Corporate Presentation

An ASX/NZX-listed Producer, Developer and Explorer with Precious Metals assets in
the Cobar Basin and Iron Ore and Critical Minerals assets in New Zealand
7 October 2025
An undervalued Australian precious metals play
On track to commence gold and silver production early 2026
1

This disclaimer applies to this presentation and the information contained in it (the Presentation). By reading
this disclaimer you agree to be bound by it. The Presentation has been prepared by Manuka Resources Limited
and relates to its subsidiaries, related parties and any new assets or entities subsequently acquired or
incorporated (collectively the Company). The Presentation was prepared on 3 June 2025 and the information in
it is subject to change without notice.
Purpose
The Presentation is for information purposes only and is an overview of the Company and its assets at the time
of preparation. This Presentation does not contain all information necessary to make an investment decision or
that would be required in a prospectus or product disclosure statement prepared in accordance with the
requirements of the Corporations Act 2001 (Cth) (Corporations Act). The Presentation is of a general nature
and does not purport to be complete or verified by the Company or any other person.
Distribution outside Australia
Distribution or release of this document outside Australia may be restricted by law. This document may only be
distributed or released to a person that is not in the United States except as permitted under the U.S. Securities
Act. Persons who come into possession of this document who are not in Australia should seek advice on and
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securities laws.
Not an offer or financial product advice
The Presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the
purchase or sale of any security in the Company nor does it constitute financial product advice. The Presentation
is not a prospectus, product disclosure statement or other offer document under Australian law or under any
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jurisdiction. The Presentation is not intended to be relied upon as advice or a recommendation to investors and
does not take into account the investment objectives, financial situation, taxation situation or needs of any
particular investor.
An investor must not act on the basis of any matter contained in the Presentation and must make its own
assessment of the Company and conduct its own investigations and analysis. Investors should assess their own
individual financial circumstances and consider talking to a financial adviser, professional adviser or consultant
before making any investment decision. Neither this Presentation nor anything contained in it forms the basis of
any contract or commitment and no agreement to subscribe for securities will be entered into on the basis of this
Presentation.
No guarantee, representation or warranty
While reasonable care has been taken in relation to the preparation of the Presentation, none of the Company or
their respective directors, officers, employees, contractors, agents, or advisers nor any other person (Limited
Party) guarantees or makes any representations or warranties, express or implied, as to or takes responsibility
for, the accuracy, reliability, completeness or fairness of the information, opinions, forecasts, reports, estimates
and conclusions contained in the Presentation. No Limited Party represents or warrants that the Presentation is
complete or that it contains all information about the Company that a prospective investor or purchaser may
require in evaluating a possible investment in the Company or acquisition of shares in the Company. To the
maximum extent permitted by law, each Limited Party expressly disclaims any and all liability, including, without
limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on
information contained in the Presentation including representations or warranties or in relation to the accuracy or
completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied,
contained in, arising out or derived from, or for omissions from the Presentation including, without limitation, any
financial information, any estimates or projections and any other financial information derived therefrom.
Forward-looking statements
The Presentation includes forward-looking statements and comments about future events, including the
Company’s expectations about the performance of its businesses. Forward-looking words such as “expect”,
“should”, “could”, “may”, “predict”, “plan”, “will”, “believe”, “forecast”, “estimate”, “target” or other similar
expressions are intended to identify forward-looking statements. Such statements involve known and unknown
risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the
Company and which may cause actual results, performance or achievements to differ materially from those
expressed or implied by such statements. Forward-looking statements are provided as a general guide only, and
should not be relied on as an indication or guarantee of future performance. Given these uncertainties, recipients
are cautioned to not place undue reliance on any forward-looking statement. Subject to any continuing
obligations under applicable law, the Company disclaims any obligation or undertaking to disseminate any
updates or revisions to any forward-looking statements in the Presentation to reflect any change in expectations
in relation to any forward-looking statements or any change in events, conditions or circumstances on which any
such statement is based. No Limited Party or any other person makes any representation, or gives any
assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking
statements in the Presentation will occur.
Past performance
Past performance is not indicative of future performance and no guarantee of future returns is implied or given.
Previously reported information
The information in this presentation that relates to previously reported Exploration Results, Exploration Targets,
Mineral Resources and Ore Reserves is extracted from the Company’s ASX announcements noted in the text of
the presentation and are available to view on the Company’s website. The Company confirms that, other than
mining depletion, it is not aware of any new information or data that materially affects the information included in
the original announcements and, in the case of estimates of Mineral Resources and Ore Reserves, that all
material assumptions and technical parameters underpinning the estimates in the relevant announcement
continue to apply and have not materially changes. The Company confirms that the form and context in which
the Competent Person’s findings are presented have not been materially altered.
Disclaimer
2September 2025

