Stanmore Resources Ltd

Agrees to buy 100% of the Moranbah South tenements from Exxaro for US$105m, funded from existing cash and liquidity. They hold 724Mt Measured and Indicated resource next to Eagle Downs, and the deal removes up to US$60m of deferred payments tied to the Isaac Downs Extension. Completion is expected by end of 2026 and depends on Exxaro first acquiring Anglo's 50%.

asset acquisition disposition

June quarter: ROM coal 5.1Mt (up 27%), saleable 3.3Mt, net debt US$72m, liquidity US$408m. After quarter-end, binding commitments to refinance: term loan upsized to US$250m, bullet repayment (removes US$70m a year of repayments), funding cost down 1.00%. Isaac Downs Extension EIS submitted in June.

quarterly activities report

2025 annual report: revenue US$1,881m (-21%), loss after tax US$47.2m versus a US$191.5m profit in 2024, attributed mainly to lower sales prices. A final dividend of US 8.9c is declared, reversing the no-interim-dividend stance. Net tangible assets US$1.910/share.

annual report

Full-year results release: underlying EBITDA US$385m (US$700m in 2024), free cash flow US$296m, net debt US$33m, final dividend 8.9 US cents. 2026 guidance steps production down as Isaac Downs is adjusted ahead of the planned extension project.

other

Annual update: resources 5.1bn t; ROM reserves up 7% to 571Mt (from 534Mt); marketable reserves up 8% to 388Mt. Includes Isaac Downs Extension and a South Walker Creek expansion after land access approvals in the December 2025 quarter.

resource reserve update

First half 2025: underlying EBITDA US$147m (US$375m a year earlier), FOB cost US$89/t, loss after tax US$51m. Net debt US$99m. The board is holding back an interim dividend; it will be reassessed at year end. Maiden Isaac Downs Extension reserves declared.

half year report

First JORC reserves for Isaac Downs Extension: 52Mt ROM, 34Mt marketable, from a completed pre-feasibility study. Project has 20+ year life at up to ~4Mtpa and uses existing plant. Group reserves rise to 586Mt from 534Mt. Mining lease approvals still needed.

resource reserve update

Full-year results: underlying EBITDA US$700m (US$1.1b in 2023), operating cash flow US$408m, FOB cost US$89/t, below guidance. Net debt US$26m. Final dividend US 6.7c takes 2024 dividends to US 11.1c, about US$100m. Reserves rose to 534Mt.

half year report

Resources rose to 5.129bn tonnes and ROM reserves to 534Mt (marketable 360Mt), up from 4.125bn and 372Mt. Eagle Downs added 1,608Mt; the Wards Well sale removed 681Mt. The Range was downgraded to Inferred due to the age of the estimate.

resource reserve update

Stanmore secured rights over a Designated Area next to its Isaac South project from the Anglo American/Exxaro Moranbah South JV. It paid US$15m upfront, with US$20m deferred and royalty capped near US$40m. May double the project's volume and mine life.

asset acquisition disposition

Stanmore paid BHP the maximum US$150m contingent payment for the 2022 purchase of BHP's 80% of BMC, as price thresholds were exceeded. This is the last payment and settles the purchase price in full, closing the earnout thread.

asset acquisition disposition

Stanmore has binding commitments for a US$350m five-year term loan and US$100m revolving credit facility from commercial banks. The term loan repays the US$210m acquisition facility balance, continuing the earlier debt paydown. Long-form documents are due by end of October 2024.

debt financing

Half-year accounts: revenue fell 18% to US$1,226m and profit after tax fell 60% to US$136.3m, mainly due to lower sales prices. A fully franked interim dividend of US 4.4c was declared. Net tangible assets per share rose 8% to US$2.013.

half year report

Stanmore completed the Eagle Downs purchases from South32 and Aquila and now owns 100% of the project. It paid US$30m for Eagle Downs, A$2m for Eagle Downs South and about US$4m in adjustments. Completes the February and April 2024 deals; development review starts.

farm in farm out completion

Stanmore is ceasing operations at Mavis Underground, part of the Millennium Complex acquired to 100% in December 2023, after a review found it uneconomic at current prices. Millennium is expected to reach care and maintenance by end of 3Q 2024. Guidance is not expected to change.

other

Stanmore completed the sale of southern Wards Well to Peabody on 16 April 2024, receiving about US$136m cash plus a capped royalty of about US$200m on the first 120Mt. It keeps Lancewood, and gets infrastructure sharing and gas rights agreements. Resolves the October 2023 deal.

asset acquisition disposition

Stanmore signed binding agreements to buy Aquila's remaining 50% of Eagle Downs plus 100% of Eagle Downs South (427Mt resource), giving it 100% of both. Eagle Downs costs US$15m upfront, US$20m on first longwall coal and a royalty up to about US$150m. Completion expected 2H 2024.

asset acquisition disposition

Annual update puts total coal resources at 4.125 billion tonnes, ROM reserves at 372Mt and marketable reserves at 281Mt. Millennium is now counted at 100%, South Walker Creek and Poitrel models were updated, and MRA2C reserves reflect the final design.

resource reserve update

Stanmore agreed to buy South32's 50% of the Eagle Downs hard coking coal underground project (resource 1,140Mt) for US$15m upfront, US$20m deferred and a capped royalty of about US$100m. It has also signed a term sheet to acquire a further 30% from Aquila. Completion expected by end of 2Q 2024.

asset acquisition disposition

Stanmore bought the remaining 50% of MetRes (Millennium and Mavis Downs) for A$1, taking it to 100% and consolidating it. It assumes the MetRes loan and rehabilitation liabilities, and the facility rises to A$105m. A royalty goes to the seller, an M Resources affiliate linked to director Latimore.

asset acquisition disposition

Board declared a special fully franked dividend of US 5.82 cents per share, paid 14 December 2023 — the first dividend since the 2022 raise and acquisition. Net cash is US$181m at October. 2024 guidance: saleable 12.3-13.0Mt, FOB cost US$97-102/t, capex US$150-170m.

