June 2026 Annual Report

Annual Report
For the year ended 30 June 2026
Manuka Resources Ltd
ABN 80 611 963 225

Manuka Resources Ltd
For the year ended 30 June 2026


CORPORATE DIRECTORY
Directors
Dennis Karp – Executive Chairman
Alan J Eggers – Executive Director
John Seton – Non-Executive Director

Key Management
Haydn Lynch – Chief Operating Officer
Rodney Griffith – Executive GM
Operations

Company Secretary
Eryn Kestel

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

Share Registry
Automic Group Pty Ltd
Level 5, 126 Phillip Street
Sydney NSW 2000

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 year ended 30 June 2026


Contents
Page
Executive Chairman’s Report 1
Review of Operations 2
Mineral Resources and Ore Reserves Statement 19
Directors’ Report 24
Auditor’s Independence Declaration 38
Consolidated Statement of Profit or Loss and Other Comprehensive Income 39
Consolidated Statement of Financial Position 40
Consolidated Statement of Changes in Equity 42
Consolidated Statement of Cash Flows 43
Notes to the Financial Statements 44
Consolidated Entity Disclosure Statement 84
Directors’ Declaration 85
Independent Auditor’s Report 86
ASX Additional Information 90

Manuka Resources Ltd
For the year ended 30 June 2026



Page 1

Executive Chairman’s Report
Dear Shareholders,
FY26 was the most consequential year in Manuka’s brief history. It was the year we progressed the
Wonawinta restart story on a number of fronts, all of which have contributed to the commencement
of production (as at time of writing). We recapitalised the balance sheet, rebuilt the Wonawinta
workforce from five people during care and maintenance to a team of over 80 today, refurbished and
re-commissioned the processing plant, declared a maiden Ore Reserve at Mt Boppy, listed on the NZX
Main Board and secured funding to bring silver and gold back into production. We also had a draft
decision issued to decline our Fast-track environmental consents application in Taranaki in February
2026 and withdrew the application. The company can reapply for the consents and is assessing its
options to progress the project to development. Manuka enters FY27 in a far stronger position than it
has been for several years.
FY26 Highlights
• Maiden Probable Ore Reserve at Mt Boppy: 290,000t at 4.2g/t gold for 39,000oz (July 2025).
• A$8.0m entitlement offer (Jul–Aug 2025) and A$15.0m institutional placement (Oct 2025)
funded the Wonawinta restart.
• Dual listing on the NZX Main Board effective 29 September 2025.
• US$30m senior debt facility with Nebari Natural Resources Credit Fund II, fully drawn by 29 June
2026.
• Binding Letter of Intent with Macmahon Holdings for open-pit mining services at Wonawinta.
• Wonawinta plant refurbishment (>1.0Mtpa capacity); and new crushing and deslime circuits
ordered; 50,000+ tonnes of Mt Boppy gold ore stockpiled.
• Taranaki VTM fast-track marine consent application withdrawn in February 2026 after draft
panel decision to decline; 100% ownership and the right to reapply retained.
Cobar Basin: From Care and Maintenance to Production
The year’s centrepiece was restarting our wholly owned Wonawinta processing plant and the Mt
Boppy gold project operations in NSW. The feed for the plant will initially come from the gold bearing
rock and waste dumps at Mt Boppy which are expected to generate early cash flows while we await
completion of the Wonawinta deslime silver circuit. The maiden Mt Boppy Reserve, declared in July
2025, added materially to project value, and from April 2026 Mt Boppy gold ore has been hauled to
Wonawinta for stockpiling ahead of the commencement of processing which occurred in late August
2026. A Letter of Intent with Macmahon Holdings was executed in March 2026 for the provision of
mining services for open cut activities at Wonawinta. We also completed an exploration drill program
at our Pipeline Ridge Gold Project located on EL5842, which is fast becoming a new low-capex gold
target just 28km south of Mt Boppy. The release of a maiden resource is targeted for later in 2026.
Subsequent to year end, the Wonawinta Reserve grew a further 28% to 12.8 million ounces of silver.
Financing the Restart
None of this was possible without a substantial rebuild of the balance sheet. FY26 raisings comprised
the A$8.0m entitlement offer, the A$15.0m October placement, and the US$30m Nebari facility, fully

Manuka Resources Ltd
For the year ended 30 June 2026

Executive Chairman’s Report (cont’d)