Silver/Gold Price
Expectations
1.COMEX SI1! & GC1! Futures curves
Gold Futures Forward Curve (USD/oz)
3
Silver Futures Forward Curve (USD/oz)
AUD/USD 0.6625
“Now with recession probabilities and ongoing trade and tariff risks. We
remain deeply convinced of a continued structural bull case for
gold and raise our price targets accordingly.”
Natasha Kaneva, Head of Global Commodities, JP Morgan (June 2025)
“UBS has raised its silver price forecasts from US$38/oz to
US$42/oz from Dec 2025 onwards... “since 2021, silver has faced a
structural deficit, resulting in a cumulative shortfall estimated at about
796 million ounces through 2025”
UBS, July 2025
“For investors, we think gold remains one of the most optimal
hedges for the unique combination of stagflation, recession,
debasement and U.S. policy risks facing markets in 2025 and 2026.”
Gregory Shearer, Head of Base and Precious Metals Strategy, JP Morgan (June 2025)
3700.00
3900.00
4100.00
4300.00
4500.00
4700.00
4900.00
A$ 6030
A$ 6251
A$ 6460
A$ 6662
A$ 6858
$45.00
$47.00
$49.00
$51.00
$53.00
$55.00
$57.00
$59.00
A$ 74.05
A$ 77.11
A$ 79.00
A$ 80.03
A$ 80.71

▪Large company-making iron ore
sands project.
▪3.2Bt
5
Vanadium, Titanium,
Magnetite (VTM) Resource.
▪Mining Lease granted.
▪PFS completed March 2025
o5Mtpa production of critical
minerals bearing Iron ore
concentrate from seafloor iron
sands deposits
oCapex US$602M
oUS$27.2/t C1 Cost
oNPV
10
of US$1.2B
oIRR 39%
▪Advancing through NZ’s Fast
Track approvals process.
▪Targeting Bankable Feasibility
Study commencement in 2026.
Focused on bringing Cobar Basin precious
metal assets back online Q1 2026 and
advancing the Taranaki VTM Project through
the NZ Fast Track approvals process
About Manuka
Taranaki VTM Project
4
Cobar Basin Production Plan
1,2
Phased Strategy to
deliver Self-sustaining
Value Creation
✓ASX listed mine operator,
developer and explorer
✓Near-term production from Gold
and Silver assets located in the
prolific Cobar Basin, NSW
✓Large Vanadium-rich Iron Sands
Resource located offshore of the
Taranaki Bight, New Zealand
1.ASX Release 30 May 2025
2.ASX Release 5 August 2025
3.See Production Target and Financial Forecast Slides included in this presentation
4.ASX Release 23 April 2025
5.ASX Release 1 March 2023
Near Term Cashflow
Long Term
Strategic Value
▪Existing 1Mtpa Processing Plant and associated
infrastructure located at Wonawinta, strategically
located within the Cobar Basin.
▪Existing Open Pit Gold Mine and Stockpiles
located at Mt Boppy, 150km by road from Wonawinta
▪10 Year Mine Plan and 10.9Mt Production Target
comprising 19Moz Silver from Wonawinta Open Pits
and ROM Stockpiles and 46koz Gold from the Mt
Boppy Open Pit and Wonawinta/Mt Boppy Stockpiles
▪Restart costs estimated at A$18.9M including the
addition of deslime circuit to the Wonawinta
Processing Plant to enhance performance
▪Average EBITDA circa A$59.1M (AISC A$30.1/oz
silver), NPV
8
of A$349M, IRR ~389%
3
.
▪Start of production in Q1 calendar year 2026.
4

