STANMORE RESOURCES LIMITED Annual Report 2024 Contents STANMORE RESOURCES LIMITED ACN 131 920 968 ABOUT STANMORE RESOURCES LIMITED (ASX: SMR) Stanmore Resources Limited controls and operates the Isaac Plains Complex, South Walker Creek and Poitrel metallurgical coal mines, as well as the undeveloped Wards Well, Isaac Plains underground and Isaac Plains South projects, in Queensland’s prime Bowen Basin region. Stanmore Resources is also owner of the Millennium and Mavis Downs Mines and holds several additional high–quality prospective coal tenements located in Queensland’s Bowen and Surat Basins. The Company is focused on the creation of shareholder value via the efficient operation of its mining assets and the identification of further development opportunities within the region. CHAIR’S LETTER 2 CHIEF EXECUTIVE OFFICER’S REPORT 4 DIRECTORS’ REPORT 8 AUDITOR’S INDEPENDENCE DECLARATION 43 CONSOLIDATED FINANCIAL STATEMENTS 45 CONSOLIDATED ENTITY DISCLOSURE STATEMENT 105 DIRECTORS’ DECLARATION 106 INDEPENDENT AUDITOR’S REPORT 107 RESERVES AND RESOURCES 112 SHAREHOLDER INFORMATION 117 CORPORATE DIRECTORY 119 This Report should be read in conjunction with our Sustainability Report, which is also available on our website: www.stanmore.au 1 Stanmore | Annual Report 2024 We acknowledge the Traditional Owners of the land on which we work and operate: Turrbul and Jagera Country in Brisbane and Barada Barna, Widi and Jangga Country in Central Queensland. We pay respect to their Elders, past, present, and emerging. We respect their role as custodians of the land and water, and their right to maintain their culture, identity, traditions and customs. We are proud of the relationships we have developed with First Nations peoples and remain committed to supporting and strengthening our partnerships in a spirit of cooperation and reconciliation. These consolidated financial statements are of the consolidated entity consisting of Stanmore Resources Limited and its subsidiaries. This annual report, including the Directors’ report and financial statements, are presented in United States dollars and all amounts are reported in United States dollars unless otherwise stated. Stanmore Resources Limited is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Stanmore Resources Limited Level 32 12 Creek Street Brisbane QLD 4000 A description of the nature of the consolidated entity’s operations and its principal activities is included in the Directors’ report on page 8, which is not part of these consolidated financial statements. The consolidated financial statements were authorised for issue by the Directors on 24 February 2025. Through the use of the internet, we have ensured that our corporate reporting is timely and complete. All press releases, financial reports and other information are available at our Shareholders’ Centre on our website: www.stanmore.au 2 Stanmore | Annual Report 2024 Dear Shareholders, I reflect on 2024 as a year that reinforced Stanmore’s position as a stronger, more resilient company with a clear path forward. Our commitment to operational excellence, financial resilience and sustainable growth has yielded another year of outstanding results, ensuring we continue to deliver value for our shareholders. Stanmore Resources has once again demonstrated its ability to perform operationally at the highest level. While metallurgical coal prices moderated from the highs of 2022, our strong operational performance supported new records for coal production and sales. The initial benefits from capital reinvestment in our core operating assets contributed to improving productivity and building the future foundations of the business. In addition to organic growth, the Group completed a number of corporate transactions during the year which will support future capacity expansion. Additionally, our balance sheet remains robust, with total liquidity of more than US$500 million, following the successful completion of our corporate refinance. In line with our commitment to disciplined capital management, the Board declared a fully franked final dividend of US6.7 cents per share, bringing total dividends related to 2024 to US11.1 cents per share, or US$100 million in aggregate. This reflects our strong cash generation and confidence in our long-term value creation strategy. Our ability to execute large-scale projects efficiently and on budget has been a testament to our disciplined approach to operations and capital management. These projects not only strengthen our operations today but also set the foundation for long-term success. Stanmore’s inclusion in the ASX 200 Index in March 2024 is a testament to the market’s confidence in our transformation over the past two and a half years. Our operational strength, financial discipline and strategic vision position us to seize new opportunities while maintaining resilience in an evolving market landscape. We will continue to refine our strategies, address emerging challenges, and find new ways to integrate sustainability into our daily operations while delivering long-term value to shareholders and fostering a safe and engaged workforce. 2024 PERFORMANCE The health, safety and wellbeing of our people is Stanmore’s most important priority and we continue to actively identify and implement improvements to our safety culture and processes. Reinforcing our ability to operate efficiently and profitably in fluctuating market conditions, Stanmore delivered another strong financial performance in 2024. While sales of coal produced by Stanmore increased during the year, this was partially offset by a reduction in the average realised price with total revenue from coal sales reaching US$2.4 billion. Record production and disciplined cost management supported underlying Earnings before Interest, Taxation, Depreciation and Amortisation (EBITDA) of US$700 million and operating cash flows of US$408 million. The company’s commitment to disciplined capital management was evident as significant capital expenditure programs were completed on time and under budget. Expenditure on capital reduced from US$200 million in 2023 to US$170 million in 2024 as the majority of our one-off investment in the business projects were completed. Chair’s Letter 3 Stanmore | Annual Report 2024 SUSTAINABILITY Stanmore has maintained the momentum of previous years as we continue our sustainability journey. For Stanmore, mandatory climate-related financial disclosures commenced at the start of 2025. Under this new reporting standard, Stanmore will make climate-related financial disclosures, as part of the sustainability reporting in the 2025 annual report. In preparation for this, we have designed climate risk management processes to ensure that our sustainability reporting is compliant and fit-for-purpose. More details about our sustainability plans and performance are available in the Stanmore Resources Sustainability Report 2024. COMPANY OUTLOOK Stanmore has a diversified customer base across the traditional markets of Japan, Korea, Taiwan and Europe, and emerging markets in India and south-east Asia. Demand for metallurgical coal recently has been impacted by global steel and macro-economic conditions, however longer-term forecasted growth remains intact with India continuing to be an important growth market as its steel industry expands. The coal industry is monitoring any potential impacts on trade flows that might result from increasing international tariffs. As we navigate 2025 and beyond, Stanmore is well-positioned to pursue a range of strategic opportunities for organic growth and value-adding transactions that will support a runway of new mine capacity. We have a robust pipeline of investment options that will allow us to build on our strong foundations while maintaining financial discipline. With a strong balance sheet, prudent financial management, and a clear strategic vision, we are well-positioned to capitalise on opportunities while maintaining resilience in a dynamic market environment. Operational performance will continue to be a key focus as we strive to maximise value from our existing assets. Stanmore’s ability to execute complex projects, optimise operational efficiencies, and maintain a strong financial position reinforces our status as a leading player in the industry. As we move forward, we will continue to identify and seize new opportunities, further strengthening our capacity for sustainable, long-term growth in shareholder value. I would like to extend my sincere gratitude to our employees, stakeholders, leadership team and the Board for their unwavering dedication and hard work throughout 2024. Their commitment to operational excellence, safety, and sustainability has been instrumental in achieving another year of success. Thank you to the Traditional Owners and local community for your ongoing and valued relationship. We remain committed to delivering value for our shareholders, maintaining financial strength, and seizing new opportunities while upholding the highest standards of responsibility and sustainability. I look forward to Stanmore’s continued growth and success in 2025 and beyond. Dwi Suseno Chair Chair’s Letter (CONTINUED) 4 Stanmore | Annual Report 2024 Dear Shareholders, 2024 has been another landmark year for Stanmore Resources, solidifying our reputation as a reliable and high-performing company. Strong operational execution, financial discipline, and strategic investments have enabled us to deliver record production results while successfully completing large-scale capital projects on time and under budget. We achieved record Run of Mine (ROM) coal production across all core operating assets, with consolidated ROM coal reaching 19.4 million tonnes, representing an increase of 5 per cent over last year (2023: 18.4Mt). Saleable coal production also increased, totalling 13.8 million tonnes (2023: 13.2Mt) and exceeding the upper end of our public guidance range. Total coal sales reached 14.2 million tonnes, an increase of 8 per cent from last year (2023: 13.1Mt). Free On Board (FOB) cash costs remained competitive at US$89 per tonne (excluding royalties), a marginal increase in costs compared to 2023 which resulted from cost inflation, impacts of wet weather on production, and mine sequencing, partially offset by record production and sales. The results demonstrate our ability to maintain efficient operations and control costs in a dynamic market. We achieved a solid profit outcome for the year, despite the average realised sales price falling from US$214 per tonne in 2023 to US$168 per tonne as export prices continued to moderate from the high points reached in 2022. Our robust balance sheet positions us well for continued financial stability and future growth. We ended the year with a net debt position of US$26 million, supported by a closing cash position of US$289 million. During the year we refinanced the US$70 million GEAR Working Capital Facility for a further two years. Together with the successful refinancing of our debt facilities, comprising a US$350 million five-year term loan facility and US$150 million revolving credit facility, it further strengthens our capital structure to ensure we have the flexibility to invest in future organic growth or benefit from potential mergers and acquisitions opportunities while maintaining a prudent financial position. Key investments in new production capacity at South Walker Creek as well as improvement projects at all operations were completed efficiently, reinforcing our credibility in managing large and complex capital projects. Our track record of delivering capital projects on schedule and under budget highlights our disciplined approach to growth and capital allocation, ensuring sustainable value creation for shareholders. These achievements not only reinforce our position as a trusted leader in the industry but also provide a robust foundation for future value delivery and growth. The MRA2C Creek Diversion was concluded more than US$30 million below budget, unlocking access to 58 million tonnes of high-quality coal and enhancing long-term production capabilities. Chief Executive Officer’s Report 5 Stanmore | Annual Report 2024 The expansion of South Walker Creek saw the upgrade of the coal handling and preparation plan (CHPP), with ramp-up completed ahead of schedule, increasing production capacity and operational efficiencies. This, along with world-class dragline performance, supported strong operational results in 2024, maintaining a record production profile year-on-year and exceeding guidance. The operation was successfully debottlenecked, ensuring seamless operational readiness for ROM coal mining capacity increasing to 9.4 million tonnes and saleable coal production capacity to circa 7.0 million tonnes per annum respectively from 2025. The mining services agreement tender and contract award were completed in the second half of 2024, further strengthening the long-term sustainability and productivity of the operation. Poitrel achieved production and sales records that helped offset the impact of the Millennium mine closure. The successful completion of the Ramp 10 box-cut has been a critical step in maintaining a balanced life-of-mine strip ratio to ensure long-term operational competitiveness. Performance has been further strengthened through strategic fleet replacement activities. The Isaac Plains Complex delivered record ROM production, despite challenging weather conditions. Operational efficiency was enhanced with the introduction of a primary crushing unit, improving CHPP performance. In addition to strong operational and project execution, 2024 saw the completion of strategic transactions including the sale of the southern portion of Ward’s Well, the acquisition of 100% of the Eagle Downs project, and securing the Designated Area Agreement which creates a pathway to develop the Isaac Downs Extension project. These transactions position us for long-term value creation and reflect our commitment to disciplined capital allocation. Strong operational execution, financial discipline, and strategic investments have enabled us to deliver record production results. Chief Executive Officer’s Report (CONTINUED) 6 Stanmore | Annual Report 2024 Chief Executive Officer’s Report (CONTINUED) Looking ahead, we have a strong pipeline of investment opportunities that will enable Stanmore to sustain and potentially expand capacity via organic growth. Feasibility studies for the Isaac Downs Extension and Eagle Downs projects are progressing well, positioning the company for extended life at the Isaac Plains Complex and potential future expansion with Eagle Downs. Our capital expenditure guidance for 2025 is set at US$105–US$115 million, ensuring we maintain financial flexibility while preparing for the next wave of investment initiatives. Furthermore, we continued to grow our resource base, with Reserves increasing to 534 million tonnes and Resources expanding to 5.1 billion tonnes, underpinning our ability to secure and develop high-quality coal assets that support long-term production and revenue generation. The success of our organisation is fundamentally reliant on our employees, and investing in our workforce is essential to maintaining Stanmore’s reputation as a reliable and consistent performer. We continue to focus on leadership development, safety training, and operational excellence to ensure the wellbeing and success of our employees. These initiatives are critical to ensuring our long-term performance and sustainability. Keeping everybody on our sites safe will always be our first priority and this principle underpins extensive continuing work to build an effective safety culture. Ensuring ownership and accountability for safe working across all levels of the organisation was our main focus during the year. In 2024, our underlying safety performance improved from the previous year, with a 50% reduction in high potential incidents, a 36% decrease in average lost time days, and a 37% reduction in workers’ compensation costs. Serious Accident Frequency Rate (SAFR) was 0.30, which is significantly below the industry average of 0.61. However, this is an increase from 0.19 last year, which reinforces the importance of focus and continuous improvement in this space. We completed a Principal Hazard and Critical Control Review to strengthen risk management across our operations, while enhancements in hazard identification and field engagement programs have led to a reduction in severe injury rates. We made significant progress on some key sustainability initiatives during the year. Our Decarbonisation Plan advanced in 2024, identifying key projects including a 20MW gas-to-electricity project at South Walker Creek with the support of the Queensland Government’s Low Emissions Investment Partnership program. This project will reduce future fugitive emissions from operations through the capture of coal seam gas to be reused on site in the form of stable long-term electricity supply. The Group Environment Policy was also endorsed by the Board and our Social Performance Framework was finalised during the year. We have deepened our engagement with Traditional Owners and the broader community, implementing the Reflect stage of our Reconciliation Action Plan and increasing our spend with Indigenous partners and businesses to A$5.2 million up from A$3.8 million. Our total spend on local suppliers rose to A$239 million in 2024, up from A$223 million the previous year reflecting our continued commitment to making a positive impact by supporting businesses in our operating region. Sustainability remains embedded in our operations, ensuring we maintain our strong financial position while meeting our broader social and environmental responsibilities. More details about our sustainability strategy, performance and future objectives are provided in the Stanmore Resources Sustainability Report 2024 which is available on the company’s website. As we enter 2025, Stanmore is stronger and more prepared than ever to manage uncertain global steel and macro-economic conditions. With the successful completion of our recent capital projects, we are now returning to sustaining capital levels before embarking on the next phase of major developments. Our ability to balance disciplined capital allocation with improvement and growth-oriented investments ensures we are well-positioned for the future. 7 Stanmore | Annual Report 2024 I would like to express my sincere gratitude to all Stanmore employees for their dedication, hard work, and commitment to excellence. Their efforts have been instrumental in making 2024 another successful year for Stanmore Resources. Thank you to our site neighbours, Traditional Owners, local communities, customers and suppliers who all play an important role in our continued success. Finally, I would also like to thank Stanmore Resources shareholders for your continuing support. With a solid foundation in place, a clear strategy for long-term sustained value delivery and growth, and an unwavering focus on operational excellence, I am confident in our ability to build on this momentum in the years to come. Marcelo Matos Chief Executive Officer and Executive Director Chief Executive Officer’s Report (CONTINUED) Our commitment to operational excellence, financial resilience and sustainable growth has yielded another year of outstanding results, delivering value for our shareholders. 8 Stanmore | Annual Report 2024 Directors’ Report PRINCIPAL ACTIVITIES The principal activity of the Group during the period was the exploration, development, production and sale of metallurgical coal in Queensland, Australia. In the opinion of the Directors, there were no significant changes in the state of affairs of the Group that occurred during the financial year that have not been noted in the review of operations. Directors and Company Secretary Mr Dwi Suseno Mr Marcelo Matos Mr Jimmy Lim Mr Richard Majlinder Mr Brett Garland Mr Matthew Latimore Ms Caroline Chan Ms Keira Brennan (appointed 12 April 2024) Mr Murray Smith (alternate to Mr Matthew Latimore) The following person was the Company Secretary of the Company during the financial year and up to the date of this report: Mr Rees Fleming Directors’ Report (CONTINUED) 9 Stanmore | Annual Report 2024 INFORMATION ON DIRECTORS The following information is current as at the date of this report. Dwi Suseno Chair and Non-Executive Director (Appointed: 15 May 2020) Experience and expertise Mr Dwi Suseno is the Executive Director and Group CEO of Golden Energy and Resources Pte. Ltd (GEAR), an international mining and resources company. Mr Suseno is responsible for managing operations for GEAR, including mining, logistics and coal marketing, as well as leading strategic initiatives and expansions. Mr Suseno began his career in Australia, where he was raised and educated, and he has over 26 years of experience in management, commercial and finance in mining resources as well as oil and gas related industries in both Australia and internationally. Mr Suseno was previously an Executive Director and Chief Financial Officer of Straits Corporation Group, which was then part of the SGX-listed coal mining company Straits Asia Resources Limited. Mr Suseno has previously worked with Baker Hughes Inc. (Fortune 500 NYSE listed oilfield services company), Arthur Andersen Australia and Ernst & Young LLP. Mr Suseno is a Certified Public Accountant in both Australia and Singapore, graduated with a Bachelor of Commerce Degree from the University of Western Australia, Graduate Diploma in Tax from the University of Melbourne’s Law Masters program, as well as a Postgraduate Diploma in Business from Curtin University. He also holds an Executive MBA from the Kellogg School of Management, and Hong Kong University of Science and Technology. Other listed current directorships Nil Former listed directorships in last 3 years Executive Director of Golden Energy and Resources Limited (SGX: AUE). Directorship ceased due to delisting from the SGX on 28 September 2023. Special responsibilities • Chair of the Disclosure Committee Marcelo Matos Chief Executive Officer and Executive Director (Appointed: 27 November 2020) Experience and expertise Mr Marcelo Matos has over 25 years of experience in the mining sector in a number of operations, projects, business development, marketing and sales, strategy and planning roles in Australia, China, Singapore, Brazil and spent many years involved with large developments in Mozambique. Having started with Stanmore Resources initially as a Non-Executive Director in late 2019, he took the helm as CEO in August 2020 and led the acquisition of the SMC assets and the transformation of Stanmore into a large metallurgical coal producer. Prior to that and amongst other roles, Mr Matos worked for Vale for close to 20 years in various senior roles, starting in iron ore and moving into coal as its Chief Marketing and Strategy Officer as well as their Managing Director in Australia. He is also a Board Director of the Queensland Resources Council. Mr Matos holds a Bachelor of Business Administration degree from the Pontifical Catholic University of Rio de Janeiro (Brazil) and an Executive MBA from IBMEC Business School. Other listed current directorships Nil Former listed directorships in last 3 years Nil Special responsibilities • Member of the Health and Safety Committee • Member of the Disclosure Committee Directors’ Report (CONTINUED) 10 Stanmore | Annual Report 2024 Jimmy Lim Non-Executive Director (Appointed: 23 October 2019) Experience and expertise Mr Jimmy Lim has over 20 years of experience in finance and investment management in the metals and mining sector, with extensive industry relationships in Australia and globally. Mr Lim started his career in Perth with Ernst & Young in Tax, serving natural resources and infrastructure companies of all sizes before moving into Corporate Finance with Ernst & Young and then KPMG where he continued advising clients in the natural resources sector. From there, Mr Lim then went on to work for JP Morgan in Melbourne where he worked on assignments advising and financing some of the largest companies in the world before moving to Hong Kong with Morgan Stanley and Goldman Sachs, where he was responsible for coverage of Metals and Mining in Asia excluding China. Mr Lim is a Fellow of Financial Services Institute of Australasia (FINSIA) and holds an MBA and degrees in Engineering and Science from the University of Western Australia. Other listed current directorships Nil Former listed directorships in last 3 years • Non-Executive Director at Sendero Resources Limited (TSX-V:SEND) Resigned: 5 June 2024 • Non-Executive Director at 5E Advanced Minerals Inc (NASDAQ: FEAM) Ceased: 12 January 2025 Special responsibilities • Chair of the Remuneration and Nominations Committee • Member of the Audit and Risk Management Committee Richard Majlinder Non-Executive Director (Appointed: 15 May 2020) Experience and expertise Mr Richard Majlinder is the Chief Investment Officer at Maranello Capital, an Australian-owned private wealth fund. He was previously Chief Commercial Officer for Madison Group Enterprises, a manufacturer and B2B distributor of communications technology. Prior to this, he held a number of roles with PricewaterhouseCoopers (PwC), including as a Partner in Private Clients Advisory, leading client projects across mergers and acquisitions, consulting and financial management. Mr Majlinder has a Bachelor of Science (Honours) in Economic History from the London School of Economics, and is a Fellow of the Institute of Chartered Accountants in England and Wales. He is also a Member of the Institute of Chartered Accountants in Australia & New Zealand, and a Member of the Australian Institute of Company Directors (MAICD). Other listed current directorships Nil Former listed directorships in last 3 years Nil Special responsibilities • Chair of the Audit and Risk Management Committee • Member of the Remuneration and Nominations Committee Directors’ Report (CONTINUED) 11 Stanmore | Annual Report 2024 Matthew Latimore Non-Executive Director (Appointed: 25 May 2022) Experience and expertise Mr Matthew Latimore is Chairman and President of M Resources, a rapidly growing and agile company involved in investment, marketing, and trading of metallurgical coal. M Resources is the major shareholder in Mastermyne Group Limited (ASX: MYE), an underground mining services company operating in Australia. M Resources is also 50% shareholder and joint venture operator in Magnetic Rail which owns OneRail Australia, which rails circa 60Mtpa of coal in NSW and QLD and various other investments in listed and unlisted companies such as GM3 in Illawarra Metallurgical Coal Complex and other vanadium, graphite, bauxite and copper interests. Prior to establishing M Resources, Mr Latimore held the position of General Manager for Sales and Marketing at Wesfarmers’ Curragh coal mine. In this role, Mr Latimore was responsible for global sales to steel mills and domestic and international power utilities. Mr Latimore was also a Director of Curragh Coal Sales Pty Ltd. Mr Latimore has held various positions with Mitsui & Co (Australia) Pty Ltd in Brisbane, Sydney and Tokyo, working on joint ventures including Atlantic Richfield and BHP Mitsui Coal. Mr Latimore has an Executive MBA from the Australian Graduate School of Management, and a Bachelor of International Business from Griffith University. He is a Graduate of the Australian Company Directors Course (GAICD) and graduated from the Columbia Senior Executive Program in New York in 2011. Other listed current directorships Nil Former listed directorships in last 3 years • Non-Executive Director of Bowen Coking Coal Limited (ASX:BCB) Resigned: 25 July 2023 • Non-Executive Director of Magnum Mining and Exploration Limited (ASX:MGU) Resigned: 8 March 2024 Special responsibilities Nil Brett Garland Non-Executive Director (Appointed: 25 May 2022) Experience and expertise Mr Brett Garland has worked in the Australian mining industry for more than 44 years and held numerous management and executive management positions, including Executive Vice-President Production — Macarthur Coal, Project Executive, New Saraji — New Hope Group, Managing Director of Caledon Coal and Chief Executive Officer of Baralaba Coal. Mr Garland served from 2005 until 2015 as a member of the Queensland Ministerial Advisory Committee for the Queensland Coal Mining Safety & Health Act. He was previously Director of the Mining Industry Safety & Health Centre, part of the Sustainable Mining Institute at the University of Queensland. He is also Chairman of the Queensland Mines Rescue Board. Mr Garland holds a Bachelor of Engineering (Honours) from the University of Wollongong and an Executive MBA from the Queensland University of Technology. He also holds qualifications as a Certified Coal Mine Manager in NSW & Queensland, and is a Fellow of the Australasian Institute of Mining and Metallurgy and a Chartered Professional with the AusIMM. Other listed current directorships Nil Former listed directorships in last 3 years Nil Special responsibilities • Chair of the Health and Safety Committee • Member of the Sustainability Committee • Member of the Remuneration and Nominations Committee Directors’ Report (CONTINUED) 12 Stanmore | Annual Report 2024 Caroline Chan Non-Executive Director (Appointed: 25 May 2022) Experience and expertise Ms Chan brings over 20 years’ expertise in banking and finance, with a proven track record in leadership, strategy and transformational change. She has held various senior executive roles at Westpac Banking Corporation including Head of Institutional Banking for Western Australia & South Australia and Chief Operating Officer of Corporate & Institutional Banking where she advised on complex client transactions, drove strategic growth initiatives and led operational transformations. Prior to Westpac, Ms Chan developed corporate finance transaction experience through roles in mergers and acquisitions at Deutsche Bank and acquisition finance at NM Rothschild. She also gained commercial and operational experience at Singtel Optus and Perth Airport. Ms Chan served on the Board of the Australia-ASEAN Council from 2022–2024, an advisory body established