Page 1

drawn by 29 June 2026, which refinanced legacy debt and funded the restart capital. At the 30 June
2026, the Company held cash of approximately A$7.8m against borrowings of approximately A$38.2m,
reflecting the capital-intensive final stage of the restart; a further A$14.5m placement was announced
after year end to complete the silver circuit. Full details are set out in the accompanying financial
statements.
Taranaki VTM Project
Our NZ subsidiary Trans-Tasman Resources progressed a Fast-track marine consent application
through 2025, but on 4 February 2026 the expert panel issued a draft decision that it was not satisfied
the project could proceed due to uncertainties around the environmental and cultural impacts. Rather
than await formal refusal, the application was withdrawn on the 19 February 2026. This is a
disappointing outcome for a project we believe holds real economic significance and where the
impacts are well understood and managed. We retain 100% ownership and as a listed substantive
project in Schedule 2 of the Fast-track Approvals Act 2024, TTR has the right to reapply for its
environmental consents under the Fast-track approvals process.
While the Company’s immediate operational priority is the restart of precious metals production from
Wonawinta and Mt Boppy, Taranaki remains a substantial longer-term asset within Manuka’s broader
portfolio, providing potential exposure to iron ore, vanadium and titanium.

The Company will continue to assess the most appropriate regulatory and commercial pathway for the
Project, while ensuring that near-term capital, management attention and operational execution
remain focused on the Cobar Basin restart.
Outlook
Gold processing revenue is expected to commence by the end of September 2026, while
commissioning of the crushing and silver deslime circuits—marking the start of silver production—is
targeted for later in December/January. Our reserve base has grown further since year end, and the
exceptional Pipeline Ridge exploration drilling results announced to the ASX on 10 September 2026
support our expectation that the project will contribute to our gold feed in the years ahead.
On behalf of the Board, I would like to thank our shareholders, financiers, employees, contractors and
host communities for their support through a transformational year and look forward to reporting
Manuka’s first full year back in production.
Yours faithfully,





Dennis Karp
Executive Chairman
Manuka Resources Limited
30 September 2026

Manuka Resources Ltd
For the year ended 30 June 2026


Page 2

Review of Operations
COMPANY PROFILE AND OPERATIONAL OVERVIEW
Manuka Resources Ltd (“Manuka” or “the Company”) owns the Mt Boppy Gold and Wonawinta Silver Mines
within 2 separate tenement packages in the Cobar basin, western NSW. It also owns the Wonawinta
Metallurgical Plant that has been used for a combination of gold production (Mt Boppy open pit April 2020-
Nov 2021; Mt Boppy stockpile and dump retreatment May – Dec 2023) as well as silver production from
metallurgical test work trials on Wonawinta stockpiles between May and October 2022. The purpose of the
silver trial project was to optimise the metallurgical process to be used for the recovery of Wonawinta silver
from the ore sources comprising the mining licence, as well as increasing the plant capacity. Both objectives
were realised, and the project was brought to an earlier close than originally planned due to factors beyond
our control.

During the financial period, on the back of improved gold and silver metal prices, the Company has progressed
the reopening both the Wonawinta silver and the Mt Boppy gold mines, with centralising ore processing at
the Wonawinta metallurgical plant. To this end, Ore Reserve estimations, inclusive of open pit optimisation
and updated Capital and Operating estimates, have been completed and have provided the basis for
recapitalising the Company and turning these assets to account.

Exploration activities began again during the second half of the period, with drilling programmes completed
at Mt Boppy and Pipeline Ridge. There has been a major shift in operational focus, to getting the Wonawinta
metallurgical plant operational for gold production, as well as initiating the plant deslime circuit upgrades for
silver production later in 2026.

A second phase of sonic drilling evaluation of the Mt Boppy waste dump was completed and will shore up
surface stockpile and dump resources to be crushed, screened and hauled to Wonawinta for processing. The
Pipeline Ridge drilling is underpinning the potential development of another small gold resource to augment
Wonawinta production. Mineral resource conversion drilling on the strike extensions of Wonawinta silver
mineralisation is planned for the near future.