Corporate Summary
Share Price History
Capital Structure
Shares Outstanding1,065M
Options/Notes Outstanding208M
Share PriceA$0.066
Market CapitalisationA$70M
Cash + Capital Raising
Cash as at 30 June 2025 + Underwritten cash component of Capital Raising
undertaken 8 July 2025
A$7.2M
Debt Outstanding
As at 30 June 2025
A$40.4M
•A$19.3M - Senior Debt Facility***
•A$16.7M Tennant Metals SA Pty Ltd- Trade Finance Facility
Share Price Catalysts for FY26:
▪Continued strength in the Gold and Silver markets
▪Secure non-dilutive funding to support Restart Precious
Metal Production in the Cobar Basin
▪Near Term Production at Mt Boppy and Wonawinta
▪Further progress of the VTM Project approval process
▪Commencement the VTM Project Bankable Feasibility Study
Board And Management
Dennis KarpExecutive Chairman
Alan EggersExecutive Director, Chairman TTR
John SetonNon -Executive Director
Haydn LynchChief Operating Officer
Richard HolsteinChief Financial Officer
Dieter EngelhardtProject Manager
Phil BentleyChief Geologist
5
*** ASX Release 26 September 2026 - Senior Debt Facility has been assigned from TransAsia
Private Capital Pty Ltd to a unit trust comprising existing significant (non-related party) shareholders
and concurrently the maturity date has been extended by 6 months to March 2026
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Share Price (A$/share)
Volume (M Shares)
VolumeShare Price

Board and Key Management Personnel
Dennis Karp
Executive Chairman
Dennis was Head of Trading at HSBC Australia prior to joining Tennant Limited in 1997, one of Australia’s largest physical commodities trading
companies with operations in Asia and Europe. He was a principal shareholder of Tennant Metals until 2010, and a director until December 2014.
Dennis led the syndicate which purchased the Manuka assets in 2016.
Alan Eggers
Executive Director
Alan is a geologist with over 40 years of local and international experience. Founding director of Summit Resources Ltd which they built from
listing on the NZX in 1987 into an ASX top 200 company and an ultimate takeover by Paladin Energy for A$1.2B in 2007. Alan holds Bachelor
of Science, Honours and Master of Science degrees from Victoria University of Wellington. He is a Fellow of the Society of Economic Geologists, and
a member of AusIMM, & Australian Institute of Geoscientists.
John Seton
Non-Executive Director
John is an Auckland based lawyer with extensive experience in commercial law and the mineral resources sector. He was a director of
Summit Resources Limited until its sale in 2007, as well as being a director of a number of other ASX and NZX listed private companies. John was a
former Chairman of the Vietnam/New Zealand Business Council.
Haydn Lynch
Chief Operating Officer
Over 25 years of experience in M&A, financial markets and private equity, with a substantive track record in the origination and execution of
domestic and cross-border transactions in metals and mining in Australia, Africa, Japan, China, and Mongolia. Hadyn’s Senior management
experience includes Bankers Trust Australia, Investec Bank, RBC Capital Markets and Southern Cross Equities.
Dieter Engelhardt
Chief Metallurgist
Dieter has over 30 years of experience in the mining industry including roles at Telfer Gold Mine (Senior Metallurgist), Northparkes Mines (Senior
Metallurgist), McKinnons Gold Mine (Resident Manager), and the CSA Mine (Manager Ore Processing). Dieter was employed by Newcrest
Mining Ltd (now Newmont) in various roles including Manager Ore Processing and Principal Metallurgist.
Phil Bentley
Chief Geologist
Phil has 40 years of international experience in the mining industry including New Zealand, Africa and Pacific Rim, in both senior geological positions
as well as in senior management and director capacities. Executive roles include Randgold Resources and Randgold & Exploration (Chief Geologist),
Trafigura Mining Services (Global Head of Exploration), CSA Global South Africa (Principal Geologist Africa) and Asanko Gold. Phil is a
Qualified person under NI 43-101 (Canadia) and JORC (Australia) and is a Fellow of the South African Geological Society.
Track record of value creation combined with deep and relevant operational experience
6September 2025

