Stanmore Resources Limited Overview
Key Identification Data
| Item | Detail |
|---|---|
| Legal name | Stanmore Resources Limited |
| Former name | Stanmore Coal Limited (renamed May 2021) |
| ACN | 131 920 968 |
| Founding / incorporation | Incorporated in Australia in 2008 (ACN series consistent with 2008 registration); listed on the ASX in 2009 |
| Incorporation jurisdiction | Australia; company limited by shares, incorporated and domiciled in Australia (2026 Interim Report) |
| Headquarters | Level 32, 12 Creek Street, Brisbane QLD 4000, Australia |
| Telephone | +61 7 3238 1000 |
| Primary listing | Australian Securities Exchange (ASX): SMR (SMR.AX) |
| Secondary quotations | OTC (US): STMRF; Frankfurt/Stuttgart/Tradegate: S0D |
| ISIN | AU000000SMR4 |
| CUSIP | Not publicly disclosed (ASX-listed issuer; no SEC registration) |
| Index membership | Added to the S&P/ASX 300 on 18 Sep 2023 and to the S&P/ASX 200 on 18 Mar 2024 |
| Fiscal year end | 31 December. Historically 30 June; the company moved to a December year end around 2020, and its December 2020 annual report covers the transition |
| Auditor | Ernst & Young (2026 Interim Report; 2025 Annual Report) |
| Majority shareholder | Golden Energy and Resources Pte. Ltd (GEAR), through Golden Investments (Australia) Pte. Ltd, holding about 59.0% (531.9m shares). GEAR is ultimately linked to Indonesia's Sinar Mas Group |
| Shares on issue | About 901.4 million ordinary shares (StockAnalysis/TipRanks, Oct 2026) |
| Share price | A$2.54 (ASX close, 7 Oct 2026). The 52-week range is A$2.01 to A$3.24 |
| Market capitalisation | About A$2.3bn (7 Oct 2026), or roughly US$1.6bn (5 Oct 2026, per Kapitales/ad-hoc-news) |
| Employees | Total direct headcount is not publicly disclosed in the sources reviewed. South Walker Creek alone had a workforce of about 1,200 including contractors (Queensland Government statement, Aug 2024) |
| Website | https://stanmore.au |
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Group employees (direct, number) | — | — | — |
| South Walker Creek workforce incl. contractors (number) | — | 1,200 | — |
Group headcount is not disclosed in the sources reviewed. The company's operating model is contractor-heavy: mining services at several pits are provided by mining contractors. Reported "employee" numbers would therefore understate the total workforce materially.
Stanmore Resources is one of the few ASX-listed pure-play producers of export metallurgical coal. It is concentrated in Queensland's Bowen Basin, the world's premier seaborne coking-coal province. The company was transformed in 2022 by acquiring BHP Mitsui Coal (South Walker Creek and Poitrel) from BHP and Mitsui for up to about US$1.35bn. That deal took it from a roughly 2–3 Mtpa junior to a producer of about 14 Mt of saleable coal a year.
The portfolio has three operating hubs (South Walker Creek, Poitrel and the Isaac Plains Complex), all within about 50 km of each other and sharing processing, rail and port infrastructure. It sits on 571 Mt of JORC reserves and more than 5 Bt of resources. Product is mostly PCI and semi-soft/semi-hard coking coal, which earns a discount to the Premium Low-Vol benchmark. This makes Stanmore a mid-tier, cost-competitive, price-taking supplier to Asian steelmakers.
Stanmore is a controlled company: GEAR owns about 59%. Its growth pipeline (Isaac Downs Extension, Eagle Downs, Moranbah South and Lancewood) is large relative to its market capitalisation.
What the Company Does
Stanmore explores for, develops, mines, processes and sells metallurgical coal (coal used in steelmaking, as opposed to thermal coal used for power generation). All of its producing assets are in the northern and central Bowen Basin of Queensland, Australia.
The company's own description (repeated in its ASX releases in 2025–26) has three parts:
-
It controls and operates the South Walker Creek, Poitrel and Isaac Plains Complex metallurgical coal mines.
-
It holds the undeveloped Isaac Downs Extension, Eagle Downs and Lancewood projects.
-
It holds several further prospective coal tenements across the Bowen and Surat basins.
The corporate website adds two points. Stanmore positions itself as one of Australia's largest suppliers of metallurgical coal to global markets. It also stresses that its mines lie within a radius of about 50 km and share infrastructure, which lets it raise output with limited development and ramp-up risk.
Business Model and Revenue Model
| Revenue model element | Share of revenue | Commentary |
|---|---|---|
| Product sales (metallurgical coal) | About 100% | Essentially all revenue comes from contracts with customers for coal sales. 1H26 revenue from contracts with customers was US$978.0m against total revenue and income of US$981.9m (Appendix 4D 1H26) |
| Services / subscription / licensing | 0% | Not applicable |
| Royalty / contingent income (receivable) | Not material to date | Stanmore holds a contingent capped royalty of up to about US$200m from Peabody on coal mined from the southern Wards Well area, payable after Peabody recovers its investment. No material receipts have been disclosed |
Stanmore earns money from the spread between its realised FOB price and its FOB cash cost. Royalties to the Queensland State, depreciation, interest and tax come out of that spread.
Realised price: The realised price is set against seaborne indices, chiefly the Premium Low-Vol (PLV) hard coking coal index and PCI indices, adjusted for the quality of Stanmore's products. In 2Q26 the realised price was about 65% of the PLV index (Q2 2026 call).
Royalties: Queensland's progressive coal royalty regime, with top tiers introduced in July 2022, takes a sharply rising share of revenue at high prices. This compresses upside in price spikes.
Volume and price, 2025: Saleable output was 14.0 Mt at an average realised price of US$133/t. FOB cash cost averaged US$88/t, excluding royalties.