dividend declaration

Stanmore agreed to sell the southern part of Wards Well (acquired from BHP in 2022) to Peabody for about US$136m cash, plus a contingent royalty of up to about US$200m. It keeps Lancewood and northern Wards Well. Completion expected 1H 2024, subject to approvals including FIRB.

asset acquisition disposition

June quarter: ROM 5.0Mt, saleable 3.2Mt, sales 3.2Mt. Cash US$421m exceeds long-term debt, giving a US$70m net cash position. Approved South Walker Creek expansion to 9.4Mtpa ROM and began MRA2C and Ramp 10 North works. TRIFR rose to 2.5 after five injuries.

quarterly activities report

Supplementary AGM notice adds Resolution 7: approval to sell up to 25% of forecast annual coal production to M Resources Trading for up to three years. Non-associated directors recommend a vote in favour and the independent expert found it fair and reasonable. Extends the existing M Resources marketing relationship.

agm notice

The Commonwealth declared the EPBC Act proposal for The Range thermal coal project lapsed. Other tenure and approvals remain and Stanmore may reapply. The company says it will keep the asset for optionality, while focusing on its metallurgical coal assets.

regulatory community update

Year-end 2022 update: total resources above 4 billion tonnes, ROM reserves 218Mt and marketable reserves 166Mt (including The Range). SMC assets contribute 226Mt ROM reserves, with South Walker Creek 182Mt and Poitrel 44Mt.

resource reserve update

2022 results: revenue US$2,696m (2021: US$283m) and profit after tax US$727m (2021: US$6.8m). Underlying EBITDA US$1.46b, operating cash flow US$1.18b, cash US$432m, net debt down to US$183m. No dividend declared.

annual report

Updated SMC resources at 30 June 2022: South Walker Creek 684Mt, Poitrel 152Mt, Wards Well 1,417Mt (up 104Mt). South Walker Creek marketable reserves rose 47Mt to 145Mt; Poitrel's fell 7Mt to 32Mt.

resource reserve update

Stanmore completes the purchase of Mitsui's 20% of SMC on 7 October 2022, now owning 100%. Final price was US$270m after SMC dividends, below the US$380m headline, paid from internal funds.

asset acquisition disposition

Half-year to June 2022: revenue US$1,096m, underlying EBITDA US$726m, profit after tax US$233m and operating cash flow US$563m, boosted by BMC from May. Cash US$546m, net debt US$258m. Management notes met coal prices have since corrected.

half year report

Stanmore agrees to buy Mitsui's remaining 20% of SMC for US$380m, reduced by any SMC dividends paid before completion, taking it to 100%. Funded from internal cash, no new debt or equity; needs FIRB approval, with completion expected Q4 2022.

asset acquisition disposition

Queensland's budget adds royalty tiers of 20% above $175/t, 30% above $225/t and 40% above $300/t, plus a payroll levy. Stanmore, which just paid for BMC, calls the rises extraordinary and is still assessing the impact.

regulatory community update

Stanmore completes the purchase of BHP's 80% of BHP Mitsui Coal (BMC) on 3 May 2022, on schedule, adding about 10Mt of marketable coal. Fully funded by the March raising and drawn debt, including the US$625m facility, plus a working capital adjustment of about US$200m.

asset acquisition disposition

Stanmore signs a binding commitment for an A$110m BMC-level facility (A$60m bank guarantees, A$50m working capital), available after the 3 May completion. It also warns the BHP working capital adjustment payment is likely higher than expected, with funding alternatives being considered.

debt financing

Retail offer completes, raising about A$38m and finishing the A$694m entitlement offer. Stanmore says equity funding for the BMC purchase is now satisfied, and completion of the acquisition is now expected on 3 May 2022.

capital raising announcement

Stanmore signs a US$120m three-year senior secured loan from an Ascend Global fund at 8.0% interest with a 2.0% upfront fee, secured on the Isaac Plains dragline and processing plant. Funds are for general corporate purposes and working capital.

debt financing

Stanmore launches a 7-for-3 entitlement offer at A$1.10 to raise A$694.1m (~US$506m) for the BMC acquisition. GEAR commits US$300m, taking it to about 64.1% from 75.33%; Petra Capital underwrites the remaining US$206m. The rest comes from the US$625m debt and internal cash.

capital raising announcement

The BMC acquisition becomes unconditional after DSS shareholder approval and overseas merger clearance. BHP must return the US$30m deposit within five business days; Stanmore aims to complete quickly with BHP.

regulatory community update

Calendar 2021 results: revenue $382.9m, underlying EBITDA $54.4m (from $24.0m), profit $10.4m (loss in 2020), operating cash flow $127.4m, cash $62.9m. The GEAR US$70m loan repayment is deferred from June 2022 to 30 June 2023.

annual report

EPSA Pacific wins a five-year, $564m open-cut mining contract at Isaac Downs, starting early Q2 2022, with a two-year extension option. Golding's existing contract is terminated, and Stanmore moves to owner-operating the coal processing plant.

contract award

Stanmore signs the US$625m five-year senior secured loan facility to fund the BMC purchase, with lenders including Värde, Canyon and Farallon. It carries 11.5% cash interest and a 3.0% commitment fee, and is stated to be non-recourse to Stanmore.

debt financing

Stanmore agrees to buy BHP's 80% of the BHP Mitsui Coal (BMC) metallurgical mines for US$1.2b cash plus up to US$150m earnout after two years. Funding is by entitlement offer, a new US$625m debt facility and internal sources; completion is expected mid-2022, subject to approvals.

asset acquisition disposition

MetRes, the joint venture half-owned by Stanmore, awards PIMS Mining a five-year, $425m underground mining contract for Millennium and Mavis Downs. Underground production of over 1.2Mtpa ROM is scheduled from July 2022, with $80m of infrastructure and equipment spending.

contract award

Isaac Downs mining leases are granted, with Queensland environmental and federal EPBC approvals also in place, and the board approves A$47m initial capex (about A$82m total). Dragline mining is targeted for late January 2022. This resolves the long-running approvals thread.