Welcome to Cobar
Wonawinta Silver Mine
Mt Boppy Gold Mine
Cobar Basin, New South Wales
7September 2025

2022 US$1.1B acquisition of CSA
Mine from Glencore
2023 acquisition of Endeavour Mine
from CBH Resources
2021 Acquisition of Mineral Hill
from Quintana Holdings
2021 A$76.7M acquisition of Peak
Mine from New Gold
Current Market Cap = A$320M
Current Market Cap = A$526M
Current Market Cap = A$126M
Current Market Cap = A$423M
Sealed Highways
Cobar
Wonawinta
Mt Boppy
Endeavour Mine
CSA Mine
Tritton Mines
Mineral Hill Mine
Peak & New Cobar Mines
Federation & Hera Mines
Pipeline Ridge
Mallee Bull, May
Day, Wagga Tank
McKinnons
Cobar Basin
NSW
Manuka Projects / Tenure
Other Resources / Project
Mining & Exploration Licenses
Manuka’s existing production facility and mining licences provide:
•a near-term opportunity to recommence production and take
advantage of buoyant gold and silver markets;
•a means to monetise otherwise stranded deposits located within
current +1,000km
2
tenure; and
•an opportunity to execute commercial toll treating deals or other
strategic arrangements with third-parties.
Market Capitalisations as at 30 September 2025
2025 US$1.03B acquisition of CSA
Metals Acquisition Corp
Current Market Cap = US$11.32B
Manuka holds Assets of Strategic Value in a Tier -1 precious metals and base metals district
8September 2025

Wonawinta Silver Mine
(100% Manuka)
Figure: Aerial view of the existing Wonawinta 1Mtpa Processing Plant showing the Ball
Mill (bottom right) and CIL tanks (centre-left).
•Existing 1Mtpa CIL Processing Plant and
associated Infrastructure built by CCR in
2012 for approximately A$60M.
•Two existing and three planned Open Pits.
•Currently on active Care & Maintenance.
•Historic Production of 3.2Moz including
382koz by Manuka between 2022 and 2023
during which time gold ounces recovered at
a rate of 0.23% per silver ounce.
•Total 38.5Mt Resource
1
comprising:
o38.3Mt at 41.3g/t Ag in ground
1
; and
o0.2Mt at 60g/t Ag and 0.07g/t Au in
ROM Stockpiles
2
.
•Updated Probable Ore Reserve
2
6.2Mt @
56.4g/t Ag for 11.2Moz silver
1. ASX Release 1 April 2021
2. ASX Release 30 May 2025
9
Information relating to Ore Reserves is extracted from the announcement titled ‘Updated
Cobar Basin Production Plan” dated 30 May 2025. The Company is not aware of any
new information or data that materially affects the Reserve and all material assumptions
and technical parameters underpinning the estimates in the relevant market
announcements continue to apply and have not materially changed.

ResourceMt
Ag
(g/t)
Ag
(Moz)
Pb
(%)
Pb
(kt)
Measured1.147.31.70.697.5
Indicated12.345.518.00.83102.8
Inferred24.939.031.30.3996.9
Total38.341.350.90.54207.2
Resource
Mt
Ag
(g/t)
Ag
(Moz)
Au
(g/t)
Au
(koz)
Measured0.1610.30.030.1
Indicated0.1580.10.160.4
Total0.2600.40.070.5
Figure: Typical cross section through the shallow silver deposit mineralisation
at Wonawinta showing Booth Limestone and MVT Pb-Zn-Ag style
mineralisation beneath and down dip of Wonawinta silver open oxide pits.
Wonawinta - ROM Stockpiles Resource
Wonawinta - in-ground Resource
Information relating to Mineral Resources is extracted from the announcement titled
‘Updated Cobar Basin Production Plan” dated 30 May 2025 and “43% Increase in
Measured & Indicated Resources at Wonawinta Silver Project” dated 1 April 2021. Both
are available to view on the Company’s website. The Company is not aware of any new
information or data that materially affects the Resource and all material assumptions and
technical parameters underpinning the estimates in the relevant market announcements
continue to apply and have not materially changed.
Wonawinta Silver Mine
(100% Manuka)
10