Value Chain Position
| Value-chain stage | Stanmore's role |
|---|---|
| Exploration and resource definition | Owns and operates. Exploration spend in 2Q26 was about A$5.5m |
| Mine development and approvals | Owns. The Isaac Downs Extension EIS was submitted in June 2026 |
| Mining (overburden removal, coal extraction) | Owner-managed with heavy use of mining contractors. Draglines are used at the Isaac Plains Complex |
| Processing (CHPPs) | Owns and operates the CHPPs at South Walker Creek and Isaac Plains. Poitrel coal is processed through shared infrastructure. Details of the infrastructure-sharing arrangements are not fully disclosed |
| Rail haulage | Third-party above-rail and below-rail capacity under long-term contracts. Counterparties are not individually disclosed in the sources reviewed |
| Port | Export via Queensland coal terminals under long-term contracts. Specific allocations are not disclosed in the sources reviewed |
| Marketing and sales | In-house. Marketing support historically came from parties related to M Resources (a company led by director Matt Latimore) |
| End use | Blast-furnace steelmakers and traders, mainly in Asia |
Stanmore is an upstream producer. It owns tenements, plans the mines and processes run-of-mine (ROM) coal through coal handling and preparation plants (CHPPs) into saleable products. It then rails the coal to east-coast ports and sells on FOB terms.
Customer Types and End-Markets
Customers: Integrated blast-furnace (BF-BOF) steelmakers and coal trading houses.
End-markets: Steel for construction, infrastructure, automotive, machinery and shipbuilding.
Geography: Morningstar describes Asia as Stanmore's largest revenue region, followed by Europe and South America. A three-year country-level split is not available in the sources reviewed.
Products: Stanmore sells PCI coal, semi-soft and semi-hard coking coal, and some higher-quality hard-coking blends. Management attributed the softer realisation in 1H26 to two things: a heavier weighting of PCI in the sales mix, and weaker PCI-to-PLV price relativities (Q2 2026 call, as reported by Kalkine).
Independent Characterisation
Stanmore is best understood as a levered, mid-cost, mid-quality, Bowen Basin met-coal price-taker in its "harvest-and-extend" phase.
-
The 2022–2024 capital programme is complete. That programme included the South Walker Creek CHPP expansion to 9.4 Mtpa ROM and about 7.0 Mtpa saleable, the MRA2C creek diversion, and pit expansions. Volumes have plateaued at 13–14 Mt.
-
The near-term focus has shifted from volume to value. CEO Marcelo Matos, at the FY25 results, described a pivot towards value and cash flow rather than volume. 2026 guidance of 12.8–13.4 Mt is a deliberate step down as the Isaac Plains Complex approaches its economic limits ahead of the Isaac Downs Extension.
-
The pipeline has been assembled cheaply and counter-cyclically. Stanmore bought Eagle Downs mostly on deferred and price-linked terms, signed the Isaac South Designated Area Agreement, and agreed to buy Moranbah South for US$105m. Together these give it one of the larger undeveloped premium Goonyella and Moranbah coal-measure positions held by a mid-cap.
-
Earnings are highly sensitive to the cycle. Underlying EBITDA fell from about US$1.46bn (FY2022) to US$385m (FY2025) on roughly flat-to-higher volumes. That illustrates operating leverage to the coal price and to the AUD/USD exchange rate.
-
Governance is controlled by a majority holder. GEAR's 59% holding and board representation shape capital allocation, including dividends and the related-party GEAR working-capital facility.
Strategy
Stated Strategic Themes
The themes below are paraphrased from the FY2025 results, the 2025 Annual Report and the 1H26 presentation.
-
Safety first. Industry-leading safety performance: SAFR of 0.5 in 2Q26, below the open-cut industry average. TRIFR was 2.1 in 2025, with recordable injuries down 52–57% year on year.
-
Resilient, low-cost operations through the cycle. Cost discipline and productivity, including the "Chase the Blue" strategy at South Walker Creek, Poitrel productivity gains and IPC dragline optimisation.
-
Value and cash flow over volume. The deliberate 2026 production step-down at IPC was framed as a pivot towards value and cash flow over volume (CEO, Feb 2026).
-
A conservatively geared balance sheet that preserves capital-allocation flexibility. This was reinforced by the July 2026 refinancing.
-
Capital-efficient organic growth through a staged pipeline: Isaac Downs Extension first (brownfield, low capex), then Eagle Downs (underground), Moranbah South and Lancewood.
-
Shareholder returns through fully franked dividends when the balance sheet and market conditions allow.
-
Sustainability and the social licence. Decarbonisation (gas-to-electricity), rehabilitation, First Nations engagement and mandatory climate reporting (AASB S2).
Strategic Initiatives Announced in the Last 24 Months (Oct 2024–Oct 2026)
| Initiative | Date | Description | Targets / economics | Status |
|---|---|---|---|---|
| South Walker Creek expansion ramp-up | 2024–2026 | CHPP at 9.4 Mtpa ROM / about 7.0 Mtpa saleable; MRA2C creek diversion | SWC FY26 guidance 6.7–6.9 Mt | Ramping; record monthly ROM in Mar 2026 |
| Isaac Downs Extension (incl. Designated Area) | Sep 2024 onward | Brownfield open-cut extension to sustain IPC | Designated Area expected to give about 50% of the enlarged mineable resource; obligations to the MBS JV extinguished on Moranbah South completion | EIS submitted Jun 2026; public notification |
| Eagle Downs development studies | 2024–2027 | Optimised, capital-efficient development using Stanmore's infrastructure | Studies complete 1Q27; 30–36 months FID-to-longwall | In progress |
| Lancewood PFS | 2024 onward | Open-cut start, then underground; possible infrastructure sharing with Peabody | Possible FID in 3–5 years | PFS ongoing |
| Moranbah South acquisition | 4 Sep 2026 | 100% of the MBS tenements for US$105m from existing liquidity; no shareholder approval required | 724 Mt measured and indicated; removes up to US$60m of contingent payments | Pending FIRB/ACCC approval and completion of Exxaro's pre-emption |
| Debt refinancing | Jul 2026 | About US$450m of facilities: US$250m term loan (bullet Jun 2029) and US$200m RCF (to Mar 2029) | Margin -100 bp; amortisation of US$70m a year removed | Completed |
| GEAR working-capital facility renewal | 2Q26 | US$70m unsecured related-party facility; interest lowered to 8.50% | Liquidity support | Renewed; undrawn |
| Bank RCF upsizing | 2,025 | Liquidity of nearly US$500m at FY25 | — | Completed |
| Gas-to-electricity project (SWC) | Aug 2024 onward | 20 MW coal-seam-methane power station; at least 15-year project; Queensland LEIP funding released against milestones; JV arrangements for gas extraction and power | Completion expected by 2027; would offset SWC's electricity needs | In development |
| Pongamia plantation trial | 2,025 | 50-hectare biofuel/offset plantation trial | — | Trial |
| Cost improvement programme | 2025–2026 | Operational cost savings of about US$4/t year on year in 1H26 | FY26 FOB guidance US$98–103/t | Ongoing |
| Fuel hedging | 2,026 | Diesel hedging to manage price volatility | — | In place |
Management Guidance and Medium-Term Targets
| Metric | FY2025 actual | FY2026 guidance (initial, Feb 2026) | FY2026 guidance (current, Aug 2026) |
|---|---|---|---|
| Saleable production (Mt) | 14.0 | 12.8–13.4 | 12.8–13.4, tracking towards the top end |
| FOB cash cost (USD per t) | 88 | 93–97 | 98–103 |
| Capex (USD M) | — (guidance was 105–115) | — | 85–95 |
No medium-term (3–5 year) financial targets have been disclosed. Management has explicitly declined to upgrade production guidance even while tracking at the top end (Q2 2026 call).
