31 December 2025 Interim Financial Report

Half Year Results16 March 2026MKRMaterials

Interim Financial Report
31 December 2025
For the 6-month period ended 31 December 2025

Manuka Resources Ltd
and its controlled entities
ABN 80 611 963 225

Manuka Resources Ltd
For the half-year ended 31 December 2025
i | Page

CORPORATE DIRECTORY
Directors
Dennis Karp – Executive Chairman

Alan J Eggers – Executive Director

John Seton – Non-Executive Director

Key Management
Haydn Lynch – Chief Operating Officer
Rod Griffiths – Executive General
Manager

Joint Company Secretaries
Eryn Kestel
Alex Sutton

Registered Office
Level 4, Grafton Bond Building
201 Kent Street
Sydney NSW 2000

www.manukaresources.com.au
Lawyers
K&L Gates
Level 31, 1 O’Connell Street
Sydney NSW 2000
Auditor
RSM Australia Partners
Level 7, 1 Martin Place,
Sydney NSW 2000
Australian Share Registry
Automic Group Pty Ltd
Level 5, 126 Phillip Street,
Sydney NSW 2000
1300 288 664 (within Australia)
+61 2 9698 5414 (from overseas)
hello@automicgroup.com.au
investor.automic.com.au
New Zealand Share Registry
MUFG Corporate Markets Ltd
Level 30, PWC Tower
15 Customs Street West,
Auckland 1010 New Zealand
Telephone +64 9 375 5998
Stock Exchange Listing
Manuka Resources Limited shares (Code:
MKR) are listed on the Australian
Securities Exchange and the New Zealand
Stock Exchange.

Manuka Resources Ltd
For the half-year ended 31 December 2025
ii | Page
Contents
Page
Directors’ Report 3
Auditor’s Independence Declaration
9
Consolidated Statement of Profit or Loss and Other Comprehensive Income
10
Consolidated Statement of Financial Position
11
Consolidated Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Notes to the Financial Statements 1
5
Directors’ Declaration
31
Independent Auditor’s Report
32

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 3
Directors’ Report
The Directors of Manuka Resources Ltd (‘Manuka Resources’) present their report together with the financial
statements of the Entity or the Group, being Manuka Resources (‘the Company’) and its subsidiaries Mt Boppy
Resources Pty Ltd (‘Mt Boppy’) and Trans-Tasman Resources Limited (TTR) for the six months ended 31
December 2025.
Director details

The following persons were Directors of Manuka Resources during or since the end of the financial period and
up to the date of this report:
• Mr Dennis Karp
• Mr Alan J Eggers
• Mr John Seton

Review of operations and financial results

The last six months of calendar 2025 were largely spent focussing on the refinance of Manuka’s senior secured
debt facility, the arrangement of a restart finance package and operational preparation for implementation
once the dual finance components had been completed. In September 2025 the refinance of TransAsia’s senior
debt facility was completed and four weeks later the Company completed a two-tranche capital raising. The
first tranche to be paid promptly with funds from the second tranche to occur following shareholder approval
from Manuka’s AGM, which was granted in late November. On 1 December 2025 the Company announced
through the ASX on 9 March 2026, that it had executed a draft term sheet for a comprehensive restart debt
facility with
Nebari Natural Resources Credit Fund. At time of writing, this facility has been completed and the
first tranche – US$26million out of a total of US$30 million, has now been drawn.
On 26 September 2025 Manuka announced that it had received approval to list on the New Zealand Stock
Exchange (“NZX”) with trading to commence on 29 September 2025. This listing was driven by the fact around
30% of the Company’s shareholders are New Zealand based and the Company’s Taranaki VTM Project is
located in the South Taranaki Bight of New Zealand.
Also on 26 September 2025, the Company released it plans to restart silver and gold production with a
proposed 10 year mine plan. Both silver and gold metals enjoyed exceptional price increases during calendar
2025 (the price of silver increased by ~160%, while the price of gold increased by 65%). These elevated prices,
which continue to hold into 2026 (silver up a further 20% at time of writing and gold up 15%), provide fantastic
momentum to the Company’s restart plans. Production of silver and gold is expected to restart through our
100% owned Wonawinta plant during mid 2026 and accordingly plans are well progressed. The Company
announced that it had ended its Care and Maintenance program through the ASX on 9 March 2026 and was
now in an operational mode. An announcement of the restart of the trucking of ores from Mt Boppy is
imminent. With the recommencement of silver and gold production the next six-month period is going to be
a very exciting time for Manuka Resources and its shareholders.
In December 2024 the New Zealand government passed the Fast-track Approvals Act 2024 (the “Fast-track
Act”) into law. TTR’s Taranaki VTM Project, listed in Schedule 2 of the Fast Track Act, was considered to meet
the Fast-track Act’s purpose including being a project of regional or national significance for final project
consents to develop.
TTR lodged a substantive Fast Track application on 15 April 2025. Following the release of a draft decision by
the expert panel on 5 February 2026 to decline the marine and discharge consents, TTR withdrew its Fast-

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 4

track application and is now considering a number of options to progress the final environmental approvals
for the project.

Cobar Basin Silver and Gold Projects
On 30 January 2026 Manuka released the updated 10-year Mine Plan for the Wonawinta Silver and Mt Boppy
Gold Mines
1
, respectively located 80km due south and 50km due east of Cobar, within the prolific Cobar Basin
mining province of New South Wales.

Wonawinta comprises a granted mining lease, existing open pit mines, an existing 1Mtpa CIL processing plant
and associated infrastructure including approved tailings dams and accommodation facilities.

The Production Plan described in the ASX announcement outlined the upgrading and recommissioning of the
Wonawinta processing plant to enhance throughput and leach performance and deliver a Production Target
that comprises:

• 10.4Mt silver ore from selected stockpiles and 5 open pits located adjacent to the Wonawinta
processing plant;

• an initial 0.2Mt of gold ore from selected areas of larger 2.2Mt Rock Dump, Tailings and Stockpile
Resource located at Mt Boppy; and

• 0.3Mt of high-grade gold ore from the existing Open Pit at Mt Boppy.
The Production Plan estimated a capital requirement of A$26.6 million to bring the processing plant into
production, of which A$11.4 million will be spent on a new desliming circuit to remove clays that have
previously inhibited mill throughput and CIL recoveries. The upgrade and refurbishment of the processing
plant is now underway with first production from Wonawinta Stockpiles and Mt Boppy Stockpiles in Q2 2026.
Mining at Wonawinta open pits is scheduled to commence in Q3 2026.