Mt Boppy Gold Mine
(100% Manuka)
Figure: Aerial view of Mt Boppy Gold Mine looking south across the Main Rock Dump
toward the Open Pit and TSF3 Tailings impoundment.
•Historically one of NSW’s richest gold
mines, having produced ~500,000 oz Gold
at ~15 g/t Au.
•Granted Mining Lease.
•Existing 48-bed mining camp and ancillary
infrastructure located on site.
•Total 2.6Mt Resource at 1.32g/t
o0.3Mt at 4.12g/t Au in-ground
1
; and
o2.2Mt at 0.84g/t Au in Rock dumps,
Tailings and Stockpiles
2
•Mt Boppy Open Pit Probable Ore Reserve
2

290kt @ 4.2g/t for 39,000oz gold.
1. ASX Release 30 May 2025
2. ASX Release 5 August 2025
11
Information relating to Ore Reserves is extracted from the announcement titled ‘Mt
Boppy Open Pit Ore Reserve ” dated 5 August 2025. The Company is not aware
of any new information or data that materially affects the Reserve and all material
assumptions and technical parameters underpinning the estimates in the relevant
market announcements continue to apply and have not materially changed.

Resourcekt
Au
(g/t)
Au
(koz)
Measured
1674.0122
Indicated
1654.2422
Total
3334.1244
Resource
kt
Au
(g/t)
Au
(koz)
Indicated
1,3620.6930
Inferred
8601.0930.2
Total
2,2220.8460.2
Mt Boppy – Rock Dump, Tailings and Stockpiles
Mt Boppy - in-ground Resource
Information relating to Mineral Resources is extracted from the announcement titled
‘Updated Cobar Basin Production Plan” dated 30 May 2025 and “360% increase in Mt
Boppy Total Gold Resources 80% increase in ‘Measured & Indicated’” dated 24 August
2023. Both are available to view on the Company’s website. The Company is not aware
of any new information or data that materially affects the Resource and all material
assumptions and technical parameters underpinning the estimates in the relevant
market announcements continue to apply and have not materially changed.
Boppy South
Open
Open
Proposed drilling
TSF3
Existing Pit Outline
In-Ground Resource Outline
120 mRL – Depth of
current pit shell design
Figure 2: Grade estimates for the Oxide, Fresh and Tailings domains within the
Main Rock Dump based on sonic drilling program.
Figure 1: Mt Boppy Long Section looking east
Mt Boppy Gold Mine
(100% Manuka)
12

Processing Plant
Figure: Existing 1800kW Ball Mill
•Conventional CIL Circuit
•Status: Active Care & Maintenance
•Last operated by Manuka in Jan. 2024
processing Gold Ore from Mt Boppy
Addition of a Deslime and Dewatering Circuit to improve
mill throughput and enhance leach performance
13

Project Summary
Highlights
•10 Year Mine Life
•10.9Mt Production Target
1,2
•19Moz Silver
•46koz Gold
•A$18.9M Restart Capital Costs
•AISC Cost A$30.1/oz Silver
•Average EBITDA A$59.1M p.a.
3
•NPV
8
A$349M & IRR 389%
3
•A$72.5/oz Silver, A$5,925/oz Gold
•Manuka intends to restart the Wonawinta Processing Plant
that is currently on active care and maintenance.
•The Plant will undergo a 6-month refurbishment and
upgrade, adding a front-end deslime and dewatering circuit
to enhance mill throughput and leach performance.
•First production is anticipated in Calendar Q1 2026.
•Commissioning and ramp up will be undertaken on silver
and gold bearing ROM Stockpiles located adjacent to the
Wonawinta Processing Plant.
•Mining will commence in April 2026 and will see production
from the existing Manuka and Boundary Pits as well as the new
Belah, Bimble and Pothole Pits.
•Gold Ore from Mt Boppy Stockpiles will be hauled to
Wonawinta and blended with Silver ore during the first 2 years
of production to deliver a payable gold credit.
•Manuka has previous experience processing Wonawinta
and Mt Boppy Ore through the Wonawinta Processing Plant.
•All major approvals are in place and in good standing.
1.ASX Release 30 May 2025
2.ASX Release 5 August 2025
3.See Production Target and Financial Forecast Slides included in this presentation
14