Products & Services
Coal Products
| Product class | Main source asset(s) | Description / end use | Target customer | Pricing reference | Disclosure status |
|---|---|---|---|---|---|
| Low-vol PCI (pulverised coal injection) | South Walker Creek (primary) | Injected into blast furnaces to replace part of the coke charge; SWC is historically one of Australia's notable low-vol PCI sources | Japanese, Korean, Indian and Chinese BF steelmakers | PCI indices (e.g., Platts Low-Vol PCI FOB Australia) | Specs not publicly disclosed |
| Semi-hard coking coal (SHCC) | Poitrel, Isaac Plains Complex | Coking blend component | Asian steelmakers and coke makers | Discount to PLV / SHCC index | Specs not publicly disclosed |
| Semi-soft coking coal (SSCC) | Isaac Plains Complex, Poitrel | Lower-rank coking blend component | Asian coke makers | SSCC index | Specs not publicly disclosed |
| Hard coking coal blends | Poitrel / IPC; prospective premium HCC from Eagle Downs, Moranbah South and Lancewood | Core coke-making coal; future premium HCC from the Moranbah/Goonyella seams | Global BF steelmakers | PLV HCC index | Future products — project stage |
| Thermal by-product | Historically Isaac Plains (minor) | Energy coal by-product | Traders / utilities | Newcastle index | Minor; not separately disclosed |
| Realised price metric (USD per tonne) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Average realised sales price | 214 | 168 | 133 |
Stanmore does not publish a public price list. All sales are priced against seaborne indices plus or minus quality adjustments. Product specifications (ash, volatile matter, CSN, fluidity, phosphorus) are disclosed only in limited form. Brand-level product names are not consistently disclosed in the sources reviewed.
Realised pricing (USD per tonne):
Sources: Capital Brief on the FY24 results (2023: US$214/t; 2024: US$168/t); FY25 results (US$133/t, down 21%). For comparison, 1H23 was US$250/t, 1H25 was US$132/t, 2Q26 was US$154/t and 1H26 was US$153/t, about 65% of PLV.
Operating Assets
| Asset | Type | Key capabilities | Latest milestone / year | Commentary |
|---|---|---|---|---|
| South Walker Creek | Open-cut; CHPP; train loadout | CHPP expansion to 9.4 Mtpa ROM and about 7.0 Mtpa saleable; MRA2C creek diversion completed 2024 giving earlier access to lower pits; 20 MW gas-to-electricity plant targeted for completion by 2027 | FY2025: 6.6 Mt saleable; record monthly ROM in Mar 2026; FY26 guidance 6.7–6.9 Mt | Flagship; 2H26 ramp-up expected as stripping progresses |
| Poitrel | Open-cut | Productivity and cost improvements recorded in 1H26 | FY2025: 5.0 Mt saleable; tracking above annualised guidance in 2026 | Strong performer |
| Isaac Plains Complex (Isaac Plains, Isaac Plains East, Isaac Downs) | Open-cut; dragline; CHPP | Strategy shifted to maximise dragline utilisation; production stepped down as strip ratios rise | FY2025: 2.4 Mt; FY26 guidance 1.5–1.7 Mt | Approaching economic limits; extension relies on the Isaac Downs Extension |
| Millennium / Mavis Downs (Millennium Complex) | Underground and auger (historic) | Infrastructure, rail/port capacity and water allocation acquired in 2021 | Underground ceased Jun 2024 | Fully owned since Dec 2023 |
Development Projects
| Project | Type | Resource / key facts | Status (Oct 2026) | Development timing |
|---|---|---|---|---|
| Isaac Downs Extension (incl. former Isaac South and the Designated Area on Moranbah South tenements) | Open-cut brownfield; Rangal coal measures | The Designated Area was expected to contribute about 50% of the mineable resource of the enlarged project; low strip ratio; product similar to Isaac Downs | EIS submitted Jun 2026, ahead of schedule; moved early to public notification | Management calls it highly capital-efficient; FID timing not disclosed |
| Eagle Downs | Underground longwall; Moranbah coal measures; premium HCC | Care and maintenance since late 2015; existing drifts available; one of the last undeveloped Moranbah-measure areas | Development studies (underground, surface infrastructure, environmental) targeted for completion in 1Q27 | About 30–36 months from FID to first longwall coal (company commentary via Colitco) |
| Eagle Downs South | Tenements | 427 Mt resource (Apr 2024 ASX release) | Exploration | Not defined |
| Moranbah South (pending) | Underground; Goonyella Middle Seam; premium HCC | 724 Mt measured and indicated (Exxaro/Anglo estimates; Stanmore has not independently validated them); MDL 277, MDL 377 and one EPC | Completion targeted before end-4Q26 | Possible access via Eagle Downs infrastructure |
| Lancewood (and northern Wards Well) | Open-cut then underground | Retained after the 2023 Peabody sale; contingent infrastructure-sharing with Peabody's Centurion | PFS in progress; 3D seismic captured 2024 | 3–5 years to a possible investment decision (Q2 2026 call) |
| Exploration portfolio (Clifford, The Range, Mackenzie, Belview, Lilyvale and others) | Exploration | More than 2,000 km² of granted tenements in the Bowen and Surat basins | Early-stage | Not defined |
Reserves and Resources
| Metric | Value | Source |
|---|---|---|
| JORC Coal Reserves | 571 Mt | 2025 Annual Coal Resources and Reserves Summary (23 Feb 2026) |
| JORC Coal Resources | More than 5 Bt (before Moranbah South) | 1H26 commentary (Colitco) |
| Moranbah South (to be added on completion) | 724 Mt measured and indicated | Moranbah South ASX release, 4 Sep 2026 |
Financial Narrative
Important Caveats
-
The BMC acquisition (May 2022) breaks comparability. FY2021 reflects the stand-alone Isaac Plains-based company. FY2022 includes about eight months of South Walker Creek and Poitrel.
