Stanmore Resources Limited has released an updated maiden Reserves Statement for its Isaac Downs Extension metallurgical coal project, reinforcing earlier disclosures with additional detail to comply with Listing Rules and the Australasian Code reporting standards. The updated announcement confirms that the new information is not materially different from previous releases while incorporating additional disclosures such as coal quality by reserve category, revised Competent Person statements, and a forward‐looking cautionary message. The project now reports 52 million tonnes (Mt) of Run of Mine (ROM) coal reserves, including 34 Mt of marketable coal reserves, and boasts a long mine life of more than 20 years with a production capacity of up to 4 million tonnes per annum. The reserve classification is robust, with 75% of reserves being Proved and 25% classified as Probable, reflecting high confidence in reserve estimates derived from detailed drilling, coal quality analysis, and pit optimisation studies. Key technical indicators include a Prime ROM strip ratio of approximately 7.9:1, low capital requirements due to the use of existing coal handling and processing infrastructure, and the application of a conventional dragline strip mining method supported by truck, excavator, and cast blasting operations. The technical analysis, which adheres to the Joint Ore Reserves Committee (JORC) Code (2012) and the Australian Guidelines for Estimation Reporting and Classification of Coal Resources (2014), confirms that the project produces two main coal products—a primary metallurgical coal with around 10.5% ash and a secondary high-quality thermal coal averaging about 19% ash. The feasibility study, supported by a discounted cash flow (DCF) model at a 10% discount rate, shows a positive net present value, indicating that the project is both technically achievable and economically viable. The use of existing infrastructure, including the nearby coal handling and preparation plant, helps mitigate additional capital expenditure risks. The bullish case rests on several factors. The updated reserves bolster investor confidence by confirming extensive resources and high-quality coal output, while the positive economic analysis supports a strong long-term outlook. The integration of proven mining methods and infrastructure minimises capital intensity and operational risks, an advantage especially in a competitive coal market. On the other hand, the bearish view considers potential vulnerabilities such as the project’s sensitivity to fluctuations in coal prices, exchange rates, and operating costs, alongside the environmental and regulatory challenges inherent to coal mining projects. Delays in securing the necessary social, native title, and environmental approvals could also impact projected timelines and future returns. Overall, the updated announcement from Stanmore Resources Limited provides valuable detail on the Isaac Downs Extension project, presenting a well-supported technical and economic case while acknowledging the risks that remain typical for coal mine developments in the region.