regulatory community update

The 50/50 MetRes joint venture with M Resources completes the purchase of the Millennium and Mavis Downs mine from Peabody, as announced on 15 April. Auger mining is due to start August 2021, and rail and port contracts are signed.

farm in farm out completion

Stanmore agrees with parent GEAR to lift the secured loan facility from US$40m to US$70m, on otherwise unchanged terms. Conditions precedent are still pending, and GEAR's recoverable security stays capped at US$40m until an amended ASX waiver is obtained.

debt financing

Stanmore and M Resources, in a 50/50 joint venture, agree to buy the Millennium and Mavis Downs coal mine from Peabody for $1.25m upfront plus a capped royalty. The JV takes on estimated $25.7m of rehabilitation obligations. Stanmore provides up to A$30m of finance. Completion is subject to conditions.

asset acquisition disposition

Marcelo Matos, interim CEO since August 2020, is confirmed as permanent CEO on unchanged terms. This closes the CEO search opened by Craig McCabe's resignation. Matos was previously with M Resources, Stanmore's marketing agent and a substantial shareholder.

director officer appointment

Stanmore signs the binding US$40m secured loan facility with parent GEAR, maturing 30 June 2022, with a 2.0% upfront fee and 8.0% on drawn funds. Conditions precedent remain before drawdown. A material supplier also gets extended payment terms, secured over subsidiary assets.

debt financing

Isaac Downs bankable feasibility study is completed and recommends proceeding to development. It shows capital cost A$85.2m, NPV A$215m, IRR 139%, and first-five-year costs of $108/saleable tonne. Government approvals are still pending. It confirms the 25.9Mt reserve already announced.

resource reserve update

CEO Craig McCabe resigns, available to help until 30 September 2020. Director Marcelo Matos, formerly M Resources chief commercial officer, becomes Interim CEO on $465,000 a year. M Resources already markets Stanmore's coal and is a substantial shareholder.

director officer appointment

FY20 preliminary results: revenue $364.5m (down 10%), net profit $34.9m (down from $91.6m), underlying EBITDA $88.5m. Higher waste removal costs and lower realised prices cited. No final dividend declared. Cash fell to $32.2m from $90.5m. Accounts still being audited.

annual report

Isaac Plains Complex recoverable reserves are 50.1Mt at 30 June 2020 (50.4Mt in 2019), as updated Isaac Plains East and Isaac Downs reserves offset mining depletion. Company says mine life exceeds 15 years. Isaac Downs gazetted a Queensland 'prescribed project'.

resource reserve update

Isaac Plains resource falls to 46Mt (from 52.5Mt in 2018) and Isaac Plains East to 22Mt (from 29.7Mt) after depletion. Open-cut reserves total 11.3Mt; underground reserves stay 12.9Mt.

resource reserve update

Isaac Downs resource rises to 36.2Mt (from 33Mt in 2018), all Measured or Indicated. Reserves are 25.9Mt, with 17.9Mt marketable. The Palaris bankable feasibility study is in draft, with results to follow.

resource reserve update

M Resources is appointed exclusive marketing agent for Stanmore's coal, including Isaac Downs, for an initial 3 years with rolling 12-month extensions. It receives a fixed fee plus a performance fee. M Resources owner Matt Latimore is a substantial shareholder.

material agreement

Taurus cancels the bonding and undrawn working capital facilities from 16 September 2020 after the change of control; US$12.48m of bonding is in use. Stanmore signed a non-binding term sheet for a US$40m GEAR loan at 8% drawn, to June 2022.

debt financing

Four new non-executive directors are appointed: Dwi Suseno (GEAR deputy group CEO, incoming Chairman), Mark Trevan, Richard Majlinder and Mary Carroll. Butel, O'Connor and Bizzell have resigned, as signalled on 11 May, so Golden's side now controls the board.

director officer appointment

Independent directors Butel, Bizzell and O'Connor will resign by the offer close on 18 May, given Golden's stated plan to give its nominees a board majority. CFO and Company Secretary Ian Poole has also resigned. Golden now holds 60.25%.

director officer appointment

Golden says its $1.00 offer is best and final and will not be raised or extended past 18 May 2020 without a competing bid. It now holds 55.50%. It cites BDO's $0.90-$1.39 valuation range and a fair and reasonable conclusion.

business combination

Stanmore releases its Target's Statement: the Independent Directors recommend shareholders accept Golden's $1.00 offer, which closes 18 May 2020. Golden's holding is now about 52.41%. They suggest selling after 4 May so bonus and DRP shares go in one trade.

business combination

FY20 underlying EBITDA guidance is cut to $80-85m from $92-100m. Customers are deferring June shipments, removing about 250kt of sales, and coking coal prices have fallen. Unit cost guidance rises to A$109/t; 2.35Mt production is on track.

production update

Stanmore announces a free 1-for-33 bonus share issue (record date 28 April, about 3% more shares), citing strong March quarter results and $12.9m unaudited quarterly profit. Golden's $1.00 offer extends to the bonus shares. Shareholders are told to take no action.

security holder rights change

Chairman's letter says Golden has lifted its holding from about 31% to roughly 51% since the bid. An independent committee (Butel, Bizzell, O'Connor) recommends no action pending the Target's Statement and an independent expert's report. FY20 guidance of 2.35Mt is unchanged.

business combination

Golden Investments, already the largest holder at 31.35%, launches an unconditional on-market cash takeover bid at $1.00 per share, a 22% premium to the $0.82 close. The offer period runs 17 April to 18 May 2020. It builds on its earlier stake and Winfield's lapse.

business combination

Craig McCabe, ex-CEO of Wesfarmers Resources, is appointed CEO from 1 April 2020 on $465,000 fixed pay. This fills the vacancy left by Dan Clifford's October resignation, and interim CEO Jon Romcke steps back.

director officer appointment

December quarter sales fell to 497kt because co-shipper coal delays pushed vessels into January. Half-year EBITDA guidance is cut to $50-52m from $53-56m and FY cost guidance raised to A$107/t from $100/t. Production guidance of 2.35Mt held; BFS for Isaac Downs started.