Over the 10-year Mine Plan, the Project is forecast to generate an average EBITDA of A$127 million p.a.
at a C1 cost of A$34.4/oz silver (including gold credits) resulting in an NPV
8
of A$805 million and an IRR of
1,092%.

The 10.9Mt Mine Plan is underpinned by 6.9Mt Reserves and comprises 8% Measured Resources, 54%
Indicated Resources and 39% Inferred Resources. 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.

During the reporting period significant efforts were made to bring these assets back into production,
accelerated by the appreciation in silver and gold prices over the period. Post balance date many critical hires
have been completed whilst recruitment activities for the balance of roles are progressing with many
candidates from the surrounding regions. The Company acknowledges community support for the projects
which further adds to the importance of mining in the Central West NSW.

Taranaki VTM Project
Manuka holds a 100% interest in the Taranaki VTM Iron Sands Project via its wholly owned subsidiary TTR.

1
Manuka ASX release 30 January 2026

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 5

Located offshore in the STB, within New Zealand’s Exclusive Economic Zone (“EEZ”), the project comprises a
3.2 billion tonne (“Bt ”) vanadiferous titanomagnetite (“VTM”) iron ore resource
2

at 10.17% Fe
2
O
3
, 0.05% V
2
O
5

(containing 1.6Mt V
2
O
5
) and 1.03% TiO
2
(Table 2), ranking it as one of the largest drilled vanadium projects
globally. Indicated Resources comprise 65.7% of the total Resources with the balance being Inferred.

Table 2: Taranaki VTM Iron Sands Project Mineral Resource

Resource Bt Fe
2
O
3
(%) TiO
2
(%) V
2
O
5
(%)
Indicated 2.1 10.45 1.06 0.05
Inferred 1.1 9.64 0.99 0.04
Total 3.2 10.17 1.03 0.05

TTR has granted mineral mining permit MMP55581 within the EEZ containing 1.88Bt VTM resource where the
current PFS mine plan can deliver production of 5Mt export concentrates a year grading 56-57%Fe, 0.5%V
2
O
5

and 8.5%TiO
2
. TTR’s adjoining mineral exploration permit, MEP54068 (currently under application to be
converted mineral mining permit MMP61486) inside the 12Nm limit within the Coastal Management Area
(“CMA”), contains a reported additional 1.29Bt VTM iron sands resource.

In January 2025 the New Zealand government released the Critical Minerals List to identify minerals essential
to the economy and technological needs. Both vanadium and titanium are included in the Critical Minerals
List, which is a further positive for TTR’s Taranaki VTM Project.

The Critical Minerals List, alongside the Minerals Strategy for New Zealand 2040, also released in January 2025,
and the GNS Report on the NZ’s Potential Economic Mineral Deposits released in August 2024, all include
offshore Taranaki VTM deposits containing vanadium and titanium in the STB controlled 100% by TTR. The
MBIE reports provide the government with insight and facts as to the potential for the development of these
mineral resources in New Zealand.

The New Zealand government has identified TTR’s world-class vanadium rich iron sands project as one of
national significance that has the ability to contribute to New Zealand’s economy and export earnings and to
the government’s resource objective of doubling the value of New Zealand’s mineral exports to $3 billion by
2035.

The Taranaki VTM Project, when in production with an estimated annual production of 10,000t of vanadium,
has the potential to make Manuka one of the leading vanadium producers in the world and propel NZ into the
third largest producer of the metal after China and Russia.

In December 2024 the New Zealand government passed the Fast-track Act into law. TTR’s Taranaki VTM
Project is listed in Schedule 2 of the Fast-t rack Act to be considered by an expert panel for final approvals to
develop. Schedule 2 projects, including TTR’s, were considered to meet the Fast-track Act’s purpose including
being projects of regional or national significance.

TTR lodged a substantive Fast-track application on 15 April 2025 and followed up with a number of
presentations, expert reports and submissions to the Fast-track panel during 2025. Following the release of a
draft decision by the expert panel on 5 February 2026, to decline the marine and discharge consents required
under the Exclusive Economic Zone and Continental Shelf (Environmental Effects) Act 2012, TTR withdrew its
Fast-track application.

2
ASX Release 1 March 2023

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 6

Following the withdrawal of the Fast-track application, the Company is now working through and getting
advice and direction on a number of options to progress the final environmental approvals for the Taranaki
VTM Project.

Financial Summary

The loss for the consolidated entity for the half-year ended 31 December 2025 was $12,875,283 (2024 Loss:
$8,369,652). As at 31 December 2025, the consolidated entity had $2,439,885 in cash.

In addition, the Company had the ability to draw down an additional $6.0m available in short term liquidity.
As at time of writing, the Company has $11.1m in cash plus an additional $9.3m available in short term
liquidity.

Resource Growth and Exploration Outlook
During the period under review the Company’s geological team has continued to implement in part, the
exploration work programmes established from the Q1 2023 Strategic Review. Specific targets were Au-Cu
south of Mt Boppy and a detailed review of the Pipeline Ridge historic drilling (see below). An initial drilling
phase of Mt Boppy deeps and southern extension targets was approved by the MKR Board in September 2025
and initiated during December 2025. Planned resource delineation drilling of Pipeline Ridge will be undertaken
in Q2 2026 after the Mt Boppy South exploration drilling. The MKR Resource Triangle (Fig. 1) shows the current
classification of the exploration targets.

Figure 1: MKR Resource Triangle December 2025
During H2 2025, planning for Phase 2 infill sonic drilling of the Mt Boppy Main Waste dump was completed.
The sonic drilling commenced during Q1 2026 which will improve evaluation of screened dump material
planned for trucking to and processing at the Wonawinta plant during 2026-2027.

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 7

Pipeline Ridge (Figure 2) has potential for a gold open pit operation, and analysis and modelling of this target
has continued to be progressed during H2 2025. Work on Pipeline Ridge involved a comprehensive review
of historic reports plus all resource evaluation drilling to date. An assessment of developing an open pi t gold
operation has been progressed, and an infill drilling programme for this purpose designed. Historic drilling
includes 32 diamond drill holes (6,590m) and 116 Reverse Circulation (RC) boreholes (6,059m). Based on
preliminary geological modelling the initial startup open pit target is between 200 - 1,145Kt grading between
1.4 and 2.1 g/t Au, containing between 17 and 53 Koz Au. The development of this operation is strategically
aligned with future mining plans over the next 3-4 years at Mt Boppy, located approximately 30km to the
north.

