September 2025 Quarter Activities and Cashflow Reports

ASX Announcement
31 October 2025

ASX: MKR



Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000
ABN 80 611 963 225 Tel 02 7253 2020 www.manukaresources.com.au
September 2025 Quarterly Activities Report

Manuka Resources Limited (“Manuka” or the “Company”) is pleased to provide the
following report on its activities during the quarter ending 30 September 2025.

Highlights

• The Company’s senior secured loan was assigned to a Unit Trust comprising
existing and substantial shareholders together with an extension of the
repayment date to late March 2026
1
. The commercial terms and security structure
of the senior loan remain unchanged.

• The Company completed an Entitlement Offer raising A$8.3m, fully underwritten
by two existing shareholders. The issue price was 4.3 cents per share

• Manuka’s New Zealand subsidiary Trans-Tasman Resources - The Fast-track
Approvals expert panel commenced assessing TTR’s Taranaki VTM Project
application on 25 August 2025. TTR presented the Project to the panel on 2
September and reviewed and summarised the submissions by invited parties to the
panel on 7 October 2025. The panel then convened a conference in Hawera on 21 to
23 October to hear from a range of commenters and now has to 18 March 2026 to
deliver its decision on granting the environmental consents.

• The Project is one of national significance for New Zealand and supports the
Government’s objective to double mineral export earnings from NZ$1.5B to NZ$3B per
annum by 2035. The Taranaki VTM Project is forecast to generate NZ$854M export
revenue per annum representing over 50% of the targeted increase and making it one
of the country’s top 12 exporters.

• The Company received approval to list on the New Zealand Stock Exchange (NZX) and
commenced trading on NZX on 29 September 2025. Prior to this listing Manuka’s
shareholder base comprised circa 30% of New Zealand domiciled investors. Since NZ
trading commenced our share register reflects a marked increase in new NZ based
investors.

• The Company’s on-site activities at Wonawinta and Mt Boppy continue to be focussed on
the restart of production scheduled for late March/early April 2026.


Post Quarter End

Manuka Resources

The Company announced an A$15.0 million placement
2
to progress the restart of its Wonawinta
Silver Mine and undertake exploration drilling at Mt Boppy. The placement was conducted by
the two tranche issuance of 200 million new shares at a price of A$0.075 per share. The first
tranche of approximately 34.4 million shares settled as per the timetable and the second tranche

1
ASX announcement 26 September 2025
2
ASX announcement 21 October 2025

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Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000
ABN 80 611 963 225 Tel 02 7253 2020 www.manukaresources.com.au
of approximately 165.6 million shares is subject to shareholder vote in a resolution at the annual
general meeting on 27 November 2025.

The Company announced the restructuring of the Tennant Metals debt facility which at time of
release was of the amount of $18.2m. The proposed restructure was as follows:
- $6.4m converting into equity at 7.5cents per share
- US$3.0m converting into a subordinated debt facility with a 2-year tenor and an
interest rate of 14% pa
- US$4.0m converting into a subordinated working capital facility able to be redrawn by
mutual agreement on the same terms as above
- Any residual balance owing to Tennant Metals to be cancelled
Taranaki VTM Project

The Management of Trans-Tasman Resources Limited (the wholly owned subsidiary of Manuka
Resources and the 100% owner of the Taranaki VTM Project) have been wholly focussed on the
Fast-track Approvals panel assessment of the final environmental approvals. As outlined above,
the Panel’s decision will be handed down by 18 March 2026.


Dennis Karp, Manuka’s Executive Chairman, commented:

Q3 - The Silver Quarter!!

While both gold and silver enjoyed very strong price increases during the September quarter, it
was silver which was the real out-performer. As at 30 September 2025, silver had registered a
30% gain for the quarter (while gold’s performance of a 15% increase over the same period was
excellent in its own right). Both metals have shown spectacular gains over the past 12 months,
gold over 50% higher and silver over 60%. As a soon-to-be (March / April 2026) gold and silver
producer, with a 1MTA plant and mining permits intact, Manuka really is extremely well placed.