quarterly activities report

Managing Director Dan Clifford resigns after about three years; General Manager Development Jon Romcke becomes Interim CEO while a recruitment search starts. Clifford stays until late November. Follows Golden's earlier push to remove him.

director officer appointment

Winfield Energy will not proceed with its proposal, citing inability to engage key shareholders to see a reasonable prospect of a successful bid, and the Process Deed is terminated. The A$1.50-1.70 takeover prospect is over. The text describes it as for 50.1% of shares.

business combination

Golden Investments withdraws its requisition after talks, so the 14 October EGM will not proceed. Jimmy Lim will join the board as non-executive director, possibly deputy chair, with an independent director to follow. Resolves the board fight without removing Butel or Clifford.

regulatory community update

Record FY19 result: net profit $91.6m, underlying EBITDA $154.9m, operating cash flow $140.0m and net cash $90.5m with no debt. Final dividend of 8c declared, taking FY19 dividends to 11c fully franked. Safety was poor (TRIFR 16.7).

annual report

Annual summary shows total coal reserves of 169Mt, up 16% on a year ago, with marketable reserves of 129Mt (earlier context cited 37Mt marketable). Resources total 1.7bn tonnes. Isaac Plains Complex reserves are 50.4Mt, with S3 pit reserves removed.

resource reserve update

Stanmore received an unsolicited, non-binding indicative proposal from Winfield Energy at A$1.50-1.70 cash per share (equity value $390-442m), subject to due diligence and finance. A potential takeover offer; the board recommends shareholders take no action. Price compares with $1.46 in May.

business combination

Golden Investments, now holding 25.89%, has requested a meeting to remove chair Stewart Butel and MD Dan Clifford and install its own nominees. The board says this seeks control without a premium and rejects the claims, following the failed $0.95 bid.

business combination

Golding (NRW) agrees to add a third truck and excavator fleet at Isaac Plains East from August 2019, adding about A$450m to the contract, now roughly A$950m at current production. Extends the A$500m Golding contract noted earlier; early termination is available after 3 years.

contract award

Stanmore will buy a 600-tonne excavator for Isaac Plains East (about A$13m total, funded by a 5-year Caterpillar Financial loan) and has deferred the Isaac Plains Underground, despite a positive feasibility study, to prioritise higher-margin Isaac Downs. Reverses the expected FY19 underground decision.

asset acquisition disposition

Stanmore extends its Taurus facilities to 30 June 2022 (previously 15 November 2019) and cuts the drawn interest rate to 8.0% from 10.0%. Total Taurus facilities fall to US$40m, and a new A$20m Liberty bonding facility at 4.7% is added, saving about A$580k a year.

debt financing

Record March quarter: saleable coal 691kt and sales 740kt. Net cash rose to $58.4m from $9.6m and the working capital facility was repaid. FY19 production guidance lifted to 2.3Mt (from 2.15Mt); EBITDA guidance held at $140-155m. Isaac Downs EIS approved to proceed 5 April.

quarterly activities report

The Golden Investments $0.95 offer has expired with the bidder holding 25.47% of Stanmore, including the 19.9% bought from Greatgroup. Stanmore stays listed and independent. Board confirms a 3c interim dividend and a buy-back of up to 10% of shares.

business combination

Golden Investments declares its $0.95 offer unconditional and 'best and final': no increase or extension without a competing proposal, closing 22 January 2019. It attaches a Grant Thornton review criticising BDO's expert report. Accepting holders are to be paid by 5 February.

business combination

Fourth Supplementary Target's Statement carries a guidance upgrade: FY19 saleable production raised to 2.15Mt from 2.0Mt, and underlying EBITDA to $140-155m from $130-150m. Directors still unanimously recommend rejecting the $0.95 offer.

business combination

Golden Investments extends its $0.95 offer from 3 January to 22 January 2019 and confirms the FIRB condition is satisfied. GEAR has signed the $150m Credit Suisse facility agreement to fund part of the price. The bidder urges shareholders to accept.

business combination

Golden Investments gives notice that the FIRB (foreign investment approval) condition of its $0.95 bid has been fulfilled. This removes one hurdle; the 50% minimum acceptance and other conditions remain, and the board still recommends rejection.

business combination

Independent expert BDO values a controlling interest in Stanmore at $1.48-$1.90 per share and concludes the $0.95 offer is not fair and not reasonable. Directors unanimously recommend rejection, citing the $130-150m FY19 EBITDA outlook.

business combination

Target's Statement: directors unanimously recommend rejecting the $0.95 offer as significantly undervaluing the shares. It includes an independent expert's report; shareholders reject by doing nothing.

business combination

Board recommends rejecting the $0.95 Golden Investments offer as significantly undervaluing the company. It says the offer implies enterprise value of $225m, only 1.5-1.7 times FY19 EBITDA guidance, with premiums of 14.5% to last price and 8.1% to one-month average price.

business combination

Golden Investments (owned by Golden Energy and Resources and Ascend Global) announces an off-market takeover bid at $0.95 cash per share for all of Stanmore. It already has 19.90% voting power via an agreement to buy 50.1m shares from the largest shareholder. Subject to FIRB approval and a 50% minimum.

business combination

FY19 underlying EBITDA guidance of $130-150m, versus $45.6m in FY18, based on 2.0Mtpa production at $86/t FOB cost (excluding $14/t royalties). Assumes semi-soft coking coal at US$126/t and an 88:12 coking-to-thermal split.

other

Board tells shareholders to take no action on the unsolicited $0.95 Golden Investments bid while it evaluates it. Citi and Allens are advisers. The claimed 14.5% premium to the 5-day average price was corrected later the same day.

business combination

Golding's Isaac Plains East mining contract is extended up to five more years from 1 July 2019, with early termination available after 3 years. This resolves the open longer-term contract thread and keeps flexibility to operate the plant or move to Isaac Downs.

contract award

FY19 production guidance lifted from 1.8Mt to 2.0Mt of product at unchanged $86/t underlying FOB cost, after securing extra long-term Dalrymple Bay port capacity (5 and 10 year take-or-pay contracts) to match Isaac Plains infrastructure.

