Presentation at MiningNews Select - Sydney March 2026

An ASX/NZX-listed Producer, Developer and Explorer with Precious Metals assets in
the Cobar Basin
1. Released ASX 9 March 2026
10 March 2026
MiningNews Select – Sydney March 2026
Commencing Operations (C&M completed)
1
– MKR Precious Metals
Presentation, targeting production Q2 2026 (completely unhedged)
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Disclaimer
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 09 March 2026 and the
information in i t i s 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
and does not purport to be complete or verified by the Company or any other person.
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The Presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the
purchase or sale of any security in the Company nor does it constitute financial product advice. The Presentation
is not a prospectus, product disclosure statement or other offer document under Australian law or under any
other law. The Presentation has not been filed, registered or approved by any regulatory authority in any

jurisdiction. The Presentation is not intended to be relied upon as advice or a recommendation to investors and
does not take into account the investment objectives, financial situation, taxation situation or needs of any
particular investor.
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iser, professional adviser or consultant
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While reasonable care has been taken in relation to the preparation of the Presentation, none of the Company or
their respective directors, officers, employees, contractors, agents, or advisers nor any other person (Limited
Party
) guarantees or makes any representations or warranties, express or implied, as to or takes responsibility
for, the accuracy, reliability, completeness or fairness of the information, opinions, forecasts, reports, estimates
and conclusions contained in the Presentation. No Limited Party represents or warrants that the Presentation is
complete or that it contains all information about the Company that a prospective investor or purchaser may
require in evaluating a possible investment in the Company or acquisition of shares in the Company. To the
maximum extent permitted by law, each Limited Party expressly disclaims any and all liability, including, without
limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on
information contained in the Presentation including representations or warranties or in relation to the accuracy or
completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied,
contained in, arising out or derived from, or for omissions from the Presentation including, without limitation, any
financial information,
any estimates or projections and any other financial information derived therefrom.
Forward-looking statements
The P
resentation 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 the Presentation 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 gi
ves any
assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking
statements in the Presentation will occur.
Past p
erformance
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.
March 20262

Mt Boppy deeps drilling
underway now. Targeting
additional pods of high grade
gold ores as per historical
production (500,000oz Au).
Pipeline shallow open pit
project drilling program
commencing late March 2026.
Targeting ~40,000oz Au open
pit resource for inclusion in
mine plan.
Follow-up deep drilling at
Wonawinta. Project
undertaken mid-2021, strong
potential for typical Cobar Basin
style Pb-Zn-Ag project -
scheduled for Q3 & Q4 2026.
Focused on bringing Cobar Basin precious
metal assets back online Q2 2026 and again
becoming the only primary producer of silver
in Australia
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About Manuka Resources
Extending mine life
Cobar Basin 10 yr 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
100% owner of both projects
No royalties or streaming
1.ASX Release 30 January 2026
2.See Production Target and Financial Forecast Slides included in this presentation
The Company is unaware of any new information or data that materially affects the
information included in the 30 January 2026 announcement
Near Term Cashflow
Longer Term
Strategic Value
Existing 1Mtpa Processing Plant and
associated infrastructure
Existing Open Pit Gold Mine and
Stockpiles at Mt Boppy, 150km by road
from Wonawinta
10 Year Mine Plan and 10.9Mt Production
Target containing 19Moz Silver from
Wonawinta, and
46koz Gold from the Mt Boppy Open Pit
and Wonawinta/Mt Boppy Stockpiles
Restart costs estimated at A$26.6M
Average EBITDA circa A$127M
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resulting
in NPV
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of A$805M, IRR ~1092% basis
A$135.50/oz silver
Start production in Q2 calendar year 2026.

