Sheffield Resources has recently completed a robust BFS on their Thunderbird Heavy Mineral Sands Project located 140km by road from ports in both Broome and Derby in Western Australia, close to target markets in Asia. The Project has a large, high grade reserve which will allow it to support a long life low cost operation with a revenue to cost ratio of 2:1, in the second quartile of global mineral sands producers. Metallurgy indicates that it will produce quality, marketable products – this has been borne out by MoU’s being signed for 40% of the proposed zircon output thus far, with the Company now working on further offtake agreements. Sheffield is looking to finalise permitting, offtake and financing by late 2017, with an aim to commence production in late 2019, which will be timely given improving mineral sands markets and forecast supply deficits. The Project area is also highly prospective for further discoveries, as evidenced by results from the nearby Night Train prospect. To read our full report on Sheffield, for which we have a current valuation of $2.50/share, please follow the link below.