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.