The Company’s wholly owned subsidiary, TTR in New Zealand, advanced its Fast-track approvals application
for its environmental consents to operate during the year. TTR’s Taranaki VTM Project hosts a significant
shallow offshore iron sands mineral resource with vanadium and titanium critical mineral credits in the South
Taranaki Bight (STB) of New Zealand. The Project is at the Bankable Feasibility Study (BFS) stage, has a granted
Mining Permit and has been accepted as a priority development project in Schedule 2 under NZ’s ‘Fast-track
Approvals Act 2024 consenting legislation for its final approvals to operate. Final government approvals for
the project will trigger commencement of final detailed engineering and capital costings. Once developed the
TTR project would be a major export earner for New Zealand and a significant employer in the local community
producing bulk iron ore concentrates with significant vanadium and titanium credits.

BACKGROUND
Manuka is an Australian mining and exploration company located in the Cobar Basin, central west New South
Wales. It is the 100% owner of two fully permitted mining projects, one gold and one silver, both within the
Cobar Basin as well as a world class pre-development vanadium rich iron sands project situated in the South
Taranaki Bight of New Zealand. Included in the asset portfolio is the following:
The Mt Boppy Gold mine and neighbouring tenements
Stockpile screening operations at the Mt Boppy project were re-started in April 2026, enabling a build-up of

Manuka Resources Ltd
For the year ended 30 June 2026

Review of Operations (cont’d)
Page 3

material at the Wonawinta Plant for processing Q3 2026 and for blending with silver ore when silver
production commences at Wonawinta, scheduled for December 2026/January 2027. Ore Reserve estimations
were completed during the year on the Mt Boppy open pit and the surface stockpile and screened dump
material.
The Wonawinta silver project, with mine, processing plant and neighbouring tenements
The Wonawinta processing plant recommenced silver production in March 2022 in the form of a trial operation
on existing silver oxide stockpiles. This trial ceased around eight months later, and the results were used for
mine planning for the opening up of new pits on the mining lease and potential re-entry into existing pits. The
sustained gains in the silver price over the last 12 months and positive mineral economics have underpinned
the viability of reopening the mine. Currently the frontend deslime circuit of the metallurgical plant has been
fabricated, with site construction and commissioning scheduled for the period October to December 2026.
The Company maintains an extensive exploration portfolio around the Wonawinta infrastructure. Phased
exploration programmes have been designed to progress evaluation of several highly prospective Au and Ag-
Cu-Pb-Zn exploration targets.
The Taranaki VTM Project, South Taranaki Bight, New Zealand
Completion of the BFS on the Taranaki VTM (vanadiferous titanomagnetite) Iron Sands Project requires the
approval of marine and discharge consents to operate. The application for these consents under the New
Zealand government’s Fast-track Approvals Act 2024 in 2025, was withdrawn following a draft decision to
decline the consents in February 2026. The Company can reapply for the consents under the Fast-track
approvals process and is now assessing its options to secure the approvals.
The Taranaki VTM Project in New Zealand is a significant long-term strategic asset within Manuka’s portfolio
of resource projects.

THE MT BOPPY GOLD PROJECT
Operations
Manuka’s first phase of open pit production at Mt Boppy finished in early 2022
1
. No mining or material
movement operations were conducted after that date until Q2 of CY2023 when bulk sampling of previously
classified barren overburden material was conducted. The screened product was processed at Wonawinta
between May and December 2023. The operation was placed on Care and Maintenance at this juncture and
more Sonic evaluation, and metallurgical test work was undertaken to assess the viability of capitalising a
metallurgical facility at Mt Boppy.
During 2025-2026 the Company undertook further sonic drilling on the Mt Boppy Main waste dump
augmenting previous evaluation. Processing of remnant +22mm stockpiles and selected areas of the waste
dump started in April 2026. This screened product is hauled to the Wonawinta metallurgical plant for
processing. To 30 June 2026, 30,139t of -15mm screened material had been produced.
The Mt Boppy dump project dovetails with the planned future dewatering and pushback of the Mt Boppy open
pit, which has been re-designed and optimised on the back of the sustained gold price.
The company is forecasting a project term of approximately four to five years based on the treatment of circa
20kt/month of Mt Boppy gold ore through the Wonawinta processing facility as an incremental to the
Wonawinta silver production.


