December 2025 Quarterly Reports

ASX Announcement
30 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
December 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 31 December 2025.

Highlights

• The Company executed a Term Sheet for a US$22.5m production restart loan
facility with Nebari Natural Resources Credit Fund II LP, targeting a late February
2026 completion.

• At time of writing, the Company announced that the Wonawinta silver project and
Mt Boppy gold project had satisfied Nebari’s technical due diligence.

• Commencement of the Mt Boppy Deep gold exploration drilling program - targeting
extensions at depths of down to 500m.

• Completed A$15 million capital raising – proceeds to fund Mt Boppy exploration.
Plant upgrade and refurbishment, working capital. Capital Raising was split in two
tranches, the second of which was approved by shareholders at the Company’s AGM
on 27 November 2025.

• Manuka’s New Zealand subsidiary Trans-Tasman Resources project approval -
The Fast-track approval of the Taranaki VTM Project continues. The expert panel held
workshop conferences in Hawera in October and Auckland in November and requested
further expert reports and responses on a range of issues.

• Expert Panel holds workshop conferences - A three-day conference in Hawera
reviewed comments on FTAA, conditions, reports and information and legal tests. There
was an emphasis on inviting ‘Maori groups’ to discuss kanohi ki te kanohi in accordance
with tikanga. A one-day conference was held in Auckland on legal issues, jurisdiction
and statutory framework, benefits and economic assessment, climate change, Treaty,
cultural and planning, existing interests and infrastructure, conditions, adaptive
management and monitoring and decision tests, inconsistency and discretion.

• Fast-track decision due first quarter 2026 - The expert panel is expected to announce
on 18 March 2026, its decision on granting of TTR’s 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 in mineral exports
and making it one of the country’s top 12 exporters.

• The Company’s on-site activities at Wonawinta and Mt Boppy continue to be
focussed on the restart of production scheduled for late Q2 2026.

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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

Post Quarter End

Manuka Resources

The Company announced that the Wonawinta silver project and Mt Boppy gold project had
satisfied Nebari’s technical due diligence and A$15.0 million placement
1
to progress the restart
of its Wonawinta Silver Mine and undertake exploration drilling at Mt Boppy. We are targeting a
late February completion and drawdown of the loan facility. Following completion of this debt
facility, Manuka will be fully funded into production.

The Company released its updated Cobar Basin PFS through the ASX on 30 January 2026.
The Project is forecast to generate NPV
8
of A$805 million and IRR of 1,092% based on
US$95/oz silver, US$4,800/oz gold prices and AUD/USD of 0.7000.

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) continue to be focussed on the Fast-
track Approvals assessment by responding to the Panel’s requests and submitter’s evidence
and reports. As outlined above, the Panel’s decision is required to be delivered by 18 March
2026.


Dennis Karp, Manuka’s Executive Chairman, commented:

It’s all about silver!!

Both gold and silver continued enjoyed very strong price increases during the December 2025
quarter and throughout the 2025 year, but silver was the real out-performer. By 31 December
2025, silver had registered a 160% gain for the year (gold in turn recorded a 64% gain over the
12 months period). While at time of writing, silver has appreciated a further 55% from its 31
December 2025 close and is currently trading at US$115/oz silver, with gold trading 25% higher
at US$5400/oz. Manuka was incorporated in August 2016 and purchased the Wonawinta silver
assets, as they provided a substantial, leveraged call option on silver. The current silver price is
more than could ever have been dreamt about and looks likely to continue for some time.

Five consecutive years of silver supply deficits have reduced available warehouse stocks to
concerning levels. Add to this the increasing silver demand led by new generation solar
panelling as well as the anticipated demand driven by the new Samsung silver based solid state
electric vehicle battery, plus well publicised silver demand from the AI data centres, it appears
highly likely that the silver deficit will continue into the 2030’s. With mining permits intact and
as a soon-to-be silver and gold producer (Q2 2026), the Company is exceptionally well
positioned.






1
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
Exploration Activities

The Company continued exploration activities during the quarter, which predominantly involved
the planning of exploration drilling programmes at the Mt Boppy and Mt Boppy South Extension
targets (aka “Boppy Deeps”) and the Pipeline Ridge project area (Figure 1). Diamond drilling
up to 500m depth commenced in December with assays expected next month.



Figure 1: Locality of Mt Boppy South Extension and Pipeline Ridge exploration projects



EL5842
Mt Boppy
South Extension
Pipeline Ridge

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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
Mt Boppy and Mt Boppy South Extension Project

The current programme has designed 3 RC pre-collar boreholes with orientated diamond tails
(Figure 2). At today’s date the program is over half completed, challenging heat conditions may
extend this drilling into March.

Assay sample dispatches commenced late January to the independent laboratories.



Figure 2: Plan showing initial 3 planned boreholes

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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 3 N-S longitudinal section


The status this program at the end of January is shown in Table 1 below.

Table 1: Mt Boppy South Extension Project drilling status Q4 2025



Pipeline Ridge

The Pipeline Ridge drilling programme is designed to delineate a shallow Indicated Mineral
Resource down to an initial depth from surface of 60m. This phase of drilling involves 56 RC “heel-
toe” boreholes to a maximum of 70m, in all totalling approximately 3075m (Figure 4). A further six
PQ3 (90mm) diamond core boreholes are provided for generating metallurgical testwork material.
Figure shows a S-N longitudinal section of the programme. The two bronze-coloured shapes
delineate the current “south” and “north” ore zones. Depth extensions are apparent from historic
drilling and are to be tested at a later date.

