Manuka Resources Limited Analysis

Overview

Manuka’s strategic focus is led by its wholly owned New Zealand subsidiary, Trans-Tasman Resources Limited (TTR), which is advancing the Taranaki VTM Project through the New Zealand Government’s Fast Track Approvals process.

The Project is expected to be a top-tier contributor to New Zealand’s export economy and deliver long-term regional and national economic benefits.

In parallel, Manuka is preparing to recommence production from its Australian-based assets — the

Wonawinta Silver Mine and the Mt Boppy Gold Project. Both projects are fully permitted and supported by a 1Mtpa centralised processing plant at Wonawinta. The Company recently announced JORC-compliant Ore Reserves at both projects, including a July 2025 open pit Probable Reserve at Mt Boppy of 290kt @ 4.2g/t Au for ~39,100oz, underpinning the staged restart of operations.

Performance

The following information was extracted from Manuka Resources Limited annual report, released 1 October 2025:

This Annual Report addresses the Company’s performance for the 2024-25 financial year and marks our fifth year since listing on the ASX.

While on the one hand it has been the first year in the past five years, during which the Company did not produce either gold or silver, it has also been a year of significant corporate progress in all three of our key projects. Our three key projects are our two precious metals projects in the Cobar Basin, Central West NSW, and the Taranaki VTM Project off the west coast of the North Island of New Zealand.

It is important to note that Manuka Resources is the 100% owner of all three.

The corporate progress I refer to, includes the significant reserve upgrades at the Wonawinta Silver Project and at Mt Boppy Gold, as well as the commencement of our Fast-Track application process in New Zealand, marked by the appointment of the relevant panel considering our matter, which at time of writing has commenced hearings of our Taranaki VTM Project application.

We released a 10-year production plan based on our silver and gold assets located in the prolific Cobar Basin1. The Wonawinta Production Target comprises the mining and processing of 10.7Mt containing 19.2Moz of silver plus gold credits.

The capital expenditure required to bring the Wonawinta processing plant back into production in Q1 2026 is estimated to be A$18.9M. At an assumed silver price of A$50/oz and average All-In Sustaining Cost of A$35/oz, the project delivers an average EBITDA of A$22M per annum at an IRR of 109% and NPV8 of A$101M2.

Sensitivity analysis has shown that for every 10% increase in the silver price above the assumed A$50/oz, Project NPV increases by A$43M2. Silver is currently trading at ~A$66/oz (32% above the assumed price). In addition to the Wonawinta Production Target, Manuka also released a Maiden Mt Boppy Open Pit Probable Gold Reserve of 290kt at 4.2g/t Au containing approximately 39,000oz gold2. Upon execution, the Open Pit cutback would add NPV8 of A$43.2M to the Wonawinta Production Target at an assumed gold price of A$5,000/oz. Gold is currently priced at A$5,700/oz. Both these projects are targeting production restarts during the 2025-26 financial year.

Our New Zealand subsidiary, Trans-Tasman Resources Limited (TTR), has made exceptional progress with its 100% owned Taranaki VTM Project, a world-class vanadium-rich titanomagnetite iron sands resource located offshore in the South Taranaki Bight (south-west coast of the North Island, New Zealand). The project has cleared key regulatory hurdles under New Zealand’s Fast-Track Approvals Act 2024 and is now under expert panel review. The panel guidance noted approximately 100 workdays were required for panel hearings, and a decision is anticipated by late Q1 2026.