Stanmore Resources lifts underlying EBITDA to US$174M
- Stanmore Resources reported run-of-mine coal production of 9.1 million tonnes and an underlying EBITDA of US$174 million for the half-year period.
- Lower debt costs and extended facilities following corporate refinancing provided additional capital allocation flexibility.
- Reaffirmed full-year guidance and progressing approval pathways for the Isaac Downs Extension project drive operations.
Stanmore Resources (ASX:SMR) delivered a run-of-mine production figure of 9.1 million tonnes for the first half, supported by underlying EBITDA reaching US$174 million.
The company recorded a loss after tax of US$44 million, narrowing its loss from last year's $51 million.
The company expanded underlying EBITDA by US$27 million compared to the prior year period, driven by improved market conditions that partially offset higher operating costs.
"With routine maintenance and an investment in stripping South Walker Creek complete, strong results from Poitrel, Isaac Plains Complex performing to plan, and overall healthy closing inventories, the business is well positioned to deliver on its reaffirmed full-year guidance," said Stanmore Resources CEO & Executive Director Marcelo Matos.
Secondary details show saleable production reached 6.5 million tonnes with sales of 6.4 million tonnes at an FOB cash cost of US$101 per tonne.
The business stated that its balance sheet maintains conservative gearing with a net debt of US$72 million and a term debt facility expanded to US$250 million.
Following the announcement, the Stanmore Resources share price was up at $2.76.
Operational progress included submitting the Isaac Downs Extension Environmental Impact Statement during June to advance project approvals.
