Highlights

  • Stanmore agreed to purchase the Moranbah South tenements for USD 105mn, subject to ownership and regulatory conditions.
  • Saleable coal production reached 6.5 million tonnes during the first half, matching the corresponding period last year.
  • Underlying EBITDA increased to USD 174mn, while the company recorded a statutory loss after tax of USD 44mn.
  • The completed refinancing removed scheduled annual term debt repayments and reduced the interest margin by one percentage point.

Stanmore Resources (ASX:SMR) is advancing its metallurgical coal operations and development portfolio in Queensland. At the time of writing on 26 October 2026, its shares were trading at AUD 2.645, up 3.32% during the session. Stanmore agreed on 4 September 2026 to acquire the Moranbah South tenements from Exxaro for USD 105mn.

Conditional Acquisition Broadens Coal Portfolio

Stanmore agreed on 4 September 2026 to acquire the Moranbah South tenements from Exxaro for USD 105mn. The proposed transaction covers a full interest in the tenements and remains conditional on Exxaro first completing its acquisition of Anglo American’s half interest. Completion was expected before the end of 2026, subject to regulatory conditions.

The tenements adjoin Eagle Downs and the Isaac Downs Extension. Stanmore intends to fund the purchase through existing cash and liquidity. Completion would also remove up to USD 60mn of deferred and contingent consideration attached to the earlier designated-area agreement.

First Half Earnings Improve

Saleable coal production reached 6.5 million tonnes in the first half of 2026, matching the corresponding period. Sales totalled 6.4 million tonnes, with an average realised price of USD 153 per tonne. Coal sales revenue increased to USD 978mn from USD 867mn.

Underlying EBITDA rose to USD 174mn from USD 147mn, although the company recorded a statutory loss after tax of USD 44mn. Free-on-board cash costs excluding royalties were USD 101 per tonne. Operating cash flow reached USD 176mn, while net debt stood at USD 72mn at 30 June.

Funding And Approvals Shape Next Steps

A refinancing completed after the half-year end increased the term debt facility to USD 250mn and removed scheduled repayments of USD 70mn annually. The interest margin fell by one percentage point, and the undrawn revolving credit facility received a longer maturity profile.

Stanmore submitted the Isaac Downs Extension environmental impact statement in June. Development remains dependent on the approval process. Potential shared infrastructure between Moranbah South and Eagle Downs requires further technical work, feasibility assessment and relevant approvals. The company also plans an independent resource review after the acquisition completes.