Stanmore Resources (SMR) Q4 2024 earnings summary

Executive summary

• Achieved record full-year saleable production of 13.8 million tons in 2024, surpassing guidance and setting records at all core operations, despite Millennium closure and wet weather impacts.

• South Walker Creek and Poitrel set all-time production and sales records, offsetting operational headwinds.

• Ended 2024 with strong product and ROM stockpiles, supporting sales into 1Q 2025.

• December quarter saleable production was 3.3 million tons, despite a 14-day planned shutdown and significant wet weather.

• No serious accidents in the quarter; safety metrics improved and remain below industry average.

Financial highlights

• Net debt improved to $26 million at year-end, with $289 million in cash and $509 million in total liquidity.

• $50 million upsizing of revolving credit facility, now totaling $150 million.

• $24 million in capital expenditure during the quarter, mainly for project tail end.

• $35 million in scheduled term loan amortisation during the quarter.

• Major one-off liabilities, including $170 million tax and $150 million earnout, were exhausted in 2024.

Outlook and guidance

• 2025 expected to be a strong production year, with steady state operations and more balanced quarter-to-quarter output.

• 2024 production exceeded guidance: 13.8 Mt actual vs. 12.8–13.6 Mt guided.

• South Walker Creek, Poitrel, and Isaac Plains Complex all outperformed or met upper guidance ranges.

• Strip ratios at South Walker and Isaac expected to normalize or decrease in 2025 after Q4 outliers.

• Final cost per tonne and capex updates to be provided in the annual report in late February 2025.