production update

FY18 net profit was $5.966m (down from $12.035m) on revenue of $208.1m, up 51%. Underlying EBITDA was $45.5m, up 70%, in the guided range. The working capital facility was repaid, leaving the company debt free, and a maiden 2c dividend was declared.

annual report

Maiden unfranked dividend of 2 cents per share declared, payable 23 November 2018 to holders on the register at 31 October. A dividend reinvestment plan is proposed, subject to AGM approval. First dividend since the 2009 listing.

dividend declaration

Isaac Plains open-cut reserves at 30 June 2018 are 14.9Mt (11.5Mt marketable), 81% Proved, down from 16.41Mt in 2017 after 2.145Mt mined. Isaac Plains East reserves rose to 12.15Mt from 11.09Mt, with a new pit added.

resource reserve update

Stanmore completes the Wotonga South purchase from Peabody's Millennium Coal, renamed Isaac Downs, funded from company cash flow. It resolves the June deal. A 22.8Mt resource, 10km from the Isaac Plains plant, supports an 8-10 year mine life, subject to approvals.

asset acquisition disposition

First JORC 2012 resource for Isaac South (EPC755), 100% owned, of 52.0Mt, 50% Measured and Indicated, lying south of the newly bought Wotonga South. Exploration is planned in FY19 to firm it up and extend it south.

resource reserve update

Stanmore agrees to buy the Wotonga South coking coal deposit from Peabody for $30m cash ($6m at completion, $24m deferred over 12 months) plus a capped royalty of about $10m. Resource is 22.8Mt, 10km from the Isaac Plains plant; needs FIRB approval and is to be funded from cash flow and debt facilities.

asset acquisition disposition

Isaac Plains Complex resource rises from 79.2Mt to 82.2Mt, with measured tonnes up 41% after drilling and a 3D seismic survey. 79% is now measured and indicated; the Isaac Plains East resource is trimmed to 29.7Mt from 30.7Mt.

resource reserve update

Maiden Probable reserve of 12.9Mt (9.4Mt marketable) declared for Isaac Plains Underground, based on the pre-feasibility study at 1.2Mtpa ROM. This supports the bankable feasibility study being run with Mastermyne; an upgrade in category is anticipated after it.

resource reserve update

Isaac Plains East mining leases and Commonwealth EPBC approval are granted, resolving the approvals thread open since January. Reserves of 11.09Mt add about 7 years of mine life; production is expected from early Q1 FY19, supporting a 1.8Mt product target for FY19.

regulatory community update

December quarter sales fell to 183kt (from 411kt) as port queues delayed shipments, and ROM output fell to 271kt. Stanmore will mine Isaac Plains and Isaac Plains East concurrently, targeting about 40% more ROM in FY19, with $9.7m pre-production capital. The Isaac Plains Underground feasibility study (BFS) proceeds. FY18 unit cost is now guided at $105/t.

quarterly activities report

Isaac Plains East environmental authority issued on 24 January 2018, with landholder and overlapping gas tenure agreements executed. Mining leases are expected in the coming months, and first coal remains on track for early Q1 FY19. This follows the September public notification.

regulatory community update

Stewart Butel, a director since September 2017 and ex-Wesfarmers Resources head, becomes Chairman from 1 February 2018, succeeding Neville Sneddon. This completes the chair handover flagged in September, with Sneddon on the board since October 2009.

director officer appointment

Port congestion at Dalrymple Bay (45 vessels queued) will push two December semi-soft coking coal shipments into January. Half-year EBITDA guidance is cut from $23-26m to $17-20m; FY18 1.2Mtpa production guidance and full-year results are said to be not materially affected.

production update

Public notification for Isaac Plains East closed on 14 September with no objections or submissions. Mining lease and environmental authority grants are now expected in early 2018, a key approval step towards first coal.

regulatory community update

Stewart Butel (ex-Wesfarmers Resources) and Neal O'Connor join the board as independent directors. Chairman Neville Sneddon will retire, with a new Chair to be elected early in the new year.

director officer appointment

Taurus facilities extended two years to 15 November 2019. Bonding facility rises to US$29m and working capital facility is US$22m; the royalty on Isaac Plains Complex proceeds rises from 0.8% to 1.0%, with a 3% establishment fee and interest unchanged at 10%.

debt financing

First full year of production: net profit $12.0m on revenue of $137.7m, versus a $19.7m loss. Net cash was $11.9m, and FY18 guidance is 1.2Mt product at about A$100/t unit cost. No dividend.

annual report

Isaac Plains Complex resource rises from 76.9Mt to 79.2Mt, 70% Measured and Indicated. It comprises 48.5Mt at Isaac Plains and 30.7Mt at Isaac Plains East, where Measured coal rose from nil to 10.5Mt.

resource reserve update

Isaac Plains Complex ROM reserve rises 8% from 15.2Mt to 16.4Mt despite 1.28Mt mined, extending open-cut mine life to 2029. Isaac Plains East reserve is 11.09Mt, with a lower strip ratio for the first three years.

resource reserve update

June quarter records: 564kt ROM and 392kt product coal; FY17 output 1.20Mt, beating the 1.15Mt guidance. Sales 265kt at an average US$152/t; cash $27.5m. Isaac Plains East first coal slips to Q4 FY18; FY18 guidance is 1.2Mt.

quarterly activities report

March quarter: ROM coal 355kt, saleable 230kt (down 24%) and sales 205kt, hit by labour shortages, a fault zone and Cyclone Debbie. Rail outage pushes sales catch-up beyond 30 June. FY17 production guidance cut from 1.25Mt to about 1.15Mt.

quarterly activities report

New agreement with JOGMEC (subject to FIRB approval) gives A$3m of funding for Isaac Plains East studies and approvals and the underground investment decision. In return JOGMEC gets an annual right to tender some of the coking coal from these projects to Japanese buyers for 5-7 years. Builds on earlier JOGMEC deals.