by the Australian Government to strengthen Australia’s engagement with Southeast Asia. She was also a Board member of Loreto Nedlands, and Chair of its Finance Committee from 2016–2021. Ms Chan is a WA Business News ‘40 under 40’ award winner, and is a passionate advocate for diversity, inclusion and sustainable business practices. She holds Bachelor of Laws and Bachelor of Commerce (Accounting & Finance) degrees from the University of Western Australia, a postgraduate Diploma in Applied Finance & Investment from the Securities Institute of Australia, and is a graduate of the Australian Institute of Company Directors course (GAICD). Other listed current directorships Nil Former listed directorships in last 3 years Nil Special responsibilities • Chair of the Sustainability Committee • Member of the Audit and Risk Management Committee Keira Brennan Non-Executive Director (Appointed: 12 April 2024) Experience and expertise Ms Brennan has over 30 years’ experience advising in the energy and resources sectors and is recognised as one of the leading lawyers in these sectors in Queensland. Ms Brennan advises energy and resources clients on strategic issues and operational requirements, including multi-transactional and multi-asset mergers and acquisitions, joint venture agreements, organisational restructuring and asset sales. She also has extensive experience advising on contract drafting and negotiation, including coal offtake and strategic supply agreements, and rail and port infrastructure access and pricing, including haulage agreements and access to coal export terminals. Ms Brennan holds a Bachelor of Laws from the University of Queensland, and since July 2023 has been a Senior Adviser in the Brisbane office of Norton Rose Fulbright, having joined the firm as a partner in 2014, heading the firm’s infrastructure, mining and commodities team. She has been recognised as a leading energy and natural resources lawyer in Australia in Chambers since 2009, and was named as Brisbane’s 2023 Natural Resources lawyer of the Year by Best Lawyers Australia. Between 2013 and 2021, she was a Director on the National Board of the Energy & Resources Law Association (previously AMPLA), and a Non-Executive Director of the Australian Rail Track Corporation. Other listed current directorships Nil Former listed directorships in last 3 years Nil Special responsibilities • Member of the Sustainability Committee • Member of the Health and Safety Committee Directors’ Report (CONTINUED) 13 Stanmore | Annual Report 2024 Murray Smith Alternate to Mr Matthew Latimore (Appointed: 1 June 2023) Experience and expertise Mr Smith is a highly experienced business executive with over 30 years of experience in senior executive and board roles across the resources, financial services, government administration and childcare services industries. Mr Smith is currently Chief Operating Officer of the M Resources Group with responsibility for coordinating and leading the Group’s corporate functions including strategy and finance. Other listed current directorships Mastermyne Group Limited (ASX:MYE) Appointed: 22 May 2023 Former listed directorships in last 3 years Nil Special responsibilities Nil CHIEF FINANCIAL OFFICER Shane Young (Appointed: 12 August 2021) Experience and expertise Mr Shane Young has over 25 years of experience in Accounting, Financial Planning and Analysis, Commercial, Corporate Finance, Treasury, Corporate Development, and Governance roles in Australia, the United Kingdom, the Netherlands, the Cayman Islands and the United States. Mr Young has worked for major global organisations including KPMG, Shell and Peabody, and held various senior roles in the mining industry over several years. Having joined Stanmore in August 2021 as Chief Financial Officer, Mr Young has full responsibility for all aspects of Financial Reporting, Accounting, Financial Planning, Shared Services, Treasury, Taxation and Investor Relations, as well as Human Resources, Technology, Supply and Procurement in a broad role that covers all major corporate support services for the Group. Mr Young is a Chartered Accountant and holds a Bachelor of Commerce (Accounting and Finance) degree from Monash University. He is a member of the Chartered Accountants Australia & New Zealand, a member of Australia Corporate Treasury Association (Certified Finance and Treasury Professional), and a graduate of the Australian Institute of Company Directors (GAICD). Special responsibilities • Member of the Disclosure Committee COMPANY SECRETARY Rees Fleming (Appointed: 22 July 2021) Experience and expertise Mr Rees Fleming has more than 24 years’ experience as a lawyer in both private practice and in-house roles focusing on M&A, corporate, commercial, litigation, shipping, corporate governance, compliance and risk. He has held General Counsel and Company Secretarial roles for listed and large multinational companies, including Vale, Wilmar Sugar Australia and worked in private practice with major law firms Ashurst and Clayton Utz. His current role as Company Secretary & General Counsel encompasses the Legal, Corporate Governance, Compliance and Risk functions. Mr Fleming holds a Master of Law (International Shipping) and a Bachelor of Law. He is a practising legal practitioner, a graduate of the Australian Institute of Company Directors (GAICD) and a member of Queensland Law Society, Association of Corporate Counsel and Energy Resources Law Association. Special responsibilities • Member of the Disclosure Committee No person who was an officer of the Company at any time during the financial year was a partner or director of a firm or entity involved in the audit of the Company. Directors’ Report (CONTINUED) 14 Stanmore | Annual Report 2024 DIRECTORS’ INTERESTS Mr Latimore and the entities he controls hold 43,593,804 (4.8%) shares in Stanmore Resources Limited. Ms Chan indirectly holds interests in 30,000 shares in Stanmore Resources Limited. As at the date of this report, no other Directors held any shares, options and other equity instruments in the Group. MEETINGS OF DIRECTORS The numbers of meetings of the Company’s board of Directors and of each board committee held during the year ended 31 December 2024, and the numbers of meetings attended by each Director were: Meetings of Committees Board Audit & Risk Management Remuneration & Nominations Health & Safety Sustainability A B A B A B A B A B Mr Dwi Suseno 7 6 - - 4 3 - - - - Mr Marcelo Matos 7 7 - - - - 4 4 - - Mr Jimmy Lim 7 7 4 4 4 4 - - - - Mr Richard Majlinder 7 6 4 4 4 4 - - - - Mr Matthew Latimore 7 6 - - - - - - - - Mr Brett Garland 7 7 - - - - 4 4 4 4 Ms Caroline Chan 7 7 4 4 - - - - 4 4 Ms Keira Brennan 5 4 - - - - 2 2 4 4 Mr Murray Smith 1 1 - - - - - - - - A= Number of meetings held during the time the Director held office or was a member of the committee during the year, or in the case of an alternate director, the number of meetings that that alternate director was entitled to attend during the year B= Number of meetings attended Mr Matos is a member of the Health and Safety Committee. However, in his role as Chief Executive Officer and Executive Director, he additionally attends all other Committee meetings. The above notes where he is a listed member of the Committee. Mr Smith in his capacity as alternate director for Mr Latimore attended one Company meeting. The Disclosure Committee did not meet formally during the course of the year. DIVIDENDS Paid Dividends of US$115.5 million were paid to shareholders during the year ended 31 December 2024 (2023: US$52.5 million). Declared after year end On 24 February 2025, the Directors declared a fully franked final dividend of US6.7 cents per share totalling US$60.4 million to be paid on 13 March 2025. Directors’ Report (CONTINUED) 15 Stanmore | Annual Report 2024 SHARE AND UNISSUED INTERESTS UNDER OPTION At the date of this report, there were nil unissued ordinary shares or unissued interests under option in the Company or its controlled entities. No shares or interest of the Company or its controlled entities were issued during or since the year end as a result of the exercise of an option over unissued shares or interest. CHANGES TO CAPITAL STRUCTURE At the date of this report, Stanmore had 901,391,634 (2023: 901,391,634) ordinary shares, nil unlisted options and nil rights on issue. INSURANCE OF OFFICERS AND INDEMNITIES (a) Insurance of officers The Constitution of Stanmore requires that it indemnifies each of its (and its subsidiaries) directors, officers and company secretaries, to the extent permitted by law, in respect of any liability arising out of any activity of the Company or a relevant subsidiary, or the proper performance of that officer’s duties. The current directors, officers and company secretary of Stanmore (as well as individuals who formerly held these positions) have the benefit of this indemnity. As permitted by rule 18.2 of the Constitution, the Company has entered into deeds of indemnity, insurance and access with each of its directors, company secretary and officers, under which it agrees to indemnify those persons on a full indemnity basis, to the extent permitted by law. Stanmore maintains directors and officers liability insurance, which insures against certain liabilities (subject to exclusions) in respect of current and former directors and officers of the Group. Due to confidentiality obligations and undertakings of the insurance policy, the Company is not permitted to disclose any further details about the premium or insurance. During the reporting period, and as at the date of this report, no indemnity has been paid in favour of a current or former director or officer of a member of the Group. (b) Indemnity of auditors To the extent permitted by law, the Company has agreed to indemnify its auditors, Ernst & Young, as part of its terms of its audit engagement agreement against claims by third parties arising from the audit. The Company has made no payment to indemnify Ernst & Young during or since the financial year. EVENTS SINCE THE END OF THE FINANCIAL YEAR No other matters or circumstance have arisen since 31 December 2024 that have significantly affected the Group’s operations, results or state of affairs, or may do so in future years. ROUNDING OF AMOUNTS The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Report) Instrument 2016/191, relating to the ‘rounding off’ of amounts in the Directors’ report. Amounts in the Directors’ report have been rounded off in accordance with the instrument to the nearest hundred thousand dollars unless otherwise stated. ENVIRONMENTAL REGULATION The Group is subject to environmental regulation in respect of its operating and exploration activities. During the year, Isaac Plains was issued a penalty infringement notice for a minor, non-compliant release of mine-affected water in February 2024. There are no other material matters that have arisen in relation to environmental issues up to the date of this report. PROCEEDINGS ON BEHALF OF THE COMPANY No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party, for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings. The Company was not a party to any such proceedings during the year. Directors’ Report (CONTINUED) 16 Stanmore | Annual Report 2024 2024 $’000 2023 $’000 Taxation services Ernst & Young Australian firm: Fees for tax compliance and advisory services 210.1 235.9 Total remuneration for taxation services 210.1 235.9 Other services Ernst & Young Australian firm: Fees for other advisory services 222.0 26.8 Total remuneration for other services 222.0 26.8 Total remuneration for non-audit services 432.1 262.7 AUDITOR’S INDEPENDENCE DECLARATION A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 43. AUDIT AND NON-AUDIT SERVICES The board of Directors has considered the level and type of non-audit services provided by the auditor and, in accordance with advice received from the Audit and Risk Management Committee, is satisfied that the provision of the non-audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The Directors are satisfied that the provision of non-audit services by the auditor, as set out below, did not compromise the auditor independence requirements of the Corporations Act 2001 for the following reasons: • all non-audit services have been reviewed and approved by the Audit and Risk Management Committee prior to commencement to ensure they do not adversely affect the integrity and objectivity of the auditor, and • none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants. During the year the following fees were paid or payable for non-audit services provided by Ernst & Young, the auditor of the Group: OPERATING AND FINANCIAL REVIEW Highlights of the Group’s operations and results for the year ended 31 December 2024 are described below: • Serious Accident Frequency Rate (SAFR) of 0.30 per million hours (31 December 2023: 0.19 per million hours), below the industry average of 0.61 for surface mines (reported as of September 2024 by Resources Safety and Health Queensland); • Underlying EBITDA (a non-lFRS measure defined below) of $700.3 million (31 December 2023: $1,100.1 million); • Net profit after tax of $191.5 million (31 December 2023: $472.4 million); • Cash inflows from operations of $407.7 million (31 December 2023: $736.9 million); • Cash and cash equivalents of $288.9 million as at 31 December 2024 (31 December 2023: $446.3 million); • Refinanced and upsized debt facilities including a $350 million five-year amortising Term Loan Facility as well as a $150 million Revolving Credit Facility; and • Acquisition of Eagle Downs and Isaac Downs Extension (Isaac South) projects completed during the year, along with the divestment of the Wards Well southern tenements. Directors’ Report (CONTINUED) 17 Stanmore | Annual Report 2024 (a) Financial performance 31 December 2024 $M 31 December 2023 $M Total revenue and other income 2,399.6 2,806.9 Operating costs (2,144.8) (2,031.8) Other gains/(losses) 96.0 - Operating profit 350.8 775.1 Profit/(loss) before income tax and net finance expenses 350.8 775.1 Finance income 21.9 26.4 Finance costs (102.6) (111.4) Share of profit/(loss) from associates - (18.1) Profit/(loss) before income tax benefit/(expense) 270.1 672.0 Income tax benefit/(expense) (78.6) (199.6) Profit/(loss) after income tax expense 191.5 472.4 (b) Underlying EBITDA result (unaudited, non-IFRS measure) Underlying EBITDA (an unaudited, non-IFRS measure) reflects statutory EBITDA as adjusted to reflect the Directors’ assessment of the result for the ongoing business activities of the Group. The items adjusted are determined to be non-cash transactions that are unrelated to mining operations. The presentation of non-IFRS financial information provides stakeholders the ability to compare against prior periods in a consistent manner. 31 December 2024 $M 31 December 2023 $M Net Profit after tax 191.5 472.4 Add back: Depreciation and amortisation expense 364.3 310.0 Income tax expense 78.6 199.6 Finance costs — net 80.7 85.0 Earnings before interest, depreciation and amortisation (EBITDA) 715.1 1,067.0 Transaction and transition costs 7.1 3.0 Impairment and closure costs 74.1 30.1 Gain on sale of Wards Well (96.0) - Underlying EBITDA (non-IFRS measure) 700.3 1,100.1 The underlying EBITDA of $700.3m for the year ended 31 December 2024 was $399.8m lower than underlying EBITDA of $1,100.1 million for the period to 31 December 2023. Directors’ Report (CONTINUED) 18 Stanmore | Annual Report 2024 The decrease in EBITDA was primarily driven by the lower US$/t sales prices realised during the period, with the impact of this partially offset through operational improvements, higher sales volumes and favourable currency movements. Free on Board (‘FOB’) cash costs increased year-on-year, with robust sales volumes, favourable currency movements and operational improvements helping mitigate general cost inflation, higher labour costs and the under-performance of the Millennium operations in the first half of 2024. The primary drivers contributing to the Net Profit after Tax (‘NPAT’) result include: • Gross revenue from coal sales decreased to $2,395.5 million for the year ended 31 December 2024 from $2,803.6 million in the period to 31 December 2023. The decrease was driven by a reduction in the US$ realised price to an average of $167.94/t from $214.0/t in the prior period. This was partially offset by an increase in sales of produced coal to 14.2Mt in the period to 31 December 2024 from 12.8Mt in the period to 31 December 2023 • FOB cash costs per tonne (excluding royalties and inventory movements) have increased slightly year on year, from $86.0/t to $89.4/t • Depreciation and amortisation costs increased from $310.0 million to $364.3 million in line with the increased Property, Plant and Equipment assets and production levels during the period. (c) Cash flow In the period to 31 December 2024, total net cash outflows of $157.4 million, including the effect of exchange rate changes, were recorded (31 December 2023: total inflows of $13.9 million). The net cash inflow from operating activities was $407.7 million (31 December 2023: $736.9 million). Overall operational cash flows have decreased due to the lower average sales prices achieved from coal sales, in conjunction with slightly higher production costs per tonne, reducing average margins achieved. Cash outflows from investing activities were $249.8 million (31 December 2023: $258.6 million), which included the impact of elevated capital spend at South Walker Creek as the MRA2C project was substantially completed, along with impacts from the BHP — BMC deferred earn-out payment ($150.0 million) and acquisition payments for the Eagle Downs and Isaac Downs extension projects. Offsetting these outflows were proceeds from the sale of the non-core Wards Well southern tenement for $134.4 million. Net cash from financing activities totalled outflows of $314.9 million (31 December 2023: $462.9 million). This included net debt repayments of $18.3 million following the successful debt refinance and $115.5 million of dividends paid to shareholders. 31 December 2024 $M 31 December 2023 $M Net cash at beginning of period 446.3 432.4 Cash flows from operating activities 407.7 736.9 Cash flows from investing activities (249.8) (258.6) Cash flows from financing activities (314.9) (462.9) Effects of exchange rate changes on cash and cash equivalents (0.4) (1.5) Net increase/(decrease) in cash held (157.4) 13.9 Net cash at end of period 288.9 446.3 Directors’ Report (CONTINUED) 19 Stanmore | Annual Report 2024 (d) Health, safety, environment and community performance As noted last year, we have transitioned our focus in injury reporting statistics from TRIFR to the Queensland Coal Mining regulator’s Serious Accident Frequency Rate (SAFR) which focuses on efforts and actions towards mitigating the risks of these serious accidents occurring and provide improved industry-wide comparison on safety performance. For the 12-month period, the SAFR is 0.30 per million hours (31 December 2023: 0.19 per million hours), well below the industry average of 0.61 per million hours for surface mines (reported as of September 2024 by Resources Safety and Health Queensland). Along with the SAFR metric, the Group uses a variety of leading safety indicators to ensure hazards and changes to procedures, are being identified in a timely manner. During the year, Isaac Plains was issued a penalty infringement notice for a minor, non-compliant release of mine-affected water in February 2024. No other significant reportable environmental events were reported during 2024. We are also progressing decarbonisation projects across the Group, with an agreement with Idemitsu for a trial Pongamia plantation adjacent to South Walker Creek. This is in addition to the Queensland Government Low Emission Investment Partnership (LEIP) grant funding announced in relation to the development of a Gas Power Plant project also at South Walker Creek. Stanmore continues to support the communities in which our operations are located with a number of grants, sponsorships, important community initiatives and events undertaken during the year. (e) Operations 31 December 2024 31 December 2023 Physicals ROM coal mined (mt) 19.4 18.4 Clean coal produced (mt) 13.8 13.2 Coals sales (mt) 14.2 12.8 Unit costs of sales (US$/t sold) Revenue/Sales tonne 167.9 214.0 US$ FOB Cash Costs/Sales tonne (ex Royalties & Inventories) 89.4 86.0 Results for the period benefited from elevated opening stockpile positions which support strong sales volumes throughout the year despite adverse weather impacts. These sales volume increases have been offset by a small increase in FOB cash costs/t, and a reduction in the average realised sales price to $167.94/t. Despite this, the business recorded underlying EBITDA of $700.3 million. Cash generated from operations has decreased to $407.7 million (31 December 2023: $736.9 million) which includes the impacts from a reduction in average selling prices previously noted. The Group is progressing various continuous improvement initiatives which will assist in mitigating impacts from general cost inflation that continues to be felt across the industry, particularly given a tight labour market. These initiatives include de-bottlenecking the coal handling and preparation plants as well as optimising product mix and fleet configurations. FOB cash costs per tonne (excluding royalties and inventory movements) increased marginally year on year, from $86.0/t to $89.4/t with inflationary pressures, wet weather and mine sequencing being offset by record levels of production and sales during the period. Directors’ Report (CONTINUED) 20 Stanmore | Annual Report 2024 LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS (a) Operations The focus for the Group in 2025 will be to capitalise upon the major projects substantially completed in 2024, with South Walker Creek benefiting from the finalisation of the MRA2C development and CHPP expansion upgrade. With the completion of the E Pit Boxcut during 2025, and the ramp-up in additional feed capacity, South Walker Creek will have access to low strip ratio coal reserves which will take the mine to a run-rate of approximately 7 million product tonnes per annum by the end of the year. Capital spend will fall in 2025 with a focus on optimisation projects including washplant improvements at Poitrel and Isaac Plains and the Sandy Creek diversion project at South Walker Creek. Cost discipline across the Group will be a renewed focus in 2025 given the current macro-economic uncertainty, price environment and continued cost escalation pressures in the industry. Despite this uncertainty, the Group remains well positioned with low-cost operations and access to over $500 million of liquidity as at 31 December 2024. (b) Exploration and development Following the 2024 purchases of the Eagle Downs and the Isaac Downs Extension (Isaac South) projects, the Group will progress studies and approvals for these projects in 2025. On 24 February 2025, Stanmore announced the annual update to coal resources and reserves across the Group under the relevant Australasian Code for Reporting Exploration Results and Ore Reserves (JORC Code). The total Proved and Probable Coal Reserves across all tenements formally declared and published are now 534Mt, and the total Marketable Coal Reserves are 360Mt. Following the success of the 2024 acquisitions noted above, the Group has a significant organic development pipeline available, but will assess opportunistic acquisitions if presented and they meet Stanmore’s investment filters. (c) Managing risks Stanmore is a metallurgical coal company operating in a volatile pricing market. Factors specific to Stanmore, or those which impact the market more broadly, may individually or in combination impact the financial and operating performance of the Group, its prospects and/or the value of Stanmore. These events may be beyond the control of the Board or management of Stanmore. The material risks associated with an investment in Stanmore are summarised below. Stanmore identifies and actively manages the material risks as part of its risk management governance framework and internal control systems. (i) Health and Safety risks The Health and Safety of our employees remains paramount in the planning, organisation and execution of the Group’s exploration and operational activities. We are committed to ensuring a working environment where all individuals associated with our business are safeguarded from hazards that could compromise their physical or mental wellbeing. Recognising the potential for critical and fatal risks inherent in our industry, the Group prioritises the identification, mitigation and management of these risks through robust safety systems implemented at every operating site. These systems are supported by a comprehensive health and safety governance framework designed to prevent incidents, address root causes and ensure compliance with regulatory requirements. Our approach emphasises proactive risk management, continuous improvement and fostering a culture of safety that protects every person connected to our operations. (ii) Operating risks Stanmore’s mining operations are subject to operating risks that may result in the reduction in performance that decreases the Group’s ability to produce high quality metallurgical coal to meet customer’s shipping needs include but are not limited to weather conditions, machinery failure, critical infrastructure failure or natural disasters and supplier concentration. Stanmore has in place a framework for the management of operational risks and an insurance program which provides coverage for a number of these operating risks. Directors’ Report (CONTINUED) 21 Stanmore | Annual Report 2024 (iii) Market risks The Group’s activities expose it to market risks including commodity price risk and foreign currency risk. The Group’s exposure to commodity price risk is predominantly changes in metallurgical coal prices, which are driven by various factors, including but not limited to, changes in seaborne supply, geopolitical economic activity (including changes to trade policy and sanctions), commodity substitution, international demand, contract sales negotiations and potential effects from the introduction of carbon legislation impacting on buying behaviour patterns. Currently, the Group does not hedge against coal price volatility. In order to diversify its customer base and to maximise reliance on key customers, the Group is continuing to work on identifying new customers and markets where it makes financial sense to do so. Stanmore maintains a prudent sales book with high quality counterparties providing appropriate levels of forward sales commitments, having regard to market condition at the time of forward sales commitments. (iv) Geological risks Resource and Reserve estimates are prepared in accordance with the JORC Code 2012 for reporting and determined by suitably qualified Competent Persons. Coal reserves are estimated using results from exploration activities and various assumptions regarding loss and dilution, drilling depth and other geotechnical constraints. Furthermore, reserves are sensitive to cost and revenue assumptions used in modelling. Some of the deposits are more sensitive to cost and revenue assumptions used than others due to the characteristics and the geological structure of those deposits. Due care is taken with each estimation, but as more detailed exploration is undertaken the estimates are expected to change. (v) Regulatory and land access risks The Group’s operations and projects are subject to State and Federal laws and regulations regarding mining, environmental protection, land access and native title. These laws and regulations regulate the conduct of mining operations, set requirements in relation to landholder compensation, environmental protection and certain aspects of health, and provide for penalties and other consequences for the breach of such laws. Processes for obtaining regulatory and government approvals for mining projects is becoming increasingly difficult and subject to legal challenges with a heightened risk of negative outcomes. There is also an obligation to rehabilitate areas impacted by mining activities, which includes the Group providing financial assurances to the Queensland Government in respect of the likely costs and expenses that may be incurred when taking action to rehabilitate areas impacted by mining activities. The Group seeks to develop strong, long-term effective relationships with landholders and other stakeholders, with a focus on developing mutually acceptable compensation and access arrangements. The Group seeks to minimise these risks by conducting its activities in an environmentally responsible manner, in accordance with applicable laws and regulations. In addition, the Group engages experienced advisors to provide expert advice where necessary to ensure it manages its compliance obligations appropriately. (vi) Climate change risks The operations of the Group are focused on the production of metallurgical coal for use in the steel making industry. In our ongoing commitment to sustainable practices, the Group has made notable advancements in integrating climate-related risk into our core business strategy. Recognising the inherent physical and transitional climate change risks in our sector, the Group has taken steps to assess and mitigate the potential impacts on our assets, production, and market dynamics. Transitional risks, which arise from the global shift towards a lower-carbon economy, include the potential for stranded assets, changes in policy and regulation, shifts in market demand and technological developments. Legal and reputational risks associated with climate change include the potential for litigation, regulatory fines and damage to brand reputation. We have developed robust strategies to navigate this transition effectively. Our approach includes adapting to evolving policies, embracing innovative technologies, and responding to market shifts. Physical risks, stemming from both acute events like cyclones, fires, and floods, and chronic shifts in climate patterns such as temperature changes, are being rigorously evaluated for