Figure 2: Mt Boppy Southern Extensions and Pipeline Ridge exploration projects

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 8

Other activities included the following:
- Updating and completing various rehabilitation cleanups from historic drilling programmes.
- The reopening of the Wonawinta silver mine has fast tracked a review of existing mineral resource
delineation and exploration drilling on the project. Certain infill programmes converting Inferred
mineral resources to an Indicated classification were assessed during H2 2025.
- Analysis and construction of a Wonawinta geometallugical management model was progressed.
- Continued examination of targets generated from a detailed regional geophysics synthesis of the Mt
Boppy and Wonawinta ML’s and exploration tenements, including conducting a merged data
reinterpretation of all available magnetic data and a revised IP interpretation for the McKinnon’s gold
prospect.
- Continued analysis and reorganisation of the Company’s extensive drilling and geochemical sampling
database.
Significant changes in state of affairs
During the half-year there have been no significant changes in the state of affairs of the Group.
Events arising since the end of the reporting period
There are no other matters or circumstances that have arisen since the end of the period that has significantly
affected or may significantly affect the entity’s operations in future financial years, the results of those
operations in future financial years or the entity’s state of affairs in future financial years, except:
a) On 27 February 2026, the Company entered into a definitive loan documentation for a US$30 million
senior secured term facility with US global resource fund Nebari Natural Resources Credit Fund II LP.
The funds were utilised to repay existing secured debt and provide working capital for the
recommencement of Wonawinta silver and Mt Boppy gold mining and metal processing.
b) A total of 73.4 million unlisted options were exercised, resulting in the issuance of 73.4 million
fully paid ordinary shares and proceeds of $4.6 million, (before costs).

Dividends

No dividends were paid or declared during the period and no recommendation is made as to dividends.
Auditor’s Independence Declaration

A copy of the Auditor’s Independence Declaration as required under s.307C of the Corporations Act 2001 is
included on the following page of this financial report and forms part of this Director’s Report.
This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the
Corporations Act 2001.
Signed in accordance with a resolution of the Directors.

Dennis Karp Alan J Eggers
Executive Chairman Director
Date: 16 March 2026 Date: 16 March 2026

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 10
Consolidated Condensed Interim Statement of Profit
or Loss and Other Comprehensive Income
For the half-year ended 31 December 2025

Notes
31 December
2025
31 December
2024
$ $
Sales revenue 5(a) - -
Operating loss - -

Other income 5(b) 348,376 347,441

Other expenses 6(a) (8,152,749) (3,241,818)
Foreign exchange gains / (losses) 441,987 (2,046,073)
Loss before finance expenses (7,362,386) (4,940,450)
Finance expenses 6(b) (5,512,897) (3,429,202)
Loss before income tax (12,875,283) (8,369,652)
Income tax expense - -
Loss for the period attributable to members of
Manuka Resources Limited
(12,875,283) (8,369,652)
Other comprehensive income / (loss) (1,871,219) (292,923)
Total comprehensive loss for the period
attributable to members of Manuka Resources
Limited

(14,746,502)

(8,662,575)

Loss per share for loss attributable to the
ordinary equity holders of the Company

Basic profit /(loss) per share (cents per share) 15 (1.20) (1.07)
Diluted profit /(loss) per share (cents per share) 15 (1.20) (1.07)

This statement should be read in conjunction with the notes to the financial statements.

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 11
Consolidated Condensed Interim Statement of
Financial Position
As at 31 December 2025

Notes
31 December
2025
30 June
2025
$ $
Assets
Current
Cash and cash equivalents 2,439,885 968,645
Trade and other receivables 1,204,463 8,696
Prepayments 18,727 34,472
Inventories 7 234,696 237,899
Other financial assets 8 50,044 21,000
Total current assets 3,947,815 1,270,712
Non-current
Mine properties and development assets 9 629,900 629,900
Exploration and evaluation assets 10 37,161,295 37,934,470
Property, plant and equipment 11 13,574,270 13,752,823
Right-of-use Assets 255,068 334,568
Other financial assets 8 5,481,357 5,475,357
Total non-current assets 57,101,890 58,127,118
Total assets 61,049,705 59,397,830

Liabilities
Current
Trade and other payables 12 5,883,166 8,467,206
Provisions 13 335,585 294,699
Borrowings 14 19,279,253 40,278,049
Lease liabilities 123,678 111,183
Total current liabilities 25,621,682 49,151,137
Non-current
Provisions 13 7,631,165 7,620,743
Lease liabilities 152,569 231,609
Borrowings 14 4,654,124 98,605
Total non-current liabilities 12,437,858 7,950,957
Total liabilities 38,059,540 57,102,094
Net assets 22,990,165 2,295,736

This statement should be read in conjunction with the notes to the financial statements.

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 12

Consolidated Condensed Interim Statement of
Financial Position (continued)
As at 31 December 2025

Notes 31 December
2025
30 June
2025
$ $
Equity
Share Capital 16 105,436,223 72,948,453
Share based payment reserve 17 4,654,306 1,701,146
Foreign Currency Translation reserve (1,512,744) 358,475
Accumulated losses (85,587,620) (72,712,338)
Total equity 22,990,165 2,295,736

This statement should be read in conjunction with the notes to the financial statements.

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 13

Consolidated Condensed Interim Statement of
Changes in Equity
For the half-year ended 31 December 2025

Share
Capital

Share-based
payment reserve
Foreign
Currency
Translation
Accumulated
losses
Total equity
$ $ $ $ $
Balance as at 1 July 2024
71,396,811 5,253,710 (27,113) (59,613,257) 17,010,151
Loss for the period
- - - (8,369,652) (8,369,652)
Other comprehensive loss
- - (292,923) - (292,923)
Total comprehensive loss for the period
- - (292,923) (8,369,652) (8,662,575)
Contribution of equity
253,000 - - - 253,000
Share based payments
- 181,638 - - 181,638
Share issue costs
(147,148) - - - (147,148)
Balance as at 31 December 2024
71,502,663 5,435,349 (320,036) (67,982,908) 8,635,068

Balance as at 1 July 2025
72,948,453 1,701,146 358,475 (72,712,338) 2,295,736
Loss for the period
- - - (12,875,283) (12,875,283)
Other comprehensive loss
- - (1,871,219) - (1,871,219)
Total comprehensive loss for the period
- - (1,871,219) (12,875,283) (14,746,502)
Contribution of equity
34,004,887 - - - 34,004,887
Share based payments
- 2,953,160 - - 2,953,160
Share issue costs
(1,517,117) - - - (1,517,117)
Balance as at 31 December 2025
105,436,223 4,654,306 (1,512,744) (85,587,620) 22,990,165

This statement should be read in conjunction with the notes to the financial statements.