material agreement

Half-year to December 2016: revenue $59.4m and a net loss of $0.5m (versus a $6.4m loss). Unit cost was A$116.90/t against a sale price of A$107.90/t, a A$9/t loss margin, which the company ties to ramp-up. Isaac Plains East approvals are targeted for Q1 FY18, with first coal possibly Q3 FY18.

half year report

Placement of 27.3m shares raises $15m at $0.55, a 12% discount to the last close of $0.625. Funds go to accelerated pre-strip and stockpiles, with a revised mine plan. FY17 guidance of 1.25Mt is kept, and the US$6m Taurus working capital facility remains undrawn.

capital raising announcement

The December quarter semi-soft coking coal benchmark is set at US$130/t, up US$56 or 75% from US$74. It sets pricing on Isaac Plains' 900,000tpa term contracts, expected to apply to deliveries from about November to February. This resolves the earlier open question on rising coal prices.

production update

Dan Clifford, chief executive of Solid Energy New Zealand, is appointed Managing Director from 14 November 2016, on $400,000 base pay. Founder Nick Jorss moves to executive Deputy Chairman focused on growth. This is a change of chief executive as the company moves from restart to production.

director officer appointment

FY2016 loss was $19.7m (FY2015: $12.1m) on $12.7m of first coal sales, including a $13.9m impairment of Surat Basin development assets. Cash was $12.1m plus a US$12m undrawn contingent facility. Isaac Plains open cut is expected to be margin-positive in FY17 at about 1.1Mtpa.

half year report

Stanmore awards UGM a highwall mining contract at Isaac Plains, targeting over 300,000 ROM tonnes from the disused S2 pit between June and October 2016. It is estimated to cost about 20% less per tonne (FOB) than the open cut, adding low-cost coking coal.

contract award

Clifford Project in the Surat Basin has its JORC resource lifted 67% from 370Mt to 620Mt (190Mt Indicated, 430Mt Inferred) after 2015 drilling funded by JOGMEC. This resolves the pending lab results; a final farm-in period with feasibility work follows, with JOGMEC able to earn an option over 40%.

resource reserve update

The first coking coal shipment is loaded at Dalrymple Bay, the first Isaac Plains sale into contracts with Asian steel mills. It completes the restart of the mine acquired in November 2015, with 150 workers now employed.

production update

First coal is processed through the restarted Isaac Plains wash plant, within the April target set in earlier announcements. First shipment is planned for early May to Asian steel mill customers. This marks the move from explorer to producer, in the company's words.

production update

Isaac Plains complex resource more than doubles from 30.1Mt to 76.9Mt, with 74% Measured and Indicated. This includes a maiden 28.7Mt resource for Isaac Plains East, whose raw coal quality is better than Isaac Plains. It resolves the pending exploration program.

resource reserve update

Isaac Plains complex reserve triples from 5.0Mt to 15.3Mt with a maiden Isaac Plains East reserve. Open-cut mine life extends from 3 to over 10 years at 1.5Mtpa run-of-mine. Lower strip ratios are expected to cut costs by A$15-20 per tonne in the first four years.

resource reserve update

Stanmore signs a foundation annual coking coal supply contract with a top-tier East Asian steel producer, covering a material portion of Isaac Plains' semi-soft coking coal. Details are confidential, and other contracts are under negotiation. First coal remains on track for April 2016.

material agreement

Stanmore awards Golding Contractors a three-year mining and coal preparation contract for Isaac Plains, with first coal targeted for April 2016 at at least 1.1Mtpa. Costs are cited as about 35% lower per tonne. Cash plus vendor payments are projected at $18m by June 2016, with a $17m undrawn facility.

contract award

Stanmore completes the Isaac Plains acquisition from Vale and Sumitomo, the deal contracted 30 July 2015 and slipped to end November. Mine restart is on track for 1H 2016, with a contractor award expected by year end and updated JORC status by the June quarter 2016.

asset acquisition disposition

Stanmore contracts to buy 100% of the Isaac Plains coking coal mine from Vale and Sumitomo for $1, targeting restart in 1H 2016 at 1.1Mtpa. It takes on a $32m rehabilitation obligation, offset by vendor compensation payments repayable via royalty; a Taurus two-year facility backs guarantees. Completion expected by end October 2015. This moves Stanmore from explorer towards producer.

asset acquisition disposition

Maiden JORC resource of 370Mt at Clifford (80Mt Indicated, 290Mt Inferred) across Grange and Liberty, after the JOGMEC-funded second program. Laboratory yields are about 82% and energy content above 5,900 kcal/kg. A third JOGMEC-supported farm-in period is underway.

resource reserve update

Stanmore buys the Wotonga coking coal deposit in the Bowen Basin from Peabody subsidiary Millennium Coal. Total consideration is $7m: $2m cash up front, $2m on mining lease grant and $3m via a $1/t royalty. It has no current JORC resource; confirmatory drilling is planned within 12 months.

asset acquisition disposition

Belview resource updated to 330Mt, including a first 50Mt Indicated, after six more cored holes funded under the second Japanese agreement. This is slightly below the earlier 342Mt Inferred figure. Coking coal tests are strong, and a pre-feasibility study is set for the second half of 2015.

resource reserve update

Second Exploration Support Agreement with Taiheiyo and JOGMEC gives $1.5m for more Belview core drilling, following the first $680k program. Taiheiyo's combined rights rise to up to 200,000t a year for five years of production, with the first 225,000t at a A$2/t discount.

farm in farm out agreement

Initial coal quality from the Clifford scout drilling (JOGMEC-funded) shows yields of 67-88% and some energy above the 6,700kcal Newcastle benchmark. Best strip ratios are 2.5:1 to 10:1 shallower than 100m. Follow-up program of up to 32 rotary and 8 cored holes costs $1.5m, aiming for an initial Inferred resource.

drilling result

Following the Japanese-funded drilling, which has now concluded, Belview's Inferred resource rose from 322Mt to 342Mt. Coking quality remains promising (CSN 7-8.5), and cash is $18m with no take-or-pay liabilities. Feasibility work and environmental impact statement work are planned.

