Stanmore Resources (ASX:SMR): Half-Year Coal Results and Bowen Basin Operations

Aditi Sarkar

26 October 2026 04:54 PM AEDT

Stanmore Resources (ASX:SMR): Half-Year Coal Results and Bowen Basin Operations

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Highlights

Stanmore Resources (ASX:SMR) produced 6.5mn tonnes of saleable coal in 1H2026.
Coal sales revenue reached USD 978mn, compared with USD 867mn in 1H2025.
Underlying EBITDA increased to USD 174mn from USD 147mn, while FOB cash cost rose to USD 101/t.
The September-quarter investor briefing was scheduled for 27 October 2026.

Stanmore Resources Limited operates metallurgical coal mines and development projects in Queensland’s Bowen Basin, supplying coal used by steelmakers. The company’s 2026 half-year results showed steady saleable production, stronger revenue and higher unit costs. At the time of writing on 26 October 2026, Stanmore Resources (ASX:SMR) was trading at AUD 2.62, up 2.34% during the session. Attention also centres on the company’s upcoming September-quarter operating update.

Bowen Basin Portfolio Supports Production

Stanmore Resources (ASX:SMR) operates South Walker Creek, Poitrel and the Isaac Plains Complex. South Walker Creek produces pulverised coal for injection into steelmaking blast furnaces, while Poitrel supplies hard coking and injection coal. The Isaac Plains Complex includes the operating Isaac Downs area and established coal processing facilities.

Stanmore also controls development projects including Isaac Downs Extension, Eagle Downs and Lancewood.

Half-Year Results Show Higher Revenue and Costs

In its August 2026 half-year results, Stanmore Resources (ASX:SMR) reported run-of-mine coal mined of 9.1mn tonnes for the six months to June 2026, against 9.2mn tonnes in the comparable period. Saleable coal production remained at 6.5mn tonnes. Total sales were 6.4mn tonnes, down from 6.6mn tonnes, reflecting slightly lower volumes.

Coal sales revenue increased to USD 978mn from USD 867mn. The average realised coal sales price rose to USD 153/t from USD 132/t. Underlying EBITDA reached USD 174mn, compared with USD 147mn, while statutory EBITDA was USD 171mn against USD 147mn. Despite the higher earnings before interest, tax, depreciation and amortisation, the group recorded a USD 44mn after-tax loss, compared with a USD 51mn loss a year earlier.

FOB cash costs excluding royalties increased to USD 101/t sold from USD 89/t sold. Operating cash flow improved to USD 176mn from USD 151mn, while capital expenditure increased to USD 39mn from USD 36mn.

Operational Outlook and Project Pipeline

Stanmore Resources (ASX:SMR) entered 2026 with annual saleable-production guidance of 12.8mn–13.4mn tonnes, following 14.0mn tonnes produced in 2025. Its original cost guidance was USD 93–97/t, although the August half-year announcement subsequently referred to a revised cost range.

The production mix reflects expected lower output at the Isaac Plains Complex as mining is adjusted ahead of a possible transition to Isaac Downs Extension. The Isaac Downs Extension requires environmental and mining approvals before development decisions, while Eagle Downs and Lancewood represent longer-term project opportunities.

Key Operating and Market Risks

Metallurgical coal prices, exchange rates, rainfall and mining costs can change cash generation. Stanmore Resources (ASX:SMR) has also identified weather disruptions and cost escalation as operational considerations. Lower output at mature mining areas increases the importance of reliable performance elsewhere in the portfolio.

What to Watch Next

The next scheduled event for Stanmore Resources (ASX:SMR) is its September 2026 quarterly activities investor briefing on 27 October 2026. Relevant measures include saleable coal production, sales volumes, FOB cash costs, realised prices and progress against full-year guidance. Further disclosures about the proposed Moranbah South acquisition and approvals for Isaac Downs Extension may also inform the company’s development pipeline.

Key Insights

Stanmore Resources (ASX:SMR) generated higher revenue and underlying EBITDA in 1H2026, supported by stronger realised coal prices, while unit costs increased. The September-quarter update will provide the next operating comparison.

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