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 across all three core operations, despite Millennium closure and wet weather impacts.

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

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

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

• Achieved strong safety performance with a 12-month rolling frequency rate of 0.3, well below the industry average, and no serious accidents in the quarter.

Financial highlights

• Ended 2024 with $289 million in cash and total liquidity of $509 million, including undrawn credit facilities.

• Net debt as of December 31, 2024, was $26 million, reflecting robust balance sheet strength.

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

• Scheduled principal repayment of $35 million on term loan during the quarter.

• Upsized revolving credit facility by $50 million to $150 million, enhancing liquidity.

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 million tons actual vs. 12.8–13.6 million tons guided.

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

• Strip ratios at South Walker Creek and Isaac Plains expected to normalize or decrease after Q4 2024 outliers; Poitrel to remain steady.

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