1
ASX release 8 March 2022

Manuka Resources Ltd
For the year ended 30 June 2026

Review of Operations (cont’d)

Page 4

Regional Geology
Mt Boppy is hosted within Devonian-age (circa 420-390Myr) sedimentary and volcanic rocks of the Canbelego-
Mineral Hill Rift Zone. Mineralisation occurs largely in brecciated and silicified fine-grained sediments of the
Baledmund Formation, within and adjacent to a faulted contact with older Girilambone Group sedimentary
rocks. Lodes strike approximately north south and dip steeply west, although the widest zone of mineralisation
is related to slightly shallower dips. Gold mineralisation is fine-grained and commonly associated with coarse
grained iron rich sphalerite. Section 7.2 of the Independent Technical Report discusses the local geology of the
project area
2
.
Tenements
The Mt Boppy Gold Project (which comprises three granted mining leases, four gold leases, and one
exploration licence (together cover an area in excess of approximately 210 km2)) is located approximately 46
km east of Cobar, on the eastern side of the Cobar Basin. The Company owns (via its wholly owned subsidiary,
Mt Boppy Resources P/L) 100% of the below exploration, gold and mining leases.
Table 1 – Tenements Mt Boppy





2
See Prospectus dated 22 May 2020, ASX release 10 July 2020
Lease Grant Date Expiry Date Area Units Mineral Groups Next
Report
Due
Reporting
Period
EL5842 19/04/2001 19/05/2031 70 Units Group 1 19 May 19 Apr to 18 Apr
GL3255 20/05/1926 20/05/2033 8.281 Ha Au 12 Jan 13 Dec to 12
Dec
GL5836 15/06/1965 15/06/2033 6.045 Ha Au 12 Jan 13 Dec to 12
Dec
GL5848 15/02/1968 15/06/2033 8.625 Ha Au 12 Jan 13 Dec to 12
Dec
GL5898 21/06/1972 12/12/2033 7.512 Ha Au, Ag 12 Jan 13 Dec to 12
Dec
ML1681 12/12/2012 12/12/2033 188.1 Ha Au, Ag, Pb, Zn 12 Jan 13 Dec to 12
Dec
ML311 8/12/1976 12/12/2033 10.117 Ha Au 12 Jan 13 Dec to 12
Dec
MPL240 17/01/1986 12/12/2033 17.8 Ha Nil 12 Jan 13 Dec to 12
Dec

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For the year ended 30 June 2026

Review of Operations (cont’d)

Page 5


Figure 1 - Tenements - Mt Boppy Gold Project

THE WONAWINTA SILVER PROJECT
The Company has title to the pastoral lease for “Manuka”, which holds the Wonawinta Silver Project. The
Manuka pastoral lease is connected to the low voltage rural power network and contains useful infrastructure
namely a homestead, internet satellite connection and an airstrip.
Operations
Following the FY23 silver-oxide trial and an extended period of care and maintenance, FY26 was the year the
Wonawinta restart moved from planning into execution. The front-end deslime circuit for the Wonawinta
metallurgical plant was fabricated during the year, increasing processing capacity to over 1.0Mtpa, with new
crushing and deslime circuits ordered and site construction and commissgioning targeted for October to
December 2026. Recommissioning of the plant progressed through the second half of FY26, supported by a
rebuild of the Wonawinta workforce from five people on care and maintenance to a team of over 80. Gold
processing revenue is expected to commence by the end of September 2026, with commissioning of the
crushing and silver deslime circuits — marking the start of silver production — targeted for later in the
December 2026/January 2027 quarter. Subsequent to year end, an updated mining study increased the
Wonawinta Probable Ore Reserve by 28% to 7.9Mt at 50.4g/t Ag for 12.8 million ounces of contained silver,
providing further confidence in the restart.
Regional Geology
The Cobar Basin is located in central-west New South Wales, approximately 700 km north-west of Sydney. It
is a complex metallogenic system containing numerous mineral deposits. “Cobar-style” mineral deposits
comprise a unique class of large and commonly high-grade base and precious metal deposits hosted by marine
sediments. They typically have great vertical extent but only a small surface footprint.

