Mt Boppy Deep Gold Exploration Drilling Now Underway

ASX Announcement
16 December 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


Highlights

• A major new drilling program has commenced at Mt Boppy and Pipeline Ridge
• The new drilling program is designed to target the following:
o Mt Boppy: deep target extensions (500m) and new discoveries
o Mt Boppy has never been drilled below 250m, while the Cobar Basin is very
deep with some neighbours producing to depths of 2km.
o Previous drilling confirms Mt Boppy is open along strike and at depth
o Historical production
1
at Mt Boppy delivered ~500,000oz Au grading ~15g/t Au
o Our thesis is that there are further ‘Boppy-like’ structures around and beneath
the existing Boppy deposit
o Pipeline Ridge: initially targeting shallow gold mineralisation
• First assay results are expected in Q1 2026, with ongoing results to be reported
progressively.
• The Company remains focused on the restart of its Wonawinta Silver Mine - still
on track for first production of silver during Q2 2026
• Successful exploration results of the upcoming drilling program will represent
the first steps toward growing the current 10-year Cobar Basin production plan.

Manuka Resources Limited (“Manuka” or the “Company”) confirms that its Mt Boppy gold
exploration program outlined on 6 November 2025, is now underway. Historically, Mt Boppy
delivered ~500,000oz Au grading ~15g/t Au from the existing pit in its relatively brief, active,
mine life. Over the next 10-12 weeks, the Company will be drilling down to depths of ~500m for
the first time, as it implements an initial “scout” program hoping to uncover extensions of similar
grade and geological structures.

This is an incredibly exciting time for Manuka, as this is the first time the Company has had the
resources to start implementation of its exploration thesis for Mt Boppy. Exploration success
consistent with historical results will obviously be significant for the Company.

Exploration Program Summary and Targets (Figure 1)
• Mt Boppy Gold Mine – targeting deep gold extensions and new discoveries.
Historical production at Mt Boppy delivered ~500,000oz Au grading ~15g/t Au.
• Identifying repeats of the high-grade mineralised Mt Boppy structure will be a key
objective of the drilling program.

1
The Mount Boppy Gold Mine, NSW: A Leader in its Day and More to Come, Ken McQueen. Journal of Australasian Mining
History, Vol. 3, September 2005
Mt Boppy deep gold exploration drilling now underway.
Looking for another Mt Boppy

Page | 2

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
• Initial three-hole drill program targeting depths of around 500m and testing extensions
of the known Resource and structural targets similar to Mt Boppy locating between 300
and 1,000m to the south.
• Pipeline Ridge Gold Prospects – targeting shallow gold mineralisation.
o Located ~28km south of the Mt Boppy Gold Mine.
o Gold mineralisation, which expresses close to surface, has been previously
intersected by historic drilling.
o Extensive 3,165m shallow (down to 60m) Reverse Circulation (“RC”) drill
program will target the previously identified Pipeline Ridge Exploration Target
2

ranging between 187kt and 365kt and grading between 1.1g/t Au and 1.5g/t Au
o This to allow the Company to report a maiden Resource Estimate in 2026.

Figure 1: Locality of drilling targets

2
ASX Release 14 February 2023

Page | 3

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
While the Company remains focused on the restart of its existing Wonawinta Silver Mine and
Processing Plant during Q2 2026, the exploration results of the upcoming drilling program
will represent the first steps toward growing the current 10-year Cobar Basin production
plan
3
,
4
.

Figure 2: Prepilot RC drilling of MSRC01 at Mt Boppy
Dennis Karp, Manuka’s Executive Chairman, commented:
“This is an incredibly exciting time for Manuka as we implement our exploration thesis for the
Mt Boppy Gold Mine and Pipeline Ridge Gold Prospect. The Cobar Basin is a very deep basin,
as evidenced by our peers producing in the neighbourhood, some to depths of over 2.0km. In
comparison, Mt Boppy has only been mined to depths of around 200m and the majority of drilling
to date has targeted near-mine extensions to depths of 250m. Exploration success consistent
with historical results will obviously be significant for the Company.
The recommencement of production at Wonawinta remains the key focus for the Company and
a primary catalyst for a substantial rerating of Manuka. Our aim is to ramp up Wonawinta in Q2
2026 and capitalise on the material increase in the price of both silver and gold. Once in
production, Manuka will be the largest primary producer of silver in Australia.”



3
ASX Release 30 May 2025
4
ASX Release 5 August 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

Figure 2: Locality of planned Mt Boppy extension boreholes


The potential quantity and grade of the Exploration Targets at Pipeline Ridge are conceptual in
nature and, as such, there has been insufficient exploration drilling conducted to estimate a Mineral
Resource. At this stage it is uncertain if further exploration drilling will result in the estimation of a
Mineral Resource. The Exploration Target has been prepared in accordance with the JORC Code
(2012).

Page | 5

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



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. 02 7253 2020 tel: +61 420 991572
admin@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 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 changed. The Company confirms that the form and context in
which the Competent Person’s findings are presented have not been materially altered.

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Given these uncertainties, recipients are cautioned to not place undue reliance on any forward-looking
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obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in
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