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 14
Consolidated Condensed Interim Statement of Cash
Flows
For the half-year ended 31 December 2025

31 December
2025

31 December
2024
$ $
Operating activities
Receipts from customers - 3,627
Payments to suppliers and employees (7,914,501) (3,345,209)
Other income 201,583 347,441
Finance costs paid - (277,595)
Net cash used in operating activities (7,712,918) (3,271,736)
Investing activities
Acquisition of property, plant and equipment (104,490) -
Disposal of property, plant and equipment - 61,127
Payments for development and exploration assets (715,696) (204,743)
Exploration Bonds (3,000) 26,000
Security Bond (32,044) 23,565
Net cash used in investing activities (855,230) (94,051)
Financing activities
Repayments of borrowings (40,374,910) (15,915,895)
Proceeds from borrowings 30,536,384 19,224,285
Repayment of lease liabilities 12,495 (135,284)
Proceeds from issues of ordinary shares 21,382,536 253,000
Costs of issue of ordinary shares (1,517,117) (147,148)
Net cash from financing activities 10,039,388 3,278,958
Net change in cash and cash equivalents 1,471,240 (86,829)
Cash and cash equivalents, at beginning of the period 968,645 2,125,350
Cash and cash equivalents, at end of period 2,439,885 2,038,521

This statement should be read in conjunction with the notes to the financial statements.

Manuka Resources Ltd
For the half-year ended 31 December 2025
Page | 15
Notes to the Financial Statements
1 Nature of operations
The principal activities of Manuka Resources Ltd comprise exploration, mine development, mining and
processing of silver and gold, as well as completing the approval process and bringing its Taranaki VTM project
into production.
During the financial half-year ending 31 December 2025, the Company’s principal activities related to the
refinance of Manuka’s senior secured debt facility, the arrangement of a restart finance package and
operational preparation for implementation once the dual finance components had been completed. In
September 2025 the refinance of TransAsia’s senior security was completed and four weeks later the Company
completed a two-tranche capital raising (first tranche to be paid promptly with funds from the second tranche
to occur following shareholder approval from Manuka’s AGM, which was granted in late November. On 1
December 2025 the Company announced that it had executed a draft term sheet for a comprehensive restart
debt facility with
Nebari Natural Resources Credit Fund.
At time of writing, this facility has been completed and the first tranche – US$26million out of a total of US$30
million, has now been drawn.
2 Basis of preparation
The interim consolidated financial statements of the Group are for the six months ended 31 December 2025
and are presented in Australian dollars ($), which is the functional currency of the parent company.
These interim condensed consolidated financial statements have been prepared in accordance with the
requirements of the Corporations Act 2001 and AASB 134 Interim Financial Reporting. They do not include all
the information required in annual financial statements in accordance with Australian Accounting Standards
and should be read in conjunction with the consolidated financial statements of the Group for the year ended
30 June 2025 together with any public announcements made during the half-year ended 31 December 2025.
The interim financial report has been approved and authorised for issue by the board of directors on 16 March
2025.
2.1 Going Concern
The financial statements have been prepared on the going concern basis, which contemplates continuity of
normal business activities and the realisation of assets and discharge of liabilities in the normal course of
business.
As disclosed in the financial statements, the group incurred a loss of $12,875,283 and had net cash outflows
from operating activities of $7,712,918 for the half-year ended 31 December 2025. As at that date the
company had net current liabilities of $21,673,867.
These factors indicate a material uncertainty which may cast significant doubt as to whether the Group will
continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the
normal course of business and at the amounts stated in the financial report.

The ability to continue as a going concern is dependent on several factors, including:
• Continue to manage the creditor book and repayment of long dated and past due creditors via funds
from capital raising, conversion of debt to equity or the use of working capital/short term loan
facilities as required.

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 16

• The Company has entered into definitive loan documentation for a US$30 million senior secured term
facility. The facility will be used to refinance the Group’s existing debts (note 14) as well as providing
further funding for its silver and gold mining projects.
• The ability of the Group to commence silver production profitably and consistently as planned at
Wonawinta.
• Raising additional funds in the capital markets.
• Sell down, divest or farm out its non-current assets.

The Directors are confident that the above steps can be achieved based on:
• History of success in raising funds in the market, as previously demonstrated since Manuka’s IPO in
July 2020.
• The level of support extended from key suppliers and creditors to date all of whom are displaying a
strong interest in seeing the Company return to steady gold or silver production.
• High gold and silver prices which both lend themselves to a profitable resumption of production from
material from either the Wonawinta silver project or the Mt Boppy gold project.

Accordingly, the Directors believe that the Group will be able to continue as a going concern and that it is
appropriate to adopt the going concern basis in the preparation of the financial report.

The financial report does not include any adjustments relating to the amounts or classification of recorded
assets or liabilities that might be necessary if the Group does not continue as a going concern.
3 Material accounting policies
These general-purpose financial statements for the interim half-year reporting period ended 31 December
2025 have been prepared in accordance with Australian Accounting Standard 134 ‘Interim Financial Reporting’
and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134
ensures compliance with International Financial Reporting Standard IAS 34 ‘Interim Financial Reporting’.
These general-purpose financial statements do not include all the notes of the type normally included in
annual financial statements. Accordingly, these financial statements are to be read in conjunction with any
public announcements made by the Company during the interim reporting period in accordance with the
continuous disclosure requirements of the Corporations Act 2001.
The accounting policies adopted are consistent with those of the previous financial year and corresponding
interim reporting period, unless otherwise stated.

New, revised or amending Accounting Standards and Interpretations adopted
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations
issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted.
4 Segment reporting
Identification of reportable segments
The Group has identified operating segments based on the internal reports that are reviewed and used by the
board of directors (chief operating decision makers) in assessing performance and determining the allocation
of resources. Currently all the Group’s gold and silver tenements and resources are in New South Wales.