-
Underlying and statutory EBITDA differ in FY2022. The 2023 shareholder letter gives FY2022 underlying EBITDA as US$1.46bn. Mining Weekly reported FY2022 EBITDA of about US$1.12bn. The gap reflects acquisition-period and accounting adjustments in "underlying" EBITDA. Both are shown.
-
Some aggregators report Stanmore in AUD. InvestSMART, for example, shows A$2,810.7m revenue for "2025", which does not match the USD statutory accounts. Only USD figures traced to company releases or reputable reporting of them are used below.
-
They are left blank rather than estimated.
Income Statement
Sources and notes:
FY2021: revenue of US$277.6m (TipRanks). Mining Weekly reports US$284m, a discrepancy of about 2%. EBITDA of US$34m per Mining Weekly (27 Feb 2023).
FY2022: revenue of about US$2.7bn (2023 shareholder letter; Mining Weekly). Underlying EBITDA US$1.46bn per the 2023 shareholder letter; EBITDA US$1.12bn per Mining Weekly. Mining Weekly reported a roughly 10,600% increase in net profit year on year.
FY2023: revenue of US$2.8bn (+4%) and underlying EBITDA of US$1.10bn (2023 shareholder letter). NPAT of about US$478m is derived from the reported 60% decline to US$191.5m in FY2024. EPS of US$0.52 is per Simply Wall St.
FY2024: revenue US$2.40bn, NPAT US$191.5m, EPS US$0.21 (Simply Wall St on the FY24 results). Underlying EBITDA US$700m (FY24 results). Dividends totalled US 11.1c (6.7c final), or US$100m.
FY2025: revenue US$1,885.6m, NPAT -US$47.2m, underlying EBITDA US$385m, final dividend US 8.9c (about US$80m) (FY25 results). EPS is derived as -47.2 / about 901.4m shares.
Margins and Growth
Margins are derived from the table above. The FY2024 net margin of 8.0% matches Simply Wall St. The FY2022 EBITDA margin uses underlying EBITDA; on statutory EBITDA of US$1.12bn it is about 41.5%.
Revenue CAGR (derived):
-
FY2021–FY2025: about 61% per year. This is distorted by the BMC acquisition.
-
FY2022–FY2025 (like-for-like portfolio, broadly): about -11.3% per year. This reflects the normalisation of coal prices from the 2022 peak.
Operating KPIs
Sources: Mining Weekly (FY21/FY22 production); 2023 Sustainability Report summary (2023 ROM); 2024 Sustainability Report summary (2024 ROM); FY25 results via Mining Weekly (2025 ROM, saleable, sales, FOB cost, strip ratio). FY2024 FOB cost of US$89/t is from the FY24 results quarterly materials.
Half-Year Detail: 1H25 vs 1H26
Sources: Appendix 4D and Interim Financial Report 1H26 (24 Aug 2026); 1H26 presentation; Kalkine and TipRanks coverage of the 1H26 results. The 1H25 FOB cost of US$89/t is per the Quartr summary of the 1H26 call.
Balance Sheet
Sources: 2023 shareholder letter (net debt of US$183m at end-2022 and net cash of US$126m at end-2023); FY24 results (net debt US$26m; liquidity above US$500m); FY25 results (net debt US$33.5m; liquidity US$482m). FY2025 closing cash of US$288.9m is from the 1H26 cash flow statement, which shows it as the opening balance at 1 Jan 2026.
Position at 30 June 2026:
-
Cash: US$138m
-
Term loan: US$210m (refinanced in July 2026 to US$250m)
-
Net debt: US$72m
-
Total liquidity: US$408m, made up of cash, the undrawn US$200m bank RCF and the undrawn US$70m GEAR working-capital facility (Q2 2026 Quarterly Activities Report)
-
NTA: about US$1.6bn, derived as US$1.771 NTA per share × about 901.4m shares (Appendix 4D 1H26)
Cash Flow: notes and sources
Sources: 2023 shareholder letter (OCF US$737m); FY24 results (OCF US$408m; total distributions relating to 2024 of US$100m); FY25 results call (OCF US$381m; FCF US$296m). No buy-back programme has been disclosed. Capex guidance was US$105–115m for FY2025 and is US$85–95m for FY2026.
Ratios
Net debt to EBITDA is derived from the tables above.
Indicative points (labelled as derived):
-
1H26 EBITDA interest cover was about 4.4x (US$174.1m / US$39.6m net finance costs).
-
FY2025 ROE on NTA was about -3%, derived as -47 / about 1,700.
-
An investing.com summary quotes a "current ratio 29.36". This figure is implausible for an operating miner and is not relied on.