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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 4: Planned RC Borehole collars for the Pipeline Ridge Project.



Figure 5: S-N Longitudinal section of the Pipeline Ridge drilling programme, including historic gold intersections

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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
Wonawinta Mine Development Activities

During Q4 2025 13 vertical PQ3 diamond core boreholes totalling 553m (Table 2) were
designed and completed to generate representative material of the first 18 months of silver
production for confirmatory metallurgical testwork. The testwork programme is still being
completed, and results will be reported during Q1 2026. Figure 6 below shows the locality of the
boreholes.


Table 2 shows a plan of the location of the boreholes drilled during the December 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

Figure 6: Locality of Wonawinta metallurgical core boreholes

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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
Cashflow and Hedging

The Company did not have any open hedge contracts as at 31 December 2025.

Total borrowings as at 31 December 2025 were A$24.2 million. Unused facilities available at
Quarter end were A$5.80 million and the cash balance was A$2.44 million.

In accordance with ASX Listing Rule 5.3.5, during the quarter, the Company made cash
payments of $0.405 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 $0.128 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 $1.021 million (refer Item 1.2(b) and 1.2(c) of the
Appendix 5B) and comprised the following:
• Development $0.050 million
• Crushing contractors $0.281 million
• Processing $0.690 million

Mining Tenements
In accordance with ASX Listing Rule 5.3.3, the following information is provided for the quarter
ended 31 December 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
mining purpose lease and one exploration licence which encompasses the MLs and extends the
project area to the south.

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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
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 comprise one 243km
2
granted mineral mining permit
and one 635km
2
granted mineral 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.

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.

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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
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 31 December 2025
Consolidated statement of cash flows
Current quarter
$A’000
Year to date
(6 months)
$A’000
1.
Cash flows from operating activities
1.1 Receipts from customers
- -
1.2 Payments for

(a) exploration & evaluation
(210) (399)
(b) development
(50) (145)
(c) production
(971) (1,525)
(d) staff costs
(650) (1,344)
(e) administration and corporate costs
(3,212) (5,933)
1.3 Dividends received (see note 3)
- -
1.4 Interest received
- -
1.5 Interest and other costs of finance paid
510 (2,318)
1.6 Income taxes paid
- -
1.7 Government grants and tax incentives
- -
1.8 Other (provide details if material)
129 153
1.9 Net cash from / (used in) operating
activities
(4,454) (11,511)

2.
Cash flows from investing activities

2.1 Payments to acquire or for:
(a) entities
- -
(b) tenements
- -
(c) property, plant and equipment
(104) (104)
(d) exploration & evaluation
338 713
(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)
2.6 Net cash from / (used in) investing
activities
233 576

3. Cash flows from financing activities

3.1
Proceeds from issues of equity securities
(excluding convertible debt securities)
18,006 27,575
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
(1,466) (1,517)
3.5 Proceeds from borrowings
11,077 11,704
3.6 Repayment of borrowings
(21,331) (25,368)
3.7 Transaction costs related to loans and
borrowings
- -
3.8 Dividends paid
- -
3.9 Other (provide details if material)
6 12
3.10
Net cash from / (used in) financing
activities
6,293 12,406

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

4.1 Cash and cash equivalents at beginning of
period
368 969
4.2 Net cash from / (used in) operating
activities (item 1.9 above)
(4,454) (11,511)
4.3
Net cash from / (used in) investing activities
(item 2.6 above)
233 576
4.4 Net cash from / (used in) financing activities
(item 3.10 above)
6,293 12,406
4.5 Effect of movement in exchange rates on
cash held
- -
4.6 Cash and cash equivalents at end of
period
2,440 2,440

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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
2,440 368
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)
2,440 368

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
285
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.
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
28,974 24,200
7.2 Credit standby arrangements
- -
7.3 Other (please specify)
- -
7.4 Total financing facilities
28,974 24,200


7.5 Unused financing facilities available at quarter end 5,805
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
Various Equipment Finance

19

12%
12/06/2027
Tennant Metals
Working Capital
Debt

US$7m

14%
30/11/2027

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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. Estimated cash available for future operating activities $A’000
8.1 Net cash from / (used in) operating activities (item 1.9)
(4,454)
8.2 (Payments for exploration & evaluation classified as investing
activities) (item 2.1(d))
338
8.3 Total relevant outgoings (item 8.1 + item 8.2)
(4,116)
8.4 Cash and cash equivalents at quarter end (item 4.6)
2,440
8.5 Unused finance facilities available at quarter end (item 7.5)
5,805
8.6 Total available funding (item 8.4 + item 8.5)
8,245


8.7
Estimated quarters of funding available (item 8.6 divided by
item 8.3)
2.00
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
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: N/A
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: N/A

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: 30 January 2026

Eryn Kestel – Company Secretary
On behalf of the Board of Directors
Authorised by: ...................................................................................
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
apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards
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.

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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
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.