their direct financial implications to the Group. Our risk management strategies are increasingly focused on both resilience and adaptability. Directors’ Report (CONTINUED) 22 Stanmore | Annual Report 2024 We have observed a growing interest from stakeholders in how climate-related risks and opportunities shape our business and the broader sector. This includes addressing the impact of increasing stakeholder interest in climate action on the business. As climate change presents multifaceted challenges, our response involved comprehensive action at all organisational levels, recognising that it can amplify existing risks and introduce new ones that affect both short-term and long-term business performance. As part of our recognition of the risks that climate change poses to our business and the broader economy, we have developed an internal climate-related risk management procedure, which is integrated into our broader Risk Management framework. In 2023, we began this process by thoroughly analysing our businesses exposure to risks associated with climate change, and in 2025 will continue to work on assessing these risks through our Climate-Related Risk Management Procedure. Detailed insights into our progress and our material climate-related risks are contained within the Stanmore 2024 Sustainability Report. This report is referenced to the Global Reporting Initiative (GRI) Standards, including the GRI Standard 12 — Coal Sector 2022, offering a comprehensive framework for reporting our significant impacts on the economy, environment, and society. Furthermore, Stanmore is dedicated to enhancing the transparency and accountability of our climate-related risks. Our climate risk management processes are aligned with the Australian Sustainability Reporting Standards (ASRS), specifically Australian Accounting Standards Board (AASB) S1 and S2 which are derived from the International Sustainability Standards Board’s (ISSB) through the inaugural sustainability standards. Stanmore welcomes the introduction of the ASRS, which will bring consistency to the disclosure of climate-related financial information. (vii) Indigenous engagement At Stanmore, we are committed to fostering a collaborative and respectful relationship with the traditional custodians of the land, including the Barada Barna, Widi and Janga Peoples. Our Reflect Reconciliation Action Plan (RAP), endorsed by Reconciliation Australia on 17 August 2023, outlines our journey towards reconciliation with Aboriginal and Torres Strait Islander communities. Currently we are in the Reflect state, focusing on: Building Relationships: Engaging in quarterly dialogues with representatives from the Barada Barna, Widi and Janga communities to understand their needs and expectations. Cultural Awareness: Requiring all employees to participate in cultural awareness training to enhance understanding and respect for Indigenous cultures. Community Involvement: Participating in community events in collaboration with local Indigenous organisations to promote cultural exchange and understanding. Supporting educational initiatives to increase awareness and knowledge of Indigenous history and culture among our staff and the wider community. Employee Engagement: Encouraging employees to join our Reconciliation Working Group to influence the RAP’s direction and evolution. Offering opportunities for staff to volunteer in projects led by Indigenous groups, directly engaging with and supporting community needs. Partnerships and Agreements: Establishing Native Title Consent Agreements (ILUA) and Cultural Heritage Management Plans with the Barada Barna and Widi Peoples across our operations. These agreements ensure our projects respect and preserve cultural heritage, provide economic opportunities for Indigenous communities, and involve ongoing consultation to align our business practices with community needs. Looking forward, we aim to move into the Innovate phase of the RAP Framework, where we will implement more tangible actions based on insights from the Reflect stage. Our ultimate goal is to reach the Elevate phase, focusing on economic empowerment, cultural preservation, and educational support for Indigenous communities. We appreciate the contributions of our workforce and contracting partners who have Aboriginal and Torres Strait Islander heritage and we are committed to using language that respects cultural nuances, ensuring all communications are culturally sensitive. By continuously working towards these goals, Stanmore is committed to reconciliation and to shaping a future where Indigenous communities thrive alongside us. Directors’ Report (CONTINUED) 23 Stanmore | Annual Report 2024 (viii) Sovereign risks Stanmore has limited influence over the direction and development of government policy. Successive changes to the Australian resources policy, including taxation policy, have impacted Australia’s competitiveness and reduced the attractiveness of Australian coal projects to foreign investors. Of note is the significant change made to the coal royalty regime implemented by the Queensland Government in June 2022, making it the highest royalty regime in the world. Stanmore’s view is metallurgical coal is critical for future steel production. (ix) Access to capital There is a risk that the Group has insufficient liquidity or is unable to access funding on acceptable terms. The Group manages this risk by retaining a prudent level of liquidity and maintaining access to both public and private sources of capital. At 31 December 2024 the Group remains well funded with cash reserves of $288.9m and access to finance facilities of $220.0m that are expected to be sufficient to meet the business’ requirements. In 2024, the Group successfully concluded a corporate refinance, replacing the acquisition finance facility provided by private credit markets with a $350.0 million commercial term loan debt facility. Additionally, Stanmore secured $150.0 million in bank revolving credit facilities, demonstrating appetite from traditional markets, and thereby diversifying the Group’s sources of capital. There is a risk of non-compliance with our annual covenant ratios and compliance requirements. This risk is considered low based on current forecast assumptions and current headroom. The Group currently participates in the Queensland Rehabilitation Provisioning Scheme. The Scheme provided for the contribution of an annual fee rather than to put in place bank guarantee or bonding arrangements with the Queensland Government. Should the Group cease to qualify for contribution to the Scheme Fund, a bonding arrangement will be required to be put in place. The Group manages the risk by maintain bonding facilities with both banks and insurance providers to minimise impacts on total capacity to access capital. (x) Currency risk As the US dollar is the Group’s functional currency and forms the primary currency for sales, financing and some operating expenditure items, any transactions denominated in a currency other than the US dollar expose the Group to foreign currency risk. The Group enters into Derivative Financial Instruments to hedge a portion of this risk. (xi) Access to insurance cover There is a risk that the policies of financial institutions with respect to the funding of coal projects may, in the future, extend to an unwillingness to provide insurance products to coal producers and associated companies on terms that are currently provided to such companies. This could result in a material increase in the cost of obtaining appropriate levels of insurance or an inability to secure adequate insurance cover. The Company has taken measures to reduce this risk by establishing a Captive insurance company, which actively participates in Stanmore’s current insurance program. (xii) Cyber risk Stanmore has a robust and risk based Cyber Security Strategy that is proactively overseen by the board to ensure that the Group can operate safely and securely by identifying and responding to emerging and evolving cyber threats. Stanmore’s cyber security strategic priorities include the resilience of operations, promoting a cyber safety culture, undertaking employee training programs, strengthening data governance and providing stakeholder assurance. (xiii) Logistics risk The Group is dependent on third party rail and port providers to export our product. Disruptions in the coal logistics chain can have a material impact on our business as would the inability to secure and/or maintain logistical contractual arrangements. The Group looks to manage this risk by operating on two different port/rail corridors, contracting with multiple providers of above rail capacity and securing secondary capacity. Directors’ Report (CONTINUED) 24 Stanmore | Annual Report 2024 (xiv) Attract and retain people Stanmore’s strategy is dependent on our ability to attract, develop, and retain skilled and experienced employees and contractors. Inability to secure the right talent could negatively impact the Group’s business performance. To mitigate this risk, we have implemented robust employment frameworks and established a talent pipeline to ensure the retention and development of key personnel. Additionally, we are committed to building a future workforce by engaging with local communities and launching new-to-industry programs. In 2025, the coal mining industry faces several labour risks, particularly related to “Same Job, Same Pay” (SJSP) provisions and Enterprise Agreement (EA) negotiations with unions. Key risks include wage disparities, job security concerns, health and safety standards, potential industrial action, regulatory compliance challenges, and union rivalries. These factors can lead to increased labour costs, production disruptions, and legal risks, underscoring the need for effective negotiation strategies to achieve mutually beneficial outcomes for both Stanmore and our team members. We conduct annual wage audits to ensure fair compensation for all employees. To maintain stability, we offer permanent roles and clear career paths and engage in continuous dialogue with unions whilst developing contingency plans to mitigate the impact of industrial actions. We also conduct regular training and audits to ensure regulatory compliance. Furthermore, we leverage advanced technologies to enhance efficiency and safety, thereby stabilising our workforce and boosting productivity. (d) Safeguard mechanism Our Isaac Plains Complex, Poitrel and South Walker Creek mines are included in the Safeguard Mechanism. The Clean Energy Regulator administers the safeguard mechanism and requires a progressive reduction in greenhouse gas emissions aligned with the intent of the Mechanism. Facilities have an annual emission limit known as a baseline and this declines by 4.9% each year to 2030. The financial impact of the scheme on Stanmore will be a function of available abatement technologies, the cost of offsets, scheme design changes and the emissions intensity profiles of our operating sites. Where the company is not able to achieve our carbon reduction obligations, the purchase and surrender of Australian Carbon Credit Units (ACCU) will be required in line with legislation. (e) Sustainability reporting The Australian Government has legislated for the implementation of mandatory climate-related financial disclosures. Under the new regime, Stanmore will be required to make climate-related financial disclosures in accordance with sustainability standards mandated by the Australian Accounting Standards Board (AASB) from 1 January 2025 which will form part of the sustainability report contained within the annual report. Stanmore’s existing climate reporting and climate risk management processes are aligned with AASB S1 and S2. Directors’ Report (CONTINUED) 25 Stanmore | Annual Report 2024 LETTER FROM THE CHAIR OF THE REMUNERATION & NOMINATIONS COMMITTEE On behalf of the Board of Directors, we are pleased to present the 2024 Remuneration Report of Stanmore Resources Limited (Stanmore or the Company). In order to ensure that our remuneration framework remains fit for purpose, the Board undertook a review to ensure it supports the Company’s strategic goals and market expectations, with changes made to proactively improve the level of disclosure in our Remuneration Report this year. 2024 Company Highlights The Company continued to execute on its strategic goals with the key highlights for the year being: • A 12 month rolling Serious Accident Frequency Rate (SAFR) of 0.30, which is lower than the latest reported industry average. • Full year saleable production of 13.8 million tonnes exceeding the upper end of the guidance range for the business, with all time performance records, notwithstanding significant adverse weather impacts during the year. • In addition to management’s ability to deliver record production and sales, which have more than offset inflationary cost pressures, our FOB cash costs pleasingly, ended below our updated guidance range of $93/t to $98/t, which was lowered at our half-year results. • Completed the acquisition of the Eagle Downs Project from South32 and Aquila, resulting in Stanmore now controlling 100% of the asset and working towards assessing development and funding options ahead of any final investment decision. • Whilst our sales volume and production volume increase has driven profitability, the reduction in average realised sales price to US$168/t has more than offset the increased sales volume, resulting in underlying EBITDA of $700 million, 36% lower than 2023. Given coal price fluctuations are not within the control of management, the Board places greater emphasis on assessing management’s ability to manage production volumes and FOB cash costs. • Total dividends for 2024 of US 11.1 cents per share were declared to shareholders including a final dividend of US 6.7 cents per share, displaying our commitment to delivering returns to shareholders as Stanmore grows and matures. In addition, over the past five financial years, Stanmore has delivered a total shareholder return (TSR) of 256%, outperforming the ASX 200’s return of 47% as well as Stanmore’s coal peers’ return of 221%. • Completed the sale of the southern portion of Wards Well and agreed related infrastructure agreements. • Successfully completed refinancing of our existing debt facilities providing simplicity in financing arrangements, balance sheet stability and liquidity and certainty for shareholders. • Stanmore was pleased to be included in the ASX 200 as of 18 March 2024. The inclusion is a continued and further acknowledgment of the significant transformation Stanmore has undertaken and also of the financial strength of the Company. 2024 Remuneration Outcomes • CEO and Executive STI outcomes of 122.7% of target, reflecting outstanding production and FOB cash cost results in particular. • No long-term incentive (LTI) awards vested during 2024. The payment made under the 2022 LTI was in relation to a legacy award which was subject to deferred payment. • To recognise the significant contribution of our Executives in the transformational growth journey of Stanmore over the past three years, we have granted a one-off strategic milestone award based on performance against key strategic objectives beyond day-to-day operational KPIs. This award will be subject to continued employment and paid over multiple years, to ensure the retention of our highly valued Executive Leadership Team (ELT). • No changes to fixed annual remuneration (FAR) was made for any Executive KMP in 2024. Directors’ Report (CONTINUED) 26 Stanmore | Annual Report 2024 2024 Remuneration Framework Changes In the past 12 months, the Board has undertaken a review of the remuneration framework. As a result of this review, the following changes were made in 2024: • Refining our STI scorecard — We have removed the People and Culture measure for the ELT, which was historically based on a qualitative assessment. This ensures that the 2024 scorecard is comprised of only quantifiable metrics for the ELT. • Reducing stretch STI opportunity levels, resulting in a reduction to the maximum remuneration packages of our ELT — Based on the results of a benchmarking exercise, these indicated that Stanmore’s stretch opportunity at 200% of target was at the higher end of ASX 200 peer practice, resulting in above median STI stretch opportunities. The Board has sought to better align executives to the market median by capping stretch opportunity at 150% of target. To offset this reduction, the Board has increased the STI target opportunity by 10% of base remuneration. • Removing the weighted average cost of capital (WACC) measure in the LTI — As Stanmore looks to consolidate its acquisitions and management has an increasing level of autonomy to operate Stanmore as a pure play metallurgical coal producer, the Board did not believe WACC, which was historically set to meet the WACC of our parent company, Golden Energy and Resources Pte. Ltd (GEAR), was an appropriate measure in the 2024 LTI. Whilst a return on capital employed (ROCE) measure was considered to replace WACC, given EBITDA is highly influenced by metallurgical coal prices, the volatile nature of our industry means this was not deemed to be an appropriate measure. As a result of this change, Weighted Average Relative Total Shareholder Returns (TSR) will be the sole performance measure. In addition, Non-Executive Director (NED) fees have increased following an external benchmarking exercise indicating that our fees were well below market, which will be implemented in a two-step approach over 2024 and 2025 — see Section 9 for more detail. This is the first increase since 2022 when Stanmore was a significantly smaller and less complex company. We look forward to your feedback at the AGM. Regards Jimmy Lim Chair of the Remuneration and Nominations Committee Directors’ Report (CONTINUED) 27 Stanmore | Annual Report 2024 REMUNERATION REPORT (Audited) 1. INTRODUCTION This report details the nature and amount of remuneration for Key Management Personnel (KMP) of the Group. KMP are defined as those persons who have the authority and responsibility for planning, directing and controlling the activities of the Group, including the Directors of Stanmore Resources Limited. The Group’s KMP during 2024 and up to the date of this report were: Board Name Position Held Term Mr Dwi Suseno Non-Executive Director Chair of the Board of Directors Chair of the Disclosure Committee Full year Mr Marcelo Matos1 Executive Director and Chief Executive Officer (CEO) Full year Mr Jimmy Lim Non-Executive Director Chair of the Remuneration and Nominations Committee Full year Mr Matthew Latimore Non-Executive Director Full year Mr Richard Majlinder Independent Non-Executive Director Chair of the Audit and Risk Management Committee Full year Mr Brett Garland Independent Non-Executive Director Chair of the Health and Safety Committee Full year Ms Caroline Chan Independent Non-Executive Director Chair of the Sustainability Committee Full year Ms Keira Brennan Independent Non-Executive Director Part year — from 12 April 2024 Other Executive KMP Name Position Held Mr Shane Young Chief Financial Officer (CFO) Full year Mr Leandro Pires Chief Operating Officer (COO) Full year Mr Damian Zagel Chief Development Officer (CDO) Full year 1 Mr Matos is considered a member of Executive KMP for the purpose of this Remuneration Report. All figures in the Remuneration Report are in United States dollars (USD) unless otherwise stated. Directors’ Report (CONTINUED) 28 Stanmore | Annual Report 2024 2. REMUNERATION FRAMEWORK SNAPSHOT 2.1 Executive Remuneration Principles and Structure The Company’s remuneration framework is based on the following principles: Market Competitive Drive a Pay-for-Performance Culture Alignment to Shareholder Returns Providing market competitive remuneration against our coal sector peers especially, to attract and retain a high calibre of employees. Designing our incentive plans to reward executives where short-term and long-term goals are achieved. Aligning LTI vesting levels with the delivery of long-term shareholder returns. The following tables sets out a summary of our 2024 executive remuneration framework and links to the Group’s strategic objectives. Name Fixed Annual Remuneration (FAR) Short-Term Incentive (STI) Long-Term Incentive (LTI) Purpose To attract and retain high calibre employees with the appropriate sector experience and skills. To reward for meeting annual performance objectives which help Stanmore realise its long-term objectives. To reward for delivering long-term shareholder returns. Link to Remuneration Principles • Our coal peers are our primary peer group we benchmark against given there is a premium needed to attract and retain talent in the coal sector • We focus on providing market competitive pay against coal peers with Australian operations. • Rewards the delivery of financial and non-financial objectives in line with annual Board approved goals • STI payouts are assessed by the Board against Group objectives. • Stretch performance is only awarded for the delivery of shareholder returns which significantly outperform our coal peers • Assessed over a multi-year period to focus executives on creating long-term shareholder value. How is the component assessed? N/A Achievement of the following annual Group objectives: • Safety (25%); • Clean Production (25%); • Free on Board (FOB) Cash Cost (25%); and • Projects (25%). In the event of a fatality during the year, the Board maintains overarching discretion to reduce the overall STI outcome to nil. • Relative Total Shareholder Return (TSR) measured against a basket of ASX-listed coal industry peers (100%). Performance Period N/A One year. Three years. Directors’ Report (CONTINUED) 29 Stanmore | Annual Report 2024 2.2 2024 Executive Remuneration Structure The below diagram illustrates the 2024 permanent executive remuneration structure over the relevant vesting periods. 2024 2025 2026 FAR Base remuneration and superannuation STI Performance assessed against the Group Scorecard KPIs LTI Performance assessed against TSR (100%) after three years Payment date of incentive awards 2.3 CEO Pay Mix The CEO pay mix at target and stretch (at the start of the performance period) is shown below, with the majority weighted towards at-risk remuneration. 40% 30% 30% Target 27% 31% 42% Stretch n FAR n STI n LTI 2.4 Other Executive KMP Pay Mix The pay mix of other Executive KMP at target and stretch (at the start of the performance period) is shown below, with the majority weighted towards at-risk remuneration. 44% 28% 28% Target 31% 30% 40% Stretch n FAR n STI n LTI Directors’ Report (CONTINUED) 30 Stanmore | Annual Report 2024 3. 2024 CHANGES TO REMUNERATION Following an external review of the Group’s remuneration framework, the Board has implemented several key changes to ensure it remains competitive and aligns with shareholder interests. Change 2024 Approach 2023 Approach Rationale Removal of the People and Culture metric as a weighted metric The 2024 STI scorecard metrics were: • Safety (25%); • Clean Production (25%); • FOB Cash Costs (25%); and • Projects (25%). The 2023 STI scorecard metrics were: • Lead Safety Indicators (20%); • Clean Coal Production (20%); • FOB Cash Costs (20%); • People and Culture (20%); and • Projects (20%). As the People and Culture measure has historically been subject to a more qualitative assessment by the Board, the 2024 scorecard comprised only quantifiable metrics. Reducing stretch STI opportunity levels Stretch opportunity has been reduced to 150% of target from 200% of target. In recognition of the reduction in maximum STI opportunity, STI opportunity at target was increased by 10% of base for all Executive KMP. • Stretch opportunity set 200% of target. Market benchmarking undertaken against comparable ASX 200 companies identified that Stanmore’s stretch opportunity of 200% of target was at the higher end of peer market practice, resulting in higher stretch STI opportunities than market peers. Role Target (% of base) Stretch (% of base) Role Target (% of base) Stretch (% of base) CEO 70% 105% CEO 60% 120% Other Exec KMP 60% 90% Other Exec KMP 50% 100% Change to LTI measures The LTI will be assessed against relative TSR against a basket of coal industry peers (100%). The LTI was assessed against the following metrics: • Relative TSR against a basket of coal industry peers (50%); and • Weighted average cost of capital (WACC) target (50%). Following a review of Stanmore’s LTI measures, the Board determined that the WACC targets, linked to the WACC of our major shareholder, GEAR, was no longer appropriate for Stanmore’s current stage of maturity following the successful acquisition of a number of coal assets in Australia. The Board considers relative TSR to be the most appropriate and robust measure to assess KMP performance going forward due to the clear alignment with long-term shareholder value creation. Directors’ Report (CONTINUED) 31 Stanmore | Annual Report 2024 4. COMPANY PERFORMANCE 4.1 Financial Performance The following table outlines the Group’s historical financial performance. Five-year financial performance 2024 2023 2022 2021 December 20201,2 Profit/(loss) attributable to owners ($m) 191.5 472.4 727.4 6.8 (11.8) Revenue ($m) 2,395.5 2,803.6 2,695.8 283.3 99.5 Earnings per share (cents) 21.2 52.4 83.94 2.6 (0.04) Share price at period end (A$) 3.01 4.01 2.95 1.035 0.81 Shareholder dividends paid ($/share) 0.128 0.058 - - - 1 6-month period to 31 December 2020. 2 Australian dollar results previously reported translated to US$ at the average exchange rate for the period. 4.2 TSR Performance Over the past five years, Stanmore has delivered above-market TSR of 256%, outperforming the ASX 200 (47%) and its relative TSR coal peers (221%)1. The graph below provides an overview of Stanmore’s TSR performance over the past five years (indexed to 100), against the ASX 200 Accumulation Index. Five year TSR — Stanmore vs S&P ASX 200 Accumulation Index 0 100 200 300 400 500 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Dec-24 SMR Total Return S&P/ASX 200 Accumulation Index Source: LSEG Data & Analytics and S&P/ASX 200 Accumulation Index. 1 The relative TSR peer group returns are based on 12-month market capitalisation averages until 31 December 2024. Directors’ Report (CONTINUED) 32 Stanmore | Annual Report 2024 5. 2024 PERFORMANCE AND REMUNERATION OUTCOMES 5.1 CEO Scorecard Performance and Outcomes The table set out below provides details of the CEOs performance against the 2024 STI Group scorecard, resulting in an overall STI outcome of 122.7%. At the Executive KMP level, all individuals are assessed against the same Group scorecard to ensure a ‘one team’ mentality. Scorecard Measure Weighting Performance Outcome Threshold Target Stretch Safety 25.0% 33.4% To ensure the safety of our people is our highest priority. Safety remained a top priority in our operations, with performance closely monitored through key lead indicators, including deep dive verification with actions, field leadership observations, critical control verification, PL4 hazard identification and investigation action closeout. Underlying safety performance improved in 2024 from the prior year with key highlights including a 50% reduction in high potential injuries, a 36% decrease in average lost time days and a 37% reduction in workers’ compensation costs. Hence whilst our total recordable injury frequency rate (TRIFR) increased from 2023, the severity of injuries decreased in 2024 as shown with our serious accident frequency rate (SAFR) of 0.30 being below the latest reported industry average. This resulted in an overall safety outcome between target and stretch. Clean Production 25.0% 37.5% To ensure we operate efficiently to enhance profitability, by producing high quality coal for our customers. Our commitment to producing high quality coal resulted in record production levels in 2024. Pleasingly, our clean production of 13.6 million tonnes of coal in 2024 exceeded Guidance, resulting in a stretch outcome. FOB Cash Costs 25.0% 34.3% To assess our ability to manage costs to enhance profitability. Management’s ability to manage costs despite unpredictable wet weather and storm events in Queensland was outstanding. Our FOB cash cost per tonne was significantly better than our budgeted cost per tonne but did not reach our stretch target. This resulted in an outcome between target and stretch. Projects 25.0% 17.5% To assess our progress against strategic goals pertaining to our operational sites. Meaningful progress was made against our strategic initiatives which relate to clearly defined KPIs relating to a number of our sites. Key highlights include: • The successful expansion at South Walker Creek of the coal handling and preparation plant (CHPP), significant completion of the MRA2C project and the implementation of a long-term truck and excavator delivery model. • The installation of a primary crushing unit at the Isaac Plains CHPP, alongside efforts to define options for mine life extension. • The successful execution of sustainable loss and dilution initiatives at Poitrel. However, as not all KPIs were met, particularly relating to the completion of cost debottleneck studies for the CHPPs at the Isaac Plains and Poitrel sites, a below target result was achieved. Outcome 122.7% of target Directors’ Report (CONTINUED) 33 Stanmore | Annual Report 2024 5.2 2024 STI Remuneration Outcomes Table outlining the KMP STI scorecards against both target and stretch, and the amount forfeited. Executive KMP STI target (% of base) STI stretch (% of base) Actual STI awarded $ % of target STI awarded % of stretch STI awarded % of stretch STI forfeited Marcelo Matos (CEO) 70% 105% $850,698 122.7% 81.8% 18.2% Shane Young (CFO) 60% 90% $364,585 122.7% 81.8% 18.2% Leandro Pires (COO) 60% 90% $315,973 122.7% 81.8% 18.2% Damian Zagel (CDO) 60% 90% $315,973 122.7% 81.8% 18.2% 5.3 LTI Awards Payable in 2024 No LTI awards were due for testing in 2024. However, the last remaining tranche of the 2021 LTI award was paid in 2024. The LTI plans on-foot and yet to be tested include the 2022, 2023 and 2024 plans. 