Stanmore Resources (SMR) AGM 2025 summary

Opening remarks and agenda

• Acknowledgement of traditional landowners and welcome to shareholders both in-person and online.

• Chair and CEO delivered opening addresses outlining the meeting's structure and key topics.

• Introduction of board members, executive team, auditors, legal advisors, and share registry representatives.

• Explanation of meeting procedures, proxy and voting processes, and poll opening.

• Shareholders given opportunity to ask questions on each resolution, with a limit of three questions per shareholder.

Financial performance review

• Achieved record production and sales volumes in 2024, with underlying EBITDA of $700 million and operating cash flows of $408 million.

• Capital expenditure reduced from $200 million in 2023 to $170 million in 2024, with most major investments completed.

• Total liquidity exceeded $500 million at year-end after debt refinancing.

• Fully franked final dividend of $0.067 per share, total 2024 dividends $0.111 per share ($100 million aggregate).

• Included in the ASX 200 Index in March 2024, reflecting market confidence.

Board and executive committee updates

• Board comprises a mix of executive and non-executive directors, each chairing key committees such as Health and Safety, Sustainability, Remuneration and Nominations, and Audit and Risk Management.

• Three directors (Caroline Chan, Brett Garland, Matt Latimore) retired by rotation and offered themselves for re-election.

• Board proposed increasing the non-executive directors' fee pool from $1 million to $1.5 million, citing increased size and complexity.