The recent capital raisings together with the debt restructuring, completed on 30 October,
continue to highlight a return of shareholder confidence. The raisings also go a long way towards
restarting precious metal production. The next decision for Manuka management is to select
the best solution for the Company to complete our restart. This decision will be made and
announced over the next month, with completion targeted before end of year.

I will close this Quarterly by repeating a sentence from our previous June Quarterly, as in my
opinion it is even more the case today:

“I believe firmly that we have three of the most interesting assets, held by any junior resources
company, irrespective of alternative geographical location or commodity, and that the political
stability and commodity mix of these assets held by Manuka, will contribute materially to the
value of the Company.”


Exploration Activities

The Company continued low level surface exploration activities during the quarter. The
previously mentioned prospectivity analysis of the Wonawinta Project, has been deferred due
to staff reductions. This work is anticipated to be re-initiated during Q4 2025 and Q1 2026 and
will generate a number of prioritised drill targets that would potentially augment the mineral
resource base at Wonawinta, and increase the current 10-year LOM estimate.

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Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000
ABN 80 611 963 225 Tel 02 7253 2020 www.manukaresources.com.au
A similar exercise is also being planned for the Mt. Boppy gold mine, where planned output will
include a 3D structural interpretation integrated with a revised 3D IP model.

Cashflow and Hedging

The Company did not have any open hedge contracts as at 30 September 2025.

Total borrowings as at 30 September 2025 were A$39.09 million. Unused facilities available at
Quarter end were A$2.03 million and the cash balance was A$0.368 million.

In accordance with ASX Listing Rule 5.3.5, during the quarter, the Company made cash
payments of $0.350 million to related parties and their associates (refer items 6.1 and 6.2 of the
Appendix 5B). This was the aggregate amount paid to the directors including salary, directors’
fees, consulting fees and superannuation.

Mining Development Activities

In accordance with ASX Listing Rule 5.3.1 cash outflows for the quarter in relation to exploration
development activities were $0.186 million (refer items 1.2(a) and 2.1(d) of the Appendix 5B).
The cost related to salaries and wages for geology, as well as licencing fees, metallurgical test
work and assays.

Mining Production Activities

In accordance with ASX Listing Rule 5.3.2 cash outflows for the quarter in relation to mining
production and development activities were $0.649 million (refer Item 1.2(b) and 1.2(c) of the
Appendix 5B) and comprised the following:
• Development $0.095 million
• Crushing contractors $0.169 million
• Processing $0.385 million

Mining Tenements
In accordance with ASX Listing Rule 5.3.3, the following information is provided for the quarter
ended 30 June 2025.

Wonawinta Silver Project tenements are located approximately 90km to the south of Cobar,
NSW, and comprise one (1) granted mining lease and seven (7) granted exploration licenses as
below, plus processing plant and associated infrastructure.

Tenement
Percentage held / earning Change during Quarter
ML1659 100% -
EL6482 100% -
EL7345 100% -
EL6155 100% -
EL6302 100% -
EL7515 100% -
EL6623 100% -
EL8498 100% -

Mt Boppy Gold Project tenements are located approximately 45km east of Cobar, NSW,
adjacent to the Barrier Highway. The Project comprises four gold leases, two mining leases, one

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Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000
ABN 80 611 963 225 Tel 02 7253 2020 www.manukaresources.com.au
mining purpose lease and one exploration licence which encompasses the MLs and extends the
project area to the south.

Tenement
Percentage held / earning Change during Quarter
GL3255 100% -
GL5836 100% -
GL5848 100% -
GL5898 100% -
ML311 100% -
ML1681 100% -
MPL240 100% -
EL5842 100% -

Taranaki VTM Iron Sand Project tenements are located offshore in the South Taranaki Bight of
the North Island, New Zealand. Tenements acquired as a result of the acquisition of TTR (ASX 11
November 2022) comprise one granted mining permit and one granted exploration permit.

Tenement
Percentage held / earning Change during Quarter
MMP55581 100% -
MEP54068 100% -


There were no tenements disposed of and no farm-in or farm-out agreements entered into during
the quarter.

