CHPP / saleable yield68.3%Saleable tonnes ÷ ROM feed
Realised coal price$184.88/tModeled pricing point
Site cash cost$124.67/tPer saleable tonne
Cash margin$33.91/tAfter royalties and modeled deductions
Risked NPV$392m100% ownership
Investment verdict
High-yield HCC/PCI producer with strong export infrastructure but a short reserve-backed base schedule
B+
B+
Grade & continuity
The approximately 65% hard-coking-coal and 35% PCI product mix is commercially attractive, but current source documents do not publish the numeric ash, sulfur, phosphorus or coke-quality specification stack.
B+
Metallurgy
The operating CHPP achieved a 76.7% 1H26 saleable-to-ROM yield, the strongest of Stanmore's three current assets. Detailed washability curves are not disclosed.
B
Mining complexity
Truck-and-excavator open-cut mining is conventional, while the 9.1 bcm/t strip ratio remains a meaningful cost sensitivity.
A
Infrastructure & power
Established processing and rail access to North Queensland Export Terminal at Abbot Point provide a proven export route.
B+
Permitting status
Poitrel is operating. Mine-level environmental-bonding and closure cash schedules are not separately disclosed.
B+
Resource confidence
The 28Mt marketable reserve supports about six modeled years at guidance-rate production, with 118Mt measured and indicated resources behind it.
B+
Geological upside
A further 62Mt inferred resource offers conversion upside, subject to quality, strip and mine-plan economics.
B
Expansion optionality
Existing plant and infrastructure can support extensions, but the current reserve-backed life is short and no separate expansion capital case is included.
Valuation snapshot
100% NAV retained
Unrisked NPV$392m
Project DCF before the published stage and execution-risk charge.
Risk charge−$0m
Value removed by the model's project-stage and execution-risk adjustment.
Risked NPV$392m
Selected project value after risk, before ownership attribution.
Effective discount rate7%
Time-value hurdle used for the project DCF after published adjustments.
NPV at first production$392m
Production-value anchor with pre-production timing removed; used by the FSV ladder.
Annual operating profile
Spot · risked · 100% of project
Saleable coal and CHPP yieldannual ROM-to-product conversion
Mt · %
Saleable-tonne economics2026E operating row and life-of-mine cost basis
US$/t
Realised price$184.88/t
Site cash cost$124.67/t
Cash cost incl. sustaining$157.9/t
Cash margin$33.91/t
ROM coal41 Mt
Saleable coal28 Mt
LOM saleable yield68.3%
Site cost / ROM t$85.14/t
A 100% yield indicates a schedule already expressed in saleable tonnes.
Revenue and cost stackcosts and capital aligned below zero
US$m
Capital recoveryannual and cumulative project cash flow
US$m
Timeline Built from the stored anchor years: construction start, first production, and closure (or first production plus reserve life where no closure year is published). The marker is the year the current valuation is struck from.
Construction
2006–2026
Production
2026–2032
2006201020142018202220262030
Dashed line marks 2026, the year this valuation is struck from.
Resources and reserves
Effective 31 Dec 2025 · Attributable basis
Ore reserves
Asset
Proven & probable (Mt)
Poitrel Mine
41.0
Mineral resources
Asset
Measured (Mt)
Indicated (Mt)
Measured & indicated (Mt)
Inferred (Mt)
Total (Mt)
Poitrel Mine
79.0
39.0
118
62.0
180
Coal tonnes are on the disclosed source basis; no equivalent conversion is applied.
Valuation framework Fair speculative value ladderProduction →
Two valuation lenses$392m production-value OV anchors the speculative
ladder; $392m stage-risked DCF is the selected modeled project value.
Speculative value by development stage
Current model stageProduction 100%–100%
certainty
Market-implied project value$1,690m Company market capitalization