The funding is provided by Taiheiyo Kouhatsu and Japan Oil, Gas and Metals National (JOGMEC).
The exploration comes after another program conducted earlier in the 2014 calendar year, which utilised funding under the first Belview exploration support agreement.
With the latest funding, the company will be able to undertake further drilling of core holes and associated coal quality analysis within the northern region of the Belview project.
It will also accelerate Stanmore Coal’s feasibility studies and evaluation of the coking coal asset.
As part of the two agreements, Taiheiyo is entitled to buy around 200,000 tons per annum over the first five years of production.
Taiheiyo Kouhatsu fuel department general manager Satoshi Takase said: "Our funding objective is to assist Stanmore Coal as the project heads towards the development phase.
"We value our working relationship with the Board and management team of Stanmore Coal and wish them success in the upcoming exploration program."
Drilling is scheduled to commence soon and laboratory analysis is expected to be completed in the second quarter of 2015.
Stanmore Coal managing director Nick Jorss said: "We are highly appreciative of the support provided by Taiheiyo and JOGMEC in this second phase of funding for Belview.
"It further strengthens our relationship with our valued Japanese partners, being the third such funding arrangement for Belview and The Range since 2012, in addition to the $4.5m JOGMEC Joint Exploration Agreement currently underway at the Clifford Project."