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 17

Three operating segments have been identified:
• Exploration - Australia: Exploration of existing gold and silver leases and exploration leases at
Wonawinta and Mt Boppy projects
• Exploration – NZ: Exploration of acquired mining and exploration leases at the Taranaki VTM Project
(New Zealand)
• Operations: being the appraisal, development and processing of gold and silver deposits
The following table presents revenue and loss information regarding operating segments for the half-year
periods ended 31 December 2025 and 31 December 2024.
Half-year ended 31 December 2025
Exploration
NZ
Exploration
Australia

Operations Total
$ $ $ $
Segment revenue (external customers) - - - -
Segment cost of sales - - - -
Segment operating contribution - - - -
Other income
- - 348,376 348,376
Expenses
(37,361) (75,810) (7,236,492) (7,349,663)
Foreign exchange gains / (losses)
- -
441,987 441,987
Finance expenses
- - (6,315,983) (6,315,983)
Profit / (loss) before income tax
(37,361) (75,810) (12,762,112) (12,875,283)

Half-year ended 31 December 2024 Exploration
NZ
Exploration
Australia

Operations
Total
$ $ $ $
Segment revenue (external customers) - - - -
Segment cost of sales - - - -
Segment operating contribution - - - -
Other income - -
347,441 347,441
Expenses
(24,559) (21,973) (3,195,286) (3,241,818)
Share based payments - -
(2,046,073) (2,046,073)
Finance expenses - -
(3,429,202) (3,429,202)
Profit / (loss) before income tax
(24,559) (21,973) (8,323,120) (8,369,652)

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 18

The following table presents segment assets and liabilities of operating segments at 31 December 2025 and
30 June 2025.
Segment Assets
Exploration
NZ
Exploration
Australia

Operations Total
$ $ $ $
As at 31 December 2025
24,732,456 12,428,839 22,888,410 60,049,705

As at 30 June 2025
26,606,684 11,327,786 21,463,360 59,397,830

Segment Liabilities
Exploration
NZ
Exploration
Australia

Operations Total
$
As at 31 December 2025
- 96,871 37,962,669 38,059,540

As at 30 June 2025
- 266,408 56,835,686 57,102,094

Revenue and assets by geographical region
The Company's revenue is derived from sources and assets located wholly within Australia.
Major customers
The Company currently delivers all its product to one off taker.
5 Revenue and other income
Notes

31 December
2025
31 December
2024
$ $
(a) Operating sales revenue
Sale of mineralised ore – gold - -
Sale of mineralised ore – silver - -
Total revenue from contracts with customers - -

(b) Other income
Other income 348,376
347,441
Total other income 348,376
347,441

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 19

6 Expenses
(a) Other expenses

31 December
2025
31 December
2024
$ $
Professional expenses 4,302,725 959,296
Employment expenses 1,041,435 422,074
Depreciation and amortisation 211,243 178,617
Other expenses 1,794,260 1,681,831
Share Based payment expense 803,086 -
Total other expenses 8,152,749 3,241,818

(b) Finance expenses

31 December
2025
31 December
2024
$ $
Interest expense 751,013 1,777,302
Discounting and change of rehabilitation provisions - (294,683)
Discounting impact of financial assets - (325,655)
Share-based payments to lenders 2,150,074 181,638
Other finance charges 2,611,810 2,090,600
Total finance expenses 5,512,897 3,429,202

7 Inventories
Inventories consist of the following:

31 December
2025
30 June
2025
$ $
Consumables supplies and spares 234,696 237,899
Inventories at cost or net realisable value 234,696 237,899

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 20

8 Other financial assets

Notes

31 December
2025
30 June
2025
$ $
Other financial assets comprise the following:
Current assets at historical cost
Mt Boppy Resources - Deposits for exploration bonds 18,000 21,000
Security Deposit 32,044 -
Total current other financial assets 50,044 21,000
Non-current assets at amortised cost
Manuka Resources - Deposit for environmental bond (a) 4,279,284 4,279,284
Mt Boppy Resources – Deposit for environmental bond (b) 1,044,191 1,044,191
Term Deposit (a) 157,882 151,882
Total non-current other financial assets 5,481,357 5,475,357
Total other financial assets 5,531,401 5,496,357

The carrying amount of other financial assets is considered a reasonable approximation of fair value stated
below:
(a) The Environmental Bond and the Term Deposit in the name of Manuka Resources Ltd have been
amortised with reference to a discount rate of 3.87% (2025: 3.87%) over an 8 year (2025: 8 year) period.
(b) The Environmental Bond Deposits in the name of Mt Boppy Resources Pty Ltd have been amortised with
reference to a discount rate of 3.42% (2025: 3.42%) over a 4 year (2025: 4 year) period.

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 21

9 Development assets and mine properties
Notes 31 December
2025
30 June
2025
$ $
Development assets at cost
197,500 197,500
Rehabilitation cost estimates
- -
Accumulated impairment
(182,767) (182,767)
Accumulated amortisation (14,733) (14,733)
Net carrying amount -
-

Mine properties at cost 7,233,025 7,233,025
Accumulated impairment - -
Accumulated amortisation
(6,603,125) (6,603,125)
Net carrying amount 629,900 629,900

Notes

31 December
2025
30 June
2025
$ $
Total development assets and mine properties at cost
7,430,525 7,430,525
Rehabilitation cost estimates

-
-
Impairment of mine properties

-
-
Accumulated amortisation (6,800,625) (6,800,625)
Total net carrying amount 629,900 629,900

Development assets and mine properties are amortised using the units-of -production method, based on
actual production relative to the estimated recoverable reserves of the relevant mining area.

10 Exploration and evaluation assets
Exploration and evaluation costs carried forward in respect of areas of interest:
Notes

31 December
2025
30 June
2025
$ $
Exploration assets
Opening net book amount
37,934,470 36,549,107
Transfer to development assets -
-
Foreign currency translation movements (1,871,219)
399,149
Exploration and evaluation costs during the year
1,098,044 986,214
Net book value
37,161,295
37,934,470

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 22

11 Property, plant and equipment
The following tables show the movements in property, plant and equipment:

Land IT Equipment Plant & Equipment
Fixtures &
Fittings
Motor
Vehicles
Total

$ $ $ $ $ $
Year ended 30 June 2025
Opening net book value
754,994 7,652 13,650,517 42,504 436,233 14,891,900
Additions
- 2,888 - - - 2,888
Disposals
- - (706,488) - (43,377) (749,865)
Depreciation
- (3,020) (328,153) (8,738) (52,189) (392,100)
Closing net book value
754,994 7,520 12,615,876 33,766 340,667 13,752,823

Period ended 30 June 2025

Cost
754,994 121,435 16,567,107 80,595 704,120 18,228,251
Accumulated Depreciation
- (113,915) (3,951,231) (46,829) (363,453) (4,475,428)
Net book value
754,994 7,520 12,615,876 33,766 340,667 13,752,823

Balance as at 1 July 2025
754,994 7,520 12,615,876 33,766 340,667 13,752,823
Additions
- 4,791 99,698 - - 104,489
Disposals
- - (150,209) - - (150,209)
Depreciation
- (2,883) (105,615) (3,476) (20,859) (132,833)
Closing net book value
754,994 9,428 12,459,750 30,290 319,808 13,574,270

Balance 31 December 2025

Cost
754,994 126,022 16,273,516 80,595 704,121 17,939,248
Accumulated Depreciation
- (116,594) (3,813,766) (50,305) (384,313) (4,364,978)
Net book value
754,994 9,428 12,459,750 30,290 319,808 13,574,270

12 Trade and other payables
Notes

31 December
2025
30 June
2025
$ $
Current
Trade creditors
3,578,904 7,215,770
Other creditors and accruals
2,304,262 1,251,436
Total trade and other payables
5,883,166 8,467,206

Trade and other payables amounts are short-term. The carrying values of trade payables and other payables
are a reasonable approximation of fair value.

