Past year: ▲ 18%(2.15 – 3.01 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Aug 2023investor presentation● Neutral
Half year results presentation repeats known figures: underlying EBITDA US$650m, operating cash flow US$395m, net cash US$70m, TRIFR 2.5 and FOB cash cost US$97/t sold. Net cash reached within 12 months of the SMC acquisition.
14 Aug 2023half year report▲ Good
First half 2023: revenue US$1,493m (up 36%) and profit after tax US$340m (up 46%). Underlying EBITDA US$650m, operating cash flow US$395m, acquisition debt repaid US$267m, net cash US$70m. No dividend declared.
7 Aug 2023other● Neutral
Notice of an investor call on 14 August 2023 at 10am AEST on the half year results, hosted by CEO Marcelo Matos and CFO Shane Young. No new information.
20 July 2023quarterly activities report▲ GoodMajor
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.
30 June 2023director officer appointment● Neutral
Non-executive director Mark Trevan resigns effective 30 June 2023 for personal reasons. He held no securities. He had been absent from the AGM for personal reasons; the board shrinks from eight to seven directors.
1 June 2023director officer appointment● Neutral
Murray Smith, Chief Operating Officer of the M Resources Group, is appointed alternate director for Matt Latimore. Adds another M Resources-linked person to the board, a related party already tied to Stanmore's marketing arrangements.
31 May 2023agm notice● Neutral
CEO's AGM address repeats FY22 results: ROM 13.5Mt, saleable 9.2Mt, underlying EBITDA US$1.46b, average sales price US$290/t against US$131 the year before, and FOB cost US$83/t. Restates January approval of the MRA2C diversion. Nothing new.
31 May 2023agm notice● Neutral
Chair's AGM address recaps 2022: record results, net debt cut to US$183m from a US$795m peak, cash US$432.4m. Four directors stand for re-election and a non-executive director fee pool increase to $1,000,000 is proposed. Mark Trevan was absent for personal reasons. No new operating figures.
16 May 2023agm notice● NeutralMajor
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.
8 May 2023agm notice● Neutral
The AGM is postponed from 24 May to 31 May 2023 to allow for a possible additional resolution. Original notice and proxies otherwise stand. Administrative only.
5 May 2023regulatory community update▼ BadMajor
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.
24 Apr 2023quarterly activities report● Neutral
March quarter: ROM 4.1Mt, saleable 3.2Mt, but sales only 2.8Mt as wet weather and rail/port disruption left large stockpiles. Debt fell 42% after the February cash sweep on SMC acquisition financing; cash US$242m (US$432m at end 2022). TRIFR rose to 1.8.
6 Apr 2023annual report▲ Good
2022 Annual Report repeats known results: revenue US$2.70b, underlying EBITDA US$1.46b, operating cash flow US$1.18b and net debt cut to US$183m from a US$795m peak after buying 80% of SMC. US$1.62b was invested to acquire 100% of SMC.
6 Apr 2023other● Neutral
2022 Sustainability Report, covering Isaac Plains, Isaac Downs, South Walker Creek, Poitrel and Red Mountain, excluding the Millennium JV. It carries no external assurance and no new financial or operating figures in the readable text.
17 Mar 2023agm notice● Neutral
The next AGM is set for 24 May 2023, 10:00am AEST. Director nominations close 30 March 2023. Administrative notice only.
27 Feb 2023resource reserve update▲ GoodMajor
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.
27 Feb 2023annual report● Neutral
Annual corporate governance statement: Golden Investments holds over 64% of voting shares, and the board has four independent and four non-independent directors. Routine compliance document with no new events.
27 Feb 2023annual report▲ GoodMajor
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.
27 Feb 2023investor presentation▲ Good
Presentation of the FY22 results, repeating known figures: underlying EBITDA US$1,456m, operating cash flow US$1,182m, net debt US$183m, saleable production 9.2Mt, and a A$3.80 share price (A$1.04 at end 2021).
23 Feb 2023other● Neutral
Notice of an investor call on 27 February 2023 at 10:00am AEST to discuss the 2022 annual report, hosted by CEO Marcelo Matos and CFO Shane Young. No new information.
23 Jan 2023quarterly activities report▲ Good
December quarter: ROM 4.4Mt, saleable 3.1Mt, sales 3.4Mt; 2H 22 guidance achieved despite wet weather. Full-year ROM 13.5Mt, saleable 9.2Mt. MRA2C creek diversion at South Walker Creek approved for 2023-2025, resolving the pending investment decision.
16 Dec 2022other● Neutral
Stanmore says it has updated its board and committee charters and key policies, including the securities trading policy, which is attached. Administrative governance housekeeping with no financial or operating change.
9 Nov 2022admin correction● Neutral
Corrects the site tour slide: Isaac Downs Underground reserves are 19.5Mt ROM (11.8Mt Proved, 7.7Mt Probable), not the 12.9Mt Probable stated. Fixes an error in yesterday's presentation only.
8 Nov 2022investor presentation● Neutral
Stanmore hosts institutional investors on 8-9 November 2022 with site tours of Isaac Downs, Poitrel and South Walker Creek. The attached presentation is mostly disclaimers in the readable text; no new figures are visible.
3 Nov 2022asset acquisition disposition● Neutral
Stanmore pays the US$100m deferred consideration to BHP for the BMC acquisition, as agreed. This settles the payment due six months after completion; the earnout of up to US$150m is not mentioned.
31 Oct 2022resource reserve update▲ GoodMajor
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.
21 Oct 2022quarterly activities report▲ Good
September quarter: ROM 5.1Mt and saleable 3.2Mt, with record August output at Poitrel and Isaac Plains. Company remains on target for second-half guidance despite wet weather and cost pressure. The 20% SMC buy completed 7 October; extra excavator fleets approved at both mines.
7 Oct 2022asset acquisition disposition▲ GoodMajor
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.
30 Sept 2022regulatory community update▲ Good
FIRB has no objection to Stanmore buying Mitsui's remaining 20% of SMC, making the deal unconditional. Completion is expected within about five business days.
12 Aug 2022half year report▲ GoodMajor
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.
