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A third party commercial loan facility is now being sought by the partners, with the aim being to be in production by early 2024.
Thunderbird is expected to be a multi-decade operation and has been modelled to have a pre-finance, post tax NPV of $1.28 billion and post-tax IRR of 27.5%.
The project will produce three products: a non-magnetic Concentrate (NMC) product containing zircon and rutile; an ilmenite rich magnetic concentrate (MC), and; a paramagnetic concentrate (PMC).
Earnings over the 36-year operation life are put at more than $8 billion (on an EBITDA basis).
Sheffield started the year with $5 million cash but has since divested other mineral sands assets for about $36 million.
Shares in Sheffield were trading this week at 61c, capitalising the company at $213 million.
The stock has spent much of the past 12 months trading in a range of 33-43c, with gains to currently levels beginning in mid-March.