Commentary on Trends, Inflections and Drivers
Revenue. The defining inflection was FY2022: revenue rose almost tenfold, from about US$278m to about US$2.7bn. Two forces drove this. The BMC acquisition added about 7 Mt of saleable volume in eight months, and benchmark coking-coal prices reached record levels after Russia's invasion of Ukraine. Revenue held up in FY2023 (+4%) because a full year of South Walker Creek and Poitrel offset lower prices. Revenue then fell in FY2024 (-14.5%) and FY2025 (-21.4%). Volumes kept rising, to 13.8 Mt and then 14.0 Mt, but realised prices fell from US$214/t to US$168/t and then US$133/t. 1H26 marks a second inflection, this time upward: revenue rose 13% year on year as realisations recovered to US$153/t.
EBITDA and margins. Underlying EBITDA fell from US$1.10bn (FY2023) to US$385m (FY2025). The underlying EBITDA margin fell from about 39% to about 20%. Management's FY2024 bridge attributed about US$450m of the FY2023-to-FY2024 decline to lower coal prices alone. In FY2025, cost and volume initiatives added about US$170m of underlying EBITDA, which partly offset lower prices, inflation and wet weather. This shows meaningful self-help.
Unit costs were well controlled through FY2025 (FOB US$88/t). They are now rising: 1H26 FOB cost was US$101/t, and FY2026 guidance is US$98–103/t, raised from US$93–97/t in 1Q26. The causes are diesel, a stronger AUD and the planned lower IPC volumes. With 1H26 realisations of US$153/t, the cash margin before royalties is about US$50/t. That is thin, as Kalkine also observed.
Net income. Statutory profit swung from US$478m (FY2023) to US$192m (FY2024) and then to a loss of US$47m (FY2025). The 1H26 loss narrowed to US$44m. Losses persist despite positive EBITDA because depreciation and amortisation is heavy (BMC fair-value step-ups depreciating across the mine lives) and net finance costs are about US$80m a year. The bottom line therefore needs a realised price of roughly US$160–170/t to turn positive. That breakeven is an analyst inference, not a company figure.
Balance sheet. Deleveraging was rapid. Net debt went from US$183m (end-2022) to net cash of US$126m (end-2023). Debt was then re-geared modestly to fund dividends, the Eagle Downs acquisition and capex, leaving net debt at US$26–34m (FY2024–FY2025) and US$72m (1H26). The July 2026 refinancing changed the debt profile in three ways:
-
US$70m a year of scheduled amortisation was removed.
-
The term loan was extended to a June 2029 bullet.
-
Pricing on the term loan and senior RCF fell by 100 bp, reported as SOFR + 3.50%.
This materially improves free cash flow conversion in the near term. It also concentrates refinancing risk in 2029.
Cash returns. Dividend policy has flexed with the cycle: a special dividend in 2023, US 11.1c in 2024, US 8.9c (final only) in 2025, and no interim in 2026. The pattern shows the board prioritising balance-sheet flexibility at low points in the cycle.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Operating Unit Details
| Operating unit | Contents | Ownership | Status |
|---|---|---|---|
South Walker Creek (SWC) | Open-cut mine near Nebo; CHPP expanded to 9.4 Mtpa ROM / about 7.0 Mtpa saleable; MRA2C creek diversion; "Chase the Blue" pit strategy; gas-to-electricity project | 100% (acquired via BMC, 2022) | Producing; largest asset |
Poitrel | Open-cut mine near Moranbah; shares processing and logistics infrastructure in the Moranbah area | 100% (acquired via BMC, 2022) | Producing; tracking above annualised guidance in 2026 |
Isaac Plains Complex (IPC) | Isaac Plains, Isaac Plains East, Isaac Downs open-cut pits; dragline; CHPP; Millennium/Mavis Downs (underground ceased Jun 2024) | 100% | Producing at a planned lower rate pending the Isaac Downs Extension |
Development projects | Isaac Downs Extension (incl. the Designated Area), Eagle Downs (underground longwall), Eagle Downs South, Lancewood, northern Wards Well, Moranbah South (pending), exploration tenements (Clifford, The Range, Mackenzie, Belview, Lilyvale, etc.) | 100% (Moranbah South subject to completion) | Studies and approvals |
Corporate | Brisbane head office, treasury, marketing | — | — |
Segment Revenue
| Operating unit (saleable Mt) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
South Walker Creek | — | 6.3 | 6.6 |
Poitrel | — | — | 5.0 |
Isaac Plains Complex | — | — | 2.4 |
Group total | 13.2 | 13.8 | 14.0 |
Segment Revenue (FY2025 actual (Mt)–FY2026 guidance (Mt))
| Operating unit | 1H26 actual (Mt) | 2H26 implied (Mt) | FY2026 guidance (Mt) | FY2025 actual (Mt) |
|---|---|---|---|---|
South Walker Creek | 3.1 | 3.4–3.5 | 6.7–6.9 | 6.6 |
Poitrel | — | — | about 4.6–4.8 (derived as residual) | 5.0 |
Isaac Plains Complex | 0.8 | 0.8–0.9 | 1.5–1.7 | 2.4 |
Group | 6.45 | about 6.3–6.9 (derived) | 12.8–13.4 | 14.0 |
Revenue by Segment and Segment Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Group revenue (USD Mn) | 2,808 | 2,400 | 1,886 |
Group underlying EBITDA (USD Mn) | 1,100 | 700 | 385 |
Group underlying EBITDA margin (%) | 39.2 | 29.2 | 20.4 |
Group revenue YoY growth (%) | 4.0 | -14.5 | -21.4 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 278 | 2,700 | 2,808 | 2,400 | 1,886 |
Underlying EBITDA (USD Mn) | 34 | 1,460 | 1,100 | 700 | 385 |
Statutory EBITDA (USD Mn) | — | 1,120 | — | — | — |
Net profit after tax (USD Mn) | — | — | 478 | 192 | -47 |
