Welcome to the Bunnings Workshop community. Thank you for sharing this very hot topic with us! I'm sure our community members are very interested to see how you've set up your pot belly wood stove. We look forward to seeing this warm cosy spot you are about to create.
Can I possibly ask you to post a photo of where you propose to locate the wood burner? I'm confident that some of our experienced community members will have tips and advice for such a set up. Let me tag @Adam_W and see if he has any recommendations for your proposed heat shield.
Please be aware that FC or fibre cement sheeting is not recommended to be used near hot or open flame areas. Even though FC sheeting is a non- flammable material, It has a tendency to pop and explode into sharp pieces under prolonged exposure to heat.
I would recommend using brick or masonry as a heat shield for your wood burner. Just to be extra safe, you can place the corrugated sheets in front of the bricks and fix it in place with either Dynabolts or a galvanized nut and bolt assembly with washers. Using this setup should give you excellent heat retention and reflection from the wood stove.
For maximum protection behind the bricks, I recommend fire rated plaster board sheets such as Gyprock CSR 3600 x 1200 x 13mm Plasterboard Fyrchek. Please note that each state and council has its own rules and regulations for fire safety. I strongly recommend to visit your local council and perhaps request for guidance regarding the rules in your area.
This is a very interesting project and we are looking forward to its completion. Please keep us informed as you move to the next step building your heat shield. I hope some of the information I mentioned will help you with your build. If you should have any other questions or require assistance with any other project, please post it here on Workshop.