5.4 One-Off 2024 Strategic Milestone Award In recognition of the efforts of Executive KMP to execute on a number of strategic priorities, beyond our operational projects over the past year, in August 2024 the Board elected to make a one-off strategic milestone award in light of the following achievements: • Successful completion of the Wards Well divestment transaction for a US$136 million upfront cash payment; • Successful completion of the 100% acquisition of the Eagle Downs asset from South32 and Aquila, which has enabled the Company to progressively increase its stake in the asset to full ownership. Management successfully navigated through the complexity of the deal, which involved negotiations with multiple owners, resulting in a value accretive deal for a fair upfront capital cost of US$30 million. Full ownership will provide Stanmore with synergistic benefits, allowing it to commence detailed studies to reach a development decision that is capital efficient; • Refinancing of its existing debt facilities, comprising of a US$350 million five-year term loan facility and US$150 million revolving credit facility, contemplating ESG requirements, to support the funding of organic projects and any further M&A opportunities; and • The execution of an agreement with the Queensland Government for funding, under the Low Emissions Investment Partnership (LEIP) which will result in a new 20MW gas-fired power plant at South Walker Creek Mine. This will reduce future fugitive mine emissions through the capture of coal seam gas, to be reused onsite. With the exception of Mr Zagel, the strategic milestone award will be paid over two years (50% each year), with the requirement to remain employed with Stanmore. Mr Zagel’s award will be paid over three years in line with the payment schedule shown below. The Board believes that these awards appropriately reward key individuals for their role in Stanmore’s transformational growth journey and the importance of retaining these individuals in future years to continue to execute on our strategic goals to be a leading pure-play producer of metallurgical coal. The payment of each tranche is subject to the individual remaining in employment at Stanmore at the time of payment. Executive KMP Strategic Milestone Award Paid ($)1 Strategic Milestone Award payable in future years subject to continued employment ($) Total ($) 2024 20252 20263 Marcelo Matos 750,000 750,000 - 1,500,000 Shane Young 375,000 375,000 - 750,000 Leandro Pires 325,000 325,000 - 650,000 Damian Zagel 408,333 408,333 83,333 900,000 1 The first tranche was paid in August 2024. 2 The second tranche of the one-off award is scheduled to be paid in July 2025. 3 The third tranche of the one-off award (third tranche only applicable to Mr Zagel) is scheduled to be paid in July 2026. Directors’ Report (CONTINUED) 34 Stanmore | Annual Report 2024 6. REMUNERATION FRAMEWORK DETAILS 6.1 Base Remuneration Positioning The Group aims to reward the Executive KMP with a level of base remuneration which is both appropriate to their position and competitive in the market. The skills set of the Executive Leadership Team (ELT) roles are highly competitive within the coal industry due to the difficulty in attracting talent to the sector. This is only expected to increase due to environmental and societal pressures on our industry and requires that we competitively remunerate these roles relative to our coal peers, to reduce our retention risk for these executives. We aim to pay base remuneration comparable to our coal peers and against a broader ASX 101-175, we aim to position base remuneration at the 70th percentile to ensure we are able to attract and retain individuals with the requisite sector knowledge and skills. Following a benchmarking exercise undertaken, there were no increases to Executive KMP base remuneration levels in 2024. Executive KMP 2024 Contractual Base Remuneration1 A$ Mr Marcelo Matos 1,500,000 Mr Shane Young 750,000 Mr Leandro Pires 650,000 Mr Damian Zagel 650,000 1 Superannuation is payable in addition to the amounts above, as required by law and capped at the statutory contribution limit. Directors’ Report (CONTINUED) 35 Stanmore | Annual Report 2024 6.2 STI Plan Further details on the key terms of the 2024 STI are outlined below. Feature Detail Stretch opportunity CEO: 105% of base; and Other Executive KMP: 90% of base. Target opportunity is 67% of stretch opportunity. Performance period 1 January 2024 to 31 December 2024. Delivery of award Cash. Safety modifier The Group recognises that the safety of its people is critical and is committed to linking Executive KMP’s STI outcome to strong safety outcomes. In addition to assessing safety as a measure in the STI scorecard, where there is a fatality during the year, the Board maintains the overarching discretion to reduce the overall STI outcome to nil. Performance measures We set ambitious targets against financial, safety, and project-related KPIs fundamental to the long-term performance of Stanmore: • Safety (25%): Assessed against a weighted average of outcomes of measures including deep dive verification with actions (or field leadership observations, for the Isaac Plains project only) (6.25%), critical control verification (6.25%), PL4 hazard identification (6.25%) and investigation action closeout (6.25%); • Clean Production (25%): Measured by tonnes produced per year against the threshold, budget and stretch targets set at the start of the year; • FOB Cash Costs (25%): Measured by A$ per tonne sold excluding inventory movement, royalties and third-party sales; and • Projects (25%): Measured against quantifiable targets for our operational sites. Specific targets are set for each mine site (Isaac Plains, Poitrel and South Walker Creek). Further detail of the Board’s assessment of each measure is disclosed in Section 5.1. Directors’ Report (CONTINUED) 36 Stanmore | Annual Report 2024 6.3 LTI Plan Feature Detail Stretch opportunity CEO: 140% of base; and Other Executive KMP: 120% of base. Target LTI is 50% of stretch opportunity. Performance measure Relative TSR (100%) Relative TSR has been selected in the LTI as it assesses the ELT’s ability to deliver shareholder returns relative to our coal sector peers. Relative TSR performance will be measured by assessing Stanmore and each peer company’s TSR performance over the performance period, which includes share price movements and dividends. The peer group is a basket of ASX-listed coal peers. The peers for the 2024 LTI grant are: Whitehaven Coal Yancoal Australia Bathurst Resources New Hope Corporation Terracom MC Mining Coronado Global Resources Tigers Realm Coal Australian Pacific Coal Bowen Coking Coal Cokal Aspire Mining The vesting schedule for the relative TSR measure is: Vesting schedule Performance targets (% of Index) Vesting outcome (% of target) Threshold ≥80% 50% Target 100% 100% Stretch 120% 200% Where Stanmore’s TSR performance against the Index lies in between the performance targets above, straight-line vesting will occur. Due to the sector specific peer group, where all peers are subject to the same driver of share price — coal prices — it is more challenging for Stanmore to outperform its peers hence a portion of the award vests at threshold when TSR performance is close to the Index. For stretch vesting to occur, significant outperformance above the Index is required. Performance period 1 April 2024 to 31 March 2027. Delivery of award Cash. Under the LTI phantom share plan, whilst the award is settled in cash, the value of the Executives’ LTI awards are directly linked to Stanmore’s share price adjusted for dividends, as illustrated below. The value of any of the Executive’s awards which vest will reflect changes in share price from the grant value, aligning participants to the shareholder experience. LTI opportunity ($) X X = Vesting outcome (%) Share price at vest Share price at grant LTI outcome ($) (%) Directors’ Report (CONTINUED) 37 Stanmore | Annual Report 2024 7. EXECUTIVE KMP CONTRACTUAL AGREEMENTS Details of the service agreements of Stanmore’s Executive KMP are outlined below. CEO Other Executive KMP Employment agreement An ongoing service agreement with no fixed term. An ongoing service agreement with no fixed term. Termination by the Executive or Company Six months written notice by either party. Three months written notice by either party. Termination payment entitlements None. None. Directors’ Report (CONTINUED) 38 Stanmore | Annual Report 2024 8. REMUNERATION GOVERNANCE The following diagram illustrates the roles and responsibilities for governing remuneration at Stanmore. Board Maintains overall responsibility for decision-making relating to the remuneration of the Executive KMP and the Board and ensures remunerations structures are competitive and align with the long-term interests of the Group and shareholders. Remuneration and Nominations Committee (RNC) The role of the RNC is to assist the Board to oversee the remuneration arrangements of Executive KMP and make recommendations to the Board. Its responsibilities include: • Overseeing the implementation of the Group remuneration policy and amendments proposed from time-to-time; • Assessing the performance of the CEO and reviewing the CEO’s performance assessment of his direct reports annually; • Reviewing and making recommendations to the Board for the approval of incentive outcomes annually; • Reviewing the competitiveness of the remuneration packages of the ELT; • Reviewing the ongoing appropriateness and design of the ELT’s incentive plans; and • Reviewing the remuneration arrangements of Directors. The RNC has a formal charter that sets out its roles and responsibilities, composition structure and membership requirements. A copy of this charter can be viewed on Stanmore’s website. Management Management is responsible providing relevant information to the RNC and Board to support their decision making and for implementing the Board’s remuneration decisions. The RNC may request materials from management to inform the decision making of Directors. The CEO is responsible for assessing the performance of and proposing remuneration outcomes for his direct reports, for approval by the RNC and the Board. Management may seek external advice to support its recommendations to the RNC, as required. External Advisors The RNC and management may request advice from external advisors to support its decision-making. In 2024 the RNC sought advice from an external advisor to provide benchmarking data and market practice advice. No remuneration recommendations were made in 2024. Directors’ Report (CONTINUED) 39 Stanmore | Annual Report 2024 9. NED REMUNERATION Stanmore seeks to remunerate its Directors at a level which provides the Company with the ability to attract and retain Directors of the highest calibre and recognises the challenges with attracting individuals to the coal sector. Stanmore’s NEDs do not receive any performance-based remuneration. Following an external benchmarking exercise which indicated that Stanmore’s NED fees were significantly below our coal sector and market capitalisation peers, owing to the Company’s significant growth in size since fees were last increased in 2022, it was agreed that NED fees would be increased in a stepped process over two years — 2024 and 2025. In 2024, the first of these increases took place, as shown in the fees below, which are inclusive of superannuation. The maximum aggregate fee pool is A$1 million. 2024 Fee Structure Role Chair Member Board N/A1 A$152,000 Audit and Risk Management Committee A$34,550 A$16,250 Remuneration and Nominations Committee A$34,550 A$16,250 Health and Safety Committee A$34,550 A$16,250 Sustainability Committee A$34,550 A$16,250 1 The Group Chair, Mr Dwi Suseno is a nominee from Golden Investments. He does not receive any fees from Stanmore for his role on the Stanmore Board. Further detail on 2025 NED fees will be provided in the 2025 Remuneration Report. NEDs are entitled to be paid travel and other expenses properly incurred by them in attending Directors’ or general meetings of Stanmore or otherwise relating to the business of the Group. The remuneration of Directors for the year ending 31 December 2024 is detailed in table 9.1 on the next page. Directors’ Report (CONTINUED) 40 Stanmore | Annual Report 2024 9.1 NED Statutory Remuneration Non-Executive Directors Short-term employee benefits Post- employment benefits Cash salary and fees $ Cash bonus $ Other non-monetary benefits $ Superannuation $ Total $ Dwi Suseno1 2024 - - 4,649 - 4,649 2023 - - - - - Jimmy Lim 2024 133,909 - - - 133,909 2023 90,092 - - - 90,092 Matthew Latimore2 2024 - - - - - 2023 - - - - - Richard Majlinder 2024 129,103 - - 4,806 133,909 2023 88,127 - - 9,473 97,600 Brett Garland 2024 117,259 - 1,650 13,277 132,186 2023 81,348 - - 8,744 90,092 Caroline Chan 2024 120,294 - - 13,615 133,909 2023 88,127 - 113 9,473 97,713 Keira Brennan3 2024 78,299 - - 8,917 87,216 2023 - - - - - Mark Trevan4 2024 - - - - - 2023 37,745 66,440 - 3,548 107,733 Total 2024 578,864 - 6,299 40,615 625,778 2023 385,439 66,440 113 31,238 483,230 1 Mr Suseno is a nominee from Golden Investments. He does not receive any fees from Stanmore for his role on the Stanmore Board. Total fees for Mr Suseno would have totalled $111,095 (2023: $90,093). 2 Mr Latimore has waived his Director fees, equivalent to $100,366 (2023: $75,077). 3 Ms Brennan was appointed on 12 April 2024. 4 Mr Trevan resigned effective 30 June 2023. Directors’ Report (CONTINUED) 41 Stanmore | Annual Report 2024 10. OTHER STATUTORY REMUNERATION TABLES The following tables sets out the other statutory remuneration disclosures required under the Corporations Act 2001 (Cth) and have been prepared in accordance with appropriate accounting standards. 10.1 Executive KMP Statutory Remuneration They detail the components of remuneration for KMP, for both the year ended 31 December 2024 and the corresponding period to 31 December 2023. Executive KMP Short-term employee benefits Post- employment benefits Cash Settled Share-based Payment1 Cash salary and fees $ Cash bonus $ Other non-monetary benefits $ Superannuation $ LTIP $ Total $ Marcelo Matos 2024 1,065,985 1,939,832 22,435 9,905 1,499,395 4,537,552 2023 790,838 657,282 19,868 18,271 2,685,732 4,171,991 Shane Young 2024 529,368 902,694 22,593 9,905 630,331 2,094,891 2023 448,576 322,068 22,733 23,393 1,108,315 1,925,085 Leandro Pires 2024 455,845 788,126 22,593 9,905 546,130 1,822,599 2023 374,706 278,821 22,733 22,879 994,087 1,693,226 Damian Zagel 2024 450,631 905,797 22,593 9,905 508,638 1,897,564 2023 364,099 226,070 22,733 23,663 884,388 1,520,953 Total 2024 2,501,829 4,536,449 90,214 39,620 3,184,494 10,352,606 2023 1,978,219 1,484,241 88,067 88,206 5,672,522 9,311,255 1 Includes legacy discretionary bonuses and the accrual component of the non-vested LTI schemes assessed as at balance sheet date. 10.2 Movements in Ordinary Shares The following table discloses the movements in the number of ordinary shares in the Company held by individuals or their related parties during the course of the year. Balance at 1 January 2024 Shares purchased Shares sold Balance at 31 December 2024 GEAR 531,946,101 - - 531,946,101 Matthew Latimore/ M Resources 43,593,804 - - 43,593,804 Caroline Chan - 30,000 - 30,000 There are no shares, options or rights held in the Company by other members of KMP. 42 Stanmore | Annual Report 2024 Directors’ Report (CONTINUED) 11. RELATED PARTY TRANSACTIONS AND ADDITIONAL DISCLOSURES Mr D Suseno is an Executive Director and Group Chief Executive Officer of GEAR who are the majority shareholder holding 59.01% of shares in Stanmore. Mr M Latimore is the sole Director and owner of M Resources Trading Pty Ltd which is exclusively contracted to provide marketing and logistics services to the Group. Mr M Latimore is also the sole director of M Infrastructure Group which holds 50% of the shares in One Rail Group, which is contracted to provide above rail services to the Group. 12. LOANS AND FINANCING ARRANGEMENTS The Group currently has an unsecured Revolving Credit Facility for US$70m with its parent entity, GEAR, which was negotiated on market terms several months prior to the recent corporate refinancing. On 30 June 2024, this facility was extended for 24 months. As at 31 December 2024, the balance of the facility is $0 (31 December 2023: $0). Financing related costs paid to GEAR totalled $3.224 million (31 December 2023: $1.427 million). The key terms of the facility are: • $70 million facility until 30 June 2026, with final draw down available until March 2026 • Interest rate on drawn funds of 12% per annum • Interest rate on undrawn funds of 3% per annum. There were no other loans or financing arrangements outstanding to or owed by executive KMP or any NED or their related party entities at any time in the current or prior reporting periods. 13. OTHER KMP TRANSACTIONS Transactions with Mr M Latimore’s related entities include: • Fees for services provided on market terms for marketing and logistics services totalling $72.322 million for the year ended 31 December 2024 (31 December 2023: $53.117 million). • Stanmore sold coal on market terms to M Resources Trading Pty Ltd on a back-to-back basis to a third-party customer totalling $346.536 million (31 December 2023: $125.021 million) and purchased coal on market terms before on-selling the coal on a back-to-back basis to a third party customer totalling $0.574 million (31 December 2023: $16.616 million). • Fees for services provided on market terms for freight and rail logistics services by One Rail Pty Ltd totalled $8.309 million (31 December 2023: $9.159 million). Owing to prepayments made in the prior financial year for these services, the balance receivable from One Rail Pty Ltd as at 31 December 2024 was $7.345 million (31 December 2023: $8.883 million). • M Mining operated as the Millennium Complex Mine Operator providing contract mining and management services. Fees for services provided on market terms by M Mining totalled $38.035 million. There was no balance payable as at 31 December 2024 (31 December 2023: $6.344 million). • No royalty is currently owed by MetRes Pty Ltd to Marmilu Pty Ltd in relation to the ongoing royalty deed. Transactions with GEAR related entities include: • GEAR are a 50% shareholder in Ravenswood Gold Pty Ltd, to whom Stanmore has recharged costs incurred for providing an employee on secondment totalling A$0.132 million for the period to 31 December 2024 (31 December 2023: nil). Apart from the details disclosed above, no other executive KMP, NED or their related parties has entered into a material contract with the Group since the end of the previous financial year and there were no material contracts involving those peoples interest existing at year end. End of Audited Remuneration Report CORPORATE GOVERNANCE In recognising the need for the highest standards of corporate behaviour and accountability, the Directors of Stanmore Resources Limited support and have adhered to the principles of corporate governance. Stanmore Resources Limited’s Corporate Governance Statement can be found on the Company’s website and ASX platform (www.stanmore.au/corporate-governance). This report is made in accordance with a resolution of Directors. Mr Marcelo Matos Director Brisbane 24 February 2025 43 Stanmore | Annual Report 2024 Auditor’s Independence Declaration Ernst & Young 111 Eagle Street Brisbane QLD 4000 Australia GPO Box 7878 Brisbane QLD 4001 Tel: +61 7 3011 3333 Fax: +61 7 3011 3100 ey.com/au Auditor’s independence declaration to the directors of Stanmore Resources Limited As lead auditor for the audit of the financial report of Stanmore Resources Limited for the financial year ended 31 December 2024, I declare to the best of my knowledge and belief, there have been: a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; b. No contraventions of any applicable code of professional conduct in relation to the audit; and c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit. This declaration is in respect of Stanmore Resources Limited and the entities it controlled during the financial year. Ernst & Young Tom du Preez Partner 24 February 2025 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation 44 Stanmore | Annual Report 2024 45 Stanmore | Annual Report 2024 Consolidated statement of profit or loss 46 Consolidated statement of comprehensive income 47 Consolidated statement of financial position 48 Consolidated statement of changes in equity 50 Consolidated statement of cash flows 51 Notes to the consolidated financial statements 52 1 Basis of preparation of full year report 52 2 Business combination and other acquisitions 54 3 Revenue 58 4 Other income and expense items 60 5 Income tax expense 63 6 Cash and cash equivalents 66 7 Cash flow information 67 8 Trade and other receivables 68 9 Inventories 69 10 Property, plant and equipment 70 11 Capitalised development, exploration and mine properties 73 12 Other assets 76 13 Trade and other payables 76 14 Interest bearing loans and borrowings 77 15 Lease liability 79 16 Derivative financial instruments 79 17 Provisions 80 18 Provision for employee benefits 82 19 Dividends and franking credits 82 20 Earnings per share 83 21 Equity securities issued 84 22 Financial risk management 87 23 Interests in other entities 94 24 Interests in joint arrangements 96 25 Commitments 98 26 Contingent liabilities and contingent assets 99 27 Events occurring after the reporting period 99 28 Key management personnel 100 29 Remuneration of auditors 100 30 Parent entity financial information 101 31 Segment information 102 32 Related party transactions 102 33 Deed of cross guarantee 103 Directors’ Declaration 106 Consolidated financial statements 46 Stanmore | Annual Report 2024 Consolidated statement of profit or loss Notes 31 December 2024 $M 31 December 2023 $M Revenue from contracts with customers 3 2,395.5 2,803.6 Other income 4(a) 4.1 3.3 Other gains/(losses) 4(b) 96.0 - Total income 2,495.6 2,806.9 Net coal inventory movements and coal purchases (55.3) (38.7) Employee benefits expense (144.6) (134.3) Royalties expense (322.2) (493.4) Operating expenses (738.1) (561.2) Materials and supplies (341.3) (327.9) Foreign exchange gains/(losses) 45.5 (3.1) Other expenses 4(c) (161.6) (148.4) Transaction and transition costs 4(c) (7.1) (3.0) Depreciation and amortisation expense (364.3) (310.0) Impairment expenses 4(d) (55.8) (11.8) Operating profit 350.8 775.1 Finance income 4(e) 21.9 26.4 Finance costs 4(e) (102.6) (111.4) Share of (loss) from joint ventures 24 - (18.1) Profit before income tax 270.1 672.0 Income tax expense 5 (78.6) (199.6) Profit for the period 191.5 472.4 Profit is attributable to: Owners of Stanmore Resources Limited 191.5 472.4 Earnings per share for profit/(loss) attributable to the ordinary equity holders of the Company: Cents Cents Basic earnings per share (cents per share) 20 21.2 52.4 Diluted earnings per share (cents per share) 20 21.2 52.4 The above consolidated statement of profit or loss should be read in conjunction with the accompanying notes. 47 Stanmore | Annual Report 2024 Consolidated statement of comprehensive income 31 December 2024 $M 31 December 2023 $M Profit for the period 191.5 472.4 Other comprehensive income for the period – – Total comprehensive income for the period 191.5 472.4 Total comprehensive income for the period is attributable to: Owners of Stanmore Resources Limited 191.5 472.4 The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. 48 Stanmore | Annual Report 2024 Consolidated statement of financial position Notes 31 December 2024 $M 31 December 2023 $M ASSETS Current assets Cash and cash equivalents 6 288.9 446.3 Trade receivables 8 148.3 283.0 Inventories 9 154.4 182.7 Current tax receivables 20.2 - Derivative financial instruments 16 - 6.1 Other current assets 12 32.7 31.5 Assets classified as held for sale 11(b) - 48.0 Total current assets 644.5 997.6 Financial assets at FV through OCI 25.0 25.0 Property, plant and equipment 10 1,433.9 1,497.2 Exploration, development and mine properties 11 1,064.1 1,043.1 Other assets 12 34.2 42.5 Total non-current assets 2,557.2 2,607.8 Total assets 3,201.7 3,605.4 LIABILITIES Current liabilities Trade and other payables 13 240.7 338.5 Borrowings 14 69.9 137.0 Lease liabilities 15 178.3 134.8 Derivative financial instruments 16 19.5 - Current tax liabilities - 170.3 Employee benefit obligations 18 51.3 50.9 Provisions 17 6.3 156.8 Total current liabilities 566.0 988.3 49 Stanmore | Annual Report 2024 Consolidated statement of financial position (CONTINUED) Notes 31 December 2024 $M 31 December 2023 $M Non-current liabilities Borrowings 14 238.1 178.9 Lease liabilities 15 186.0 325.0 Deferred tax liabilities 5 177.8 147.3 Provisions 17 204.3 212.4 Total non-current liabilities 806.2 863.6 Total liabilities 1,372.2 1,851.9 Net assets 1,829.5 1,753.5 EQUITY Share capital 21 616.4 616.4 Other reserves 21(b) (23.7) (23.7) Retained earnings 21(c) 1,236.8 1,160.8 Equity attributable to owners of Stanmore Resources Limited 1,829.5 1,753.5 Total equity 1,829.5 1,753.5 The above consolidated statement of financial position should be read in conjunction with the accompanying notes. 50 Stanmore | Annual Report 2024 Notes Share capital $M Retained earnings $M Other reserves $M Total $M Balance at 1 January 2024 616.4 1,160.8 (23.7) 1,753.5 Profit for the year – 191.5 – 191.5 Total comprehensive income for the year – 191.5 – 191.5 Transactions with owners in their capacity as owners: Dividends provided for or paid 19(a) – (115.5) – (115.5) Balance at 31 December 2024 616.4 1,236.8 (23.7) 1,829.5 Notes Share capital $M Retained earnings $M Other reserves $M Total $M Balance at 1 January 2023 616.4 740.9 (23.7) 1,333.6 Profit for the period – 472.4 – 472.4 Total comprehensive income for the period – 472.4 – 472.4 Transactions with owners in their capacity as owners: Dividends provided for or paid 19(a) – (52.5) – (52.5) Balance at 31 December 2023 616.4 1,160.8 (23.7) 1,753.5 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes. Consolidated statement of changes in equity 51 Stanmore | Annual Report 2024 Notes 31 December 2024 $M 31 December 2023 $M Operating activities Receipts from customers 2,518.4 2,844.1 Payments to suppliers and employees (1,786.1) (1,855.6) Interest received 21.8 26.4 Interest and other finance costs paid (95.0) (86.9) Income tax paid (253.6) (177.7) Settlement of financial instruments (0.7) (15.7) Dividends received 2.9 2.3 Net cash inflow from operating activities 7 407.7 736.9 Investing activities Payment for acquisition of subsidiary, net of cash acquired 2 (40.3) 8.6 Payments for property, plant and equipment (170.4) (193.3) Payments for capitalised development, exploration and evaluation assets (14.4) - Payments for mine property assets (0.9) - Payments of vendor royalties 17 (152.9) (2.4) Proceeds from disposal of property, plant and equipment and exploration and evaluation assets 134.4 - Repayment of loans to related parties (5.3) (71.5) Net cash (outflow) from investing activities (249.8) (258.6) Financing activities Proceeds from borrowings 350.0 – Repayment of borrowings (368.3) (300.8) Payment of principal lease liability (181.5) (115.9) Dividend paid (115.5) (52.5) Refunds for refundable security bonds 0.4 6.3 Net cash (outflow) from financing activities 6(b) (314.9) (462.9) Net (decrease)/increase in cash and cash equivalents (157.0) 15.4 Cash and cash equivalents at the beginning of the financial year 446.3 432.4 Effects of exchange rate changes on cash and cash equivalents (0.4) (1.5) Cash and cash equivalents at end of year 288.9 446.3 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes. Consolidated statement of cash flows 52 Stanmore | Annual Report 2024 Notes to the consolidated financial statements 1 BASIS OF PREPARATION OF FULL YEAR REPORT The financial statements of Stanmore Resources Limited for the reporting period ended 31 December 2024 covers the Group consisting of Stanmore Resources Limited and its subsidiaries as required by the Corporations Act 2001. The financial statements are presented in US dollars. Stanmore Resources Limited is a company limited by shares, incorporated and domiciled in Australia, whose shares are publicly traded on the Australian Securities Exchange. The principal activities of the Group are the exploration, development, production and sale of metallurgical coal in Queensland, Australia. The consolidated general-purpose financial report of the Group for the period ended 31 December 2024 was authorised for issue in accordance with a resolution of the Directors on 24 February 2025. The financial report is a general-purpose financial report which: • has been prepared in accordance with the requirements of the Corporations Act 2001, the Australian Accounting Standards, and other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and IFRS accounting standards as issued by the International Accounting Standards Board (IASB); • is presented in United States dollars with all values rounded to the nearest hundred thousand dollars unless otherwise stated, in accordance with ASIC Corporations (Rounding in Financial / Directors’ Report) Instrument 2016/191; • adopts all new and amended Accounting Standards and interpretations issued by the AASB that are relevant to the operations of the Group and effective for reporting periods beginning on or after 1 January 2024. Refer to Note 1(g) or further details; and • does not early adopt any Australian Accounting Standards and interpretations that have been issued or amended but are not yet effective. The financial statements have been prepared on a historical cost basis, except for Contingent Consideration, Financial assets held at fair value and Derivative Financial Instruments which have been measured at fair value. The Group is a for-profit entity for the purposes of Australian Accounting Standards. (a) Key judgements and estimates In the process of applying the Groups accounting policies, management has made a number of judgements and applied estimates of future events. Judgements and estimates which are material to the financial report are found in the following notes: Note 2: Fair value of assets/liabilities/ consideration payable upon acquisition Page 54 Note 3: Revenue recognised on provisional pricing arrangement Page 59 Note 11: Capitalised development costs Page 74 Note 11: Identification of impairment indicators Page 75 Note 17: Rehabilitation provision Page 81 (b) Going concern At 31 December 2024, the current assets exceed the current liabilities by $78.5 million. The Directors have considered projected cash flow information for the 12 months from the date of approval of these financial statements under multiple scenarios (which includes the ability to slow or defer spending), including conservative pricing forecasts and the Group’s access to undrawn working capital facilities as disclosed in Note 14. Based on this analysis, the Group is expected to continue to satisfy its obligations as and when they fall due. Accordingly, the financial statements have been prepared on a going concern basis which contemplates the continuity of normal business activities and the realisation of assets and discharge of liabilities in the ordinary course of business. (c) Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 December 2024. Subsidiaries are all those entities over which the Company has control. The Consolidated Entity controls an entity when the Consolidated Entity is exposed, or has the rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Notes to the consolidated financial statements (CONTINUED) 53 Stanmore | Annual Report 2024 Subsidiaries are fully consolidated from the date on which control is transferred to the Consolidated Entity. They are de-consolidated from the date that control ceases. All intercompany balances and transactions, including unrealised profits arising from intragroup transactions have been eliminated. The financial statements of subsidiaries are prepared for the same reporting period as the parent, using consistent accounting policies. (d) Other accounting policies Material and other accounting policies that summarise the measurement basis used and are relevant to an understanding of the financial statements are provided throughout the notes to the financial statements. (e) Foreign currency translation The Group’s functional currency is the United States Dollar. Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. Foreign exchange differences arising on translation are recognised in profit or loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of the initial transaction. (f) Notes to the financial statements The notes include information which is required to understand the financial statements and is material and relevant to the operations, financial position and performance of the Group Information is considered relevant and material if for example: • the amount in question is significant because of its size or nature; • it is important for understanding the results of the Group; • it helps to explain the impact of significant changes in the Group’s business, for example, acquisitions and impairment write-downs; or • it is related to an aspect of the Group’s operations that is important to its future performance. (g) New and amended standards and interpretations adopted by the Group The Group has applied all the standards and amendments for the first time for their annual reporting period commencing 1 January 2024. These amendments had no material impact on the financial statements of the Group. In June 2024, the AASB issued AASB 18 Presentation and Disclosure in Financial Statements, which replaces AASB 101 Presentation of Financial Statements. AASB 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to AASB 107 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from ‘profit or loss’ to ‘operating profit or loss’ and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. AASB 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. AASB 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. On 10 December 2024, the Australian Government enacted law regarding the International Accounting Standards Board issued International Tax Reform — Pillar Two Model Rules — Amendments to AASB 112. Refer to Note 5 for the Group’s analysis on these new regulations. There are no other new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements have been assessed to have an immaterial impact on the financial statements. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. 1 BASIS OF PREPARATION OF FULL YEAR REPORT (CONT.) Notes to the consolidated financial statements (CONTINUED) 54 Stanmore | Annual Report 2024 2 BUSINESS COMBINATION AND OTHER AQUISITIONS Accounting policies Business Combinations AASB 3 defines a business as an integrated set of activities and assets that is capable of being conducted and managed for the purposes of: • Providing goods or services to customers; • Generating investment income; or • Generating income from ordinary activities. Where an acquisition meets the definitions under AASB 3, it is considered a business combination, which are accounted for using the acquisition method. The cost of acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value. On the acquisition of a business, the Group assesses the financial assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic conditions, the Group’s operating or accounting policies and other pertinent conditions in existence at the acquisition date. Contingent consideration to be transferred by the acquirer is recognised at the acquisition-date fair value. Subsequent changes in the fair value of the contingent consideration classified as an asset or liability is recognised in profit or loss. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. The difference between the acquisition-date fair value of assets acquired, liabilities assumed and any non-controlling interest in the acquiree and the fair value of the consideration transferred and the fair value of any pre-existing investment in the acquiree is recognised as goodwill. If the consideration transferred and the pre-existing fair value is less than the fair value of the identifiable net assets acquired, being a bargain purchase to the acquirer, the difference is recognised as a gain directly in profit or loss by the acquirer on the acquisition-date, but only after a reassessment of the identification and measurement of the net assets acquired, the non-controlling interest in the acquiree, if any, the consideration transferred and the acquirer’s previously held equity interest in the acquirer. Business combinations are initially accounted for on a provisional basis. The Group retrospectively adjusts the provisional amounts recognised and also recognises additional assets or liabilities during the measurement period, based on new information obtained about the facts and circumstances that existed at the acquisition-date. The measurement period ends on either the earlier of (i) 12 months from the date of the acquisition or (ii) when the acquirer receives all the information possible to determine fair value. For each business combination, any Non-Controlling interest in the acquiree is measured at either fair value or at the proportionate share of the acquiree’s identifiable net assets. All acquisition costs expenses as incurred to profit or loss. Asset acquisitions Where an acquisition does not meet the definition of a business under AASB 3, it is considered an asset acquisition, resulting in the fair value of the purchase consideration being allocated to individual identifiable assets acquired and liabilities assumed, on a relative fair value basis. The purchase consideration consists of cash and non-cash consideration. Where non-cash consideration exists, the fair value of these assets or services are included within the total acquisition price allocatable to the identified net assets acquired. The Group has elected not to recognise any deferred contingent consideration relating to an asset acquisition, with any subsequent costs incurred to profit or loss. All directly attributable acquisition costs incurred relating to an asset acquisition are included in the purchase consideration, rather than being expensed to profit or loss. Acquisition of Eagle Downs Joint Venture (JV) Summary of acquisition On 12 August 2024, the Group completed the acquisition of South 32’s 50% interest in the Eagle Downs JV Project, as well as 100% of Eagle Downs Coal Management Pty Ltd. Subsequently, the Group announced that it had completed the acquisition of the remaining 50% interest in the Eagle Downs JV Project and 100% interest in the Eagle Downs South tenements from Aquila, resulting in the Group owning 100% of both projects. Notes to the consolidated financial statements (CONTINUED) 55 Stanmore | Annual Report 2024 Initial cash consideration of $35.2 million was paid, along with $50.0 million payable upon first 100kt of coal being mined from longwall mining methods and a capped royalty of up to $250.0 million payable in the future linked to average coal index price thresholds. The Eagle Downs JV is a development project, not yet operating, and as such does not meet the definition of a business, given it does not have its own series of integrated activities capable of producing goods or services. Therefore, this acquisition does not meet the requirements of AASB 3 — Business Combinations, and results in the purchase being treated as an asset acquisition, resulting in the purchase consideration being allocated to individual identifiable assets acquired and liabilities assumed, on a relative fair value basis. As noted in the Group’s asset acquisition policy on page 54, the Group has elected not to recognise the deferred royalty and contingent consideration components of the consideration. The details of the purchase consideration and the net assets acquired are as follows: 2 BUSINESS COMBINATION (CONT.) $M Cost of assets and liabilities assumed Cash paid 35.6 Transaction costs 5.2 Deferred consideration – 40.8 $M Analysis of cash flows paid on acquisition Cash paid (35.6) Transaction costs (5.2) Net cash acquired with the Joint Venture 0.5 Net cash flow on acquisition (included in cash flow from investing activities) (40.3) The assets and liabilities recognised as a result of the acquisition are as follows: $M Cash 0.5 Prepayments 0.4 Property, plant and equipment 48.8 Lease assets 34.1 Intangibles 3.3 Capitalised development 1.4 Trade and other payables (0.1) Lease liabilities (34.1) Rehabilitation provisions (13.5) Net assets acquired 40.8 Notes to the consolidated financial statements (CONTINUED) 56 Stanmore | Annual Report 2024 2 BUSINESS COMBINATION (CONT.) (i) Acquisition-related costs Directly attributable transaction costs associated with the acquisition have been capitalised to the balance sheet in the period to 31 December 2024 totalling $5.2 million. (ii) Significant estimate: fair value of consideration As the transaction did not meet the requirements of AASB 3 — Business Combinations, there is no requirement to recognise the additional consideration yet to be paid to the vendor. As at 31 December 2024, no deferred contingent payments related to the acquisition have been recognised in line with the Group’s accounting policy. Where subsequent payments occur in relation to these contingent payments, they will be expensed through the profit or loss once any terms of the royalty have been met. Acquisition of MetRes Pty Ltd Summary of acquisition On 21 December 2023, the Group acquired 50% of the ordinary shares in MetRes Pty Ltd from Marmilu Pty Ltd, taking its total shareholding to 100%. Marmilu Pty Ltd is an entity controlled by Mr Matthew Latimore, a Director of Stanmore at the time of the transaction, and as such the acquisition is considered a related party transaction. Initial consideration totalling A$1 was paid, along with an uncapped royalty deed. Pursuant to this deed, royalties on life of mine coal sales will be payable to Marmilu. These will be payable (except in case of peak coal prices) once Stanmore’s net investments in the project have been returned, including Stanmore’s existing loan previously provided to MetRes Pty Ltd. Stanmore controls the acquired entity with the transaction accounted for as a business combination by way of a step acquisition. This results in no uplift to the original 50% ownership in MetRes Pty Ltd. Details of the purchase consideration, the net assets acquired and goodwill are as follows: $M Purchase consideration Cash paid – Contingent consideration – Original investment in MetRes Pty Ltd – Settlement of pre-existing loan 47.9 Total purchase consideration 47.9 Notes to the consolidated financial statements (CONTINUED) 57 Stanmore | Annual Report 2024 2 BUSINESS COMBINATION (CONT.) The assets and liabilities recognised as a result of the acquisition are as follows: Provisional fair value $M Adjustments $M Final fair value $M Cash 8.6 - 8.6 Trade and other receivables 7.8 - 7.8 Inventories 11.1 0.8 11.9 Property, plant and equipment 37.0 9.5 46.5 Capitalised development and exploration 48.9 (5.0) 43.9 Current tax receivable 5.3 (5.3) - Trade and other payables (20.3) - (20.3) Lease liabilities (22.7) - (22.7) Rehabilitation provisions (22.6) - (22.6) Royalty liabilities/contingent consideration acquired (5.2) - (5.2) Net assets acquired 47.9 - 47.9 (i) Acquisition-related costs Transaction costs associated with the acquisition have been expensed as transaction and transition costs in the period to 31 December 2023 totalling $3.0m. (ii) Significant estimate: contingent consideration As part of the acquisition AASB 3 required the recognition of the additional consideration yet to the paid to the vendor, the value of which is dependent on the prevailing coal price exceeding certain targets. Further, repayment of the loan timing significantly impacts fair value. As at 31 December 2023, a fair value of AU$0 was recognised in relation to this contingent payment, based on expected future operating and market conditions over the assets anticipated life of mine. Notes to the consolidated financial statements (CONTINUED) 58 Stanmore | Annual Report 2024 3 REVENUE 31 December 2024 $M 31 December 2023 $M Revenue from contracts with customers 2,395.5 2,803.6 Total revenue 2,395.5 2,803.6 (a) Disaggregation of revenue from contracts with customers The Group recognises revenue from the transfer of goods at a point in time with the following major product lines and geographical regions: 31 December 2024 $M 31 December 2023 $M Revenue from external customers Metallurgical coal/Asia 1,559.7 1,982.7 Metallurgical coal/Europe 609.4 606.9 Metallurgical coal/South America 147.0 138.9 Thermal coal/Asia 77.7 68.7 Thermal coal/Europe 1.7 6.4 Total revenue 2,395.5 2,803.6 Notes to the consolidated financial statements (CONTINUED) 59 Stanmore | Annual Report 2024 (b) Recognition and measurement Revenue is recognised when the control of the goods is passed to the customer. The amount of revenue recognised is the consideration the Group is entitled to receive in exchange for transferred goods to the customer. (i) Contracts with customers — coal sales General recognition Revenue from the sale of coal is recognised in the profit or loss when performance obligations have been met, which is deemed to be when control of the coal has been transferred from the Group to the customer. Typically, for free on board sales, the transfer of control and the recognition of a sale occurs when the coal passes the ship rail when loading at the port. For free on stockpile sales, the transfer of control will occur when the sales agreement is exercised. All coal is shipped either through the Dalrymple Bay Coal Terminal or the North Queensland Export Terminal, with all of the coal sold during the year ended 31 December 2024 contracted ‘free on board’ basis. As is customary with ‘free on board’ contracts, parameters such as coal quality and mass are tested using independent experts and weightometers as the vessel is being loaded. The bill of lading is only issued upon verification and confirmation from several parties involved with the logistic and handling process. Once confirmed, the measured parameters form the basis for calculation of final price on the commercial invoice. All customer contracts specify a known price and tolerance range for quality parameters prior to the Group committing to the supply of coal to the customer. Coking Coal Quarterly Index Linked Price Contracts recognition Coal Sales contracts with Stanmore Resources customers generally contain monthly or quarterly pricing provisions linked to the relevant coking coal index or benchmarks. Index relativities take into account quality specifications and other contractual considerations. When the final pricing has not been determined at the time of invoicing, sales invoices are issued based on provisional prices. These provisional prices are then adjusted when the final index levels are known or benchmark prices have been settled. Due to the potential volatility in coal price indices, Management reviews the revenue recognised for any provisionally priced shipments at the end of each period. Coal sales revenue recognised for these shipments is then adjusted based on current index levels, price forecasts and managements judgements on the risks associated with the customer. Thermal coal contracts sales Thermal coal sales are not customarily index linked and are settled based on contract prices as agreed and adjusted by the contract terms. Generally, price and adjustments are finalised and final invoiced within a short period of time after the coal is ‘free on board’. 3 REVENUE (CONT.) Notes to the consolidated financial statements (CONTINUED) 60 Stanmore | Annual Report 2024 4 OTHER INCOME AND EXPENSE ITEMS (a) Other income 31 December 2024 $M 31 December 2023 $M Services 1.2 1.0 Dividends 2.9 2.3 4.1 3.3 (b) Other gains/(losses) 31 December 2024 $M 31 December 2023 $M Net gain on sale of held-for-sale assets 11(b) 96.0 - 96.0 - Where transactions with customers contain potential future economic benefits, such as contingent consideration receivable, such benefits will be recognised as revenue received to the extent that the Group has fulfilled all its obligations under any agreements entered, the value of such benefits can be reasonably estimated, and there is relative certainty that such benefits will materialise. (c) Breakdown of other expenses 31 December 2024 $M 31 December 2023 $M Operational accommodation and travel 53.6 42.7 Sales and marketing 66.3 59.0 Administration and other operational expenses 41.7 46.7 Total other expenses 161.6 148.4 31 December 2024 $M 31 December 2023 $M Transaction costs 7.1 3.0 Total transaction and transition costs 7.1 3.0 Transaction costs consist of fees and expenses incurred in business development and due diligence activities. In the prior year, these costs were related to the purchase of the remaining 50% interest in MetRes Pty Ltd. Notes to the consolidated financial statements (CONTINUED) 61 Stanmore | Annual Report 2024 (d) Impairment expense 31 December 2024 $M 31 December 2023 $M Impairment expenses 55.8 11.8 Total impairment expense 55.8 11.8 On 28 June 2024, following a detailed strategic review, Stanmore announced its decision to cease operations at the Mavis underground mine from the end of June and completed the transition by the end of Q3 2024. As a result, management performed an impairment assessment of its associated assets, recognising a total impairment charge of $55.8 million including the recognition of any onerous contracts. Where assets are able to be repurposed to other mine sites, these have been transferred with no impairment recognised. For assets that will be recovered through sale or other use, the Group has estimated the recoverable amount of these assets based on their fair values less cost of disposal. (e) Finance income and costs 31 December 2024 $M 31 December 2023 $M Finance income Interest 21.9 26.4 Finance income 21.9 26.4 Finance costs Interest paid 54.1 66.8 Interest amortisation unwinding 11.2 13.3 Interest charge — lease liability 37.3 31.3 Finance costs expensed 102.6 111.4 Net finance costs 80.7 85.0 4 OTHER INCOME AND EXPENSE ITEMS (CONT.) Notes to the consolidated financial statements (CONTINUED) 62 Stanmore | Annual Report 2024 (f) Recognition and measurement (i) Cost of sales Cost of sales are costs incurred directly or indirectly relating to the mining and preparation of coal for sale to third party customers. Costs have been recognised on an accrual basis at the time the sale is recognised, in line with movements through inventory and survey information from site. (ii) Wages and salaries, annual leave and sick leave Liabilities for wages and salaries, including non-monetary benefits and annual leave are recognised in respect of employees’ services rendered up to the end of the reporting period. They are measured at amounts expected to be paid when the liabilities are settled. Expenses for sick leave are recognised when leave is taken and measured at the actual rates paid or payable. Where the Group has liabilities that are not expected to be settled wholly within 12 months after the end of the reporting period, such as long service leave, these obligations are measured at the present value of the expected future payments to be made in respect of the services provided by employees up to the end of the reporting period. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as close as possible, the estimated future cash flows. (iii) Leases The leases recognised in Other Expenses relate to short-term lease obligations where the entity has adopted the recognition exemption. Lease payments for short-term leases are charged to profit or loss on a straight-line basis over the term of the lease, net of any incentives. 4 OTHER INCOME AND EXPENSE ITEMS (CONT.) Notes to the consolidated financial statements (CONTINUED) 63 Stanmore | Annual Report 2024 5 INCOME TAX EXPENSE On 10 December 2024, the Australian Government enacted law regarding the International Accounting Standards Board issued International Tax Reform — Pillar Two Model Rules — Amendments to AASB 112. These clarify that AASB 112 applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the OECD, including tax law that implements Qualified Domestic Minimum Top-Up Taxes. Further, the impact of these standards is not included in deferred tax as this is prohibited. The Group has adopted these amendments. However, under the transitional safe harbour rules, top up tax for the Group for the year ended 31 December 2024 is deemed to be nil on the basis that each constituent entity within the ultimate Group subject to the Pillar Two Rules has separate financial statements prepared in accordance with IFRS and GAAP, and the total minimum tax rate for this group is above the threshold level. (a) Income tax expense 31 December 2024 $M 31 December 2023 $M Current income tax expense 49.5 240.9 Prior year adjustments (1.4) (5.5) Deferred income tax (benefit)/expense 30.5 (35.8) Income tax expense 78.6 199.6 (b) Numerical reconciliation of income tax expense to prima facie tax payable 31 December 2024 $M 31 December 2023 $M Prima facie tax expense (30%) on profit/(loss) before income tax Add tax effect of: 81.0 201.6 Tax offset for franked dividends (1.2) (0.7) Share of profit/(loss) — MetRes Pty Ltd - 4.5 Other 0.2 7.6 Foreign Exchange Adjustment - (7.9) Prior period taxes over/(under) recognised (1.4) (5.5) Income tax expense/(benefit) 78.6 199.6 Notes to the consolidated financial statements (CONTINUED) 64 Stanmore | Annual Report 2024 (c) Deferred tax balances 31 December 2024 $M 31 December 2023 $M The balance comprises temporary differences attributable to: Deductible temporary differences 178.9 181.0 Taxable temporary differences (356.7) (328.3) Net deferred tax liabilities (177.8) (147.3) 5 INCOME TAX EXPENSE (CONT.) Deferred tax assets will only be recognised when: • the Group derives future assessable income of a nature of an amount sufficient to enable the losses to be realised; • the Group continues to comply with the conditions of deductibility imposed by the law; and • no changes in tax legislation adversely affect the Group in realising the losses. (d) Recognition and measurement The income tax expense for the period is the tax payable on the current period’s taxable income based on the national income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences between the tax base of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses. Deferred tax assets and liabilities are recognised for all temporary differences at the tax rates expected to apply when the assets are recovered, or liabilities settled, based on those tax rates which are enacted or substantively enacted for each jurisdiction. Exceptions are made for certain temporary differences arising on initial recognition of an asset or a liability if they arose in a transaction, other than a business combination, that at the time of the transaction did not affect either accounting profit or taxable profit. Deferred tax assets are only recognised for deductible temporary differences and unused tax losses if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax assets and liabilities are not recognised for temporary differences between the carrying amount and tax bases of investments in subsidiaries, associates and interests in joint ventures where the parent entity is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Current and deferred tax balances relating to amounts recognised directly in other comprehensive income and equity are also recognised directly in other comprehensive income and equity, respectively. Notes to the consolidated financial statements (CONTINUED) 65 Stanmore | Annual Report 2024 31 December 2024 Opening balance $M Recognised in profit or loss $M Closing balance $M Deferred tax asset $M Deferred tax liability $M Provision for rehabilitation 71.6 (7.5) 79.1 79.1 - Property, plant and equipment (251.5) 11.7 (263.2) - (263.2) Contingent consideration 6.1 6.1 - - - Exploration and development costs 11.4 23.5 (12.1) - (12.1) Unrealised FX (18.2) 2.9 (21.1) - (21.1) Other (16.1) (1.2) (14.9) - (14.9) Rail loop benefit (0.2) (0.2) - - - Mineral Rights (42.3) 3.1 (45.4) - (45.4) Lease liabilities 91.9 (7.9) 99.8 99.8 - TOTAL (147.3) 30.5 (177.8) 178.9 (356.7) 31 December 2023 Opening balance $M Recognised in profit or loss $M Closing balance $M Deferred tax asset $M Deferred tax liability $M Provision for rehabilitation 54.6 17.0 71.6 71.6 - Provision for onerous contracts 0.3 (0.3) - - - Property, plant and equipment (217.5) (34.0) (251.5) - (251.5) Contingent consideration 1.9 4.2 6.1 6.1 - Exploration and development costs (34.6) 46.0 11.4 11.4 - Unrealised FX (6.1) (12.1) (18.2) - (18.2) Other 15.9 (32.0) (16.1) - (16.1) Vendor receivable 3.1 (3.1) - - - Provision for impairment — exploration and development 2.6 (2.6) - - - Rail loop benefit (0.4) 0.2 (0.2) - (0.2) Mineral Rights (88.7) 46.4 (42.3) - (42.3) Lease liabilities 85.8 6.1 91.9 91.9 - TOTAL (183.1) 35.8 (147.3) 181.0 (328.3) (i) Tax consolidation Stanmore Resources Limited and its wholly owned subsidiaries have formed a tax consolidated group and are taxed as a single entity. Stanmore Resources Limited is the head entity of the tax consolidated group. The stand-alone taxpayer/ separate taxpayer within a group approach has been used to allocate current income tax expense and deferred tax expense to wholly owned subsidiaries that form part of the tax consolidated group. Stanmore Resources Limited has assumed all the current tax liabilities and the deferred tax assets arising from unused tax losses for the tax consolidated group via intercompany receivables and payables as a tax funding arrangement. 