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Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000
ABN 80 611 963 225 Tel 02 7253 2020 www.manukaresources.com.au



Compliance Statements
The information in this announcement that relates to previously reported Exploration Results, Exploration
Targets, Mineral Resources, Ore Reserves, Production Targets and Financial Forecasts is extracted from
the Company’s ASX announcements 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.

Important Information
This report 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
this report 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 report will occur.


For further information contact:

Dennis Karp
Executive Chairman
Manuka Resources Limited
Tel. 02 7253 2020
admin@manukaresources.com.au

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Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000
ABN 80 611 963 225 Tel 02 7253 2020 www.manukaresources.com.au

APPENDIX 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Manuka Resources Ltd
ABN Quarter ended (“current quarter”)
80 611 963 225 30 September 2025
Consolidated statement of cash flows
Current quarter
$A’000
Year to date
(3 months)
$A’000
1.
Cash flows from operating activities
1.1 Receipts from customers
- -
1.2 Payments for

(a) exploration & evaluation
(189) (189)
(b) development
(95) (95)
(c) production
(554) (554)
(d) staff costs
(693) (693)
(e) administration and corporate costs
(2,721) (2,721)
1.3 Dividends received (see note 3)
- -
1.4 Interest received
- -
1.5 Interest and other costs of finance paid
(1,747) (1,747)
1.6 Income taxes paid
- -
1.7 Government grants and tax incentives
- -
1.8 Other (provide details if material)
23 23
1.9 Net cash from / (used in) operating
activities
(5,975) (5,975)

2.
Cash flows from investing activities

2.1 Payments to acquire or for:
(a) entities
- -
(b) tenements
- -
(c) property, plant and equipment
- -
(d) exploration & evaluation
375 375
(e) investments
- -
(f) other non-current assets
- -

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Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000
ABN 80 611 963 225 Tel 02 7253 2020 www.manukaresources.com.au
2.2 Proceeds from the disposal of:
(a) entities
- -
(b) tenements
- -
(c) property, plant and equipment
- -
(d) investments
- -
(e) other non-current assets
- -
2.3 Cash flows from loans to other entities
- -
2.4 Dividends received (see note 3)
- -
2.5 Other (provide details if material)
(32) (32)
2.6 Net cash from / (used in) investing
activities
343 343

3. Cash flows from financing activities

3.1
Proceeds from issues of equity securities
(excluding convertible debt securities)
9,569 9,569
3.2 Proceeds from issue of convertible debt
securities
- -
3.3 Proceeds from exercise of options
- -
3.4 Transaction costs related to issues of equity
securities or convertible debt securities
(51) (51)
3.5 Proceeds from borrowings
19,459 19,459
3.6 Repayment of borrowings
(23,951) (23,951)
3.7 Transaction costs related to loans and
borrowings
- -
3.8 Dividends paid
- -
3.9 Other (provide details if material)
6 6
3.10
Net cash from / (used in) financing
activities
5,032 5,032

4. Net increase / (decrease) in cash and
cash equivalents for the period

4.1 Cash and cash equivalents at beginning of
period
969 969
4.2 Net cash from / (used in) operating
activities (item 1.9 above)
(5,975) (5,975)
4.3
Net cash from / (used in) investing activities
(item 2.6 above)
343 343
4.4 Net cash from / (used in) financing activities
(item 3.10 above)
5,032 5,032
4.5 Effect of movement in exchange rates on
cash held
- -
4.6 Cash and cash equivalents at end of
period
368 368

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Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000
ABN 80 611 963 225 Tel 02 7253 2020 www.manukaresources.com.au

5. Reconciliation of cash and cash
equivalents
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
Current quarter
$A’000
Previous quarter
$A’000
5.1 Bank balances
368 368
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of
quarter (should equal item 4.6 above)
368 368

6. Payments to related parties of the entity and their
associates
Current quarter
$A'000
6.1
Aggregate amount of payments to related parties and their
associates included in item 1
230
6.2 Aggregate amount of payments to related parties and their
associates included in item 2
120
Note: 6.1 This is made up of amounts paid to the directors including salary, directors’ fees, consulting fees and superannuation.
Note: 6.2 This is made up of amounts paid to the directors including consulting fees in respect of exploration activities.