Project Implementation
Capital Cost Breakdown
Item
Pre
Revenue
During
Operations
Life of
Mine
Capex
Plant Upgrades
10.50.010.5
Plant Refurb
1.80.72.5
Camp & Admin
0.21.51.7
Restock Stores/Lab
0.50.51.0
Reagent First Fills
1.0-1.0
Tailings Dam Lifts
1.029.430.4
Sustaining Capex
-3.13.1
10% Contingency
1.5-1.5
Capital Costs
16.435.251.6
Staff Ramp-Up
2.6-2.6
Total Cost
18.935.354.2
Indicative Timeline to Production
15
Workstream
20252026
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Final Investment Decision
Re-establish Camp
Re-establish Offices, Stores & Workshop
Refurbish, Modify & Processing Plant
Commission Process Plant
Steady State Production
Construct TSF Lift 3
First Shipment of Silver Concentrate
Mobilise Mining
Mining Commencement

Production Target
16
The Production Target underpinning Financial Forecasts presented within this Presentation comprises 8% Measured Resources, 54% Indicated Resources, 39% Inferred Resources. Of the 10.9Mt Production Target 59% has
been converted to Ore Reserves. There is a low level of geological confidence associated with Inferred Resources and there is no certainty that further exploration work will result in the conversion of Inferred Resources to
Indicated Resources or return the same grade and tonnage distribution. The estimated Mineral Resource and Ore Reserves underpinning the Production Target have been prepared by a Competent Person in accordance
with the requirements in the JORC Code.
Production YearUnitTotal012345678910
WWTA Waste Mined
Mt42.7-4.66.65.42.86.06.66.83.01.0-
WWTA In-Situ Ore
Mt10.2-1.11.11.11.11.11.01.01.51.1-
Silver Grade
g/t Ag56.5-556362585360475457-
WWTA Stockpiles
Mt0.2-0.2---------
Silver Grade
g/t Ag60.3-60---------
Mt Boppy Stockpiles
Mt0.2-0.10.1--------
Gold Grade
g/t Au1.1-1.041.15--------
Mt Boppy Waste
Mt7.0--2.24.20.6------
Mt Boppy In-Situ Ore
Mt0.3--0.00.10.2------
Gold Grade
g/t Au4.2--1.253.265.00------
Total Ore
Mt10.9-1.51.21.21.21.11.01.01.51.1-
Total Silver
Moz19.0-2.42.22.12.01.92.01.62.62.0-
Total Gold
koz46.3-3.93.514.124.9------
Measured
%8%-24%4%7%5%--21%6%--
Indicated
%54%-68%82%78%89%49%18%64%28%0%-
Inferred
%39%-7%14%16%5%51%82%15%66%100%-
ROM Feed
Mt10.9-1.21.11.21.31.11.11.11.21.20.5
ROM Silver Ounces
Moz19.0-1.92.02.22.22.02.01.72.12.00.9
Milled / Leached Ore
Mt7.8-0.90.90.90.90.80.80.70.80.80.3
Milled Silver Ounces
Moz16.3-1.61.81.91.91.81.81.41.71.70.8
Silver Recovery
%81%-79%72%82%82%76%80%86%86%85%85%