5 INCOME TAX EXPENSE (CONT.) Notes to the consolidated financial statements (CONTINUED) 66 Stanmore | Annual Report 2024 6 CASH AND CASH EQUIVALENTS 31 December 2024 $M 31 December 2023 $M Current assets Cash at bank and in hand 288.9 446.3 (a) Recognition and measurement For the purposes of the consolidated statement of cash flows, cash and cash equivalents includes (1) cash on hand and at bank; (2) deposits held at call with financial institutions; (3) other short-term, highly liquid investments with original maturities of three months or less; that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value and bank overdrafts. (b) Reconciliation of liabilities arising from financing activities Chattel mortgage $M Term loan $M Acquisition financing $M Lease liabilities $M Insurance premium funding $M Total $M Liabilities as at 1 January 2024 2.9 - 317.7 459.8 4.0 784.4 Cash inflows - 350.0 - - 11.5 361.5 Cash outflows (1.8) (35.0) (317.7) (203.3) (12.4) (570.2) Foreign exchange movements - - - (37.4) - (37.4) Other changes 0.1 (10.4) - 145.2 (0.9) 134.0 Liabilities as at 31 December 2024 1.2 304.6 - 364.3 2.2 672.3 Chattel mortgage $M Acquisition financing $M Lease liabilities $M Insurance premium funding $M Total $M Liabilities as at 1 January 2023 Opening balance 5.1 615.0 260.1 3.5 883.7 Cash inflows - - - 13.3 13.3 Cash outflows (2.2) (297.3) (146.3) (12.8) (458.6) Foreign exchange movements - - 7.9 - 7.9 Recognised on acquisition - - 23.0 - 23.0 Other changes - - 315.1 - 315.1 Liabilities as at 31 December 2023 2.9 317.7 459.8 4.0 784.4 Notes to the consolidated financial statements (CONTINUED) 67 Stanmore | Annual Report 2024 7 CASH FLOW INFORMATION (a) Cash generated from operations 31 December 2024 $M 31 December 2023 $M Reconciliation of profit/(loss) after income tax to net cash flow from operating activities Profit for the period 191.5 472.4 Adjust for non-cash items: Depreciation and amortisation of fixed assets 364.3 310.0 Impairment of non-current assets 55.8 11.8 (Gain)/loss of disposal of held for sale asset (96.0) - (Profit)/loss from joint ventures - 18.1 Other non-cash movements 2.9 2.3 Non-cash movement in provisions 2.8 4.8 Foreign exchange (gain)/loss (45.2) (0.7) Change in operating assets and liabilities: (Increase)/decrease in trade and other receivables 135.2 73.3 (Increase)/decrease in inventories 29.5 (65.5) (Increase)/decrease in prepayments 23.6 (35.4) (Increase)/decrease in income taxes payable (198.7) 23.0 (Decrease)/increase in deferred tax liabilities 23.7 (3.9) Increase/(decrease) in trade and other payables (77.4) (85.7) Increase/(decrease) in provisions for onerous contracts 1.7 (1.0) Increase/(decrease) in rehabilitation provisions (17.1) (15.8) Increase/(decrease) in other provisions 12.7 (2.9) Increase/(decrease) in provisions for employee benefits 0.5 20.6 (Decrease)/increase in other operating liabilities (2.1) 11.5 Net cash inflow from operating activities 407.7 736.9 Cash flows are included in the consolidated statement of cash flows on a gross basis and the GST components of cash flows arising from investing and financing activities are classified as operating cash flows. Notes to the consolidated financial statements (CONTINUED) 68 Stanmore | Annual Report 2024 8 TRADE AND OTHER RECEIVABLES 31 December 2024 $M 31 December 2023 $M Trade receivables 123.0 239.4 Other receivables 3.8 1.2 GST receivable 21.5 42.4 Total current receivables 148.3 283.0 (a) Recognition and measurement Trade and other receivables are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at Amortised Cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the Statement of Profit or Loss. (i) Impairment The Group assesses on a forward-looking basis the expected credit loss associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade and other receivables, the Group applies the simplified approach permitted by AASB 9 which requires expected lifetime losses to be recognised from initial recognition of the receivables. Loans to related parties are assessed using the general approach required by AASB 9 for the assessment of expected credit losses. Management has determined that assessment of expected credit loss associated with trade receivables is at less than 0.5%. Notes to the consolidated financial statements (CONTINUED) 69 Stanmore | Annual Report 2024 9 INVENTORIES 31 December 2024 $M 31 December 2023 $M Current assets ROM coal inventories — at cost 37.9 52.7 ROM coal inventories — at net realisable value 13.7 - Product coal stocks — at cost 41.4 70.7 Product coal stocks — at net realisable value 1.0 - Warehouse inventories — at cost 60.4 59.3 154.4 182.7 (a) Recognition and measurement Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimate selling price in the ordinary course of business, less the estimate costs of completion and selling expenses. The cost of coal inventories is determined using a direct costing basis. Costs include blasting, overburden removal, coal mining, processing, labour, transport and other costs which are directly related to mining activities at site. Inventories are classified as follows: • Run of mine material (ROM) extracted through the mining process and awaiting process at the coal handling and preparation plant; and • Product coal which has been processed into final saleable form. Product coal may be held at the site or at port shared stockpile facilities awaiting delivery to customers. • Warehouse inventories which includes all spares, parts and consumables used in the mining process. Notes to the consolidated financial statements (CONTINUED) 70 Stanmore | Annual Report 2024 10 PROPERTY, PLANT AND EQUIPMENT 31 December 2024 $M 31 December 2023 $M Plant and equipment At cost 753.1 659.6 Accumulated depreciation and impairment (275.1) (195.5) 478.0 464.1 Land and buildings At cost 418.7 362.3 Accumulated depreciation and impairment (94.9) (29.8) 323.8 332.5 Right of use asset At cost 749.2 633.4 Accumulated depreciation and impairment (356.4) (174.4) 392.8 459.0 Capital work in progress At cost 239.3 241.6 239.3 241.6 1,433.9 1,497.2 Notes to the consolidated financial statements (CONTINUED) 71 Stanmore | Annual Report 2024 (a) Recognition and measurement Property, plant and equipment (PP&E) is measured at cost less accumulated depreciation and impairment losses, if any. The cost of fixed assets constructed within the Group includes the cost of materials, direct labour, borrowing costs and an appropriate portion of fixed and variable costs. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. (i) Movements in carrying amounts Plant and equipment $M Land and buildings $M Right of use asset $M Capital work in progress $M Total $M Year ended 31 December 2024 Opening net book amount 464.1 332.5 459.0 241.6 1,497.2 Acquisition of subsidiary 0.9 3.0 34.0 37.8 75.7 Additions 9.4 - 108.1 179.6 297.1 Reclassifications 91.7 47.9 (19.8) (219.7) (99.9) Disposals - - (1.9) - (1.9) Impairment loss (13.7) (30.0) (0.5) - (44.2) Depreciation charge (74.5) (29.5) (186.1) - (290.1) Closing net book amount 477.9 323.9 392.8 239.3 1,433.9 Plant and equipment $M Land and buildings $M Right of use asset $M Capital work in progress $M Total $M Period ended 31 December 2023 Opening net book amount 457.6 247.5 269.3 128.9 1,103.3 Acquisition of business 10.7 - 24.9 1.4 37.0 Additions - - 291.8 191.5 483.3 Depreciation charge (81.7) (18.0) (127.0) - (226.7) Reclassifications 77.5 103.0 - (80.2) 100.3 Closing net book amount 464.1 332.5 459.0 241.6 1,497.2 10 PROPERTY, PLANT AND EQUIPMENT (CONT.) Notes to the consolidated financial statements (CONTINUED) 72 Stanmore | Annual Report 2024 (ii) Revaluation, depreciation methods and useful lives The carrying amount of all non-mining property fixed assets, except land, is depreciated over their useful life from the time the asset is held ready for use. Property, plant and equipment are depreciated on a units of production basis over the life of the economically recoverable resources. The base for the units of production is drawn from the assets principal use. Items that are specific to open cut operations are depreciated over the run of mine open cut coal reserves. Surface infrastructure that is not specific to a mining method such as the wash plant and loadout facilities utilise the Economically Recoverable Resources of the associated mining complex, which includes an estimate of recoverable underground coal reserves. The depreciation rates used for each class of assets are: • Plant and equipment 5–25% straight line/ units of production • Furniture and office equipment 5–25% straight line • Buildings and improvements 5–10% straight line • Right-of-use asset lesser of the useful life of the asset or lease term The Group assesses at each reporting date whether there is an indication that an asset (or Cash Generating Unit — CGU) may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s or CGU’s recoverable amount. The recoverable amount is the higher of an asset’s or CGU’s Fair Value Less Cost of Disposal and its Value in Use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case, the asset is tested as part of a larger CGU to which it belongs. If the carrying amount of an asset or CGU exceeds its recoverable amount, the asset/CGU is considered impaired and is written down to its recoverable amount. The Group bases its impairment calculation on detailed budgets and forecasts which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated, based on the life-of-mine plans. The estimated cash flows are based on expected future production, selling prices and operating costs. As part of the Group’s impairment assessment, the Group considers the expected future demand for its product, impact of known climate policies and potential policy responses to climate change. The Group’s assets are metallurgical coal assets and based on the Group’s research, demand for its product will continue over the life of the CGU. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are recognised in profit or loss in the period which they arise. (iii) Right-of-use asset At the inception of a contract, the Group assesses whether a contract contains a lease based on whether the contract conveys the right to use or control the use of an identified asset for a period of time in exchange for consideration. At the commencement date of the lease, the Group recognises a lease liability and a corresponding right-of-use asset. The lease liability is initially recognised at present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, and are discounted using the interest rate determined using the lessee’s incremental borrowing rate. The right-of-use asset is initially measured at cost which includes any direct costs, and subsequently measured at costs less any depreciation and impairment. The right-of-use asset is depreciated to the earlier of the useful life of the asset or the lease term using the straight-line method and is recognised in the Statement of Profit or Loss in depreciation and amortisation. The unwind of the financial charge on the lease liability is recognised in the Statement of Profit or Loss in financial expenses based on the lessee’s incremental borrowing rate. 10 PROPERTY, PLANT AND EQUIPMENT (CONT.) Notes to the consolidated financial statements (CONTINUED) 73 Stanmore | Annual Report 2024 11 CAPITALISED DEVELOPMENT, EXPLORATION AND MINE PROPERTIES 31 December 2024 $M 31 December 2023 $M Exploration and evaluation 85.3 70.9 Mine properties 978.8 972.2 1,064.1 1,043.1 Exploration and evaluation assets $M Mine properties $M Total $M Year ended 31 December 2024 Opening net book amount 70.9 972.2 1,043.1 Acquisition of subsidiary - 8.7 8.7 Remeasurement of rehabilitation assets - (6.8) (6.8) Additions 15.1 - 15.1 Reclassifications 5.0 84.4 89.4 Impairment loss (5.7) (5.9) (11.6) Depreciation charge - (73.8) (73.8) Closing net book amount 85.3 978.8 1,064.1 Exploration and evaluation assets $M Mine properties $M Total $M Period ended 31 December 2023 Opening net book amount 68.9 1,177.6 1,246.5 Acquisition of subsidiary 0.6 39.1 39.7 Additions - 4.3 4.3 Transfers to PP&E - (100.3) (100.3) Reclassifications 61.2 (61.2) - Transfer to assets held for sale (48.0) - (48.0) Depreciation charge - (87.3) (87.3) Impairment loss (11.8) - (11.8) Closing net book amount 70.9 972.2 1,043.1 Notes to the consolidated financial statements (CONTINUED) 74 Stanmore | Annual Report 2024 (a) Recognition and measurement — capitalised development Capitalised Development expenditure includes costs transferred from Exploration and Evaluation when the Group can demonstrate: • the technical feasibility of completing the intangible asset so that it will be available for use or sale; • its intention to complete and its ability to use or sell the asset; • how the asset will generate future economic benefits; • the availability of resources to complete the asset; and • the ability to measure reliably the expenditure during development. Following recognition, the asset is carried at cost less any accumulated impairment losses. Once the development phase is complete and production begins, the costs are transferred from Capitalised Development Costs to Mine Properties where they are amortised over the life of the development project. (i) Key judgements Initial capitalisation of costs is based on management’s judgement that technical and economic feasibility is confirmed. In determining the amounts to be capitalised, management makes assumptions regarding the expected future cash generating potential of the project, discount rates to be applied and the expected period of which cash flows are expected to be received. (b) Recognition and measurement — exploration and evaluation Exploration and evaluation expenditure incurred is capitalised on an area of interest basis. Such expenditures comprise net direct costs and an appropriate portion of related overhead expenditure. These costs are carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage which permits reasonable assessment of the existence of economically recoverable resources and active or significant operations in relation to the area are continuing. A regular review is undertaken on each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. Accumulated costs in relation to an abandoned area are written off against profit in the period in which the decision to abandon the area is made. Where an uncertainty exists for further exploration of the area, a provision is raised for the costs of exploration. When the technical feasibility and commercial viability is demonstrated, the accumulated costs for the relevant area of interest are transferred to capitalised development costs. (i) Key judgements The Group performs impairment testing on specific exploration assets as required in AASB 6 para. 20. The accumulated impairment on these exploration and evaluation assets was $5.7 million (2023: $11.8 million), and was categorised as an other expense. (ii) Acquisition of Isaac South On 4 September 2024, Stanmore signed an agreement with Anglo American and Exxaro for the rights to explore, study and then apply for a future mining lease to mine the open cut area immediately adjacent to Stanmore’s Isaac South project. Consideration for the purchase is $15.0 million; together with deferred consideration of $20.0 million upon first coal being mined or 10 years from grant of mining lease and a capped $40.0 million contingent royalty linked to certain coal price thresholds being met. 11 CAPITALISED DEVELOPMENT, EXPLORATION AND MINE PROPERTIES (CONT.) Notes to the consolidated financial statements (CONTINUED) 75 Stanmore | Annual Report 2024 (iii) Sale of Wards Well In the prior year, on 26 October 2023, Stanmore executed a series of conditional agreements with Peabody as part of a comprehensive transaction which includes the sale of the southern area of Stanmore’s Wards Well tenements. Variable consideration for the sale is approximately $136.0 million together with a contingent capped royalty scheme of up to circa $200.0 million payable on the first 120Mt of coal mined, and a potential additional royalty stream if coal is mined above 120Mt. These amounts have been constrained to the extent that it is not highly probable the amounts won’t significantly reverse. As this project is yet to commence, no amounts have been recognised in the current period. (c) Recognition and measurement — mine properties Mining property assets include costs transferred from Capitalised Development following start of production, and the rehabilitation asset capitalised to offset rehabilitation provisions when disturbance occurs. Following transfer from Capitalised Development, all subsequent development costs are capitalised to the extent that commercial viability conditions continue to be satisfied. The costs associated with mine properties are amortised based on a units of production method. (i) Key judgements Due to the expectation that saleable coal will be produced as a result of the initial mine development, management judgement is required in relation to when a mine is considered to have started production, and therefore transferred to Mine Properties and depreciated. The Group assesses at the end of each period whether there are any impairment indicators in relation to Mine Property assets, included related PP&E balances in Note 10. This includes consideration of the forward-looking commodity prices and foreign exchange rates. We have also contemplated the Group’s Net Assets relative to its market capitalisation as at the balance date. We have concluded that no indicators of impairment exist for the Group’s CGUs. As disclosed in Note 4(d), assets in relation to the Mavis Downs mine have been impaired during the period. The accumulated impairment on these mine property assets was $5.9 million (2023: nil), and was categorised as an other expense. 11 CAPITALISED DEVELOPMENT, EXPLORATION AND MINE PROPERTIES (CONT.) Notes to the consolidated financial statements (CONTINUED) 76 Stanmore | Annual Report 2024 12 OTHER ASSETS 31 December 2024 $M 31 December 2023 $M Other current assets Prepayments 32.7 31.5 32.7 31.5 Other non-current assets Prepayments 21.9 25.7 Security bonds 3.6 4.8 Other 8.7 12.0 34.2 42.5 (a) Recognition and measurement Other current assets related to operational and financing costs paid in advance of the period to which the Group will receive the benefit from those goods and services. Non-current assets relate to cash security bond payments made to key operational suppliers, and term deposits with the Group’s banking provider which are secured against the Group’s bank guarantee facilities. 13 TRADE AND OTHER PAYABLES 31 December 2024 $M 31 December 2023 $M Current liabilities Trade and other payables 75.3 93.1 Amounts due to related parties – 6.3 Accrued expenses 129.3 170.6 Statutory payables 21.7 62.0 Other payables 14.4 6.5 240.7 338.5 (a) Recognition and measurement Trade and other payables represent liabilities for goods and services provided to the Group prior to the period end and which are unpaid. They are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. No assets of the Group have been pledged as security for the trade and other payables. Notes to the consolidated financial statements (CONTINUED) 77 Stanmore | Annual Report 2024 14 INTEREST BEARING LOANS AND BORROWINGS 31 December 2024 31 December 2023 Current $M Non- current $M Total $M Current $M Non- current $M Total $M Term loan 67.5 237.1 304.6 - - - Acquisition financing - - - 131.2 177.6 308.8 Chattel Mortgage 0.2 1.0 1.2 1.6 1.3 2.9 Working capital facility - - - 1.2 - 1.2 Insurance premium funding 2.2 - 2.2 3.0 - 3.0 Total interest-bearing loans and borrowings 69.9 238.1 308.0 137.0 178.9 315.9 (a) Financing facilities 31 December 2024 $M 31 December 2023 $M Facility size Facility utilised Facility available Facility size Facility utilised Facility available Term loan 350.0 315.0 - - - - Acquisition financing - - - 625.0 317.7 - Revolving credit facilities 150.0 - 150.0 154.2 - 154.2 Revolving credit facilities from Related Parties 70.0 - 70.0 70.0 - 70.0 Other 14.0 3.4 - 29.7 7.1 2.3 584.0 318.4 220.0 878.9 324.8 226.5 The ‘Term Loan’ facility matures 30 September 2029 and has an interest rate of 4.5% above the Secured Overnight Financing Rate (SOFR). The facility may not be redrawn with repayments consisting of a fixed amortisation schedule. The revolving credit facilities are comprised of a $150.0 million revolving credit facility maturing 30 September 2027. The facility remains undrawn as of 31 December 2024. The revolving credit facilities from Related Parties is comprised of a $70.0 million revolving credit facility with the Group’s major shareholder, GEAR. The key terms include a maturity date of 30 June 2026, fixed interest rate on drawn funds of 12% per annum and a commitment fee on undrawn funds of 3% per annum. Other financing facilities include A$3.5 million outstanding on a short-term group insurance premium funding and A$1.9 million outstanding on a chattel mortgage. Notes to the consolidated financial statements (CONTINUED) 78 Stanmore | Annual Report 2024 (b) Guarantee and Bonding Facilities 31 December 2024 $M 31 December 2023 $M Facility Utilisation Bank Guarantee Facilities 11.9 14.4 Surety Bonding Facilities 123.1 109.0 135.0 123.4 (c) Term Loan Facility On 30 September 2024, the Group refinanced the Group’s debt facilities into a new US$350.0 million five-year amortising Term Loan Facility (Term Loan) with the proceeds used to repay the previous $210.0 million Acquisition Financing Facility. The facility is secured by a first charge over the certain equipment, plant and properties of the Group. The term loan is subject to the following covenants: • Group Gearing ratio less than 40%. The gearing ratio is calculated as net debt (total borrowings less cash and cash equivalents) divided by net debt plus total equity. The gearing ratio was in compliance at 31 December 2024. • Debt Service Cover Ratio (DSCR) greater than 1.25 times. The DSCR was in compliance at 31 December 2024. The DSCR is calculated as cash flow available for debt servicing (CFADS) divided by debt service. Both covenants are tested half-yearly, at 30 June and 31 December. The Group has no indication that it will have difficulty complying with these covenants. 14 INTEREST BEARING LOANS AND BORROWINGS (CONT.) Notes to the consolidated financial statements (CONTINUED) 79 Stanmore | Annual Report 2024 15 LEASE LIABILITY 31 December 2024 $M 31 December 2023 $M Lease liabilities current 178.3 134.8 Lease liabilities non-current 186.0 325.0 Total lease liability 364.3 459.8 (a) Recognition and measurement The lease liability recognised relates to property leases recognised under AASB 16 Leases. Refer to Note 10 on page 70 for the recognition and measurement policy for lease liabilities. Reconciliation of movements 2024 $M 2023 $M Opening balance 459.8 260.1 Additions 107.5 291.8 Additions through acquisitions 0.3 22.6 Depletions through settlement (203.3) (146.3) Foreign exchange remeasurements (37.4) 0.3 Interest expense 37.4 31.3 Closing balance 364.3 459.8 The Group has lease contracts for equipment that contains variable payments in the form of rise and fall mechanisms. These rise and fall mechanisms have been factored into the relevant lease liabilities as at 31 December 2024, the balance of which totals $278.1 million (2023: $327.7 million). 16 DERIVATIVE FINANCIAL INSTRUMENTS 31 December 2024 $M 31 December 2023 $M Derivative financial assets/(liabilities) (19.5) 6.1 Total derivative financial instruments (19.5) 6.1 (a) Recognition and measurement Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Notes to the consolidated financial statements (CONTINUED) 80 Stanmore | Annual Report 2024 17 PROVISIONS 31 December 2024 31 December 2023 Current $M Non-current $M Total $M Current $M Non-current $M Total $M Onerous contracts provision 1.7 - 1.7 - - - Rehabilitation provision 2.4 201.4 203.8 8.4 205.9 214.3 Contingent consideration 2.2 2.9 5.1 148.4 6.5 154.9 6.3 204.3 210.6 156.8 212.4 369.2 (a) Reconciliation of movements Movements in each class of current provision during the financial year, other than employee benefits, are set out below: 2024 Onerous contracts provision $M Rehabilitation provision $M Contingent consideration $M Total $M Opening balance - 214.3 154.9 369.2 Additions 1.7 6.8 - 8.5 Depletions through settlement - (5.2) (152.9) (158.1) Unwinding of discount via profit and loss - 8.3 2.8 11.1 Adjustments through remeasurement - - 0.6 0.6 Exchange differences - (20.4) (0.3) (20.7) Closing balance 1.7 203.8 5.1 210.6 2023 Onerous contracts provision $M Rehabilitation provision $M Contingent consideration $M Total $M Opening balance 1.0 203.2 148.2 352.4 Additions - (6.9) - (6.9) Depletions through settlement (1.0) (5.2) (2.4) (8.6) Unwinding of discount via profit and loss - 8.5 4.8 13.3 Additions through acquisition - 22.6 2.6 25.2 Adjustments through remeasurement - - 1.7 1.7 Exchange differences - (7.9) - (7.9) Closing balance - 214.3 154.9 369.2 Notes to the consolidated financial statements (CONTINUED) 81 Stanmore | Annual Report 2024 (b) Onerous contracts provision (i) Recognition and measurement The Group assesses onerous contracts at each reporting date by evaluating conditions specific to each contract and the current business plan. Where a contract provides capacity above that required to meet the business plan or for a longer period than the current extent of the business plan, the contract is deemed onerous and the onerous portion of the contract is recognised as a liability using an estimate of future onerous cash flows discounted to a net present value. Any re-measurement of the assessed level of onerous contracts is taken through profit or loss in the period in which the assessment is made. (c) Rehabilitation provision (i) Recognition and measurement The provision for rehabilitation closure costs relates to areas disturbed during the operation of the mine up to reporting date and not yet rehabilitated. Provision has been made to rehabilitate all areas of disturbance including surface infrastructure, contouring, topsoiling and revegetation, using internal and external expert assessment of each aspect to calculate anticipated cash outflow discounted to a net present value. At each reporting date, the rehabilitation liability is re-measured in line with the then-current level of disturbance, cost estimates and other key inputs. The amount of provision relating to rehabilitation of areas caused by mining disturbance is capitalised against Mine Properties as incurred, to the extent there is a future economic benefit, otherwise the re-measurement is recognised in the profit or loss. Any unwinding discounting is recognised in the profit or loss. The Group assesses rehabilitation liabilities at each reporting date as there are numerous factors that may affect the ultimate liability payable. This includes the extent and nature of rehabilitation activity to be undertaken, changes in technology and techniques, changes in discount rates and regulatory impacts. There may be differences between the future actual expenditure and the assessment made at balance date. The provisions at balance date represent management’s best estimate of the present value of rehabilitation cost to completely rehabilitate the site. During the year ended 31 December 2024, a decrease in the provision of $5.2 million was recognised due to the rehabilitation works completed in the period (31 December 2023: $5.2 million). The discount rate used in the calculation of the provision at 31 December 2024 equalled 4.33% (31 December 2023: 3.99%). (d) Contingent consideration (i) Recognition and measurement As part of the acquisition of the 80% interest in Stanmore SMC Pty Ltd, AASB 3 required the recognition of the additional consideration yet to the paid to the vendor. With a potential follow-up payment of up to $150.0 million after two years, the value of which was dependent on the prevailing coal price exceeding certain targets. In the current period, these conditions were met and as such the full amount of contingent consideration of $150.0 million was paid. (e) Other provisions Provisions for legal claims, service warranties and make good obligation are recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic resources will be required to settle the obligation, and the amount can be reliably estimated. 17 PROVISIONS (CONT.) Notes to the consolidated financial statements (CONTINUED) 82 Stanmore | Annual Report 2024 18 PROVISION FOR EMPLOYEE BENEFITS 31 December 2024 Total $M 31 December 2023 Total $M Provision for annual leave 16.0 24.4 Provision for bonus 32.3 24.6 Provision for long service leave 3.0 1.9 Total employee benefit obligations 51.3 50.9 (a) Recognition and measurement Refer to Note 4(f)(ii) for accounting policies. 19 DIVIDENDS AND FRANKING CREDITS (a) Dividends (i) Ordinary shares 31 December 2024 $M 31 December 2023 $M Dividends provided for or paid 115.5 52.5 (b) Franking credits Franked credits 31 December 2024 $M 31 December 2023 $M Franking credits available for subsequent reporting periods based on a tax rate of 30.0% (2023: 30.0%) 547.5 352.2 Notes to the consolidated financial statements (CONTINUED) 83 Stanmore | Annual Report 2024 20 EARNINGS PER SHARE (a) Basic earnings per share 31 December 2024 Cents 31 December 2023 Cents Basic earnings per share (cents) 21.2 52.4 Basic earnings per share is calculated by dividing the profit attributable to the owners of Stanmore Resources Limited by the weighted average number of ordinary shares outstanding during the financial period. (b) Diluted earnings per share 31 December 2024 Cents 31 December 2023 Cents Diluted earnings per share (cents) 21.2 52.4 Earnings used to calculate diluted earnings per share are calculated by adjusting the amount used in determining basic earnings per share by the after-tax effect of dividends and interest associated with dilutive potential ordinary shares. The weighted average number of shares used is adjusted for the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive ordinary shares. (c) Weighted average number of shares used as the denominator 2024 Number 2023 Number Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share 901,391,634 901,391,634 Notes to the consolidated financial statements (CONTINUED) 84 Stanmore | Annual Report 2024 21 EQUITY SECURITIES ISSUED (a) Share capital 31 December 2024 Shares 31 December 2023 Shares 31 December 2024 $M 31 December 2023 $M Ordinary shares 901,391,634 901,391,634 616.4 616.4 Fully paid 901,391,634 901,391,634 616.4 616.4 (i) Movements in ordinary shares: Details Number of shares (thousands) Total $M Opening balance 1 January 2024 901.4 616.4 Balance 31 December 2024 901.4 616.4 Opening balance 1 January 2023 901.4 616.4 Balance 31 December 2023 901.4 616.4 Ordinary shares participate in dividends and the proceeds on winding up of the Consolidated Entity in proportion to the number of shares held. At shareholders’ meetings, each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of hands. Ordinary shares have no par value and Stanmore Resources Limited does not have a limited amount of authorised capital. Notes to the consolidated financial statements (CONTINUED) 85 Stanmore | Annual Report 2024 (b) Other reserves The following table shows a breakdown of the consolidated statement of financial position line item ‘other reserves’ and the movements in these reserves during the year. A description of the nature and purpose of each reserve is provided below the table. 31 December 2024 $M 31 December 2023 $M Share-based payments 0.6 0.6 Foreign currency translation (24.3) (24.3) (23.7) (23.7) Movements: 31 December 2024 $M 31 December 2023 $M Share-based payments Opening balance 0.6 0.6 Foreign currency translation Opening balance (24.3) (24.3) Balance 31 December (23.7) (23.7) (i) Nature and purpose of other reserves Share-based payments The share-based payments reserve is used to recognise: • The grant date fair value of options and rights issued to employees but not exercised; • The grant date fair value of shares issued to employees; • The grant date fair value of deferred shares granted to employees but not yet vested; • The issue of shares held by the Employee Share Trust to employees. Foreign currency translation Exchange differences arising on translation of the Group’s historical financial records as a result of the changes in functional and presentational currencies during the year, are recognised in other comprehensive income as described in note and accumulated in a separate reserve within equity. 