resource reserve update

Japanese government-owned JOGMEC will fund up to $4.5m of exploration over 3 years at the Clifford thermal coal project in return for up to a 40% economic interest. This covers all planned Clifford exploration, with first holes expected in Q1 2014.

farm in farm out agreement

Belview Inferred resource rises to 322Mt from 95Mt after a five-hole program, with a further exploration target of 204-306Mt. This delivers the JORC resource missing when the March concept study was withdrawn. Initial quality suggests low-ash coking coal plus a PCI product.

resource reserve update

Stanmore bought adjoining tenement EPC 2157 for $125,000 cash, enlarging its Lilyvale coking coal project near Kestrel mine in the Bowen Basin to 13km2. Stanmore holds 100%, with Cape Coal earning 15% on milestones. Historical data show German Creek seam from 336m depth.

asset acquisition disposition

Range feasibility study (delivered after slipping from February) confirms a 5Mtpa, 25-year thermal coal mine: NPV $441m-$499m, IRR 18.6-19.1%, FOB cost $76.1-84.8/t, capital $455m-$599m including the $44m WEXP1 port obligation. Ready to execute once Surat Basin Rail is delivered; mining lease expected by end 2013.

resource reserve update

Stanmore withdrew all production, mine life and economics statements from its 6 March Belview concept study. It had no JORC resource supporting the 735-1,103Mt exploration target the study relied on. Investors are cautioned that the study is not evidence of viability.

admin correction

First JORC Inferred resource at Tennyson, an underground thermal coal project: 161Mt in the Aries seam, plus a further 65-120Mt exploration target. A concept study is planned for the first half of 2013. This delivers the Inferred resource targeted for late 2012.

resource reserve update

Bought the neighbouring EPC 1186 tenement next to Belview for $5.1m cash, 5.7m shares and a minor royalty. The combined coking coal exploration target is 735-1,103Mt, with a shallower start depth of about 385m. Cash was stated at $36.9m, and another funding instrument is under discussion.

asset acquisition disposition

Joint venture with Cape Coal on Mackenzie to improve coal yield and economics. Cape Coal can earn up to 9% by providing technical services, with 2% already earned and a Concept Study due Q1 2013. It can buy a further 10% for $10m after a bankable feasibility study.

farm in farm out agreement

The Range total JORC resource rose 10% to 287Mt from 260Mt, including a first 18Mt Measured resource covering most of the first three years of production. The 94Mt reserve is not yet revised; first coal now stated as 2016.

resource reserve update

Concept study for Belview underground coking coal project: 3.4Mtpa run-of-mine, $907m capital, $104/t FOB cost before royalty, first coal targeted 2018. It builds on the 95Mt Inferred resource. Management would consider a joint venture partner if terms are right.

other

Executed a Capacity Commitment Deed with WICET for 5Mtpa of port capacity for The Range; Stanmore's share of early works is $44m ($26m paid, $18m later this year). Also signed a $25m Credit Suisse secured facility, two years, with 11.7m options at $0.52. Rail due diligence passed.

material agreement

Signed a $36.04m deal with Sprint Capital (Hong Kong): $27.01m of shares (40.02m) and $9.03m of convertible notes, all at $0.675, versus a last price of $0.36. Sprint gets 19.99%, up to 25% on conversion. Second tranche needs shareholder approval; Sprint will also market 15% of output.

capital raising announcement

Agreed to swap its recently granted Altamondt tenement (EPC 2177) for Queensland Coal Corporation's EPCs 1274 and 1276 (1,371km2) in the Surat Basin, with no cash or equity paid. Initial exploration targets of 130-195Mt; Ministerial approval is required.

asset acquisition disposition

Signed an Exploration Support Agreement with Taiheiyo Kouhatsu, backed by Japan's NEDO, for a $1.2m grant to drill 30 cored holes at The Range. Taiheiyo may buy up to 400,000t over the first three years of production. Seven rigs are on site.

material agreement

The Range total JORC resource rose 14% to 260Mt (184Mt Indicated, up 22% from 151Mt; 76Mt Inferred), after 31 more holes. Impact on the 94Mt reserve and economics will feed the BFS due September 2012; 60-70Mt western target remains.

resource reserve update

Stanmore began a Bankable Feasibility Study at The Range, with a named consultant team and completion targeted for September 2012. It follows the November pre-feasibility study (NPV $846m owner mining). The environmental impact statement is now due March 2012, with first coal still targeted for 2015.

material agreement

The Share Purchase Plan closed with $5.4m from shareholders and $1.8m from the underwriters' shortfall. A further $2.8m placement at $0.74 was added. Total raised since December is $24.1m, completing the funding flagged in November.

capital raising announcement

Raised $14.1m through an institutional placement of about 19.1m shares at $0.74, a 9.8% discount to the last close. Funds go to The Range definitive feasibility study, exploration, port and rail commitments. This is the raising flagged at the AGM; a Share Purchase Plan of up to $10m follows.

capital raising announcement

Mackenzie now has a first 25.7Mt Indicated resource, lifting the total 45% to 143.2Mt. But coking coal yield averages only 26% (range 11-71%), well below earlier hopes, and processing problems must be solved. Work now focuses on the South and North East zones.

resource reserve update

Belview gets an initial 95Mt Inferred resource in the Gemini seam, with a further 205-345Mt exploration target. Early washed results show hard coking coal (CSN 7, ash 7%) at 45% yield. This resolves the Inferred resource target set in September; a scoping study of deep underground mining is planned.

resource reserve update

The Range pre-feasibility study confirms a 5Mtpa open pit thermal mine for 26 years from 2015, up from 18. Owner-mining NPV is $846m (contract mining $703m), with FOB operating cost $71.9/t and capital of $505m (owner) or $407m (contract). Reserve is unchanged at 94Mt.

resource reserve update

Five Belview drill locations define a 385-555Mt exploration target covering the western 26% of the lease. The six metre Gemini seam, once mined as hard coking coal at Leichhardt, is confirmed across the west; raw CSN reaches 8. An Inferred resource is now targeted by end 2011.