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 23

13 Provisions

31 December
2025
30 June
2025
$ $
Current
Employment provisions
335,585 294,699
Total current provisions
335,585 294,699
Non-current
Employment provisions
117,231 106,808
Rehabilitation provisions 13.1
7,513,934 7,513,935
Total non-current provisions 7,631,165 7,620,743
Total provisions 7,966,750 7,915,442

13.1 Rehabilitation provisions
Rehabilitation provisions split between the parent and subsidiary are as follows:
Notes

31 December
2025
30 June
2025
$ $
Rehabilitation provisions
Manuka Resources Ltd (Wonawinta project) 6,175,633 6,175,633
Mt Boppy Resources Ltd 1,338,301 1,338,301
Total rehabilitation provisions 7,513,934 7,513,934

Provisions made for rehabilitation are recognised where there is a present obligation because of exploration,
development or production activities having been undertaken, and it is probable that an outflow of economic
benefits will be required to settle the obligation. The estimated future obligations include the costs of
removing facilities, abandoning mining activities and restoring the affected areas. The provision for future
rehabilitation costs is the best estimate of the present value of the expenditure required to settle the
obligation at the reporting date, based on current legal requirements and technology. Future rehabilitation
costs are reviewed annually, and any changes are reflected in the present value of the rehabilitation provision
at the end of the reporting period. The amount of the provision for future rehabilitation costs relating to
exploration and development activities is capitalised as a cost of those activities. If the effect is material,
provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money, and where appropriate the risks specific to the liability.
The fair value of the rehabilitation provision for Manuka Resources has been calculated with reference to an
inflation rate of 2.6% (2025: 2.6%) and a discount rate of 3.89% (2025: 3.89%) over 3.5 years (2025: 3.5 years).
With the recommencement of processing at Mt Boppy forecast to continue for up to five years, the
rehabilitation provision has been calculated with reference to an inflation rate of 2.6% (2025: 2.6%) and a
discount rate of 3.89% (2025: 3.89%) over 3.5 years (2025: 3.5 years).
The Company is required by the relevant regulatory authorities to ensure that appropriate rehabilitation is
carried out on tenements that are mined. The amount of rehabilitation cost is an estimate based upon the
estimated life of each mined tenement, as well as the future timing and cost of such rehabilitation. The
provision is constantly revised as information about the life of mine, depth of mining and cost estimates are
updated.

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 24

14 Borrowings
Borrowings include the following financial liabilities:

Notes

31 December
2025
30 June
2025

$ $
Senior secured debt facility (net of borrowing costs) (a) - 19,341,010
Working capital facility (b) - 16,675,319
Other loans (c) 16,789 3,988,478
Related party loans (d) 19,262,464 273,242
Total current borrowings 19,279,253 40,278,049

Non-current
Other loans (b) 4,654,124 98,605
Total non-current borrowings 4,654,124 98,605
Total borrowings
23,933,377 40,376,654
The Senior Secured Debt Facility and Working Capital Facility are denominated in US Dollars all other
borrowings are denominated in Australian Dollars.
(a) The Company was informed in September 2025 that the senior secured debt facility was assigned to
existing (non-related) shareholders utilising a trust structure (Trust Debt ). The Company will reimburse the
Trust Debt for any market related fees & expenses.
(b) The Company entered into new agreements with the Working Capital Facility provider. The new
agreements provided for a US$3.0 million term facility and US$4.0 million working capital facility. In
addition, AU$6.43 million of the existing facility was converted to fully paid ordinary shares in the company
at 7.5 cents.
(c) During the period the Company entered into several small short-term asset-based funding agreements.
The details of outstanding loans at 31 December 2025 are as follows:

31 Dec
2025

Av. Interest
Rate

$ % p.a. Expiry date
Vehicle Finance 16,789 12.0% June 2027
Total other loans
16,789

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 25

(d) The related party loans include the following:

31 December
2025
30 June
2025
$ $
ResCap Investments Pty Ltd (repaid November 2025)
- 273,242
MCP Manager Pty Ltd as Trustee for the MCP Manuka
Unit Trust – 2025 Senior secured debt facility (net of
borrowing costs) (i)
19,262,464
-

i) An entity associated with Mr Haydn Lynch, the company’s Chief Operating Officer, MCP Manager Pty
Ltd acted as Trustee for the MCP Manuka Unit Trust – 2025 (Debt Trust). The Debt Trust acquired the
first ranking secured loan from Trans Asia Private Capital Ltd. The loan balance as at balance date
was US$12,892,367 (A$19,262,464), the interest rate was 14% and the Group is also responsible for
the associated foreign exchange and other costs and fees incurred. The loan was repaid on 27
February 2026.

15 Earnings / (Loss) per share

Six months to 31
December
2025
Six months to 31
December
2024
$ $

Loss for the period attributable to equity holders of the Company

(12,875,283)

(8,369,652)

No of shares
No of shares
Weighted average number of ordinary shares used as the denominator
in calculating basic and diluted loss per share *
1,075,991,298

784,450,423

Cents per share
Cents per share
Basic earnings / (loss) per share
(1.20)
(1.07)
Diluted earnings / (loss) per share
(1.20)
(1.07)

* As the Group made a loss for the period ended 31 December 2025, none of the potentially dilutive securities
were included in the calculation of diluted earnings per share.

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 26

16 Share Capital
Manuka Resources Limited does not have authorised capital nor par value in respect of its share capital,
comprising only of fully paid ordinary shares. Ordinary shares have the right to receive dividends as declared
and, in the event of a winding up, to participate in the proceeds from sale of all surplus assets in proportion
to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either
in person or proxy, at meetings of Manuka Resources Limited.