Manuka Resources Ltd
For the year ended 30 June 2026

Review of Operations (cont’d)

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Tenements
The Company directly owns 100% of the interests in the Tenements detailed in Table 2:

Table 2: Tenements Wonawinta


Lease Grant Date Expiry Date Area Units Mineral
Groups
Next Report Due Reporting Period
EL6155 17/11/2003 17/11/2026 5 Group 1 17 December 17/11 to 16/11
EL6302 23/09/2004 23/09/2026 96 Group 1 23 October 23/09 to 22/09
EL6482 18/11/2005 18/11/2026 92 Group 1 18 December 18/11 to 17/11
EL6623 31/08/2006 31/08/2026 9 Group 1 1 October 31/08 to 30/08
EL7345 25/05/2009 25/05/2028 59 Group 1 25 June 25/05 to 24/05
EL7515 7/04/2010 7/04/2027 5 Group 1 07 May 07/04 to 06/04
EL8498 10/01/2017 10/01/2029 38 Group 1 10 February 10/01 to 09/01
ML1659 23/11/2011 23/11/2032 923.8 Ha Cu, Au, Pb,
Ag, Zn
Annual Geoscientific
Report 23 December

Manuka Resources Ltd
For the year ended 30 June 2026

Review of Operations (cont’d)

Page 7


Figure 2 - Tenements of the Wonawinta Silver Project

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For the year ended 30 June 2026

Review of Operations (cont’d)

Page 8


(Figure 3 – Existing mine infrastructure with mineral resource outline in ML 1659)

STRATEGY AND DEVELOPMENT PLANS
During FY26 the Company continued to advance the Mt Boppy waste rock dump and tailings opportunity
toward production, building on the FY23–FY24 bulk sampling and sonic drilling programme referenced above.
Screening of remnant +22mm stockpiles and selected waste dump areas resumed in April 2026, with the
screened -15mm product hauled to the Wonawinta metallurgical plant for processing; a total of 30,139t of -
15mm screened material had been produced by 30 June 2026. The Company has released an updated Mineral
Resource Estimate (MRE) over the rock dump, tailings, Mt Boppy ROM and Mt Boppy Main waste dump areas,
and current evaluation supports a four to five year operating life treating circa 20kt/month of Mt Boppy ore
through the Wonawinta plant, incremental to ongoing Wonawinta silver production.

Manuka Resources Ltd
For the year ended 30 June 2026

Review of Operations (cont’d)

Page 9

The Company also continues to evaluate proximal and near-term silver and base metals processing
opportunities at Wonawinta, including potential reconfiguration of the existing flowsheet to process sulphide
ore through a flotation circuit, and continues to evaluate a second phase of open-cut mining at the Mt Boppy
open pit (Figure 4), with deeper extensions to be tested by RC and diamond drilling.
The Mt Boppy gold mine (existing open pit) is also undergoing evaluation for a second phase of open cut
mining to extract the current in pit gold resource. This would involve a phased cut back on the western wall of
the current pit (Figure 4). Deeper extensions are to be tested by RC and diamond drilling proximal to the pit
and along strike to the south.

Figure 4: Mt Boppy current infrastructure and planned mine development
Exploration Strategy and Overview of Activities
The Company’s exploration strategy to date has focussed on near mine targets at both Mt Boppy and
Wonawinta to develop resources close to existing operations. The Strategic Review completed during January
2023 continued to be advanced during 2025-2026 and enables ranking of gold and base metal targets with the
emphasis on turning to account (Figure 5). Specifically, the Company now understands the benefits of fully
utilising the Wonawinta CIL metallurgical facility. To this end the sustained higher gold price (~$A6,000-
6,400/Au oz) provides the opportunity to profitably augment Wonawinta silver production with incremental
gold ore from Mt Boppy and potentially Pipeline Ridge (under evaluation).
EXPLORATION ACTIVITIES
MKR controls nine Exploration Licences and seven Mining Licences in the Cobar district, west NSW (Figure 5),
which constitute the Cobar Basin Project.

Manuka Resources Ltd
For the year ended 30 June 2026

Review of Operations (cont’d)

Page 10


Figure 5: Locality of Cobar Basin Wonawinta and Mt Boppy mining and exploration projects

Figure 6 shows the Cobar Basin Exploration project pipeline, with the current priority exploration targets of
interest
.

Figure 6: Cobar Basin Resource Triangle and Exploration project pipeline (as at 30 June 2026)

During 2026 exploration activities continued with a focus on the Mt Boppy and Pipeline Ridge projects on
EL5842 (Figure 7), as well as initiation of prospectivity analyses covering terrain proximal to the Mt Boppy and
Wonawinta mine sites.

