• Mt Boppy was historically one of New South Wales' richest gold mines
• Manuka assessed feasibility of a cutback to access >4g/t Resource beneath the pit floor
• Probable Ore Reserve of 290kt at 4.2g/t Au containing approximately 39,000oz gold

Manuka Resources Ltd (ASX:MKR) has reported a Probable Ore Reserve of 290kt at 4.2g/t Au containing approximately 39,000oz gold from a cutback of the existing Mt Boppy Open Pit. Mt Boppy was historically one of New South Wales' richest gold mines with an estimated ~500,000 ounces of gold mined at ~15g/t Au. Manuka has assessed the feasibility of undertaking a cutback of the existing Open Pit to access the >4g/t Resource located beneath the pit floor. The study has resulted in the statement of a Probable Ore Reserve for the Mt Boppy Open pit. Ore mined from the Mt Boppy Open Pit is proposed to be hauled to and processed at Manuka's existing Wonawinta Processing Plant along with silver bearing ore mined from open pits located at Wonawinta. The Mt Boppy Open Pit cutback project, upon execution, delivers a pre-tax NPV8 of A$43.2M and IRR of 64% to Manuka's Cobar Basin production plan. The Manuka Cobar Basin production strategy now comprises 19.0Moz of Silver and increases to 47koz of Gold. Exploration will also target near-pit and greenfields high grade mineralisation.

The Mt Boppy Open Pit cutback project is expected to deliver approximately 39,000oz of gold production over the life of the cutback.

Manuka retains the flexibility to fund the Mt Boppy Open Pit cutback from free cashflow generated from the processing of silver ore at Wonawinta or via external sources such as debt or a joint venture/profit share arrangement.