31 December
2025
30 June
2025
6 months to 31
December 2025
30 June
2025
# Shares # Shares $ $
Shares issued and fully paid:
• At beginning of period
833,567,669 762,279,188 72,948,453 71,396,811
• share issue 12 Jul 2024 (a)
17,488,481 253,000
• share issue 28 Nov 2024 (b)
31,000,000 1,000,000
• share issue 04 Jun 2025 (c)
22,800,000 445,789
• share issue 05 Aug 2025 (d)
231,817,184

9,968,141

• share issue 08 Oct 2025 (e)
2,000,000

100,800

• share issue 24 Oct 2025 (f)
5,000,000

252,000

• share issue 27 Oct 2025 (g)
34,441,027

2,583,077

• share issue 13 Nov 2025 (h)
3,000,000

151,200

• share issue 28 Nov 2025 (i)
2,000,000

120,000

• share issue 03 Dec 2025 (j)
165,558,973

12,416,923

• share issue 05 Dec 2025 (k)
250,000

15,000

• share issue 05 Dec 2025 (l)
85,733,333

6,430,000

• share issue 17 Dec 2025 (m)
21,137,409

908,909

• share issue 17 Dec 2025 (n)
13,913,200

598,267

• share issue 19 Dec 2025 (o)
6,140,921

460,569

• placement expenses
-
- (1,517,117) (147,148)
Total share capital at end of period 1,404,559,716 833,567,669 105,436,223 72,948,453

a) On 12 July 2024, 17,488,481 ordinary shares were issued, to raise $253,000 as well as $480,000 and
$316,309 in June 2024. This is also part of the capital raise related to the 28 June 2024 issuance in the
previous financial year.
b) On 28 November 2024, 31,000,000 ordinary shares were issued in relation to the conversion of
Convertible Notes. The funds were utilised to support working capital.
c) On 4 June 2025, 22,800,000 ordinary shares were issued as collateral and security following the receipt
of $1,250,000 in funding via the issue of Convertible Notes in November 2024 and June 2025.
d) On 5 August 2025, the Company issued 231,817,184 ordinary shares following completion of a fully
underwritten non-renounceable entitlement offer and associated share issuances to sub-underwriters
and service providers at an issue price of $0.043 per share. Proceeds were applied toward working
capital and corporate purposes.
e) On 8 October 2025, the Company issued 2,000,000 ordinary shares pursuant to the exercise of options.
The shares rank equally with existing fully paid ordinary shares.

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 27

f) On 24 October 2025, the Company issued 5,000,000 ordinary shares pursuant to the exercise of options
at an issue price of $0.0504 per share. The shares rank equally with existing fully paid ordinary shares.
g) On 27 October 2025, the Company issued 34,441,027 ordinary shares pursuant to a placement to
sophisticated and professional investors at an issue price of $0.075 per share. Proceeds were applied
toward working capital and project development activities.
h) On 13 November 2025, the Company issued 3,000,000 ordinary shares pursuant to the exercise of
options. The shares rank equally with existing fully paid ordinary shares.
i) On 28 November 2025, the Company issued 2,000,000 ordinary shares pursuant to the exercise of
options at an issue price of $0.06 per share. The shares rank equally with existing fully paid ordinary
shares.
j) On 3 December 2025, the Company issued 165,558,973 ordinary shares pursuant to a placement
approved by shareholders at the Company’s 2025 Annual General Meeting at an issue price of $0.075
per share.
k) On 4 December 2025, the Company issued 250,000 ordinary shares pursuant to the exercise of options
at an issue price of $0.06 per share. The shares rank equally with existing fully paid ordinary shares.
l) On 5 December 2025, the Company issued 85,733,333 ordinary shares in satisfaction of an existing trade
finance facility of approximately $6.4 million, resulting in the extinguishment of the outstanding trade
finance facility.
m) On 17 December 2025, the Company issued 21,137,409 ordinary shares at a deemed issue price of $0.043
per share in full satisfaction of a short-term loan facility.
n) On 17 December 2025, the Company issued 13,913,200 ordinary shares pursuant to the conversion of
convertible loans in accordance with their terms approved by shareholders. The shares rank equally with
existing fully paid ordinary shares.
o) On 19 December 2025, the Company issued 6,140,921 ordinary shares pursuant to a placement to a non-
related party investor at an issue price of $0.075 per share. Proceeds were applied toward working
capital purposes.

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 28

17 Share-based payments
Options over ordinary shares have been granted to employees and Directors and finance providers from time
to time, on a discretionary basis.
Set out below is a summary of the share-based payment options granted:
31 December 2025 30 June 2025

# Options
Weighted
average exercise
price cents # Options
Weighted
average exercise
price cents
Beginning of the period
207,770,048 8 108,491,605 14
Granted
132,826,398 11 131,278,443 6
Forfeited
- - - -
Exercised
(12,250,000) (5) - -
Expired
(45,328,994) (12) (32,000,000) (21)
Outstanding at period end
283,017,452 8 207,770,048 8
Exercisable at period end
283,017,452 8 207,770,048 8

The fair values of options granted were determined using the Black Scholes option pricing model that considers
factors such as the vesting period. The weighted average remaining contractual life of share options
outstanding at the end of the financial period was 1.2 years (30 June 2025: 1.1 years), and the weighted
average exercise price is at 8 cents (30 June 2025: 8 cents).
On 31 December 2025 the total value of the share-based payment reserve is $4,654,306 (30 June 2025:
$1,701,146).

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 29

18 Commitments for expenditure
18.1 Tenement Commitments
To maintain current rights of tenure to exploration tenements, the Company is required to perform minimum
exploration work to meet the minimum expenditure requirements specified by the State Government. Due to
the nature of the Company’s operations in exploring and evaluating areas of interest, exploration expenditure
commitments beyond twelve months cannot be reliably determined. It is anticipated that expenditure
commitments in subsequent years will be like that for the forthcoming twelve months.
These obligations are not provided for in the financial report and are payable as follows:

31 December
2025
30 June
2025
$ $
Not later than one year 1,189,452 1,077,606
Between 1 year and 5 years 5,048,157 620,653
6,237,609 1,698,259

If the Company decides to relinquish certain leases and/or does not meet these obligations, assets recognised
in the Statement of Financial Position may require review to determine the appropriateness of carrying values.

19 Related party transactions
19.1 Transactions with key management personnel
Key management personnel remuneration includes the following expenses:

Notes
6 months to
31 December
2025
6 months to
31 December
2024
$ $
Short-term employee benefits
667,498 506,010
Post-employment benefits
45,301 3,469
Total remuneration
712,799 509,479

19.2 Other transactions
An entity associated with Mr Haydn Lynch, the company’s Chief Operating Officer, received $210,813
(including GST) for services relating to senior debt solutions surrounding the senior debt assignment.