Manuka Resources Ltd
For the year ended 30 June 2026

Review of Operations (cont’d)

Page 11


Figure 7: Locality of Mt Boppy and Pipeline Ridge projects

In related development work at the Wonawinta Mine, 13 vertical PQ3 diamond core boreholes totalling 553m
were completed for confirmatory metallurgical testwork on the first 18 months of planned silver production.

The Mt Boppy main rock waste dump was further evaluated for gold, with a second phase of sonic drilling
completed during the March quarter which involved 49 sonic drillholes for 619 m targeting zones planned to
be mined during 2026–2027.

Exploration drilling programmes planned during Q1 and Q2 were initiated at the Mt Boppy South Extension
targets during December 2025. The programme comprised 3 RC pre-collar scout boreholes with orientated
diamond tails testing conceptual Mt Boppy extension targets (“Boppy Deeps”), which were completed during
March 2026 (Figure 8).

Manuka Resources Ltd
For the year ended 30 June 2026

Review of Operations (cont’d)

Page 12


Figure 8: Mt Boppy South Extension Scout drill hole collars on geology and structure

Key takeaways from the Mt Boppy South Extension work were:
• only limited development of “Boppy-style” brecciated zones was encountered;
• mineralised quartz breccia at the southern end of the current open pit appears truncated by a NW-SE
structure that may connect to the Boppy South deposit; and
• the western bounding fault is now interpreted to have been reactivated and to truncate/displace the
main Mt Boppy orebody on the west side.
Although no significant high-grade gold zones were intersected in this drilling phase, the programme
materially improved geological understanding and targeting confidence for follow-up drilling.

Manuka Resources Ltd
For the year ended 30 June 2026

Review of Operations (cont’d)

Page 13

The Pipeline Ridge target was discovered in 1976 by Mining Exploration Proprietary Ltd (MEPL) through a
combination of auger/RAB/Airtrac drilling Pb-Zn geochemistry and a follow-up Induced Polarisation
geophysical survey. Subsequently, between 1982 and 2012 over 13,000m of drilling has been completed (Table
3).

Table 3: Historic drilling programmes at Pipeline Ridge
CompanyDate
Typ e of
Drilling
No
Drillholes
Tot a l
Met res
Golden Cross1982Percussion161,518
Homest ake1984RAB33448
Golden Cross1987DD82,347
CPMS1987AirCore231,105
Golden Cross1996RC692,891
Golden Cross1997DD71,199
Golden Cross1998RC19980
Golden Cross2006RC6369
Polymet als2011DD4751
Polymet als2012DD101,630
RAB AC PC723,071
RC944,240
DD295,926
19513,237


The 2026 drilling programme at Pipeline Ridge has been designed to evaluate a shallow gold open pit as
indicated by historic drilling and included 56 RC “heel-toe” boreholes to a maximum depth of 70m, totalling
3,134m, plus 4 PQ3 diamond core holes for metallurgical testwork. The initial exploration target is between
187,000 to 365,000 tonnes grading 1.1g/t to 1.5g/t gold. The reader should note that this target is based on
an assessment of only historic drilling results and the potential quantity and grade is still conceptual in nature,
and that to date there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain
if further exploration will result in the estimation of a Mineral Resource.
The MKR RC programme commenced on 24 April 2026, and drilling was completed on 16 May 2026. The
diamond drilling for metallurgical testwork is still to be completed. Combined with historical drilling, the
current infill and cover RC drilling density is anticipated to provide support for a maiden Mineral Resource
Estimate, which is currently in progress. Notable assays received post year end (NB: not representative of all
mineralised zones) are shown in Table 4.

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For the year ended 30 June 2026

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Page 14

Table 4: Pipeline Ridge Phase 1 selected (not representative of whole deposit) gold assay intersections


Figure 9 shows the collars and gold intersection content (Au g/t*m) for the current RC programme.
Mineralisation is open at depth and along strike north and south.


Figure 9: MKR 2026 RC collars with Au g/t * m intersection contents

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For the year ended 30 June 2026

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Page 15

The current geological interpretation for Pipeline Ridge supports 2-3 phases of hydrothermal fluid expulsion
from seafloor exhalative activity realising Cu-Pb-Zn mineralisation with a later cross cutting structurally
controlled brecciation zone hosting gold mineralisation. A schematic section (after McGregor 2013) is shown
in Figure 10.



