BRISBANE: Stanmore Resources Ltd. has agreed to acquire full ownership of the Moranbah South metallurgical coal tenements from South Africa’s Exxaro Resources Ltd. for US$105 million, the company announced Thursday.

The transaction remains conditional on Exxaro first completing its acquisition of Anglo American’s 50% interest in the joint venture through pre-emptive rights triggered by Anglo’s sale of Australian coal assets to Dhilmar QLD Pty Ltd. Completion is expected before the end of the fourth quarter of 2026, subject to regulatory approvals including the Foreign Investment Review Board and the Australian Competition and Consumer Commission .

The Moranbah South tenements contain 724 million metric tons of Measured and Indicated Coal Resources in the Goonyella Middle Seam and are expected to yield premium hard coking coal quality. The project includes two mineral development licences and an exploration permit, located immediately adjacent to Stanmore’s Eagle Downs and Isaac Plains Complex projects in Queensland’s Bowen Basin .

Stanmore Chief Executive Officer Marcelo Matos called the acquisition a significant milestone for the company’s development portfolio.

“The tenements are strategically complementary to Stanmore’s neighbouring projects, particularly Eagle Downs and the Isaac Downs Extension,” Matos said in a statement. “The significant resources base of Moranbah South is expected to be of premium hard coking coal quality and may potentially be accessed through mine infrastructure at Eagle Downs, should that project be developed.”

The acquisition eliminates up to US$60 million in deferred and contingent consideration payments previously owed under a 2024 Designated Area Agreement that granted Stanmore access to the Isaac Downs Extension through the Moranbah South tenements .

Stanmore will fund the consideration using existing cash balances and liquidity. The transaction does not require shareholder approval .

Following completion, Stanmore plans to commission an independent resource report for the Moranbah South assets. The company noted that the resource estimates contained in the announcement were prepared by Anglo American’s competent persons in 2025 and have not been independently validated by Stanmore .

The acquisition builds on Stanmore’s portfolio of metallurgical coal operations in Queensland, which includes the South Walker Creek, Poitrel and Isaac Plains Complex mines as well as the undeveloped Eagle Downs and Lancewood projects .

Stanmore is being advised by EY and Palaris Australia on the transaction.