• Manuka's subsidiary TTR received proposed draft decision to decline Taranaki VTM project consent
• TTR disappointed with the expert panel's proposed decision, plans to review and consider next steps
• Project had potential to generate significant economic growth and jobs for New Zealanders

Manuka Resources Limited (ASX: MKR) announced that its wholly owned subsidiary Trans-Tasman Resources Ltd (TTR) has received a proposed draft decision from the expert panel appointed under the New Zealand Fast-track Approvals Act 2024 to decline the Taranaki VTM project's consent to harvest iron sands off the coast of Taranaki. TTR has expressed disappointment with the proposed draft decision and plans to review it and consider its next steps before the application is finalized. The expert panel's proposed decision is a blow to the project, which had the potential to generate significant economic growth and regional employment for the people of Taranaki. If approved, the project would have also positioned New Zealand as a significant producer and exporter of critical minerals, including vanadium, essential for the transition to renewable energy and other critical sectors. Manuka has confirmed that this draft decision will not impact the proposed refinancing of its Cobar silver and gold mining projects with Nebari Natural Resources Credit Fund, which is currently forecast to be completed around 20 February 2026.

Manuka's subsidiary TTR plans to review the expert panel's proposed draft decision to decline the Taranaki VTM project's consent and consider its options before the application is finalized.