• Independent due diligence completed, term sheets received from multiple parties
• Silver and gold prices increase NPV of Cobar Basin production plan to A$153M
• Evaluating feasibility of Mt Boppy open pit cut-back to add significant value

Manuka Resources has provided an update on the progress of its Cobar Basin silver and gold production strategy, including the restart of the existing 1Mtpa Wonawinta processing plant. The company has completed independent technical and legal due diligence, which has been provided to prospective financiers. Manuka has received term sheets from multiple parties for the refinancing of existing debt and funding of the Wonawinta restart, which it is currently assessing. The company notes that silver and gold prices have remained strong, increasing the net present value (NPV) of the Cobar Basin production plan to A$153 million. In parallel, Manuka is evaluating the feasibility of a cut-back of the Mt Boppy open pit, which has a mineral resource of 0.4Mt at 4.23g/t Au for 53.5koz of gold. Historically one of New South Wales' richest gold mines, the Mt Boppy open pit was last mined by Manuka in 2021 before being impacted by severe weather. The company aims to report on the results of the re-optimization and reassessment of the Mt Boppy open pit cut-back during the upcoming quarter. Manuka's executive chairman stated that the company is confident of securing a financing facility in the upcoming quarter to bring the Wonawinta processing plant back into production in the new year, and that the potential Mt Boppy open pit cut-back presents a high-margin gold operation that could significantly boost the Cobar Basin production plan.

At an assumed silver price of A$50/oz and average All-In Sustaining Cost of A$35/oz, the Cobar Basin production plan delivers an average EBITDA of A$22M per annum at an IRR of 109% and NPV8 of A$101M.

Manuka is confident of securing a financing facility in the upcoming quarter to bring the Wonawinta processing plant back into production in the new year, and is progressing a study on a cut-back at the high-grade Mt Boppy Gold Mine to further boost its Cobar Basin production plan.