Basic EPS (USD) | — | — | 0.52 | 0.21 | -0.05 |
Dividends per share (US cents) | — | — | — | 11.1 | 8.9 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Underlying EBITDA margin (%) | 12.2 | 54.1 | 39.2 | 29.2 | 20.4 |
Net margin (%) | — | — | 17.0 | 8.0 | -2.5 |
Revenue growth YoY (%) | — | 871.2 | 4.0 | -14.5 | -21.4 |
Operating Metrics (Mt) and Key Financials (USD)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROM production (Mt) | 2.8 | 13.5 | 18.4 | 19.4 | 20.5 |
Saleable production (Mt) | 2.2 | 9.3 | 13.2 | 13.8 | 14.0 |
Coal sales (Mt) | — | — | — | — | 14.1 |
Avg realised price (USD per t) | — | — | 214 | 168 | 133 |
FOB cash cost ex-royalty (USD per t) | — | — | — | 89 | 88 |
Average strip ratio (bcm per t) | — | — | — | — | 8.1 |
Financial Analysis
| Metric (USD Mn unless stated) | 1H25 | 1H26 | Change |
|---|---|---|---|
Revenue from contracts with customers | 867.2 | 978.0 | +13% |
Underlying EBITDA | 146.8 | 174.1 | +19% |
Statutory EBITDA (profit before net finance costs and D&A) | 146.8 | 171.0 | +16% |
Net finance costs | 31.0 | 39.6 | +28% |
Net profit after tax | -50.5 | -44.2 | +US$6.3m |
Saleable production (Mt) | about 6.5 | 6.45 | broadly flat |
Avg realised price (USD per t) | 132 | 153 | +16% |
FOB cash cost (USD per t) | 89 | 101 | +13% |
Net operating cash flow | — | 176 | improved |
FCF before dividends and corporate debt service | — | 47 | — |
Net debt (term loan less cash) | — | 71.6 | vs 33.5 at Dec-25 |
NTA per share (USD) | 1.906 | 1.771 | -7% |
Key Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Cash and equivalents (USD Mn) | — | — | — | 289 |
Net debt (USD Mn) | 183 | -126 | 26 | 34 |
Total liquidity (USD Mn) | — | — | 500 | 482 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | — | — | 737 | 408 | 381 |
Free cash flow, company definition (USD Mn) | — | — | — | — | 296 |
Dividends paid (USD Mn) | — | — | — | 100 | — |
Share buybacks (USD Mn) | 0 | 0 | 0 | 0 | 0 |
Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Net debt to underlying EBITDA (x) | 0.13 | -0.11 | 0.04 | 0.09 |
Revenue by Region
| Region (revenue, USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Total revenue (USD Mn) | 2,808 | 2,400 | 1,886 |
Valuation Snapshot
| Metric | Value | Source / date |
|---|---|---|
Last price | A$2.54 | ASX close, 7 Oct 2026 (ad-hoc-news / S&P data) |
52-week high / low | A$3.24 / A$2.01 | Oct 2026 |
Post-Moranbah South high | About A$3.03 | 4 Sep 2026 |
Rating | Buy (3 analysts) | StockAnalysis, Oct 2026 |
Average 12-month target | A$3.35 (about 29% upside vs A$2.59) | StockAnalysis / Yahoo |
Target range | A$2.75 – A$3.95 | Yahoo / Investing.com |
Covering brokers | 9 listed (Simply Wall St); named participants include Petra Capital and Barrenjoey | Simply Wall St; Seeking Alpha transcripts |
Share Price & Returns
| Period | Return (%) |
|---|---|
| 2023 | 38.9 |
| 2024 | -20.3 |
| 2025 | -19.4 |
Valuation Multiples
| Multiple | Stanmore | Basis |
|---|---|---|
Market capitalisation (USD Mn) | About 1,550–1,600 | A$2.3bn at about 0.66–0.69 USD/AUD; US$1.6bn per Kapitales (5 Oct 2026) |
Enterprise value (USD Mn) | About 1,650 | Market cap plus net debt of US$72m (Jun-26). Excludes leases and contingent consideration |
LTM revenue (USD Mn) | About 1,996 | FY25 US$1,885.6m − 1H25 US$867.2m + 1H26 US$978.0m |
LTM underlying EBITDA (USD Mn) | About 412 | FY25 US$385m − 1H25 US$146.8m + 1H26 US$174.1m |
EV / LTM EBITDA (x) | About 4.0 | Derived |
EV / LTM sales (x) | About 0.8 | Derived |
Forward P/E | About 47x | StockAnalysis consensus |
Price / NTA (x) | About 1.0 | NTA US$1.771 per share (Jun-26) |
Dividend yield (trailing) | About 4.8% | US 8.9c (about A$0.125) / A$2.59 |
Dividend (US cents per share)
| Dividend (US cents per share) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Interim dividend | — | 4.4 | 0 |
Final dividend | 8.4 | 6.7 | 8.9 |
Special dividend | 5.82 | 0 | 0 |
Total declared | — | 11.1 | 8.9 |
Credit Ratings
| Agency | Rating |
|---|---|
Moody's | Not rated / not publicly disclosed |
S&P | Not rated / not publicly disclosed |
Fitch | Not rated / not publicly disclosed |
Debt Facilities
| Facility | Size (USD Mn) | Drawn | Maturity | Pricing |
|---|---|---|---|---|
Senior term loan | 250 | Fully drawn after upsizing (210 drawn at 30 Jun 2026) | Bullet, 30 Jun 2029 | SOFR + 3.50% (Kapitales); 100 bp below prior |
Senior revolving credit facility | 200 | Undrawn | Q1 2029 (March), extended from Q3 2027 | 100 bp below prior |
GEAR working-capital facility (related party, unsecured) | 70 | Undrawn | — | 8.50% |
“—” = not publicly disclosed.
Analyst Conclusions
Management Guidance (FY2026, reaffirmed 24 Aug 2026)
| Item | Guidance | 1H26 actual |
|---|---|---|
| Saleable production | 12.8–13.4 Mt, expected at the top end | 6.45 Mt |
| FOB cash cost (ex-royalty) | US$98–103/t, currently mid-range | US$101/t |
| Capex | US$85–95m | — |
| Production profile | Weighted to 2H, especially South Walker Creek | — |
Consensus Expectations
12-month view: Buy rating with an average target of A$3.35.
Earnings: consensus forward P/E of about 47x implies only marginally positive NPAT expected in the next 12 months.
Longer term: Simply Wall St noted a 2025 analyst expectation of about US$2.1bn revenue and about US$335m earnings by 2028. That figure predates later revisions and should be treated with caution.
