PRESS RELEASE: The contract with Thunderbird Operations, a wholly owned subsidiary of Sheffield Resources, is worth approximately A$366 million (US$264 million).

The commencement of work under the contract remains subject to GR Engineering being issued with a full notice to proceed, which is dependent on Sheffield satisfying remaining financing conditions ahead of a final investment decision being made to pursue the development of the project.

GR Engineering has worked closely with Sheffield since being engaged as preferred tenderer in October 2017 to progress early works on the project. It has substantially progressed detailed design and procurement activities during this time. Delivery is scheduled to occur over approximately two years from the date of site mobilisation, which is anticipated in the June quarter of calendar year 2019, following the wet season.

GR Engineering's scope of work under the contract extends to the engineering design, procurement, construction, commissioning and testing of all process and non-process infrastructure for the project, including a wet concentrate plant, mineral separation plant, low temperature roasting plant, administration buildings, bore fields, and high-voltage power distribution in addition to all civil scope items. GR Engineering will also provide operations support for a six-month term post-completion.

GR Engineering's managing director Geoff Jones said: "This contract represents an important milestone in the development of the world-class Thunderbird mineral sands project. GR Engineering has welcomed the opportunity to contribute towards bringing the project to an advanced pre-execution phase and is now committed to progressing its safe and successful delivery for Sheffield."

GR Engineering will inform the market of material developments in respect of the Contract, including the receipt of a full notice to proceed.