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 Market Update, released on 1 May 2026:

Updated FY26 Guidance

SkyCity Entertainment Group Limited ( SkyCity ) continues to monitor the impact of current macro-economic conditions , which are affecting consumer discretionary spending across New Zealand and Australia . These conditions are creating uncertainty in the trading outlook for the remainder of FY26.

Since March 2026 t rading and visitation have been affected - particularly by increases in fuel prices . These impacts have been most pronounced at SkyCity’s Auckland and Adelaide precinct s. No significant impact s have yet been observed in Hamilton, Queenstown , or on existing NZICC bookings.

New Zealand ’s economic environment has been challenging for some time . SkyCity has implemented a range of measures in response to these conditions and we have exceeded our previously announced target of $10 million in cost savings for FY26 . SkyCity is now initiating additional cost saving initiatives across its operations and corporate functions and is engaging external advisors to support this process .

SkyCity now expects underlying EBITDA for FY26 to be in a range of $180 million to $190 million . This compares to previous guidance of underlying EBITDA for FY26 of between $190 million and $210 million.

SkyCity now also expects Reported EBITDA for FY26 to be in a range of $ 155 million to $165 million. This compares to previous guidance of Reported EBITDA for FY26 of between $170.6 million and $190.6 million.

This guidance is based on trading conditions experienced since the fuel price increases remaining broadly consistent for the remainder of FY26. Significant uncertainty exists on the breadth and duration of prevailing macroeconomic conditions , and further deterioration in these conditions could affect this guidance.