Bull Case
-
Free-cash-flow convexity to price. Amortisation has been removed and the margin cut. If realisations rise from US$153/t towards US$180/t, roughly an extra US$25/t × 13 Mt, before royalties and tax, flows largely to equity. That is material against a US$1.6bn market capitalisation.
-
Pipeline bought cheaply. Eagle Downs, Moranbah South and the Isaac Downs Extension together add hundreds of millions of tonnes of premium HCC resources. Upfront cost was under US$150m plus price-contingent deferred payments. A credible Eagle Downs FID pathway in 2027 could re-rate the stock towards net asset value.
-
Trough valuation. Around 4x EV/EBITDA on depressed earnings and about 1x price/NTA, with low leverage and record volumes, leaves substantial upside to mid-cycle multiples.
Bear Case
-
Margin squeeze. FOB costs have risen to about US$100/t while the PCI-heavy mix realises about 65% of PLV. This leaves a thin cash margin of about US$50/t before royalties and makes NPAT negative. Further increases in the AUD or diesel could push cash flow towards breakeven.
-
Volume decline before growth. IPC is running down. The Isaac Downs Extension needs approval. Eagle Downs is a multi-year, capital-heavy underground build (30–36 months after FID). The 2026–2028 volume trajectory therefore risks falling below 13 Mt before new supply arrives.
-
Governance and capital allocation. A 59% controlling holder, a related-party facility, a limited free float and a suspended interim dividend may cap the valuation multiple. Pipeline funding could also require equity or more debt at the expense of minority shareholders.
Key Catalysts and Monitorables (Next 12 Months)
| Timing | Catalyst |
|---|---|
| About 20–26 Oct 2026 | 3Q26 Quarterly: SWC ramp-up, realised price and relativities, net debt |
| 4Q 2026 | Moranbah South completion (FIRB, ACCC, Exxaro–Anglo closing) |
| Jan 2027 | 4Q26 Quarterly: confirmation of the top end of 12.8–13.4 Mt |
| Feb 2027 | FY2026 results: final dividend decision, FY27 guidance, updated reserves including Moranbah South |
| 1Q 2027 | Completion of Eagle Downs development studies; signals on a development pathway |
| 2026–2027 | Isaac Downs Extension EIS progress and approval |
| 2,027 | Commissioning of the SWC gas-to-electricity project |
| Ongoing | PLV and PCI index levels and relativities; AUD/USD; diesel; Queensland royalty policy; any change in GEAR's stake |
Analyst Verdict
Stanmore Resources sits at an inflection between two phases. The harvest phase was built on the 2022 BMC acquisition and the 2023–2024 expansion capex. The next growth phase centres on the Isaac Downs Extension, Eagle Downs and, after completion, Moranbah South.
FY2025 was a stress test, and the business passed it. Realised prices fell 21% to US$133/t, yet Stanmore delivered record saleable output of 14.0 Mt, US$385m of underlying EBITDA and US$296m of free cash flow. It kept net debt to about US$34m and still paid a US$80m fully franked dividend. The 1H26 result confirmed that earnings are recovering: revenue rose 13% and underlying EBITDA 19%. The July 2026 refinancing removed the main near-term claim on cash, the US$70m of annual amortisation.
The investment case is not clean, however. Statutory losses persist because of heavy depreciation and amortisation and interest costs. Unit costs have risen about 13% to roughly US$100/t on AUD strength and diesel. The PCI-weighted product mix leaves Stanmore exposed to unfavourable PLV relativities. Volumes are also stepping down in 2026, and new tonnes from the pipeline are at least two to four years away. Underground longwall development is a different operational discipline from Stanmore's open-cut base. The controlled-company structure, with a 59% GEAR stake and a limited free float, plausibly justifies a permanent valuation discount.
On balance, at about 4x LTM EV/EBITDA and about 1x price/NTA, the market appears to price Stanmore as a mid-cost producer in run-off. It gives little credit for a Moranbah-area pipeline that is unusually large for the company's size. This is a high-beta, catalyst-rich way to express a view on metallurgical coal prices, with balance-sheet risk now contained.
The analyst stance is constructive (accumulate on weakness). It depends on three conditions: realised prices staying at or above about US$150/t, FY26 costs held within guidance, and a disciplined, staged funding plan for Eagle Downs that avoids dilutive equity. The thesis fails if PCI relativities compress further or if pipeline spending runs ahead of free cash flow.
SOURCES REFERENCED (principal)
-
Stanmore Resources, 2026 Half Year Financial Results – Appendix 4D, Interim Financial Report and Investor Presentation (24 Aug 2026)
-
Stanmore Resources, June 2026 Quarterly Activities Report and refinancing announcement (27 Jul 2026)
-
Stanmore Resources, "Stanmore agrees to acquire Moranbah South" (ASX, 4 Sep 2026)
-
Stanmore Resources, 2025 Full Year Results and Investor Presentation; 2025 Annual Coal Resources and Reserves Summary (23 Feb 2026); FY2025 results call transcript
-
Stanmore Resources, 2025 Annual Report and 2025 Sustainability Report (Apr 2026)
-
Stanmore Resources, 2026 AGM Results of Meeting (20 May 2026); 2025 AGM addresses (21 May 2025)
-
Stanmore Resources, 2024 Full Year Results (24 Feb 2025); 2024 Annual Report
-
Stanmore Resources, 2023 Shareholder Letter (May 2024); 2023 Half Year Results (14 Aug 2023)
-
Stanmore Resources ASX releases: Eagle Downs (12 Feb 2024; 5 Apr 2024); Wards Well sale (26 Oct 2023); Isaac South Designated Area Agreement (4 Sep 2024); Gas to Electricity Project (26 Aug 2024); BMC acquisition (8 Nov 2021); BMC completion (3 May 2022)
-
Mining Weekly / Engineering News (Feb 2023; Feb 2024; Apr 2024; Feb 2026; Sep 2026)
-
Kalkine Media (Jul–Aug 2026); Simply Wall St; StockAnalysis (S&P Global data); Yahoo Finance; Investing.com; Quartr; TipRanks; InvestSMART; Market Index; Morningstar
-
World Coal; Mining Technology; SteelOrbis; Mining Digital; Coal Age; Mining Indaba; Queensland Government ministerial statement (26 Aug 2024); Queensland Treasury LEIP page
-
The Edge Singapore / Reuters (GEAR–Stanmore history)
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure | Education |
|---|---|---|---|
Marcelo Matos | Chief Executive Officer and Executive Director | Interim CEO from about Sep 2020; CEO since 27 Nov 2020 | BBA, MBA (Simply Wall St) |
Shane Young | Chief Financial Officer | — | — |
“—” = not publicly disclosed.