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Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000
ABN 80 611 963 225 Tel 02 7253 2020 www.manukaresources.com.au
7. Financing facilities
Note: the term “facility’ includes all forms of
financing arrangements available to the entity.
Add notes as necessary for an understanding
of the sources of finance available to the entity.
Total facility
amount at quarter
end
$A’000
Amount drawn at quarter
end
$A’000
7.1 Loan facilities
41,121 39,088
7.2 Credit standby arrangements
- -
7.3 Other (please specify)
- -
7.4 Total financing facilities
41,121 39,088


7.5 Unused financing facilities available at quarter end 2,033
7.6 Include in the box below a description of each facility above, including the lender, interest rate,
maturity date and whether it is secured or unsecured. If any additional financing facilities have
been entered into or are proposed to be entered into after quarter end, include a note providing
details of those facilities as well.
Lender Facility type Total Facility Rate Maturity
MCP Manuka
Unit Trust -
2025
Secured Senior Debt
Facility

US$12.4m

14%
22/03/2026
ResCap
Investments
Pty Ltd
Unsecured Working
Capital Loan

2,000

16%
31/03/2025
Various Equipment Finance

168

12%
12/06/2027
Various Short-term finance

1,406

24%
15/12/2025
Tennant Metals
Trade Finance
stockpile facility

18,200

26%
3-year trade finance
facility expiring April
2026


8. Estimated cash available for future operating activities $A’000
8.1 Net cash from / (used in) operating activities (item 1.9)
(5,975)
8.2 (Payments for exploration & evaluation classified as investing
activities) (item 2.1(d))
375
8.3 Total relevant outgoings (item 8.1 + item 8.2)
(5,601)
8.4 Cash and cash equivalents at quarter end (item 4.6)
368
8.5 Unused finance facilities available at quarter end (item 7.5)
2,033
8.6 Total available funding (item 8.4 + item 8.5)
2,401


8.7
Estimated quarters of funding available (item 8.6 divided by
item 8.3)
0.43
Note: if the entity has reported positive relevant outgoings (i.e. a net cash inflow) in item 8.3, answer item 8.7 as “N/A”.
Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions:
8.8.1 Does the entity expect that it will continue to have the current level of net operating
cash flows for the time being and, if not, why not?
Answer:
N/A

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Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000
ABN 80 611 963 225 Tel 02 7253 2020 www.manukaresources.com.au
8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further
cash to fund its operations and, if so, what are those steps and how likely does it
believe that they will be successful?
Answer:

The Company announced a $15,000,000 placement on 21 October 2025 to be undertaken in
two tranches.

8.8.3 Does the entity expect to be able to continue its operations and to meet its business
objectives and, if so, on what basis?
Answer:
Yes – sufficient funds are being raised from the share placement referred above .

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which
comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.

Date: 31 October 2025

Authorised by: ...................................................................................
Eryn Kestel – Company Secretary
On behalf of the Board of Directors
Notes
1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the
entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity
that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged
to do so.
2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in,
and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”.
If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the
[name of board committee – e.g. Audit and Risk Committee]”. If it has been authorised for release to the market by a
disclosure committee, you can insert here: “By the Disclosure Committee”.
5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and
Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial
records of the entity have been properly maintained, that this report complies with the appropriate accounting standards
and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound
system of risk management and internal control which is operating effectively.
6. By the Company lodging this Appendix 5B, the Managing Director and CFO declare that the Appendix 5B for the relevant
quarter:
• presents a true and fair view, in all material respects, of the cashflows of the Company for the relevant quarter and is in
accordance with relevant accounting standards;
• the statement given above is founded on a sound system of risk management and internal compliance and control which
implements the policies adopted by the Board; and
• the Company’s financial records have been properly maintained and the Company’s risk management and internal
compliance and control system is operating efficiently and effectively in all material respects.
apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards