Debt Restructuring

ASX Announcement
30 October 2025

ASX: MKR




Debt Restructuring

Manuka Resources Limited (ASX:MKR, “Manuka” or the “Company”) is pleased to announce
it has reached an agreement with Tennant Metals South Africa Proprietary Limited (“Tennant
Metals or TMSA”) to restructure its existing trade finance facility with the Company.

Highlights
• A$18.2M trade finance debt owed to Tennant Metals as at 30 September
2025 will be restructured as follows:
o A$6.4M will be converted to shares in Manuka, subject to shareholder
approval, at a share price of A$0.075 per share, being the same price
as the A$15M capital raising announced to the market via the ASX on
21 October 2025.
o US$3.0M (~A$4.6M) will be restructured as a subordinated debt facility
with a tenor of 2 years and an interest rate of 14% p.a.
o US$4.0M (~A$6.1M) will be restructured as a subordinated, working
capital facility able to be redrawn through mutual agreement, on the
same terms as the US$3.0M facility above.
o Balance of outstanding trade finance debt to be cancelled.
• The restructuring will result in a reduction in the Company’s cost of capital
that will free up cash for project development and exploration.
As consideration for the restructure, Tennant Metals will receive a once off capitalised fee of
2% on the US$3M term facility and, subject to shareholder approval if required, be issued
approximately 22.5M warrants with a strike price of 12 cents per share in the Company and with
an expiry date of 11 December 2026.

MKR Executive Chairman Dennis Karp commented:
“It is very encouraging to reach an agreement with our long-term lender and shareholder to
convert a portion of their debt into equity at a 50% premium to the current share price. This is a
great display of confidence in the value of the Company’s assets as a whole and in particular
our near-term precious metal production plans in the Cobar Basin that will see Manuka become
the largest primary producer of silver in Australia.”
Production Update
The Company has released a 10-year production plan based on its 100% owned silver and gold
assets located in the prolific Cobar Basin including the existing 1Mtpa processing plant located
at the Wonawinta Silver Mine. The plan comprises a 10.9Mt Production Target containing
19Moz Silver from Wonawinta Open Pits and ROM Stockpiles and 47koz Gold from the Mt
Boppy Open Pit and Wonawinta/Mt Boppy Stockpiles
1,2



1
ASX Release 30 May 2025
2
ASX Release 5 August 2025

Total pre-production capital costs are estimated to be A$18.9M (including 10% contingency)
with first production targeted in late Q1 2026. The production plan is forecast to generate
A$589M in project EBITDA and an NPV of A$349M
3
.


About Tennant Metals

Tennant Metals is a diversified metals trading and mining investment company with a strong
operational footprint across the African continent. TMSA forms part of a broader international
mining group with an established presence in Australia, holding strategic interests in
vanadium, precious metals, and chromite operations and processing.

This announcement has been approved for release by the Board of Directors of Manuka
Resources Limited.

For further information contact:

Dennis Karp Investor Relations
Executive Chairman James Moses
Manuka Resources Limited Mandate Corporate
Tel. +61 2 72532020 Tel: +61 420 991572



Compliance Statement

Information that relates to previously reported Mineral Resource Estimates. Production Targets
and Financial Forecasts are from the Company’s ASX announcements noted in the text of this
announcement and are available to view on the Company’s website. The Company confirms
that it is not aware of any new information or data that materially affects the information included
in the original announcements and that all material assumptions and technical parameters
underpinning the estimates in the relevant announcement continue to apply and have not
materially changed.

3
ASX Release 8 October 2025

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Appendix 3B - Proposed issue of securities
Appendix 3B - Proposed issue of securities
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Announcement Summary
Entity name
MANUKA RESOURCES LTD.
Announcement Type
New announcement
Date of this announcement
30/10/2025
The Proposed issue is:
Total number of +securities proposed to be issued for a placement or other type of issue
ASX +security code+Security description
Maximum Number of
+securities to be issued
New class-code to be
confirmed
Warrants expiring at 5pm (Sydney time) on 11 December
2026 and exercisable at $0.12.
22,500,000
MKRORDINARY FULLY PAID85,733,333
Proposed +issue date
5/12/2025
Refer to next page for full details of the announcement
A placement or other type of issue

Appendix 3B - Proposed issue of securities
Appendix 3B - Proposed issue of securities
2 / 6
Part 1 - Entity and announcement details
1.1 Name of +Entity
MANUKA RESOURCES LTD.
We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees
to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in
Appendix 3B of the ASX Listing Rules.
If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also
apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set
out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under
the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX
an Appendix 2A online form notifying ASX of their issue and applying for their quotation).
1.2 Registered Number Type
ACN
Registration Number
611963225
1.3 ASX issuer code
MKR
1.4 The announcement is
1.5 Date of this announcement
30/10/2025
1.6 The Proposed issue is:
A placement or other type of issue
New announcement

Appendix 3B - Proposed issue of securities
Appendix 3B - Proposed issue of securities
3 / 6
Part 7 - Details of proposed placement or other issue
Part 7A - Conditions
7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other
type of issue can proceed on an unconditional basis?
7A.1a Conditions
Approval/Condition
+Security holder approval
Date for determination
27/11/2025
Is the date estimated or
actual?
** Approval
received/condition met?
No
Comments
Part 7B - Issue details
Is the proposed security a 'New
class' (+securities in a class that is
not yet quoted or recorded by ASX)
or an 'Existing class' (additional
securities in a class that is already
quoted or recorded by ASX)?
Will the proposed issue of this
+security include an offer of
attaching +securities?
Details of +securities proposed to be issued
ASX +security code and description
MKR : ORDINARY FULLY PAID
Number of +securities proposed to be issued
85,733,333
Offer price details
Are the +securities proposed to be issued being issued for a cash
consideration?
Please describe the consideration being provided for the +securities
In consideration for the extinguishment of existing debt owned to Tennant Metals South Africa Proprietary Limited.
Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities
6,430,000.000000
Will these +securities rank equally in all respects from their issue date with
the existing issued +securities in that class?
No
Yes
Existing class
Actual
Yes

Appendix 3B - Proposed issue of securities
Appendix 3B - Proposed issue of securities
4 / 6
the existing issued +securities in that class?
Attaching +Security
Is the proposed attaching security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX)
or an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX)?
Attaching +Security - New class (+securities in a class that is not yet quoted or recorded by ASX)
Details of attaching +securities proposed to be issued
ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

Have you received confirmation from ASX that the terms
of the proposed +securities are appropriate and
equitable under listing rule 6.1?
Will the entity be seeking quotation of the 'new' class of
+securities on ASX?
ASX +security code
New class-code to be confirmed
+Security description
Warrants expiring at 5pm (Sydney time) on 11 December
2026 and exercisable at $0.12.
+Security type
Options
Number of +securities proposed to be issued
22,500,000
Offer price details
Are the +securities proposed to be issued being issued for a cash consideration?
Please describe the consideration being provided for the +securities
In consideration for the extinguishment of existing debt owned to Tennant Metals South Africa Proprietary Limited.
Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities
6,430,000.000000
Will all the +securities issued in this class rank equally in all respects from their issue date?
Options details
+Security currency
AUD - Australian Dollar
Exercise price
AUD 0.1200
Expiry date
11/12/2026
Yes
No
No
No
New class
Yes

Appendix 3B - Proposed issue of securities
Appendix 3B - Proposed issue of securities
5 / 6
Details of the type of +security that will be issued if the option is exercised
MKR : ORDINARY FULLY PAID
Number of securities that will be issued if the option is exercised
22,500,000
Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities
proposed to be issued or provide the information by separate announcement.
https://www.manukaresources.com.au/site/agm
Part 7C - Timetable
7C.1 Proposed +issue date
5/12/2025
Part 7D - Listing Rule requirements
7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1?
7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1
27/11/2025
7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue?
7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules?
7D.4 Will any of the +securities to be issued be subject to +voluntary escrow?
Part 7E - Fees and expenses
7E.1 Will there be a lead manager or broker to the proposed issue?
7E.2 Is the proposed issue to be underwritten?
7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue
Tennant Metals South Africa Proprietary Limited will receive a 2% refinancing fee of up to approximately US$60,000 on
the maturity date.
Part 7F - Further Information
7F.01 The purpose(s) for which the entity is issuing the securities
Extinguishment of existing debt owed by the Company to Tennant Metals South Africa Proprietary Limited
No
No
No
No
No
Yes

Appendix 3B - Proposed issue of securities
Appendix 3B - Proposed issue of securities
6 / 6
7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds?
7F.2 Any other information the entity wishes to provide about the proposed issue
7F.3 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with
the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of:
The publication of a cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f)
No