Production YearUnitTotal012345678910
Payable SilverMoz13.2-1.31.31.61.51.41.41.21.51.50.7
Payable Goldkoz35.2-3.32.60.412.216.8-----
Silver PriceA$/oz72.572.572.572.572.572.572.572.572.572.572.5
Gold PriceA$/oz5,9255,9255,9255,9255,9255,9255,9255,9255,9255,9255,925
Net Silver RevenueA$M952-9090113110971018810810649
Net Gold RevenueA$M208-191527299-----
Govt. RoyaltiesA$M(34)-(3)(3)(4)(6)(6)(3)(2)(3)(3)(1)
Net RevenueA$M1,126-106102112176190988610510347
Wonawinta MiningA$M(182)-(20)(26)(23)(18)(22)(23)(23)(17)(10)-
Mt Boppy MiningA$M(81)-(3)(4)(35)(34)(5)-----
ProcessingA$M(215)(1)(24)(24)(22)(25)(25)(21)(21)(21)(21)(9)
G&A + LogisticsA$M(60)(1)(6)(6)(6)(6)(6)(6)(6)(6)(6)(3)
EBITDAA$M589(3)534226931324736616636
Pre Revenue CapexA$M(16)(16)----------
Sustaining CapexA$M(42)-(5)(3)(8)(3)(4)(5)(5)(4)(3)(1)
Net Project CashflowA$M531(19)483918901274231576235
Cumulative CashflowA$M(19)296886176303346377433496531
NPV349
IRR389%
Financial Forecast
17
The Cobar Basin Production Plan financial forecasts were originally released on 30 May 2025 and 5 August 2025 and were based on a
A$50/oz Silver price and a A$5,000/oz Gold Price. The Financial Forecast presented above is based on updated Silver and Gold prices.
The Production Target and all other material assumptions underpinning the Production Target and supporting Mineral Resources and Ore
Reserves remain unchanged and the Company confirms that it is not aware of any new information or data that materially affects the
information included in the original announcements

Value Enhancements
•Continued Gold Credit from
Wonawinta Silver Ore (Figure 1)
currently not included in the open pit
production targets but historically has
generated a 23% gold payable.
•Brownfields Exploration Results
at Mt Boppy – targeting high grade
gold beneath and along strike from
the existing open pit Resource.
•Resource development of the
shallow Pipeline Ridge deposit
located ~15km south of Mt Boppy.
•Strategic Opportunities in the
Cobar Basin – support development
of nearby stranded assets that lack
sufficient scale to justify standalone
processing infrastructure.
Figure 1: Gold to Silver payables during Manuka Silver Ore production at Wonawinta
Figure 2: High Grade Open Pit Mining at Mt Boppy by Manuka in 2020-2021
18

Taranaki VTM Project,
South Taranaki Bight New Zealand
19
3D rendering of the proposed Integrate Mining Vessel to be used to mine (via seabed crawlers) and concentrate VTM Iron Sands for sale and redeposit residual sand on the sea floor
September 2025

About the Taranaki
VTM Project
✓100% Owned by Manuka’s subsidiary
Trans Tasman Resources (“TTR”)
✓Granted Mining Permit MMP55581
and exploration permit MEP54068.
✓3.2Bt Resource
1
of Vanadiferous
Titanomagnetite (“VTM”) sands
located in the shallow waters of the
South Taranaki Bight, New Zealand.
✓NZ$85M spent on Technical and
Environmental Studies since 2009.
✓Updated Pre-Feasibility Study
completed (2025) showing an NPV
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of US$1.26Bn and IRR of 39%
2
1.ASX Release 1 March 2023
2.ASX Release 26 March 2025
Figure: Location of the Taranaki VTM Project with respect to Mineral
Resource outline, granted Mining Permit MMP55581 (within New Zealand’s
Exclusive Economic Zone) and Exploration Permit MEP54068 (within New
Zealand Territorial Waters).
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Pre-Feasibility Study
Highlights
ASX Release 26 March 2025
Mt Taranaki, NZ
3.2Bt Mineral Resource
Large World Class Iron Sands Deposit, South Taranaki Bight NZ.
Initial 20-year Mine Life
with material mine life extension opportunities
4.9Mtpa 56-57%Fe
+ Vanadium and Titanium (Critical Minerals) co-products
US$27.2/t C1 Cost
excluding any co-product credits
US$602M Project Capex
(inclusive 14% contingency)
National Significance
Project included in NZ Government’s Fast-Track Approvals Act 2024
NPV
10