Figure 10: Schematic cross section of Pipeline Ridge geological setting and historic drill
intersections (after McGregor 2013) with current evaluation drilling area.

McGregor, A J., Mineralisation of Pipeline Ridge, Cobar, NSW - Style and genesis, BSc (Honours), School of Earth & Environmental
Sciences, University of Wollongong, 2013.

Manuka Resources Ltd
For the year ended 30 June 2026

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Page 16



Future exploration work during 2026-2027 is planned to include
• completion of an initial Mineral Resource Estimate for Pipeline Ridge;
• completion of the Pipeline Ridge metallurgical diamond drillholes;
• completion of a second phase of RC and Diamond drilling testing Pipeline Ridge along strike and
down dip to 100-150m below surface (historical diamond drillholes indicate the mineralisation
extends over 200m below surface);
• two diamond drillholes testing high grade breccia zones of the Mt Boppy ore zone;
• a phased RC / DD programme testing shallow satellite targets and shafts at Mt Boppy in the 0–150 m
depth range;
• initiation of field validation of the McKinnons hydrothermal gold model;
• continued prospectivity analyses including evaluation of historic drilling, alteration patterns and
structural interpretations.
Initial exploration targets are currently aiming to delineate 30–40 koz of shallow, open pit gold
mineralisation.

TARANAKI VTM PROJECT
Manuka holds a 100% interest in the Taranaki VTM Iron Sands Project via its wholly owned subsidiary TTR.
Located offshore in the South Taranaki Bight (STB), within New Zealand’s Coastal Management Area (CMA)
and Exclusive Economic Zone (EEZ), the project comprises a 3.2Bt vanadiferous titanomagnetite (VTM) iron
ore resource

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)
6
, 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 5: 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
6
ASX Announcement 1 March 2023 Taranaki VTM Project Mineral Resource Statement

TTR has granted mineral mining permit MMP55581 located 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 inside the 12Nm limit within
the CMA, contains a reported additional 1.29Bt VTM iron sands resource.

On 26 March 2025 Manuka release the 2025 Pre-feasibility Study (PFS)
3
and the NZIER Economic Impact
Assessment (EIA)
4
on 2 April 2025 for the Project.
The PFS and EIA outlined a robust economic business case underpinned by a 3.2Bt Mineral Resource (Table 5)
highlighted by operating costs of US$27.20/tonne concentrate, average annual EBITDA of US$312M over a 20-

3
ASX Announcement 26 March 2025: Taranaki VTM Project Delivers Extremely Robust Pre-Feasibility Economics.
4
ASX Announcement 2 April 2025: Economic Impact Assessment Confirms the National Significance of the Taranaki VTM Project.

Manuka Resources Ltd
For the year ended 30 June 2026

Review of Operations (cont’d)

Page 17

year initial mine life and a post-tax NPV
10
of US$1.26B with an IRR of 39% based on an initial capital investment
of US$602M (NZ$1B) including US$84.4M contingency.
Based on these figures, the Project is forecast to:
• Increase New Zealand’s annual GDP by NZ$265 million, create an estimated 1,635 new high value jobs
across the economy with 1,123 being in the Taranaki Whanganui region;
• Generate total export earnings of NZ$854 million per annum (NZ$658 million Iron Ore and NZ$196 million
vanadium pentoxide (V
2
O
5
)) and be one of New Zealand’s top 12 principal export earners; and
• Pay royalties of between NZ$36 million and NZ$54 million and contribute NZ$91 million and NZ$136
million corporate tax per annum to the New Zealand Government.
Importantly, the Project will deliver substantial benefits to the Taranaki and Whanganui regions with over 300
new full-time local jobs and NZ$238M per annum expenditure injected into the local economy boosting
Taranaki’s GDP by NZ$222 million.
The Project is one of national significance for New Zealand whose stated objective is to double mineral export
earnings from NZ$1.5B in 2025 to NZ$3B per annum over the next decade. The Taranaki VTM Project is
forecast to generate NZ$854M in export revenue per annum representing over 50% of the targeted increase.
TTR’s Taranaki VTM Project is listed in Schedule 2 of the New Zealand Fast-track Approvals Act 2024 (Fast-
track Act) to be considered by an expert panel for final environmental approvals to develop. Schedule 2
projects, including TTR’s, are considered to meet the Fast-track Act’s purpose including being projects of
regional or national significance.
New Zealand released its Critical Mineral list, the Minerals Strategy for New Zealand 2040 (in 2025) and the
GNS Report on the country’s potential economic mineral deposits (in 2024) that include vanadium and
titanium minerals and the offshore Taranaki VTM iron sands deposits 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.
TTR submitted its Fast-track Approvals (FTA) application in April 2025
5
for consideration by an expert panel,
to consider the approval of the Marine and Discharge Consents and apply any relevant operating conditions.
The application FTAA-2504-1048 included the new pre-feasibility study (PFS), new JORC mineral resource
statement, metallurgical work on the recovery of critical minerals vanadium and titanium, a 2025 economic
impact assessment by NZIER, updated information assessing the project’s effects on marine mammals, sea
birds and the sediment plume created from returning de-ored iron sands to the seafloor.
Fast-track approval is subject to compliance with the EEZ Act that includes comprehensive environmental
safeguards to protect the STB environment and is not a shortcut to avoid environmental best practice and
compliance. TTR’s application included 109 operating conditions and a set of comprehensive management
plans to ensure there are no adverse effects on the marine environment.