Board of Directors
| Name | Role | Appointed | Independence | Background |
|---|---|---|---|---|
Dwi Suseno | Non-Executive Chairman; Chair of the Disclosure Committee | 15 May 2020 | Not independent (GEAR nominee) | Executive Director and Group CEO of GEAR. Formerly Executive Director and CFO of Straits Corporation Group (Straits Asia Resources). Earlier roles at Baker Hughes, Arthur Andersen Australia and Ernst & Young. Raised and educated in Australia; more than 27 years in mining, finance and oil and gas. Re-elected at the 20 May 2026 AGM |
Marcelo Matos | CEO and Executive Director | 2020 | Executive | See above |
Brett Garland | Non-Executive Director | 25 May 2022 | — | — |
Matthew (Matt) Latimore | Non-Executive Director | 26 May 2022 | Not independent (substantial shareholder; M Resources) | Chairman and President of M Resources (metallurgical coal investment, marketing and trading); former partner in the MetRes JV; holds about 43.6m shares (about 4.8%) |
Caroline (Yi Ching) Chan | Non-Executive Director | 30 May 2022 | — | Board member of the Australia-ASEAN Council (company website); bought 30,000 shares at A$3.40 in Mar 2024 |
Keira Brennan | Non-Executive Director | 12 Apr 2024 | Independent (presumed; confirm in Corporate Governance Statement) | More than 30 years advising the energy and resources sectors as a lawyer; recognised in Chambers since 2009; named Brisbane Natural Resources Lawyer of the Year 2023 (Best Lawyers); NED of the Australian Rail Track Corporation; former director on the national board of the Energy & Resources Law Association (2013–2021) |
Ben Gargett | Alternate Director for Matthew Latimore | — | — | — |
“—” = not publicly disclosed.
Directors' Remuneration
| Executive | FY | Base salary | Total | Source |
|---|---|---|---|---|
Marcelo Matos (CEO) | FY2025 | About US$1.0m (about 43% of total) | About US$2.3m | Simply Wall St, from the 2025 Remuneration Report |
Shane Young (CFO) | FY2025 | — | — | — |
Major Shareholders
| Holder | Shares (m) | Stake (%) | Type | Source / date |
|---|---|---|---|---|
Golden Energy and Resources Pte. Ltd (via Golden Investments (Australia) Pte. Ltd) | 531.9 | 59.0 | Strategic parent | Substantial holder notice (last 31 Dec 2023); unchanged in 2026 listings |
Matthew J. Latimore (associated entities) | 43.6 | 4.8 | Director / insider | 2024 Annual Report top-holders (Market Index) |
Competitive Landscape
Key Competitors
| Competitor | HQ / listing | Relevant assets | Positioning vs Stanmore |
|---|---|---|---|
BHP Mitsubishi Alliance (BMA) – BHP / Mitsubishi | Australia / Japan | Goonyella Riverside, Peak Downs, Saraji, Caval Ridge, Broadmeadow (Bowen Basin) | Largest seaborne met-coal producer; premium HCC; far larger scale. Sold BMC to Stanmore (2022) and Blackwater and Daunia to Whitehaven (2024) |
Anglo American Steelmaking Coal (being sold to Dhilmar) | UK / private buyer | Moranbah North, Grosvenor, Capcoal, Dawson | Premium HCC underground longwalls; asset ownership in transition |
Whitehaven Coal (ASX: WHC) | Australia | Blackwater, Daunia (Bowen); NSW thermal | Became a major met-coal producer after the 2024 BMA asset purchase |
Coronado Global Resources (ASX: CRN) | Australia / US | Curragh (Bowen); US mines | Direct Bowen peer; financially stretched during the 2025 downturn |
Peabody Energy (NYSE: BTU) | US | Centurion (Bowen), Coppabella/Moorvale; US met | Adjacent operator; bought southern Wards Well from Stanmore |
Glencore (Elk Valley Resources) | Switzerland / Canada | Elk Valley (Canada); Hail Creek, Oaky Creek (Qld) | Major seaborne competitor after acquiring Teck's coal business in 2024 |
Yancoal Australia (ASX: YAL) | Australia | Mainly thermal; some semi-soft and PCI (e.g., Moolarben) | Partial overlap in SSCC and PCI |
Warrior Met Coal (NYSE: HCC) | US | Alabama premium HCC (Blue Creek) | Competes for Asian and European HCC demand |
Core Natural Resources (Arch + CONSOL) | US | US met coal (Leer) | Seaborne HCC competitor |
Jellinbah Group (private) | Australia | Jellinbah, Lake Vermont (Bowen) – PCI and coking coal | Close product overlap in low-vol PCI |
Pembroke Resources (private) | Australia | Olive Downs (Bowen) | Growth peer in the Bowen Basin |
Mongolian and Russian exporters | Mongolia / Russia | Overland and seaborne coking coal to China | Price-competitive in the Chinese market |
Peer Comparison FY2025
| Metric | Stanmore (FY2025) | Whitehaven Coal (FY2025, Jun YE) | Peabody Energy (FY2024) | Coronado Global (FY2024) |
|---|---|---|---|---|
Revenue | US$1.89bn | About A$5.8bn | About US$4.2bn | About US$2.5bn |
Revenue growth YoY | -21% | — | — | — |
EBITDA margin | 20% (underlying) | — | — | — |
R&D intensity | Nil / not disclosed | Nil / not disclosed | Nil / not disclosed | Nil / not disclosed |
Met-coal focus | About 100% met | Mixed thermal and met | Mixed (US thermal, met) | About 100% met |