21 EQUITY SECURITIES ISSUED (CONT.) Notes to the consolidated financial statements (CONTINUED) 86 Stanmore | Annual Report 2024 (c) Retained earnings Movements in retained earnings were as follows: Notes 31 December 2024 $M 31 December 2023 $M Balance 1 January 1,160.8 740.9 Net profit for the period 191.5 472.4 Dividends 19(a) (115.5) (52.5) Balance 31 December 1,236.8 1,160.8 21 EQUITY SECURITIES ISSUED (CONT.) (d) Capital management The capital of the Consolidated Entity is managed to provide capital growth to shareholders and ensure the Consolidated Entity can fund its operations and continue as a going concern. The Consolidated Entity’s capital comprises equity as shown in the consolidated statement of financial position. There are no externally imposed capital requirements. Management oversees the Consolidated Entity’s capital by assessing the financial risks and adjusting its capital structure in response to changes in these risks and the market. These responses include the management of share issues and debt. There have been no changes in the strategy adopted by management to control the capital of the Consolidated Entity since the prior period. (e) Recognition and measurement Ordinary shares are classified as equity. Costs directly attributable to the issue of new shares or options are shown as a deduction from the equity proceeds, net of any income tax benefit. Notes to the consolidated financial statements (CONTINUED) 87 Stanmore | Annual Report 2024 22 FINANCIAL RISK MANAGEMENT In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group’s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. The Group’s financial instruments consist mainly of deposits with banks, trade and other receivables, security deposits, trade and other payables, borrowings, leases, financial assets held at fair value through other comprehensive income, derivative financial instruments and contingent consideration. The Board has overall responsibility for the determination of the Group’s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group’s finance function. The Group’s risk management policies and objectives are therefore designed to minimise the potential impacts to these risks on the results of the Group where such impacts may be material. The overall objective of the Board is to set policies that seek to reduce risk where possible without unduly affecting the Group’s competitiveness and flexibility. Further details regarding these policies are set out below. (a) Credit risk Credit risk is the risk that the other party to a financial instrument will fail to discharge their obligation, resulting in the Group incurring a financial loss. This usually occurs when debtors fail to settle their obligations owing to the Group. The Group’s objective is to minimise the risk of loss from credit risk exposure. The Group’s maximum exposure to credit risk at the end of the reporting period, without taking into account the value of any collateral or other security, in the event other parties fail to perform their obligations under financial instruments in relation to each class of recognised financial asset at reporting date, is as follows: 31 December 2024 $M 31 December 2023 $M Cash and cash equivalents 288.9 446.3 Trade receivables 148.3 283.0 Security bonds 3.6 4.8 Derivative financial assets/(liabilities) (19.5) 6.1 Credit risk exposure 421.3 740.2 The Group’s credit risk exposure is influenced by mainly by the individual characteristics of each customer. Given the Group trades predominately with recognised, credit worthy third parties, the credit risk is determined to be low. The Group assessed the expected credit losses in relation to trade and other receivables in the current and prior years to be immaterial and no low allowance has been recorded. Bank deposits are held with a combination of Australian and Global major banks with long-term credit rating agency S&P ranging between AA- and A-. Notes to the consolidated financial statements (CONTINUED) 88 Stanmore | Annual Report 2024 (b) Liquidity risk Liquidity risk is the risk that the Group may encounter difficulties raising funds to meet financial obligations as they fall due. The objective of managing liquidity risk is to ensure that the Group will always have sufficient liquidity to meet its liabilities when they fall due, under both normal and stressed conditions. The Group manages liquidity risk by monitoring forecast cash flows and liquidity ratios such as working capital. The Group’s working capital, being current assets less current liabilities, has increased from $9.3 million at 31 December 2023 to $78.5 million at 31 December 2024. The increase is driven by operational cash inflows of $407.7 million, less payments of $368.3m towards the Group’s borrowings. (i) Maturities of financial liabilities The tables below analyse the Group’s financial liabilities into relevant maturity groupings based on their contractual maturities: 22 FINANCIAL RISK MANAGEMENT (CONT.) 31 December 2024 Carrying amount $M Contractual cash flows $M Less than 6 months $M Between 6 and 12 months $M Between 1 and 3 years $M Over 3 years $M Financial liabilities Trade payables 226.3 226.3 226.3 - - - Other payables 19.4 19.4 19.4 - - - Lease liabilities 364.3 463.2 111.0 100.4 173.4 78.4 Chattel mortgage 1.2 1.2 0.9 0.3 - - Term loan 315.0 315.0 35.0 35.0 140.0 105.0 Insurance premium funding 2.2 2.2 2.2 - - - Total financial liabilities 928.4 1,027.3 394.8 135.7 313.4 183.4 31 December 2023 Carrying amount $M Contractual cash flows $M Less than 6 months $M Between 6 and 12 months $M Between 1 and 3 years $M Over 3 years $M Financial liabilities Trade payables 325.4 325.4 325.4 – – – Other payables 72.4 72.4 72.4 – – – Lease liabilities 459.8 587.7 106.0 102.4 333.5 45.7 Contingent consideration 154.8 154.8 – 150.0 4.8 – Chattel mortgage 2.9 2.9 0.9 0.9 1.0 – Acquisition financing 317.7 360.4 120.8 40.3 199.3 – Insurance premium funding 3.0 3.0 3.0 – – – Total financial liabilities 1,336.0 1,506.6 628.5 293.6 538.6 45.7 Further information regarding commitments is included in Note 25 on page 98. Notes to the consolidated financial statements (CONTINUED) 89 Stanmore | Annual Report 2024 (c) Currency risk The United States dollar (US$) is the functional currency of all entities in the Group. As a result, currency exposure arises from transactions and balances in currencies other than the US$. The Group’s potential currency exposures comprise: (i) Operational costs denominated in A$ The operations of the Group are location in Queensland, Australia, and as such a large proportion of its operational costs are incurred and paid in A$. These costs include a combination of employee and contractor expenses, and also include material lease agreements recognised under AASB 16. As a result, the Group’s trade payable and lease liability provisions give rise to a foreign exchange risk for the Group. (ii) Tax liabilities The Group changed its functional currency with the Australian Tax Office to US$, effective 1 January 2023. (iii) Rehabilitation provisions The Group expects to fulfil its rehabilitation obligations through the use of existing operational resources, as when required, which will be incurred in A$. In addition, the Group is party to the Queensland Treasury Financial Provisioning Scheme, which is a scheme denominated in A$. As a result, the Group’s rehabilitation provisions are recorded in A$, giving rise to foreign exchange risk for these significant provisions. As at 31 December 2024, the effect on profit or loss as a result of changes in the foreign exchange rates would be: 22 FINANCIAL RISK MANAGEMENT (CONT.) Decrease in FX rate by 5% Increase in FX rate by 5% 31 December 2024 Carrying amount US$M Profit or loss US$M Profit or loss US$M Cash and cash equivalents — A$ 8.5 0.4 (0.4) Derivative instruments — A$ (19.5) (1.0) 1.0 Trade payables — A$ (226.3) (11.3) 11.3 Chattel Mortgage — A$ (1.2) (0.1) 0.1 Insurance premium funding — A$ (2.2) (0.1) 0.1 Lease liability — A$ (364.2) (18.2) 18.2 Rehabilitation provision — A$ (203.8) (10.2) 10.2 Tax charge of 30% - 12.1 (12.1) After tax increase/(decrease) - (28.4) 28.4 Notes to the consolidated financial statements (CONTINUED) 90 Stanmore | Annual Report 2024 (d) Market risk Market risk arises from the use of interest bearing, tradable and foreign currency financial instruments. It is a risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (price risk). The Group utilises a strategy to reduce its foreign currency risks noted above, notably the exposure to A$. The Group recognise any exposure on these arrangement on its balance sheet as part of its estimated fair value of its derivatives. As at 31 December 2024 the Group has recognised a derivative financial liability position of US$19.5 million (31 December 2023: asset of US$6.1 million). Decrease in FX rate by 5% Increase in FX rate by 5% 31 December 2023 Carrying amount US$M Profit or loss US$M Profit or loss US$M Cash and cash equivalents — A$ 9.7 0.5 (0.5) Derivative instruments — A$ 6.1 0.3 (0.3) Trade payables — A$ (325.4) (16.3) 16.3 Chattel Mortgage — A$ (2.9) (0.2) 0.2 Insurance premium funding — A$ (3.0) (0.2) 0.2 Lease liability — A$ (459.8) (22.9) 22.9 Rehabilitation provision — A$ (214.3) (10.7) 10.7 Tax charge of 30% - 15.0 (15.0) After tax increase/(decrease) - (34.5) 34.5 22 FINANCIAL RISK MANAGEMENT (CONT.) Notes to the consolidated financial statements (CONTINUED) 91 Stanmore | Annual Report 2024 22 FINANCIAL RISK MANAGEMENT (CONT.) (e) Interest risk Interest rate risk arises principally from cash and cash equivalents and the recently refinancing borrowings facility (see Note 14) which are now floating variable interest rates. The objective of interest rate risk management is to manage and control interest exposures within acceptable parameters while optimising the return. Interest rate risk is managed with a mixture of fixed and floating rate investments. For further details on interest rate risk, refer to the tables following: 31 December 2024 Floating interest rate $M Fixed interest rate $M Non- interest bearing $M Total carrying amount $M Weighted average effective interest rate % Financial assets Cash and cash equivalents 288.9 - - 288.9 4.80%* Receivables - - 123.0 123.0 - Security deposits - - 3.5 3.5 - Total financial assets 288.9 - 126.5 415.4 - Financial liabilities Trade payables - - 245.7 245.7 - Derivative financial instruments - - 19.5 19.5 - Lease liabilities - 364.2 - 364.2 - Chattel mortgage - 1.2 - 1.2 7.34% Term loan 315.0 - - 315.0 9.84% Insurance premium funding - 2.2 - 2.2 5.07% Total financial liabilities 315.0 367.6 265.2 947.8 - * 4.80% based on actual interest rate received at various institutions. Notes to the consolidated financial statements (CONTINUED) 92 Stanmore | Annual Report 2024 31 December 2023 Floating interest rate $M Fixed interest rate $M Non- interest bearing $M Total carrying amount $M Weighted average effective interest rate % Financial assets Cash and cash equivalents 446.3 - - 446.3 4.55%* Receivables - - 244.8 244.8 - Derivative financial instruments - - 6.1 6.1 - Security deposits - - 4.4 4.4 - Total financial assets 446.3 - 255.3 701.6 - Financial liabilities Trade payables - - 397.8 397.8 - Contingent consideration - - 154.8 154.8 - Lease liabilities - 459.8 - 459.8 - Chattel Mortgage - 2.9 - 2.9 4.55% Acquisition Financing 317.7 317.7 14.10% Insurance premium funding - 3.0 - 3.0 2.30% Total financial liabilities - 783.4 552.6 1336.0 - * 4.55% based on cash rate of 4.35% plus 0.20% margin per NAB The Group has performed a sensitivity analysis relating to its exposure to interest rate risk. This sensitivity demonstrates the effect on the current period’s results and equity which could result from a change in these risks. As at 31 December 2024, the effect on profit and equity as a result of changes in the interest rate would be as follows: Increase in interest rate by 1% Decrease in interest rate by 1% 31 December 2024 Carrying amount $M Profit or loss $M Equity $M Profit or loss $M Equity $M Cash and cash equivalents 288.9 2.9 2.9 (2.9) (2.9) Term loan 315.0 (3.2) (3.2) 3.2 3.2 Tax charge of 30% - 0.1 0.1 (0.1) (0.1) After tax increase/(decrease) - (0.2) (0.2) 0.2 0.2 Increase in interest rate by 1% Decrease in interest rate by 1% 31 December 2023 Carrying amount $M Profit or loss $M Equity $M Profit or loss $M Equity $M Cash and cash equivalents 446.3 4.5 4.5 (4.5) (4.5) Tax charge of 30% - (1.4) (1.4) 1.4 1.4 After tax increase/(decrease) - 3.1 3.1 (3.1) (3.1) 22 FINANCIAL RISK MANAGEMENT (CONT.) Notes to the consolidated financial statements (CONTINUED) 93 Stanmore | Annual Report 2024 (f) Fair values The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosure purposes. AASB 13 Fair Value Measurement requires disclosure of fair value measurements by level of the following fair value measurement hierarchy: a) quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1); b) inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (level 2); and c) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3). 31 December 2024 Level 1 $M Level 2 $M Level 3 $M Investments at Fair Value through other comprehensive income - - 25.0 Total financial assets - - 25.0 Derivative financial instruments held at fair value through profit or loss - 19.5 - Contingent consideration held at fair value through profit or loss - - 5.1 Total financial liabilities - 19.5 5.1 31 December 2023 Level 1 $M Level 2 $M Level 3 $M Investments at Fair Value through other comprehensive income - - 25.0 Derivative financial instruments held at fair value through profit or loss - 6.1 - Total financial assets - 6.1 25.0 Contingent consideration held at fair value through profit or loss - – 154.8 Total financial liabilities - – 154.8 Sensitivity analysis regarding the contingent consideration liabilities has been considered by management, and it is deemed highly probably that the contingent consideration will be paid in full on its due date. There were no other financial assets or liabilities carried at fair value as at 31 December 2024. There were no transfers between the levels during the period. All other financial instruments measured at cost materially approximate their fair value. 22 FINANCIAL RISK MANAGEMENT (CONT.) Notes to the consolidated financial statements (CONTINUED) 94 Stanmore | Annual Report 2024 23 INTERESTS IN OTHER ENTITIES (a) Material subsidiaries The Group’s principal subsidiaries at 31 December 2024 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business. Name of entity Principal activities Country of incorporation Ownership interest held by the group 2024 % 2023 % Comet Coal & Coke Pty Limited Coal exploration Australia 100 100 Belview Coal Pty Ltd Coal exploration Australia 100 100 Mackenzie Coal Pty Limited Coal exploration Australia 100 100 Stanmore Coal Custodians Pty Ltd* Trustee of Employee Share Trust Australia 100 100 Emerald Coal Pty Ltd Coal exploration Australia 100 100 New Cambria Pty Ltd Coal exploration Australia 100 100 Kerlong Coking Coal Pty Ltd Coal exploration Australia 100 100 Stanmore Surat Coal Pty Ltd Coal exploration Australia 100 100 Theresa Creek Coal Pty Ltd Coal exploration Australia 100 100 Stanmore Wotonga Pty Ltd Coal exploration and mining Australia 100 100 Stanmore IP Coal Pty Ltd Coal mining Australia 100 100 Stanmore IP South Pty Ltd Coal exploration and mining Australia 100 100 Stanmore Bowen Coal Pty Ltd Coal exploration and mining Australia 100 100 Isaac Plains Coal Management Pty Ltd Coal exploration and mining Australia 100 100 Isaac Plains Sales & Marketing Pty Ltd Coal exploration and mining Australia 100 100 Stanmore SMC Holdings Pty Ltd Coal exploration and mining Australia 100 100 Stanmore Nextgen Pty Ltd** Renewable energy Australia 100 100 Dampier Coal (Queensland) Pty Limited Coal mining Australia 100 100 Stanmore SMC Pty Limited Coal mining Australia 100 100 Red Mountain Infrastructure Pty Ltd Coal mining Australia 100 100 MetRes Pty Ltd Coal exploration and mining Australia 100 100 MetRes Invest Pty Ltd Coal exploration and mining Australia 100 100 Stanmore Corporate Holdings Pty Ltd Coal exploration and mining Australia 100 100 Stanmore GM5 Pty Ltd Coal exploration and mining Australia 51 - Stanmore GM5 Holdings Pty Ltd Coal exploration and mining Australia 51 - Windmill Insurance Company Limited Insurance captive Guernsey 100 - Boomerang QLD Coal Pty Ltd Coal exploration and mining Australia 100 - Echo QLD Coal Pty Ltd Coal exploration and mining Australia 100 - Eagle Downs Coal Management Pty Ltd Coal exploration and mining Australia 100 - * Previously Bowen River Project Pty Ltd **Previously Stanmore Green Pty Ltd Notes to the consolidated financial statements (CONTINUED) 95 Stanmore | Annual Report 2024 (b) Interests in joint arrangements Set out below are the significant farm in arrangements of the Group as at 31 December 2024. The proportion of ownership interest is the same as the proportion of voting rights held. % of ownership interest Name of entity Place of business/ country of incorporation 2024 2023 Nature of relationship Clifford Joint Venture Australia 60 60 Farm in arrangement Lilyvale Joint Venture Australia 85 85 Farm in arrangement Mackenzie Joint Venture Australia 95 95 Farm in arrangement 23 INTERESTS IN OTHER ENTITIES (CONT.) Notes to the consolidated financial statements (CONTINUED) 96 Stanmore | Annual Report 2024 24 INTERESTS IN JOINT ARRANGEMENTS The Group had a 50% interest in MetRes Pty Ltd, a joint venture between Stanmore Resources Limited and Marmilu Pty Ltd, to own and operate the Millennium and Mavis Downs Mine. This joint venture arrangement concluded with the purchase of the remaining 50% interest by Stanmore Resources on 21 December 2023. The Group’s interest in MetRes Pty Ltd was accounted for using the equity method in the consolidated financial statements up until the purchase. As such, the Group’s interest in MetRes Pty Ltd recognised using the equity accounting method is nil as at 31 December 2023. See Note 2 for further acquisition accounting disclosures regarding the additional shares purchased on 21 December 2023. Summarised financial information of the joint venture, based on its AASB financial statements, and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below: Summarised statement of comprehensive income 31 December 2024 $M 31 December 2023 $M Revenue from contracts with customers - 205.4 Cost of sales - (239.0) Depreciation and amortisation - (3.6) Interest expense - (10.7) Profit/(Loss) before tax - (47.9) Income tax expense Income tax expense - (11.7) (Loss) for the year - (36.2) Total comprehensive income for the year - (36.2) Group’s share of profit/(loss) for the year - (18.1) (a) Recognition and measurement A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The Group’s investment in its joint venture is accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group’s share of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The consolidated statement of profit or loss reflects the Group’s share of the results of operations of the joint venture. Any change in OCI of those investees is presented as part of the Group’s OCI. In addition, when there has been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. The aggregate of the Group’s share of profit or loss of a joint venture is shown on the face of the consolidated statement of profit or loss outside operating profit and represents profit or loss after tax and non-controlling interests in the subsidiaries of the joint venture. If the Group’s share of losses of a joint venture equals or exceeds its interest in the joint venture, the Group discontinues recognising its share of further losses. After the entity’s interest is reduced to zero, additional losses are provided for, and a liability is recognised, only to the extent that the entity has incurred legal or constructive obligations or made payments on behalf of the joint venture. If the joint venture subsequently reports profits, the Group will resume recognising its share of those profits only after its share of the profits equals the share of losses not recognised. Notes to the consolidated financial statements (CONTINUED) 97 Stanmore | Annual Report 2024 The financial statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss within ‘Share of profit of a joint venture’ in the statement of profit or loss. Upon loss of significant influence over the joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss. 24 INTERESTS IN JOINT ARRANGEMENTS (CONT.) Notes to the consolidated financial statements (CONTINUED) 98 Stanmore | Annual Report 2024 25 COMMITMENTS (a) Exploration and mining The commitments to be undertaken are as follows: 31 December 2024 $M 31 December 2023 $M Payable Within one year 1.1 1.2 Later than one year but not later than five years 0.6 1.7 1.7 2.9 The Group has certain obligations to spend minimum amounts on exploration and mining tenement areas. These obligations are expected to be fulfilled in the normal course of operations. (b) Operating commitments The commitments to be undertaken are as follows: 31 December 2024 $M 31 December 2023 $M Payable Within one year 411.7 370.1 Later than one year but not later than five years 302.5 363.3 Later than five years 2.2 11.2 716.4 744.6 The Group has non-cancellable, open purchase orders for committed capital works. (c) Other commitments (i) Isaac Plains Complex royalty On 26 November 2015, the Group established a finance facility with Taurus to fund the acquisition of and re-start of mining at the Isaac Plains Complex and agreed to a 0.8% royalty payable on: • The saleable value of all product coal owned by the Group at that time and processed through the Isaac Plains infrastructure; and • Any processing or handling fees arising from the treatment of third-party coal processed through the Isaac Plains infrastructure. The royalty payable increased to 1% during 2017 and this finance facility has since been cancelled, but the royalty streams stay on foot and associated costs are included within cost of sales as private royalties. (ii) Isaac Plains East landholder agreement On 20 July 2017, the Group completed a land holder compensation agreement for access to MLA 70016, MLA 70017, MLA 70018, and MLA 70019. The compensation agreement includes the following contingent consideration item: • A royalty of $0.60/product tonne sold (increasing by 2.5% p.a.) from July 2018 when the published Hard Coking Coal Price for any quarter is greater than $200/t (increasing by 2.5% p.a.) from July 2017. Notes to the consolidated financial statements (CONTINUED) 99 Stanmore | Annual Report 2024 26 CONTINGENT LIABILITIES AND CONTINGENT ASSETS (a) Contingent liabilities Under its contractual performance obligations, the Group is required to provide bank guarantees to third parties through its available facilities. During the period, a number of additional guarantee facilities were entered, and subsequently utilised to issue required guarantees, as well as replace some previously issued cash deposits held by third parties. Further details of the facilities entered are shown in Note 14. The guarantees provided as at the end of the reporting period are detailed in the table below: 31 December 2024 $M 31 December 2023 $M Rail capacity providers 19.5 20.4 Port capacity providers 61.5 71.3 Utility providers 0.5 0.7 Other 53.5 31.3 135.0 123.7 In the ordinary course of business, there have been potential claims raised against the Group. The Group does not believe that these matters will result in a material adverse outcome based on information currently available. (b) Contingent assets The Group had no contingent assets at 31 December 2024 (2023: nil). 27 EVENTS OCCURRING AFTER THE REPORTING PERIOD On 24 February 2025, the Directors declared a fully franked final dividend of US6.7 cents per share totalling US$60.4 million to be paid on 13 March 2025. No other matter or circumstance has occurred subsequent to period end that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations or the state of affairs of the Group or economic entity in subsequent financial years. Notes to the consolidated financial statements (CONTINUED) 100 Stanmore | Annual Report 2024 28 KEY MANAGEMENT PERSONNEL Total key management personnel compensation: 31 December 2024 $’000 31 December 2023 $’000 Total key management personnel compensation Short-term employee benefits 7,713.7 4,002.5 Post-employment benefits 80.2 119.9 Long-term benefits 3,184.5 5,672.5 10,978.4 9,794.9 29 REMUNERATION OF AUDITORS During the year the following fees were paid or payable for services provided by the auditor of Stanmore Resources Limited, its related practices and non-related audit firms: 31 December 2024 $’000 31 December 2023 $’000 Fees to Ernst & Young (Australia) Fees for auditing the statutory financial report of the parent covering the group and auditing the statutory financial reports of any controlled entities 478.2 466.5 Fees for assurance services that are required by legislation to be provided by the auditor 14.2 10.4 Fees for tax compliance and advisory services 210.1 235.9 Fees for other advisory services 222.0 26.8 924.5 739.6 Notes to the consolidated financial statements (CONTINUED) 101 Stanmore | Annual Report 2024 30 PARENT ENTITY FINANCIAL INFORMATION The Corporations Act 2001 requirement to prepare parent entity financial statements where consolidated financial statements are prepared has been removed and replaced by the new regulation 2M.3.01 which requires the following disclosure in regard to the parent entity, Stanmore Resources Limited. The consolidated financial statements incorporate the assets, liabilities and results of the parent entity in accordance with the Group’s accounting policy. The financial information for the parent entity has been prepared on the same basis as the consolidated financial statements, except for investments in subsidiaries, associates and joint ventures which are accounted for at cost less any impairment. (a) Summary financial information The individual consolidated financial statements for the parent entity, Stanmore Resources Limited, show the following aggregate amounts: 31 December 2024 $M 31 December 2023 $M Current assets 914.4 254.8 Non-current assets 1,110.6 988.8 Total assets 2,025.0 1,243.5 Current liabilities 737.2 489.8 Non-current liabilities 554.6 149.6 Total liabilities 1,291.8 639.4 Issued capital 616.4 616.4 Foreign currency translation reserve (20.3) (20.3) Share-based reserve 2.6 2.6 Retained earnings 134.5 5.4 Total shareholders’ equity 733.2 604.1 Profit/(loss) for the year/period 244.6 13.1 Total comprehensive income/(loss) 244.6 13.1 (b) Guarantees Stanmore Resources Limited has guaranteed obligations and performance in respect of the following agreements entered into by subsidiaries: • Water Purchase Agreement entered into between Stanmore NextGen Pty Ltd (formerly Stanmore Green Pty Ltd) and SOURCE Global Australia Pty Ltd on 29 March 2022 — guarantee of the payment and performance obligations of Stanmore Green Pty Ltd • Master Loan Agreement entered into between Caterpillar Financial Australia Limited and Stanmore IP Coal Pty Ltd on 2 July 2019 — guarantee the punctual performance of all obligations under the agreement and any loan agreement under that agreement and to pay any amount owing and not paid under the agreement • Facility Agreement entered into between Stanmore IP Coal Pty Ltd and Golden Energy and Resources (GEAR) on 2 November 2020 — guarantee the performance of all obligations of the obligors under the agreement and to pay to GEAR any amount not paid when due and payable by Stanmore IP Coal Pty Ltd to GEAR • Deed of cross guarantee entered into on 6 December 2021 — guarantee the debts of all entities within the closed group, as detailed in Note 33. (c) Contingent liabilities and contingent assets T]The parent entity did not have any contingent liabilities or contingent assets as at 31 December 2024 or 31 December 2023. (d) Capital commitments The parent entity did not have any capital commitments as at 31 December 2024 or 31 December 2023. Notes to the consolidated financial statements (CONTINUED) 102 Stanmore | Annual Report 2024 31 SEGMENT INFORMATION The Group has identified the operating segments based on the internal reports that are reviewed and used by the Board of Directors (Chief Operating Decision Maker — CODM) in assessing performance and determining the allocation of resources and the financial information available to be reported to the Board. The Group primarily produces and sells metallurgical coal in Queensland, Australia. Accordingly, management currently identifies the Group as having one reportable segment. (a) Description of segments (i) Major customers The Group has several customers to whom it sells export grade metallurgical coal. The Group supplies four major customers who accounts for 53.6% of revenue, as follows: Major Customer A: 14.3% (2023: 15.6%) Major Customer B: 14.1% (2023: 3.9%) Major Customer C: 13.4% (2023: 16.6%) Major Customer D: 11.8% (2023: 2.9%) 32 RELATED PARTY TRANSACTIONS Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. (a) Parent entity The immediate parent entity of Stanmore Resources Limited is Golden Investments (Australia) Pte Ltd, a company incorporated in Singapore. The ultimate parent company of the Consolidated Entity is Star Success Pte. Ltd, a company incorporated in the British Virgin Islands. (b) Subsidiaries Interests in subsidiaries are set out in Note 23. (c) Key management personnel compensation Disclosures relating to KMP are set out in Note 28. (d) Transactions with other related parties The Group previously entered into a financing agreement with its parent entity, GEAR, which was negotiated on market terms, and further details are shown within Note 14. In addition to the financing agreement, fees for services provided on market terms were paid during the year, totalling $3.224 million (2023: $1.427 million). GEAR, through its wholly owned subsidiary Golden Investments (Australia) II Pte Ltd, are a 50% shareholder in Ravenswood Gold Pty Ltd, to whom Stanmore has recharged the costs incurred for providing an employee on secondment totalling A$0.132 million for the period to 31 December 2024 (31 December 2023: nil). M Resources Pty Ltd continues to exclusively manage Stanmore Resources Limited’s global sales contract and relationships, as well providing logistics services to the Group. M Resources Pty Ltd is also a minority shareholder of the Group, and their sole Director, Mr M Latimore was a Director of Stanmore Resources Limited during the period. Transactions with M Resources Pty Ltd and its associates included: • Fees for services provided on market terms for marketing and logistics services totalling $72.322m for the year ended 31 December 2024 (31 December 2023: $53.117m). The balance payable as at 31 December 2024 was $4.449m (31 December 2023: nil). • Stanmore sold coal on market terms to M Resources Trading Pty Ltd on a back-to-back basis to a third-party customer totalling $346.536 million (31 December 2023: $125.021 million) and purchased coal on market terms before on-selling the coal on a back-to-back basis to a third party customers totalling $0.574 million (31 December 2023: $16.616 million). There was no balance payable as at 31 December 2024 (31 December 2023: nil). • Fees for services provided on market terms for freight and rail logistics services by One Rail Pty Ltd totalled $8.309 million (31 December 2023: $9.159 million). Owing to prepayments made in the prior financial year for these services, the balance receivable from One Rail Pty Ltd as at 31 December 2024 was $7.345 million (31 December 2023: $8.883 million). • M Mining operates as the MetRes Mine Operator providing contract mining and management services. Fees for services provided on market terms by M Mining totalled $38.035 million (31 December 2023: $6.540 million). There was no balance payable as at 31 December 2024 (31 December 2023: $6.344 million). Notes to the consolidated financial statements (CONTINUED) 103 Stanmore | Annual Report 2024 33 DEED OF CROSS GUARANTEE Stanmore Resources deed of cross guarantee group Stanmore Resources Limited and its wholly owned subsidiaries (as shown in Note 23) with the exception of Windmill Ltd, Isaac Plains Coal Management Pty Ltd, Isaac Plains Sales & Marketing Pty Ltd and MetRes Invest Pty Ltd are parties to a deed of cross guarantee under which each Company guarantees the debts of the others. By entering into the deed, the wholly-owned entities have been relieved from the requirement to prepare a financial report and Directors’ report under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785. Consolidated statements The above companies represent a ‘closed group’ for the purposes of the instrument, and as there are no other parties to the deed of cross guarantee that are controlled by Stanmore Resources Limited, they also represent the ‘extended closed group’. Set out below is a consolidated statement of profit or loss, a consolidated statement of comprehensive income and a summary of movements in consolidated retained earnings for the year ended 31 December 2024 of the closed group. Consolidated statement of comprehensive income 31 December 2024 $M 31 December 2023 $M Revenue from continuing operations 2,392.8 681.4 Other income 99.9 117.8 Operating costs (2,189.8) (576.2) Finance costs (35.4) (20.9) Share of net profits of associates and joint ventures accounted for using the equity method - (18.1) Profit before income tax 267.5 184.0 Income tax expense (78.6) (161.9) Profit for the period 188.9 22.1 Other comprehensive income Other comprehensive income for the period, net of tax - - Total comprehensive income for the period 188.9 22.1 Summary of movements in consolidated retained earnings Retained earnings at the beginning of the financial year 387.6 418.0 Profit for the period 188.9 22.1 Transfer from expansion of Deed Group 771.4 - Dividends provided for or paid (115.5) (52.5) Retained earnings at the end of the financial year 1,232.4 387.6 104 Stanmore | Annual Report 2024 Notes to the consolidated financial statements (CONTINUED) Consolidated statement of financial position Set out below is a consolidated statement of financial position as at 31 December 2024 of the closed group. 