resource reserve update

Stanmore signed conditional agreements with the Adani Group for up to 12Mtpa of capacity in the planned Dudgeon Point terminal near Mackay from 2016: 5Mtpa each for Tennyson and Kerlong, 2Mtpa for Mackenzie. No funding is required until the 2013 feasibility study.

material agreement

Stanmore bought 7Mtpa of priority port capacity rights in WICET Stage 2 for $1.05m, and took over vendors' bank guarantees and interest of $5.77m. The guarantee is to be cancelled and interest repaid at WICET Stage 1 financial close, understood to be on track for September 2011.

material agreement

The Range booked its first Marketable Coal Reserve of 94Mt (from 117.5Mt Probable ROM reserve), with 151Mt upgraded to Indicated and total resource up 5% to 229Mt. This exceeds the 55Mt WICET 2 requirement. It triggers a final $1.5m payment in shares to Comet Coal & Coke vendors.

resource reserve update

Tennyson drilling, six of eight initial holes, found Aries seam 1.8-2.8m thick (average 2.5m), raising confidence in the upper end of the 220-290Mt exploration target. A JORC Inferred Resource is targeted for September quarter; coal quality tests are under way.

drilling result

Belview drilling cut a six metre Gemini seam in two of three holes, at 562-814m depth. The seam was mined as prime hard coking coal at the Leichhardt Colliery, 4km west. Coking tests are under way; a Belview Inferred resource is targeted for Q3 2011.

drilling result

EPC 1769 has been granted at Kerlong, lifting the granted area there by 80%, resolving the earlier priority-applicant status. Stanmore is preferred applicant for adjoining EPCA 2176, with grant expected in about six months, but lost its bid for EPCA 1657. Drilling starts this month.

asset acquisition disposition

Stanmore reviewed Queensland's strategic cropping land policy. Only two granted tenements, Mackenzie and Tennyson, are potentially affected; less than 10% of Mackenzie's 99Mt Inferred Resource is said to lie in trigger areas. The Range and four other projects are outside the protection areas.

regulatory community update

Stanmore has secured the right to buy a key property inside The Range mining lease area, paid in stages over several years on confidential terms. The vendor can keep farming it for now. Talks continue with other landowners, with more deals expected this year.

asset acquisition disposition

Drilling restarted at The Range (28 holes, to convert the 219Mt Inferred Resource to Indicated for WICET) and began at Emerald (eight holes, 220-290Mt thermal target). Mackenzie River and Belview drilling is due in March, then Kerlong.

drilling spud

Stanmore is the first-priority applicant for EPCA 1769, four sub-blocks next to its Kerlong coking coal project. Grant is expected within about six months. It covers the shallower up-dip extension of target seams; Kerlong drilling is planned from Q2 2011.

asset acquisition disposition

A coal seam gas well on the Belview northern boundary, shared under a data arrangement, cut multiple seams totalling 16.9m, including 3.83m of Pisces. This suggests the coking seams mined at the adjacent Leichhardt mine continue into Belview; 2011 drilling is planned.

drilling result

Lodged Mining Lease application 55001 and an Environmental Authority application for The Range (219Mt Inferred thermal coal), following the September conceptual study. It is the first Stanmore project to reach this stage, in line with first coal in Q1 2015.

regulatory community update

Raises $25.7m: a $12.5m placement at $0.90 (about 13.9m shares) plus a fully underwritten 2-for-13 entitlement offer at $0.80 for $13.2m. Funds progress Mackenzie River and The Range and speed up exploration. First raise since the $6m IPO at $0.20.

capital raising announcement

Minserve's conceptual study finds The Range viable: a 5Mtpa open pit, 2015-2032, with NPV A$298m at US$95/t (owner mining) and capex A$502m (A$299m contractor). Resolves the September study; the company will now look at funding, including a minority equity partner.

other

Mackenzie River gets its first JORC Inferred Resource: 99Mt of coking coal, 66Mt of it shallower than 75m. This resolves the pending resource. A further 70-80Mt exploration target is flagged; washed yield averaged 51% at 14.8% ash.

resource reserve update

The Range's JORC Inferred Resource rises modestly to 219Mt from 208Mt in May. The concept study is due in September. The text states an initial strip ratio under 4:1.

resource reserve update

Early Mackenzie River drilling shows coking properties, with raw CSN up to 7.5. An initial exploration target of 110-170Mt is set for the western area. A JORC Inferred Resource is aimed for within three months; the eastern area coal so far is thick but dirty.

drilling result

The Range's JORC Inferred Resource rises to 208Mt from 117Mt in April, with washed product averaging under 8% ash. A concept study has begun, and more drilling has started. Coal found east of the resource is not yet included.

resource reserve update

The Range's first JORC Inferred Resource is 117Mt of open pit thermal coal, well above the 40-50Mt IPO exploration target. This resolves the April expectation. A further 100-125Mt exploration target is flagged, and more drilling has started.

resource reserve update

Drilling began at Mackenzie River, a potential large open pit coking coal project, with a four-to-five month programme planned. Weather delays pushed the Range JORC Inferred Resource estimate from 1Q to April 2010.

drilling progress report

Initial drilling at The Range (15 holes, about 2,000m) hit stacked seams generally over 5m thick at depths under 80m. The deposit is likely to substantially exceed the 40-50Mt exploration target; a JORC resource is expected in 1Q 2010.

drilling result

Drilling began at The Range thermal coal project in the Surat Basin, with results and coal quality data expected by late March 2010. Mackenzie River drilling is expected to start in the New Year.

drilling spud

Confirms the IPO closed on 27 November 2009, raising $6,000,000 from 30,000,000 shares at $0.20, and that the Comet Coal & Coke purchase was completed with 9,000,000 shares and $850,000 cash. Tim Jones appointed Exploration Manager.

capital raising announcement

Prospectus for Stanmore Coal's IPO offering 30,000,000 shares at $0.20 to raise $6 million, with Bizzell Capital and RBS Morgans as joint lead managers. Text is largely garbled, so details beyond the offer terms are not readable.

other