Stanmore Resources (SMR) Q3 2025 earnings summary

Executive summary

• Safety performance remained industry-leading, maintaining a 12-month serious accident frequency rate of zero.

• Operations improved across all key production metrics, with increased overburden removal supporting strong output for the fourth quarter.

• Both ROM and saleable production increased from the previous quarter, with record quarterly output at South Walker Creek.

• The business is positioned for a strong fourth quarter finish.

Financial highlights

• Cash balance increased to US$190 million as of 30 September, with total liquidity at US$420 million and all working capital facilities undrawn.

• Net debt reduced to US$90 million as of 30 September.

• $22 million in capital expenditures, the highest quarterly spend this year.

• Average sales price for the quarter was US$132/t, down from US$173/t year-over-year.

Outlook and guidance

• Full-year saleable production guidance narrowed to 13.8–14.2 Mt, reflecting lower output at Isaac Plains Complex and stronger performance at Poitrel.

• South Walker Creek guidance unchanged; Poitrel guidance revised upward due to strong recovery.

• Expectation to finish the year towards the higher end of the lowered cost guidance range.

• FOB cash cost guidance for 2025 remains at US$85–90/t, trending toward the upper end.

• Capital expenditure guidance reaffirmed at US$80–90 million.