On Track to Commence Gold and Silver Production Q2 2026

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 January 2026
Updated commodity prices - on track to commence gold and silver
production Q2 2026 (completely unhedged)
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 7 January 2026 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
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Not an offer or financial product advice
The Presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the
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While reasonable care has been taken in relation to the preparation of the Presentation, none of the Company or
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Forward-looking statements
The Presentation includes forward-looking statements and comments about future events, including the
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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
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in relation to any forward-looking statements or any change in events, conditions or circumstances on which any
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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
2October 2025

▪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%
▪Decision due 18 March 26 from
NZ’s Fast-track approvals
process.
▪Targeting Bankable Feasibility
Study commencement in 2026.
Focused on bringing Cobar Basin precious
metal assets back online Q2 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
6.Based on Cobar Basin Production plan released on ASX 30 May 2025 with only
the commodity price assumptions increased, all physicals, production targets and
operating cost assumptions remain unchanged. The Company is unaware of any
new information or data that materially affects the information included in the 30
May 2025 announcement
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$106M
6
resulting in NPV
8

of A668M, IRR ~1096% basis A$107.50/oz silver
(expanded on slide 17)
▪Start of production in Q2 calendar year 2026.
3

Corporate Summary
Share Price History
Capital Structure
Shares Outstanding (post AGM issuance)1,404M
Options/Notes Outstanding282M
Share Price (6 January 2026) c/share11c
Market CapitalisationA$154M
Cash + Capital RaisingA$9M
Debt Outstanding
~ 31 Dec 2025
A$30M
•A$19.3M - Senior Debt Facility***
•A$10.5M Tennant Metals SA Pty Ltd- Trade Finance Facility
Share Price Catalysts for FY26:
▪Continued strength in Gold and Silver markets
▪Secure non-dilutive funding to support Restart Precious Metal
Production in the Cobar Basin, to be finalised during January
▪Near Term Production at Wonawinta Q2 2026
▪Only Australian primary silver project commencing production over
next ~3-4 years
▪18 March 2026 target date for notification of NZ VTM Project
approval status
Board And Management
Dennis KarpExecutive Chairman
Alan EggersExecutive Director, Chairman TTR
John SetonNon -Executive Director
Haydn LynchChief Operating Officer
Rod GriffithExecutive General Manager
Richard HolsteinChief Financial Officer
Dieter EngelhardtProject Manager
Phil BentleyChief Geologist
4
*** ASX Release 26 September 2025 - Senior Debt Facility (AUD equivalent) has been assigned
from TransAsia Private Capital Pty Ltd to a unit trust comprising existing (non-related party)
shareholders and concurrently the maturity date has been extended by 6 months to March 2026

Silver Price
Fundamentals
1.Shanghai Exchange silver prices 10% higher than Comex
2.World Silver Survey 2025
3. COMEX SI1! & GC1! Futures curves 2 Jan 2026
Gold Futures Forward Curve (USD/oz)
3
5
Silver Futures Forward Curve (USD/oz)
3
AUD/USD 0.6700
$4,400.00
$4,600.00
$4,800.00
$5,000.00
$5,200.00
$5,400.00
$5,600.00
$5,800.00
A$ 6693
A$ 6944
A$ 7198
A$ 7614
A$ 7715
A$ 7820
$70.00
$72.00
$74.00
$76.00
$78.00
$80.00
$82.00
$84.00
A$ 109.2
A$ 112.6
A$ 115.4
A$ 116.1
A$ 116.8
A$ 117.5
Silver fundamentals remain very sound:
Ongoing deficits, investor demand and critical
mineral politics (silver is now a critical mineral -
Chinese demand has driven the Shanghai /
Comex arbitrage to over 10%
1
)
2024 - 149Moz deficit
2
, mine production 820Moz
2025F - 120Moz deficit
2
, mine production 835Moz
2026F - growing demand with stable to lower
production = continued deficits
World Silver Survey 2025

