Stanmore Resources (SMR) Q4 2025 earnings summary

Executive summary

• Achieved record operational and quarterly production and sales, closing the year with strong recovery and meeting guidance despite early adverse weather.

• Maintained robust safety performance, with a 12-month serious accident frequency rate of 0.33, well below industry benchmarks.

• Ended the year with healthy inventories, strong cash generation, and net debt reduced to $33 million, with total liquidity near $482 million.

Financial highlights

• Total cash at year-end was $212 million after a $35 million debt repayment.

• Net debt reduced to $33 million at year-end, down from $90 million in the prior quarter.

• Total liquidity at year-end was $482 million, including an upsized $200 million revolving credit facility.

• Average sales price for the year was $133/t, down from $168/t in 2024.

Outlook and guidance

• 2026 guidance and cost impacts from recent weather events to be released with full-year results in February.

• South Walker Creek and Poitrel expected to deliver solid operational years; Isaac Plains output to decline as it transitions to Isaac Downs Extension.

• Recovery from ex-tropical cyclone Koji underway, but Q1 expected to be significantly lower due to port closure and operational delays.