Past year: ▲ 18%(2.15 – 3.01 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Nov 2021asset acquisition disposition▲ GoodMajor
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.
8 Nov 2021investor presentation● Neutral
Draft investor presentation accompanying the BMC acquisition announcement of the same day. The visible text is disclaimers only; no new figures are shown in the readable portion.
27 Oct 2021quarterly activities report▲ Good
September quarter: record ROM output of 924kt, saleable 653kt and sales 723kt, the highest since March 2019 quarter. Isaac Downs trial cargoes shipped and Millennium's first ROM coal produced (6kt at 100%). Management expects the lower end of 2.2-2.4Mt for 2021.
5 Oct 2021debt financing● Neutral
Stanmore raises its Facility B commitment to the MetRes joint venture from A$15m to A$35m, temporarily until 30 June 2022. It can now be used for working capital and general purposes, with amounts drawn repayable by that date. This lifts Stanmore's potential exposure to the JV above the original A$30m.
27 Aug 2021contract award▲ GoodMajor
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.
12 Aug 2021half year report▼ Bad
Half-year to 30 June 2021: revenue $93.7m (from $163.9m) and a net loss of $15.5m, against a $8.0m profit a year earlier. Underlying EBITDA was a $14.2m loss. No dividend declared.
27 July 2021quarterly activities report● Neutral
June quarter: ROM coal 595kt, saleable 379kt, but sales fell to 293kt on shipment slippage into July. Isaac Downs bulk sample mining began and approvals progressed. Management expects higher production and sales in the second half of 2021, with the GEAR loan now US$70m.
27 July 2021regulatory community update▲ GoodMajor
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.
13 July 2021farm in farm out completion▲ GoodMajor
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.
13 July 2021debt financing▲ Good
All conditions precedent for the increased US$70m GEAR facility are satisfied, so Stanmore can draw on it. ASX granted an amended listing-rule waiver allowing security to be given without a shareholder vote. Repayment is planned by about 30 June 2022.
2 July 2021debt financing▲ GoodMajor
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.
2 July 2021director officer appointment● Neutral
Non-executive director Mary Carroll resigns with immediate effect. No reason or replacement is given in the announcement.
22 June 2021material agreement● Neutral
Blue Energy announces a non-binding MOU to supply hydrogen from its Bowen Basin pilot gas wells to Stanmore's Isaac Plains fleet, building on the earlier mine-gas MOU. Non-binding and early stage, with no values stated.
11 June 2021director officer appointment● Neutral
Shane Young, formerly of PanAust and with over 10 years at Peabody, is appointed CFO, due to start by 13 September 2021. He replaces Frederick Kotzee, and Financial Controller Ian Peters will act as CFO in any gap.
19 May 2021director officer appointment● Neutral
Rees Fleming becomes Company Secretary from 22 July 2021, replacing Tristan Garthe. Garthe moves to be Stanmore's nominated CFO of the MetRes joint venture that will develop Millennium and Mavis Downs.
12 May 2021director officer appointment● Neutral
CFO Frederick Kotzee resigns, effective 12 August 2021, and a search for a successor has begun. He will help with an orderly handover during his notice period.
10 May 2021admin correction● Neutral
Name change from Stanmore Coal Limited to Stanmore Resources Limited, approved by shareholders on 28 April 2021, is now registered with ASIC. ASX code stays SMR.
28 Apr 2021other▼ Bad
CEO's AGM address reviews the six months to December 2020: average price $115.1/t (from $159.5/t) and FOB costs $123.4/t. Says the Millennium deal is expected to complete by end of July 2021 and Isaac Downs mining will transition in H2 2021 and Q1 2022.
28 Apr 2021quarterly activities report● Neutral
March 2021 quarter: ROM coal fell to 514kt from 850kt as fleet capacity was cut; saleable coal 428kt, sales 523kt with stockpiles drawn down. Isaac Downs assessment report finalised; mining approvals still estimated mid-2021, with bulk sample mining due next quarter.
28 Apr 2021other● Neutral
Chairman's AGM address for the six months to December 2020: revenue $136.3m, net loss $16.1m, no dividend. Cites weak prices from China's ban on Australian coal. Reaffirms Isaac Downs and the Millennium acquisition. No new information.
15 Apr 2021asset acquisition disposition● NeutralMajor
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.
12 Mar 2021other● Neutral
S&P Dow Jones index rebalance notice lists Stanmore among additions to the All Ordinaries index from 22 March 2021. Not a company announcement and carries no business information.
26 Feb 2021annual report▼ Bad
Results for the six months to 31 December 2020, after the year-end change to align with parent GEAR: revenue $136.3m and a net loss of $16.1m, versus a $34.9m profit in the year to June 2020. No dividend declared.
29 Jan 2021quarterly activities report● Neutral
December quarter: 850kt ROM mined (up from 641kt), 582kt saleable and 582kt sold. Isaac Plains East extension approved under federal law; Isaac Downs assessment report due early March, with mining approvals estimated mid-2021. Lower March-quarter mining expected. US$40m GEAR loan confirmed.
22 Jan 2021auditor change● Neutral
Ernst & Young replaces BDO as auditor from 22 January 2021 after BDO resigned with ASIC consent. The stated reason is to align with majority shareholder GEAR's auditor. Shareholders will vote to ratify it at the next AGM.
27 Nov 2020director officer appointment● NeutralMajor
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.
24 Nov 2020other● Neutral
Chairman's AGM address repeats FY20 results: revenue $364.5m, net profit $34.9m, no final dividend. Notes the Isaac Downs feasibility study (A$215m NPV) and Golden's 75.33% holding after the takeover. No new information.
24 Nov 2020other▼ Bad
Interim CEO address reviews FY20 and says Isaac Downs construction and mining should start in the second half of 2021. Says Isaac Plains East mine plans are being revisited, with materially lower production expected from existing operations and shorter remaining life.
24 Nov 2020investor presentation● Neutral
AGM slides repeat the FY20 results, safety record and Isaac Downs plan (Supplementary EIS finalised, construction expected H2 2021). No new information.
2 Nov 2020debt financing● NeutralMajor
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.