US$1.26B
IRR 39%
US$312M
EBITDA
per annum
Macroeconomic assumptions include 13.7% discount to a flat benchmark Fe concentrate pricing of US$90/t CFR China, V
2
O
5
co-product
pricing of US$5.45/lb (multiplied by a 77% third party recovery rate and 50% payability) and Capesize freight rates of US$10/t.
21September 2025

Resource
1
and
Production Target
2
ResourceBtFe
2
O
3
TiO
2
V
2
O
5
Indicated1.410.37%1.05%0.05%
Inferred0.58.81%0.90%0.04%
MMP555811.99.99%1.01%0.05%
Indicated0.710.61%1.07%0.05%
Inferred0.610.26%1.04%0.05%
MEP540681.310.44%1.05%0.05%
Total3.210.17%1.03%0.05%
Information relating to Exploration Results, Sampling Techniques and Data, and
Mineral Resources for the Taranaki VTM Project is extracted from the
announcement titled ‘Maiden Vanadium Resource at Taranaki VTM Iron Sand
Project” dated 1 March 2023 and available to view on the Company’s website.
The Company is not aware of any new information or data that materially affects
the information used to compile the 2023 Mineral Resource and all material
assumptions and technical parameters underpinning the estimates in the relevant
market announcements continue to apply and have not materially changed.
Initial Mine Plan of 20 Years is based on mining 1Bt of
Iron Sands granted Mining Lease MMP55581 to produce
4.9Mt pa of VTM Concentrate
2
.
Total Resources within MMP55581 comprises 75%
Indicated Resources and 25% Inferred Resources.
Mining for the first 13 years will focus on the Cook South
block of the Resource which comprises 95% Indicated
Resources and 5% Inferred Resources
1
.
Metallurgical assumptions supporting the Production
Target are based Davis Tube Recovery and bulk
samples Pilot Plant Test Work undertaken on samples
collected from 726 drill holes across the Resource
1,2
.

The Production Target underpinning PFS financial forecasts comprises 75% Indicated and 25% Inferred
Resources. Further evaluation work and appropriate studies are required to establish sufficient confidence that this
target will be met. There is a low level of geological confidence associated with Inferred Resources and there is no
certainty that further exploration work will result in the conversion of Inferred Resources to Indicated Resources or
return the same grade and tonnage distribution. The Mineral Resource underpinning the Production Target has
been prepared by a Competent Person in accordance with the requirements in the JORC Code.
1.ASX Release 1 March 2023
2.ASX Release 26 March 2025
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✓New Zealand’s stated objective is to
double mineral export earnings from
NZ$1.5B to NZ$3B per annum over
the next decade
1
.
✓The Taranaki VTM Project is forecast
to generate NZ$854M revenue per
annum representing over 50% of the
targeted increase.
✓Both vanadium and titanium have
recently been named on New
Zealand’s Critical Minerals List.
✓The Project will support the NZ
Government delivering against its
critical minerals policy objectives.
National Significance
1.https://www.odt.co.nz/business/govt-aims-double-mining-exports-2035
2.https://environment.govt.nz/acts-and-regulations/acts/fast-track-approvals
“The Project will deliver substantial benefits to the Taranaki
and Whanganui regions, including:
•Over 300 new full-time local jobs; and
•NZ$238M p.a. expenditure injected into the local economy.”
New Zealand Institute of Economic Research
15 Apr 25 - Application Lodged
15 May 25 - Application Deemed Completed
29 May 25 - No Competing Application Decision Made
15 Aug 25 - Expert Panel Appointed
Panel Decision
Fast Track Approvals Process
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Corporate Office:
Suite 405 Grafton Bond Building
201 Kent Street
Sydney, NSW 2000 Australia
Phone:02 7253 2020
Email:admin@manukaresources.com.au
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