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Acquisition of 20% shares in Stanmore SMC Pty Ltd

On August 12, 2022, Stanmore Resources Limited (“Stanmore”) and Dampier Coal (Queensland) Proprietary Limited (“Dampier”), both indirect subsidiaries of the Company, entered into an agreement with Mitsui & Co., Ltd and Mitsui & Co., (Australia) Ltd. to acquire 20% of Stanmore SMC Pty Ltd’s shares (fka. BHP Mitsui Coal Pty Ltd) (“SMC”), a metallurgical coal mining company incorporated under and subject to Australian law. With this acquisition, Stanmore through its subsidiary (Dampier) shall own 100% of SMC's shares.

The USD380 million acquisition will be funded with internal cash and is expected to be completed in the 4th quarter of 2022.