Corporate Summary
Share Price History
Capital Structure
Shares Outstanding 1,477M
Options/warrants Outstanding232M
Share Price (5 March 2026) c/share14c
Market CapitalisationA$207M
Cash
(plus available liquidity) A$25.7M
Debt Outstanding
A$52.8M
•A$42.8M - Senior Debt Facility
•A$10M Tennant Metals SA Pty Ltd- Trade Finance Facility
Share Price Catalysts for FY26:
Continued strength in Gold and Silver markets
Fully funded to production, commencing Q2 2026
Only Australian primary silver project commencing production over
next ~3-4 years (at least)
Exploration underway and to continue targeting both silver and gold
Silver Reserve Update due mid-March 2026 (previous cut-off grade
US$32.50/oz)
Board And Management
Dennis KarpExecutive Chairman
Alan EggersExecutive Director, Chairman TTR
John SetonNon -Executive Director
Haydn LynchChief Operating Officer
Eryn Kestel
Alex Sutton
Joint Company Secretary
Joint Company Secretary
Rod GriffithExecutive General Manager
Richard HolsteinChief Financial Officer
Dieter EngelhardtProject Manager
Phil BentleyChief Geologist
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Welcome to Cobar – a mining town through and through
since the 1860’s
Cobar Basin, New South Wales
March 20265

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$460M
Current Market Cap = A$200M
Current Market Cap = A$550M
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
2025 US$1.03B acquisition of CSA
Metals Acquisition Corp
Current Market Cap = US$11.32B
Manuka holds Exceptional Assets in a very deep Tier -1 precious metals & base metals district
6March 2026

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Wonawinta Silver Mine
(100% owned by 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 (replacement costs >A$200m).
•Two existing and three planned Open Pits.
•Manuka owns the land (crown lease)
hosting the ML
•Total 38.5Mt Resource
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comprising:
•Existing Probable Ore Reserve
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6.2Mt @
56.4g/t Ag for 11.2Moz silver
•Reserve update due later March 2026
1. ASX Release 1 April 2021
2. ASX Release 30 May 2025
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)
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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.
•Existing 48-bed mining camp and ancillary
infrastructure located on site.
•Total 2.6Mt Resource at 1.32g/t
•Mt Boppy Open Pit Probable Ore Reserve
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290kt @ 4.2g/t for 39,000oz gold.
1. ASX Release 30 May 2025
2. ASX Release 5 August 2025
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.
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)
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Deep Drilling Commenced Early December 2025
Mt Boppy

Project Summary (updated
pricing)
Highlights
•10 Year Mine Life
•10.9Mt Mine Production Target
1,2
•13.2Moz Silver (recovered)
•36koz Gold (recovered)
•A$26.6M Restart Capital Costs
•C1 Cost A$34.40/oz, AISC Cost
A$42.40/oz Silver (incl. gold credits)
•Average EBITDA A$127.M p.a.
3
•NPV
8
A$805M & IRR 1,092%
3
•A$135.70/oz Silver, A$6,855/oz Gold
•Restart operations have commenced at the Wonawinta
Processing Plant;
•Adding a front-end deslime and dewatering circuit to enhance
mill throughput and leach performance.
•First production is anticipated Q2 2026, steady state production
early Q3.
•Commissioning and ramp up will be undertaken on silver and
gold bearing ROM Stockpiles located adjacent to the
Wonawinta Processing Plant.
•Mining will commence in Q2 2026 (initial production from the
existing Manuka followed by the new Belah, Bimble and
Pothole pits, then returning to the Boundary pit).
•All major approvals are in place and in good standing.
•Fully unhedged and exposed to commodity price movements
•Manuka is looking to drive shareprice growth via exploration
success and project expansion
1.ASX Release 30 May 2025
2.ASX Release 5 August 2025
3.See Production Target and Financial Forecast Slides included in this presentation
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Project Sensitivities (A$ NPV)
Based on Cobar Basin PFS released on ASX 30 January 2026
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Production is very
leveraged to movements
in the gold and silver
price:
•Every 5% move in silver
price impacts project by
A$60m
•Every 5% move in gold
price impacts project by
A$9m
A$ NPV Table
(Sensitivities to US$
silver & gold prices)

Financial Forecast – 10 Year Project
Key metrics
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Extracted from thhe Cobar Basin Production Plan financial forecasts released on ASX on 30 January 2026.
.
10yr Project EBITDA
A$1.265B
(Avg A$127M PA)
10yr Project Net
Cashflow A$1.196B
(Avg A$120M PA)
NPV
8
A$805M
Project IRR 1,092%
Silver Costs
C1 costs A$34.40/oz
AISC costs A$42.40/oz
(~US$28/oz Ag)
Project generates: A$0.55/share NPV
project basis
(excludes reserve increases, production
expansions, exploration upside)

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