• Independent technical and legal due diligence completed, terms sheets received from multiple parties
• Silver and gold prices increase NPV of Cobar Basin Production Plan to A$153M
• Assessing feasibility of Mt Boppy open pit cut-back to augment Cobar Basin plan

Manuka Resources Limited (ASX: MKR) has provided an update on the progress of its Cobar Basin silver and gold production strategy and the restart of the existing 1Mtpa Wonawinta processing plant. The company recently released a 10-year production plan based on its 100% owned silver and gold assets in the Cobar Basin, which comprises the mining and processing of 10.7Mt containing 19.2Moz of silver plus gold credits. The production plan was initially modelled using a silver price of A$50/oz and a gold price of A$5,000/oz, but the company has now revised the commodity price assumptions upwards to the current spot prices of around A$56/oz for silver and A$5,125/oz for gold. This has increased the NPV of the Cobar Basin Production Plan to A$153M. Manuka is in discussions with financiers to provide funding to refinance existing debt and bring the Wonawinta processing plant back into production. Prospective financiers have been provided with independent technical and legal due diligence reports, and the company has received terms sheets from multiple parties which are currently under consideration. The company aims to reach binding terms on a financing facility early in the third quarter of 2025. In parallel, Manuka is progressing a study on a cut-back at the Mt Boppy Gold Mine, which has an in-situ gold grade of over 4g/t and presents a potentially high-margin gold operation that could augment and add significant value to the Cobar Basin production plan.

The company has revised the commodity price assumptions used in the Cobar Basin Production Plan, with current spot prices of around A$56/oz for silver and A$5,125/oz for gold increasing the NPV of the plan to A$153M.

Manuka is targeting financial close on the refinance facility and a Final Investment Decision in Q3 2025, with the aim of being in production at the Wonawinta processing plant by January 2026. The company is also assessing the feasibility of a cut-back of the Mt Boppy open pit to add further value to the Cobar Basin production strategy.