An entity associated with Mr Haydn Lynch, the company’s Chief Operating Officer, MCP Manager Pty Ltd
acted as Trustee for the MCP Manuka Unit Trust – 2025 (Debt Trust). The Debt Trust acquired the first
ranking secured loan from Trans Asia Private Capital Ltd. The loan balance as at balance date was
US$12,892,367 (A$19,262,464), the interest rate was 14% and the Group is also responsible for the
associated foreign exchange and other costs and fees incurred. The loan was repaid on 27 February 2026.

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 30

20 Events subsequent to the end of the reporting period
There are no other matters or circumstances that have arisen since the end of the period that has
significantly affected or may significantly affect either the entity’s operations in future financial years, the
results of those operations in future financial years or the entity’s state of affairs in future financial years,
except:
a) On 27 February 2026, the Company entered into a definitive loan documentation for a US$30 million
senior secured term facility with US global resource fund Nebari Natural Resources Credit Fund II LP.
The funds were utilised to repay existing secured debt and provide working capital for the
recommencement of Wonawinta silver and Mt Boppy gold mining and metal processing; and
b) A total of 73.4 million unlisted options were exercised, resulting in the issuance of 73.4 million
fully paid ordinary shares and proceeds of $4.6 million, (before costs).

21 Company Details
The registered office and principal place of business of the Company is:
Manuka Resources Ltd
Level 4 Grafton Bond Building
201 Kent Street, Sydney, New South Wales

Manuka Resources Ltd
For the half-year ended 31 December 2025

Page | 31

Directors’ Declaration
In the opinion of the Directors of Manuka Resources Ltd:
a The financial statements and notes of Manuka Resources Ltd are in accordance with the Corporations
Act 2001, including:
i. Giving a true and fair view of the consolidated entity’s financial position as at 31 December 2025
and of its performance for the financial year ended on that date; and
ii. Complying with Australian Accounting Standard AASB 134 ‘Interim Financial Reporting’, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
iii. The attached financial statements and notes comply with International Financial Reporting
Standards as issued by the International Accounting Standards Board as described in note 1 to the
financial statements;
b There are reasonable grounds to believe that Manuka Resources Ltd will be able to pay its debts as
and when they become due and payable; and
c a statement that the attached financial statements are in compliance with International Financial
Reporting Standards has been included in the notes to the financial statements.
The directors have been given the declarations by the chief executive officer and chief financial officer required
by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of the Directors made pursuant to section 303(5)(a) of the corporations
Act 2001.

Dennis Karp Alan J Eggers
Executive Chairman Director
Date: 16 March 2026 Date: 16 March 2026

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the
members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm
which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 7, 1 Martin Place
Sydney
NSW 2000
Australia
T +61 (02) 8226 4500
F +61 (02) 8226 4501
rsm.com.au
INDEPENDENT AUDITOR’S REVIEW REPORT
To the Members of Manuka Resources Limited
Report on the Half-Year Financial Report
Qualified Conc
lusion
We have reviewed the accompanying half-year financial report of Manuka Resources Limited (the Company) and
its controlled entities (collectively the Group), which comprises the Consolidated Condensed Interim Statement of
Financial Position as at 31 December 2025, the Consolidated Condensed Interim Statement of Profit or Loss and
Other Comprehensive Income, Consolidated Condensed Interim Statement of Changes in Equity and Consolidated
Condensed Interim Statement of Cash Flows for the half-year ended on that date, notes comprising a summary of
material accounting policies and other explanatory information, and the directors’ declaration of the consolidated
entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-
year.
Based on our review, which is not an audit, with the exception of the matter described in the Basis for Qualified
Conclusion, we have not become aware of any matter that makes us believe that the half-year financial report of
Manuka Resources Limited is not in accordance with the Corporations Act 2001 including:
(a)giving a true and fair view of the consolidated entity’s financial position as at 31 December 2025 and of its
performance for the half-year ended on that date; and
(b) complying with Accounting Standard AASB 134 Interim Finan
cial Reporting and Corporations Regulations
2001.
Basis for Qualified Conclusion
Included in Notes 9, Note 10 and Note 11 of the financial statements are exploration and development assets and
property, plant and equipment of a total of $51,365,465. As stated in Note 2.1, the ability of the Group to continue
as a going concern and realise the value of these assets is dependent on a number of factors, the most significant
of which is its ability to refinancing its existing current debt facilities and/or, raising additional funds in the capital
markets and managing its long-dated creditors.
We were unable to obtain sufficient appropriate evidence in relation to the carrying amount of these assets at 31
December 2025 as the Group has identified indicators of impairment but does not presently have sufficient
information to determine the recoverable amount. The Group is required to assess the recoverable amount with
reference to a discounted cash flow model, however the mine and production plan to be included in this model
cannot be determined at this time as it is dependent on the Group’s ability to raise additional funds from the capital
markets while continuing to negotiate further loan extensions. Consequently, we were unable to determine whether
any adjustments to these carrying amounts were necessary.
Page | 32

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the
Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the
Review of the Financial Report section of our report. We are independent of the Company in accordance with the
auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting
Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including
Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We
have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the
directors of Manuka Resources Limited, would be in the same terms if given to the directors as at the time of this
auditor’s report.
Material Uncertainty Related to Going Concern

We draw attention to Note 2.1 in the financial report, which indicates that the Company incurred a net loss of
$12,875,283 during the half year ended 31 December 2025 and, as of that date, the Company's current liabilities
exceeded its current assets by $21,673,867. As stated in Note 2.1, these events or conditions, along with other
matters as set forth in Note 2.1, indicate that a material uncertainty exists that may cast significant doubt on the
Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Directors' Responsibility for the Half-Year Financial Report
The directors of the Manuka Resources Limited are responsible for the preparation of the half-year financial report
that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the half-year
financial report that is free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility for the Review of the Financial Report
Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted
our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report
Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures
described, we have become aware of any matter that makes us believe that the half-year financial report is not in
accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial
position as at 31 December 2024 and its performance for the half-year ended on that date; and complying with
Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

A review
of a half-year financial report consists of making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope
than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.

Cameron Hume
Partner
RSM Australia Partners
Sydney
16 March 2026
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Issue of Shares upon Exercise of May 2026 Unquoted Options Letter of Intent Executed for Provision of Mining Services

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