Projects Satisfy Proposed Nebari Loan Facility Technical DD

ASX Announcement
27 January 2026

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

Manuka’s silver and gold projects satisfy technical due
diligence for the proposed Nebari loan facility.

Background
Manuka Resources Limited (ASX:MKR) (“Manuka” or the “Company”) executed a
term sheet signed with Nebari Natural Resources Credit Fund II LP (“Nebari”) for
US$22.5 million
1
senior secured loan facility on 1 December 2025. While at the
time, Nebari provided initial credit-approved terms for the Facility, final approval
was contingent on completion of technical, commercial and legal due-diligence
(“DD”) to their satisfaction.

Update
• Manuka is pleased to advise that Nebari has satisfactorily
completed the technical due dilgence (“DD”) for both of
Manuka’s Wonawinta silver project and its Mt Boppy gold
project.
• The Company now awaits the finalization of Nebari’s legal DD
which is due imminently and completion of the Conditions
Precedent.
• The initial phase of documentation has already commenced
and the current timetable for signing definitive agreements is
estimated around 20 February 2026, (and subject to final Nebari
credit approval).
Together with the recent A$15m capital raising
2
, the Company intends that the funds
available from the Facility will ensure that we are fully funded through to the production
of silver at our 100% owned Wonawinta Silver Mine and Plant, with the Company
targeting first silver production in Q2 2026. The Facility will also enable the Company to
repay a portion of existing debt and support the Company's working capital
requirements.
Dennis Karp, Manuka’s Executive Chairman, commented:

“We are now entering the final phase of our restart financing. This debt component
completes our financing requirements and will ensure Manuka is funded to silver and

1
Announced through ASX on 1 December 2025.
2
Announced through ASX 21 October 2025

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gold metal production. Our projects commence production on stockpiles, therefore
becoming cashflow positive in the initial quarter of production and in an environment
where the prices of both gold and silver are at all-time highs. This is obviously an
incredibly exciting time for Manuka and all its stakeholders.”

The Company looks forward to providing Shareholders with further updates with respect
to the Facility, following execution of full form documentation, and drawdown under the
Facility.
This announcement has been approved for release by the Company’s Board of
Directors.

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
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.