31 December 2024 $M 31 December 2023 $M Current assets Cash and cash equivalents 282.4 205.3 Trade and other receivables 148.2 100.6 Inventories 154.4 23.9 Other financial assets at amortised cost 33.7 52.7 Derivative financial instruments - 6.1 Current tax assets 20.2 - Total current assets 638.9 388.6 Non-current assets Investments - 955.5 Exploration, development and mine properties 1,064.1 24.8 Other financial assets 59.3 11.9 Property, plant and equipment 1,431.5 383.2 Total-non-current assets 2,554.9 1,375.4 Total assets 3,193.8 1,764.0 Current liabilities Trade and other payables 227.5 192.1 Financial liabilities 69.8 5.8 Lease liabilities 178.3 33.4 Derivative financial instruments 19.5 - Current tax liabilities - 146.3 Provisions 70.4 18.5 Total current liabilities 565.5 396.1 Non-current liabilities Borrowings 238.1 1.3 Lease liabilities 186.0 179.7 Deferred tax liabilities 177.8 4.0 Provisions 204.3 199.3 Total non-current liabilities 806.2 384.3 Total liabilities 1,371.7 780.4 Net assets 1,822.1 983.6 Equity Contributed equity 613.4 619.7 Reserves (23.7) (23.7) Retained earnings 1,232.4 387.6 Total equity 1,822.1 983.6 33 DEED OF CROSS GUARANTEE (CONT.) 105 Stanmore | Annual Report 2024 Consolidated entity disclosure statement Entity name Entity type Country of incorporation % of capital held Tax residence Comet Coal & Coke Pty Ltd Body Corporate Australia 100 Australia Belview Coal Pty Ltd Body Corporate Australia 100 Australia Mackenzie Coal Pty Ltd Body Corporate Australia 100 Australia Stanmore Coal Custodians Pty Ltd* Body Corporate Australia 100 Australia Stanmore Coal Employee Share Trust Trust N/A 100 N/A Emerald Coal Pty Ltd Body Corporate Australia 100 Australia Kerlong Coking Coal Pty Ltd Body Corporate Australia 100 Australia Stanmore Surat Coal Pty Ltd Body Corporate Australia 100 Australia Theresa Creek Coal Pty Ltd Body Corporate Australia 100 Australia Stanmore Wotonga Pty Ltd Body Corporate Australia 100 Australia Stanmore IP Coal Pty Ltd Body Corporate Australia 100 Australia Stanmore IP South Pty Ltd Body Corporate Australia 100 Australia Stanmore Bowen Coal Pty Ltd Body Corporate Australia 100 Australia Isaac Plains Coal Management Pty Ltd Body Corporate Australia 100 Australia Isaac Plains Sales & Marketing Pty Ltd Body Corporate Australia 100 Australia Stanmore SMC Holdings Pty Ltd Body Corporate Australia 100 Australia Stanmore Nextgen Pty Ltd Body Corporate Australia 100 Australia Dampier Coal (Queensland) Pty Ltd Body Corporate Australia 100 Australia Stanmore SMC Pty Ltd Body Corporate Australia 100 Australia Red Mountain Infrastructure Pty Ltd Body Corporate Australia 100 Australia MetRes Pty Ltd Body Corporate Australia 100 Australia MetRes Invest Pty Ltd Body Corporate Australia 100 Australia Stanmore Corporate Holdings Pty Ltd Body Corporate Australia 100 Australia Windmill Insurance Company Ltd Body Corporate Guernsey 100 Guernsey Boomerang QLD Coal Pty Ltd Body Corporate Australia 100 Australia Echo QLD Coal Pty Ltd Body Corporate Australia 100 Australia Stanmore Resources Limited Body Corporate Australia 100 Australia Eagle Downs Coal Management Pty Ltd Body Corporate Australia 100 Australia New Cambria Pty Ltd Body Corporate Australia 100 Australia Stanmore GM5 Holdings Pty Ltd Body Corporate Australia 51 Australia Stanmore GM5 Pty Ltd Body Corporate Australia 51 Australia * Stanmore Coal Custodians Pty Ltd is the Trustee of the Stanmore Coal Employee Share Trust. 106 Stanmore | Annual Report 2024 The Directors of Stanmore Resources Limited declare that: (a) The consolidated financial statements, comprising the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of changes in equity and consolidated statement of cash flows, and accompanying notes are in accordance with the Corporations Act 2001, and: (i) comply with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements, and (ii) give a true and fair view of the consolidated entity’s financial position as at 31 December 2024 and of its performance for the financial year ended on that date, and (b) The Consolidated Entity has included in the notes to the Financial Statements an explicit and unreserved statement of compliance with IFRS accounting standards as issued by The International Accounting Standards Board (IASB); (c) In the Directors’ opinion, there are reasonable grounds to believe that the Consolidated Entity will be able to pay its debts as and when they become due and payable; (d) The consolidated entity disclosure statement required by section 295(3A) of the Corporations Act 2001 is true and correct; (e) In the Directors’ opinion, as at the date of this report, there are reasonable grounds to believe that the members of the closed group (as defined in Note 33) will be able to meet any liabilities to which they are, or may become, subject because of the deed of the cross guarantee; (f) The remuneration disclosures included on pages 26 to 42 of the Directors’ report (as part of audited Remuneration Report) for the year ended 31 December 2024 comply with section 300A of the Corporations Act 2001; and (g) The Directors have been given the declarations by the CEO and CFO required by section 295A of the Corporations Act 2001. This declaration is made in accordance with a resolution of the Directors. Mr Marcelo Matos Director Brisbane 24 February 2025 Directors’ Declaration 107 Stanmore | Annual Report 2024 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 111 Eagle Street Brisbane QLD 4000 Australia GPO Box 7878 Brisbane QLD 4001 Tel: +61 7 3011 3333 Fax: +61 7 3011 3100 ey.com/au Independent auditor’s report to the members of Stanmore Resources Limited Report on the audit of the financial report Opinion We have audited the financial report of Stanmore Resources Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 31 December 2024, the consolidated statement of profit or loss, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: a. Giving a true and fair view of the consolidated financial position of the Group as at 31 December 2024 and of its consolidated financial performance for the year ended on that date; and b. Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial report. Independent Auditor’s Report 108 Stanmore | Annual Report 2024 Independent Auditor’s Report (CONTINUED) A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Impairment assessment of non-current assets Why significant How our audit addressed the key audit matter At 31 December 2024, the Group had mining related non-current assets of $2,498.0m comprising mine properties, exploration and evaluation assets, land and buildings, plant and equipment, right of use assets, and assets under construction as disclosed in Notes 10 and 11 to the financial statements. At the end of each reporting period, the Group exercises judgment in determining whether there is any indication of impairment of these assets. If any such indicators exist, the Group estimates the recoverable amount of the cash generating units (CGUs). During the reporting period, the Group determined it would cease mining operations at its Mavis downs mine. As a result, the recoverable amount of individual assets at the Mavis downs mine were lower than their carrying values and therefore impairment losses were recognised as disclosed in Note 4(d). In addition to this adjustment, an onerous contract provision of was recognised to reflect unavoidable contractual obligations associated with the ceased mine operations. We considered this to be a key audit matter due to the significant judgment involved in: • determining whether there are indicators of impairment. • the measuring the recoverable amount of the Mavis downs mine assets including assumptions relating to future recoverable amounts through sale, other method of disposal or scrapping of assets. • the estimation associated with the recognition and measurement of any onerous contact liabilities. Our audit procedures included the following: • Evaluated the Group’s assessment as to whether any indicators of impairment existed. • Read operational reports, board reports, minutes and market announcements. • Assessed changes to reserves and resources and other forward-looking macro- economic factors including the coal price and discount rates. • Compared the Group’s market capitalisation relative to its net assets to assess whether this was an indicator of impairment. • Engaged the use of internal valuations specialists in determining reasonable forward-looking macroeconomic assumptions and information regarding comparable market transactions. Our audit procedures related to the impairment assessment made by the Group following the identification of impairment indicators relating to specific assets included the following: • Assessed the Group's impairment methodology was in accordance with the requirements of Australian Accounting Standards. • Evaluated the assumptions used by the Group to determine asset recoverable amounts of assets tested for impairment. This included assessing expected sale prices equivalent to the assets fair value less cost of disposal, the economic viability of disposal of the assets and residual scrap values. • Verified the final termination settlement in relation to mine services contracts that were terminated by the Group, including lease liabilities. • Evaluated the Group’s recognition and measurement of the onerous contract liabilities at balance date relating to unavoidable contract costs related to the Mavis downs mine that exceed the 109 Stanmore | Annual Report 2024 Independent Auditor’s Report (CONTINUED) A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Why significant How our audit addressed the key audit matter economic benefits expected to be received by the Group. • Evaluated the adequacy and appropriateness of the Group’s disclosures included in the Notes to the financial statements. Information other than the financial report and auditor’s report thereon The directors are responsible for the other information. The other information comprises the information included in the Company’s 2024 annual report, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the financial report The directors of the Company are responsible for the preparation of: ► The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and ► The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001; and for such internal control as the directors determine is necessary to enable the preparation of: ► The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and ► The consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. 110 Stanmore | Annual Report 2024 Independent Auditor’s Report (CONTINUED) A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Auditor’s responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ► Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ► Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. ► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ► Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. ► Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. ► Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may 111 Stanmore | Annual Report 2024 Independent Auditor’s Report (CONTINUED) A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated to the directors, we determine those matters that were of most significance in the audit of the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on the audit of the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in the directors’ report for the year ended 31 December 2024. In our opinion, the Remuneration Report of Stanmore Resources Limited for the year ended 31 December 2024, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. Ernst & Young Tom du Preez Partner Brisbane 24 February 2025 Notes to the consolidated financial statements (CONTINUED) 112 Stanmore | Annual Report 2024 Reserves and Resources Coal Resources as at 31 December 2024 Project Name Coal Type* Measured Resources Indicated Resources Inferred Resources Total Resources Competent Person Report Date Poitrel C, PCI, T 47 64 56 167 C Jan-25 South Walker Creek PCI 260 308 114 682 C Jan-25 Bee Creek PCI 9.0 13 23 C Jun-21 Nebo West PCI, A 71 71 C Jun-21 Lancewood C 62 184 3 249 C Oct-23 Wards Well North C 108 361 17 486 C Oct-23 Eagle Downs C, T 815 289 77 1,181 D May-24 Eagle Downs South C, T 261 166 427 D May-24 Isaac Plains C, T 24 16 5 44 C Dec-21 Isaac Plains East C, T 4.2 9.5 18 32 B Jan-25 Isaac Downs C, T 19 2.6 22 E Jan-25 Isaac Down Extension C, T 53 60 23 135 C Jan-25 Millennium C 7.4 8.3 9.9 26 A Jan-25 Mavis Downs C 10 5.4 6.0 22 A Jan-25 Clifford T 200 430 630 C Aug-16 The Range T 286 286 C Oct-12 Mackenzie C, T 26 117 143 C Nov-11 Belview C, PCI 50 280 330 C Mar-15 Tennyson T 140 140 C Nov-12 Lilyvale C 33 33 C Feb-19 Total coal resources 1,410 1,854 1,865 5,129 *Coal Types Potential Legend C — Coking Coal, semi-soft or greater potential PCI — Pulverised Coal Injection T — Export Thermal grade A — Anthracite Competent Person A Mr Kane Maxwell — Matrix Geoscience B Dr Bronwyn Leonard — Stanmore Resources C Mr Rod Macpherson — Stanmore Resources D Mr James Smith — Palaris E Mr Toby Prior — Measured Group Note 1: All Coal Resources are reported under The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (‘the JORC Code’) applicable at the time each report was published. Reports dated 2012, and earlier, used the JORC 2004 version, reports dated after 2012 are reported against the requirements of the 2012 JORC Code. Note 2: Totals may not be exact due to significant figure rounding. Note 3: All Coal Resources are reported on a 100% basis; Clifford is 60%, Mackenzie is 95%, and Lilyvale is 85%, all other tenure is 100% owned by Stanmore. Note 4: The Resource for the Range deposit has been downgraded to Inferred due to the age estimation and uncertainty regarding the Classification of Measured and Indicated. Note 5: The Resource for Eagle Downs and Eagle Downs South has been included in the statement following Stanmore acquisition of the deposit in 2024. Note 6: The Southern portion of Wards Well was sold in 2023 and Resources removed for this reporting period resulting in a decrease in Resources of 681Mt. Notes to the consolidated financial statements (CONTINUED) 113 Stanmore | Annual Report 2024 Reserves and Resources (CONTINUED) Coal Reserves and Marketable Coal Reserves as at 31 December 2024 Project Name ROM Coal Reserves Marketable Coal Reserve Competent Person Report Date Proved Probable Total Proved Probable Total Poitrel 23 18 41 18 13 31 J Jan-25 South Walker Creek 143 14 157 106 9.0 115 I Jan-25 Isaac Plains East Opencut 0.4 0.3 0.7 0.2 0.2 0.4 J Jan-25 Isaac Plains Underground 12 7.7 20 9.5 6.1 16 F Feb-21 Isaac Downs 11 0.5 12 6.7 0.3 7.0 J Jan-25 Millennium Underground 0 3.6 3.6 0 2.9 2.9 F Jan-24 Eagle Downs 203 97 300 131 57 188 G Jan 25 The Range 0 0 0 0 H Jan-25 Total coal reserves 392 141 534 271 89 360 Competent Person F Mr Benjamin Smith — Imagineering G Mr John Pala — Palaris H Mr Hayden Jones — Minserve I Mr Ben Knights — Stanmore Resources J Mr Simon Wedgwood — Stanmore Resources Note 1: All Coal Reserves are reported under The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (‘the JORC Code’) applicable at the time each report was published. Reports dated 2012, and earlier, used the JORC 2004 version, reports dated after 2012 reported against the requirements of the 2012 JORC Code. Note 2: Totals may not be exact due to significant figure rounding. Note 3: The Reserve estimate for The Range deposit was rerun using the latest price and cost assumptions and showed that no economic coal existed under the current economic conditions. Note 4: The Eagle Downs deposit has been added following Stanmore acquisition of the deposit in 2024. Note 5: All Coal Reserves are reported on a 100% basis, and Stanmore’s economic interest in the tenures above is 100%. 114 Stanmore | Annual Report 2024 Reserves and Resources (CONTINUED) TENURE INTERESTS The location of all tenure interests, across Queensland, is shown below. 115 Stanmore | Annual Report 2024 Reserves and Resources (CONTINUED) COMPETENT PERSON’S STATEMENT The information in this report relating to Coal Resources for the Poitrel, South Walker Creek, Bee Creek, Nebo West, Lancewood, Wards Well, Isaac Plains Mine, Isaac Downs Extension, Clifford, The Range, Mackenzie, Belview, Tennyson and Lilyvale is based on information compiled by Mr Roderick Macpherson who is a full-time employee of Stanmore Resources and has held the position of Superintendent Strategic Resources since May 2022. Mr Macpherson is a qualified Geologist with an Honours degree from the NSW Institute of Technology majoring in Applied Geology and is a Member of the Australian Institute of Geoscientists (AIG). Mr Macpherson has over 35 years’ experience in mining, exploration, and resource modelling relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking and qualifies as Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Macpherson consents to the inclusion in the report of the matters based on the information, in the form and context in which it appears. The information in this report relating to Coal Resources for Isaac Plains East Mine is based on information prepared by Dr Bronwyn Leonard who is a full-time employee of Stanmore Resources and has held the position of Superintendent Mine Geology at Isaac Plains since October 2017. Dr Leonard is a qualified Geologist with a degree from University of Canterbury, and a PhD from James Cook University majoring in Geology/Earth Sciences and is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Dr Leonard has over 15 years’ experience in exploration and resource modelling relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking and qualifies as Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Leonard consents to the inclusion in the report of the matters based on the information, in the form and context in which it appears. The information in this report relating to the Millennium/ Mavis Downs Coal Resources is based on information prepared by Kane Maxwell who is a member of the Australian Institute of Mining and Metallurgy. Mr Maxwell is a full-time employee of Matrix Geoscience Pty Ltd has over 18 years’ relevant experience, to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking and qualifies as Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Maxwell consents to the inclusion in the report of the matters based on the information, in the form and context in which it appears. The information in this report relating to the Eagle Downs and Eagle Downs South Resource estimate is based on information compiled by Mr James Smith who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Smith has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves. Mr Smith has more than 20 years’ experience in the estimation, assessment, evaluation and economic extraction of Coal Reserves. He consents to the inclusion of this Reserve Estimate in reports disclosed by the Company in the form in which it appears. The information in this report relating to the Isaac Downs Resource estimate is based on information compiled by Mr Toby Prior who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Prior has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves. Mr Prior has more than 28 years’ experience in the estimation, assessment, evaluation and economic extraction of Coal Reserves. He consents to the inclusion of this Reserve Estimate in reports disclosed by the Company in the form in which it appears. The information in this report relating to the Reserve estimates for South Walker Creek is based on information compiled by Mr Benjamin Knights, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Knights a full-time employee of Stanmore Resources and has held the position of Principle Mining Engineer since May 2022. He has sufficient experience relevant for the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Notes to the consolidated financial statements (CONTINUED) 116 Stanmore | Annual Report 2024 Reserves and Resources (CONTINUED) Mr Knights has over 6 years’ experience in the estimation, assessment, evaluation, and economic extraction of Coal Reserves. Mr Knights consents to the inclusion of this Reserve Estimate in reports disclosed by the Company in the form in which it appears. The information in this report relating to the Reserve estimates for Poitrel, Isaac Downs and Isaac Plains East is based on information compiled by Mr Simon Wedgwood, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Wedgwood a full-time employee of Stanmore Resources and has held the position of Principal Mining Engineer since May 2022. He has sufficient experience relevant for the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Wedgwood has over 14 years experience in the estimation, assessment, evaluation, and economic extraction of Coal Reserves. Mr Wedgwood consents to the inclusion of this Reserve Estimate in reports disclosed by the Company in the form in which it appears. The information in this report relating to the underground Coal Reserves estimates for Eagle Downs are based on information compiled by Mr John Pala, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Pala is Managing Director at Palaris. He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves. Mr Pala has more than 30 years’ experience in the estimation, assessment, evaluation and economic extraction of Coal Reserves. He consents to the inclusion of this Reserve Estimate in reports disclosed by the Company in the form in which it appears. The information in this report relating to Isaac Plains Underground and Millennium/Mavis Underground Coal Reserve estimates, is based on information compiled by Mr Benjamin Smith, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and Mine Manager’s Association of Australia (MMAA). Mr Smith is an independent mining professional and an associate of MetRes Pty Ltd and is a qualified Mining Engineer, holding a Master of Engineering (Mining Management) and Graduate Diploma (Mine Ventilation) from the University of New South Wales, and a Bachelor of Engineering (Mining, Honours) and Bachelor of Commerce (Management) from the University of Wollongong. Mr Smith also holds a First-Class Certificate of Competency for opencut and underground (Mine Manager) in New South Wales, a Second-Class Certificate of Competency (Undermanager) in New South Wales, a Third-Class Certificate of Competency (Deputy) in New South Wales, and a Mine Ventilation Officer’s Certificate of Competency in New South Wales. He has over 27 years’ experience domestically and internationally in underground coal mining, risk and mine planning and design, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Smith consents to the inclusion of this Reserve Estimate in reports disclosed by the Company in the form in which it appears. The information in this report relating to the Range Coal Reserve estimate is based on information compiled by Mr Hayden Jones, who is a Mining Engineer and Member of the Minserve Group Pty Ltd and a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Jones has over 30 years’ experience in the opencut coal mining industry and as such has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. He consents to the inclusion of this Reserve Estimate in reports disclosed by the Company in the form in which it appears. Notes to the consolidated financial statements (CONTINUED) 117 Stanmore | Annual Report 2024 A. SUBSTANTIAL HOLDERS Shareholder Percentage of capital held Number of ordinary shares held Date of substantial shareholder notice Golden Energy and Resources Pte. Ltd (GEAR), Golden Investments (Australia) Pte. Ltd, (Golden Investments) Frontier Resources Pte. Ltd (formerly Duchess Avenue Pte. Ltd)(Frontier), Star Success Pte Ltd and Ms Lanny Tranku (Frontier Controllers) 59.01% 531,946,101 1 December 2023 Regal Funds Management Pty Limited and its associates 7.05% 63,592,617 16 January 2024 B. DISTRIBUTION OF EQUITY SECURITIES The number of Ordinary Shares by size of holding is: Ordinary shares Shares RANGE Securities % Number of holders % 100,001 and over 873,879,825 96.95 88 2.42 10,001 — 100,000 19,506,913 2.17 684 18.78 5,001 — 10,000 4,352,501 0.48 563 15.46 1,001 — 5,000 3,165,525 0.35 1,145 31.43 1 — 1000 486,870 0.05 1,162 31.91 Total 901,391,634 100.00 3,642 100.00 The number of security investors holding less than a marketable parcel of 218 securities ($2.30 on 28/02/2025) is 387 and they hold 35,899 securities. Shareholder Information 118 Stanmore | Annual Report 2024 118 C. TWENTY LARGEST SHAREHOLDERS The names of the twenty largest holders of quoted equity securities are listed below: Ordinary shares Number of shares % of total shares 1 Golden Energy & Resources Pte. Ltd 531,946,101 59.01 2 Regal Partners 62,917,070 6.98 3 Matthew Latimore 43,593,804 4.84 4 Cbus Super 19,975,463 2.22 5 Vanguard Group Holdings 19,520,903 2.17 6 Dimensional Fund Advisors LP 16,006,960 1.78 7 Argo Investments Group 15,934,826 1.77 8 State Street Corporation 15,224,637 1.69 9 BlackRock, Inc. 10,902,165 1.21 10 Norges Bank Investment Management (NBIM) 10,653,297 1.18 11 Perpetual Limited 8,372,727 0.93 12 Vinva Investment Management Limited 7,881,926 0.87 13 IFM Investors 6,502,665 0.72 14 Mitsubishi UFJ Financial Group, Inc. 6,370,435 0.71 15 Macquarie Group Limited 6,233,147 0.69 16 J.P. Morgan Chase 5,075,087 0.56 17 Aware Super 4,677,795 0.52 18 Longwave Capital Partners Pty Ltd. 4,462,001 0.50 19 Renaissance Asset Management 3,070,871 0.34 20 UBS Group AG 2,884,791 0.32 Total of 20 largest holders 802,206,671 89.00 D. RESTRICTED SECURITIES There are no restricted shares on issue. E. VOTING RIGHTS All ordinary shares carry one vote per share without restriction. Shareholder Information (CONTINUED) 119 Stanmore | Annual Report 2024 DIRECTORS Mr Dwi Suseno Non-Executive Director and Chair Mr Marcelo Matos Chief Executive Officer and Executive Director Mr Jimmy Lim Non-Executive Director Mr Richard Majlinder Non-Executive Director Mr Brett Garland Non-Executive Director Mr Matthew Latimore Non-Executive Director Ms Caroline Chan Non-Executive Director Ms Keira Brennan Non-Executive Director (appointed 12 April 2024) Mr Murray Smith Alternate Director for Matthew Latimore SECRETARY Mr Rees Fleming PRINCIPAL REGISTERED OFFICE IN AUSTRALIA Level 32 12 Creek Street Brisbane QLD 4000 Australia +61 7 3238 1000 SHARE REGISTER MUFG Corporate Markets Level 21 10 Eagle Street Brisbane QLD 4000 1300 554 474 AUDITOR Ernst & Young Level 51 111 Eagle Street Brisbane QLD 4000 +61 7 3011 3333 STOCK EXCHANGE LISTINGS Australian Securities Exchange ASX Code: SMR WEBSITE ADDRESS www.stanmore.au FURTHER INFORMATION Investors investors@stanmore.net.au Media media@stanmore.net.au Corporate Directory 120 Stanmore | Annual Report 2024 stanmore.au