Stanmore Resources Limited delivered a robust performance throughout 2024, reflecting a strong commitment to operational excellence, financial discipline, and long‐term value creation for its shareholders. The company recorded underlying EBITDA of US$700 million and operating cash flows of US$408 million amid record Run of Mine coal production of 19.4 million tonnes and an 8% increase in saleable coal to 14.2 million tonnes. Despite a continued decline in export metallurgical coal prices since 2022, the company maintained a disciplined capex approach by completing key investment programs under budget, which helped reduce capital expenditure from US$200 million in 2023 to US$170 million in 2024. With more than US$500 million in liquidity following a debt refinancing completed in October 2024, Stanmore has built a resilient balance sheet. In addition to strong operational execution, the company has taken significant steps toward sustainability. Stanmore is preparing to launch mandatory climate-related financial disclosures in 2025 and has put in place climate risk management processes. The firm continues to integrate sustainability initiatives, demonstrated through projects such as the 20 Megawatt gas-to-electricity plant at South Walker Creek, which is part of its broader Decarbonisation Plan. These efforts, along with deepened engagements with Traditional Owners and local communities, underpin a strategic model that balances financial performance with environmental and social responsibilities. Looking ahead, the company faces challenges highlighted by the unusually wet weather in the Bowen Basin during the first quarter of 2025, which saw over 470mm of rain and impacted mining operations and logistics. Consequently, first-quarter average sales prices dropped to US$139 per tonne. However, Stanmore's robust operational strategies, including adherence to a conservative capex program and cost-preserving measures, have enabled the delivery of 3.2 million tonnes of saleable coal in the quarter. The firm is optimistic about a production recovery in the second half of the year, maintaining full-year guidance of 13.8 to 14.4 million tonnes of saleable coal. Corporate governance remains a priority for Stanmore. The recent annual meeting saw high shareholder support for key proposals, including the re-election of directors and a recommended increase in the non-executive directors’ fee pool from US$1 million to US$1.5 million per annum. These decisions reflect the company’s ongoing commitment to aligning remuneration with the increased complexity, size, and risk profile of its operations, ensuring that the Board attracts and retains high-calibre talent. From an investor sentiment perspective, the news carries bullish sentiment due to Stanmore’s strong operational metrics, robust liquidity, and strategic investments in sustainability and growth opportunities. The company's disciplined approach to capital management and its record of production efficiency bode well for long-term stability and value creation, appealing to investors with a positive outlook on its prospects. On the bearish side, challenges in the global metallurgical coal market, lower short-term sales prices in a competitive landscape, and potential operational disruptions from adverse weather introduce uncertainties that could affect near-term margins. Overall, the company’s strategic initiatives and operational resilience provide a solid foundation to navigate these headwinds while positioning itself for sustainable growth.