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 experience and a founding director of Summit Resources Ltd (built into an ASX Top 200 company & an
ultimate takeover by Paladin Energy for A$1.2B in 2007). He 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, a fellow of AusIMM, & a member of 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. Haydn’s senior management experience includes
Bankers Trust Australia, Investec Bank, RBC Capital Markets and Southern Cross Equities. Director of Terra Critical Minerals Ltd and private entities.
Rod Griffith
Executive General Manager
Rod has over 30 years in mine development, management and engineering experience in a range of roles including COO, GM and site project
manager. He holds a Bachelor of Civil Engineering and Surveying from University of Newcastle and a post graduate diploma in mining engineering
from the University of Ballarat. Most recently, Rod held the General Manager Operations role for the Tomingley Gold mine (an underground gold
operation with approx. 300 employees processing circa 1.3Mtpa in Central NSW).
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 in both senior geological positions as well as in senior management and director
capacities. Executive roles include Randgold Resources and Randgold Exploration, 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
6

Welcome to Cobar – a mining town through and through
since the 1860’s
Wonawinta Silver Mine
Mt Boppy Gold Mine
Cobar Basin, New South Wales
72025

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$390M
Current Market Cap = A$105M
Current Market Cap = A$430M
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
strategic position in a region set to become the next Kalgoorlie (WA)
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
8

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 1,800kw 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 (updated
pricing)
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 (incl. gold
credits)
•Average EBITDA A$105.6M p.a.
3
•NPV
8
A$662M & IRR 1,096%
3
•A$107.50/oz Silver, A$6,500/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 Q2 2026, steady state production
late Q2 - early Q3.
•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 Q2 2026 (initial 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.
•Fully unhedged and exposed to commodity price movements
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 Concentrates/dore’
Mobilise Mining
Mining Commencement

Production Target
Released on ASX 30 May 2025
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$/oz107.5107.5107.5107.5107.5107.5107.5107.5107.5107.5107.5
Gold PriceA$/oz6,5006,5006,5006,5006,5006,5006,5006,5006,5006,5006,500
Net Silver RevenueA$M
1,415
–13413616616614215212816015873
Net Gold RevenueA$M
229
–2117379109–––––
Govt. RoyaltiesA$M
(53)
–(5)(5)(6)(8)(9)(5)(4)(5)(5)(2)
Net RevenueA$M
1,590–15014916323624214712415515371
Wonawinta MiningA$M(182)-(20)(26)(23)(18)(22)(23)(23)(17)(10)-
Mt Boppy MiningA$M(81)-(3)(4)(35)(34)(5)-----
ProcessingA$M(214)(1)(24)(24)(22)(25)(25)(21)(21)(21)(21)(9)
G&A + LogisticsA$M(58)(1)(6)(6)(6)(6)(6)(6)(6)(6)(6)(3)
EBITDAA$M1056(2)
978877154184977411111659
Pre Revenue CapexA$M(16)(16)----------
Sustaining CapexA$M(42)-(5)(3)(8)(3)(4)(5)(5)(4)(3)(1)
Net Project CashflowA$M998
(18)928569151180926910711358
Cumulative CashflowA$M
(18)74159228379559651720827940998
NPV662
IRR1096%
Financial Forecast
17
The Cobar Basin Production Plan financial forecasts released on ASX on 30 May 2025 and 5 August 2025 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 A$107.5/oz Silver and A$6,500/oz Gold prices. As disclosed on footnote 6 on slide 3 of this presentation 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 30
May 2025 announcement.

Taranaki VTM Project,
South Taranaki Bight New Zealand
18
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
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$88M spent on Technical and
Environmental Studies since 2009.
✓Updated Pre-Feasibility Study
completed (2025) showing an NPV
10

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).
19

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.
20

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
21

✓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
18 March 26 - Panel Decision
Fast-track Approvals Process
22

Corporate Office:
Suite 405 Grafton Bond Building
201 Kent Street
Sydney, NSW 2000 Australia
Phone:02 7253 2020
Email:admin@manukaresources.com.au
23