving to PFS in 2014www.sheffieldresources.com.au20 21. Thank you Questions?For further information please contact: Sheffield Resources Ltd Level 1, 57 Havelock Street West Perth WA 6005 Ph +61 (8) 6424 8440 info@sheffieldresources.com.auwww.sheffieldresources.com.au 22. Appendices22 23. Appendix 1: Resource Inventory Sheffields contained Valuable HM (VHM)* Resource Inventory at 30 October 2013 DepositResource CategoryZircon (000t)Rutile (000t)Leuc. (000t)Ilmenite (000t)Total VHM (000t)ThunderbirdIndicated1,4833449246,2569,007ThunderbirdInferred4,2709902,66118,00725,927YandanookaMeasured132387105YandanookaIndicated24081831,4391,843YandanookaInferred4122329DurackIndicated1442952703928DurackInferred26513121164Drummond CrossingIndicated14310137542823Drummond CrossingInferred7512841EllengailInferred929019658859West Mine NorthMeasured183342200293West Mine NorthIndicated718746506709McCallsInferred3,4911,0632,57642,91150,041TotalMeasured313545287398TotalIndicated2,0816411,1419,44613,310TotalInferred7,8892,1545,27261,74677,062TotalAll10,0012,8306,45871,47990,770The contained VHM tonnages in the above table are derived from Mineral Resource Estimates for the Yandanooka, Ellengail , West Mine North, McCalls, Durack deposits (estimated using a 0.9% HM cut-off), the Drummond Crossing deposit (estimated using a 1.1% HM cut-off) and the Thunderbird deposit (estimated using a 2% HM cut-off) . These Mineral Resources have previously been fully reported in ASX releases by Sheffield on 25 October 2011, 7 November 2011, 20 February 2012, 28 August 2012, 18 December 2012, 30 January 2013 and 30 October 2013. Appendix 2 summarises the estimated tonnes and grades for these deposits. * Valuable Heavy Minerals are classified as zircon, rutile, leucoxene and ilmenite.23 24. Appendix 2: HMS Mineral Resource1 Inventory 30 Oct 2013 ProjectDepositResource CategoryCut-off (% HM)Material (Mt)*Bulk DensityHM %Slimes %3Osize %DAMPIERThunderbirdIndicated2.02992.17.2191421.56.9ThunderbirdInferred2.01,0752.15.8171661.9Total DampierAll2.01,3742.16.1171583.4Measured0.92.92.04.11514ENEABBA Yandanooka YandanookaIn-situ HM Zircon2 Rutile2 (Mt)* % %Leuc.2 %Ilmenite2 %1.64.3296.91.64.3296.91.64.3290.1210.61.92.272Indicated0.990.12.02.316152.0911.53.93.969YandanookaInferred0.92.82.01.218210.0311.23.94.668YandanookaTotal0.995.92.02.316152.2411.43.83.969DurackIndicated0.950.32.02.015211.02142.85.169DurackInferred0.9151.91.214170.18142.57.266Durack Drummond Crossing Drummond Crossing Drummond CrossingTotal0.965.32.01.815201.20142.85.668Indicated1.148.72.02.11691.0214103.653Inferred1.13.52.01.51680.0513102.855Total1.152.22.02.11691.0714103.553EllengailInferred0.946.452.02.215.62.11.048.98.71.963.5EllengailTotal0.946.452.02.215.62.11.048.98.71.963.5West Mine NorthMeasured0.96.472.05.614.81.20.364.99.111.654.9West Mine NorthIndicated0.936.111.92.313.12.80.848.410.35.460.0West Mine NorthTotal0.942.581.92.813.42.51.217.910.16.459.2TotalMeasured0.99.42.05.21550.486.76.88.760TotalIndicatedvar.225.32.02.215134.9812.16.04.464TotalInferredvar.67.72.01.91561.3010.37.23.264Total EneabbaAllvar.3022.02.215116.7611.66.34.264Inferred0.94,4312.31.226.51.4536.62.04.980.8All0.94,4312.31.226.51.4536.62.04.980.8MCCALLS McCalls Total McCalls*Tonnes have been rounded to reflect the relative uncertainty of the estimate. 1 This estimate is classified and reported in a manner compliant with the JORC code and guidelines (JORC, 2004). 2 The Mineral Assemblage is represented as the percentage of the Heavy Mineral (HM) component of the deposit, as determined by QEMSCAN. TiO 2 minerals defined according to the following ranges: Dampier: Rutile >95% TiO 2 ; Leucoxene 70-95% TiO 2 ; Ilmenite 40-70% TiO 2 , Eneabba & McCalls: Rutile >95% TiO 2 ; Leucoxene 85-95% TiO 2 ; Ilmenite