A five member panel was appointed on 25 August 2025 to assess TTR’s Fast-track application and given around
100 work days to decide if the company should be granted the consents it sought under Fast-track Act with
the panel decision due by 18 March 2026. A draft decision to decline the consents was issued by the expert
panel on 5 February 2026 and TTR subsequently withdrew its Fast-track approvals application on 19 February
2026.

The Company retains the view that the Taranaki VTM Project is environmentally benign, will be a strong
initiator of regional employment and will provide a huge economic boost in the Taranaki and Whanganui

5
ASX Announcement 16 April 2025: Manuka subsidiary Trans-Tasman Resources Limited Lodges Fast Track Application for its Taranaki VTM Project.

Manuka Resources Ltd
For the year ended 30 June 2026

Review of Operations (cont’d)

Page 18

regions specifically, as well as flow-on benefits for all of New Zealand. It will make a significant contribution to
the government’s aim to double minerals exports to $3 billion by 2035.

The Company can reapply under the Fast-track approvals process and is now assessing its options to secure
the required environmental approvals, community and government support and determine to optimal
development strategy for the VTM Project.
The Company will continue to monitor developments in New Zealand’s regulatory environment and evaluate
opportunities to progress the Taranaki iron sands project, and its critical minerals potential, as permitting
pathways, market conditions and regulatory opportunities evolve, while preserving the project’s long-term
strategic value for shareholders.

Manuka Resources Ltd
For the year ended 30 June 2026


Page 19

Resources and Ore Reserves Statement
Total Measured, Indicated, and Inferred Resources at the 30 June 2026 were 2.64M tonnes @ 1.35g/t Au
containing 114Koz Au, and 49.3 M tonnes @ 39.5 g/t Ag containing 63 Moz Ag (Table 6). Silver mineral
resources were reviewed in April 2025 as part of the Ore Reserve estimation process, and no changes were
made during 2026. Gold mineral resources have remained static other than minor depletion from Mt Boppy
stockpile mining.

Table 6: Summary Mineral Resources as of 30 June 2025 and 30 June 2026

There were no significant changes announced to Mineral Resources during the year.
Details of the various silver and gold ore sources supporting the Mineral Resource estimations are shown
below.

Manuka Resources Ltd
For the year ended 30 June 2026

Resources and Ore Statement (cont’d)

Page 20

Table 7: Mt Boppy Mineral Resource estimation by ore source and type 30 June 2026


Wonawinta Mineral Resource details are shown below.

Table 8: Wonawinta Mineral Resource estimation by ore source and type 30 June 2026

Manuka Resources Ltd
For the year ended 30 June 2026

Resources and Ore Statement (cont’d)

Page 21

Total Gold Probable Ore Reserves as of 30 June 2025 were 0.55M tonnes @ 2.54g/t Au containing 45Koz Au.
These Ore Reserves include the Mt Boppy open cut and the surface stockpiles and dumps. Total Silver Probable
Ore Reserves derived from M & I resources were 6.20 M tonnes @ 56.4 g/t Ag containing 11.24 Moz Ag.
There were no changes announced to Ore Reserves during the year.


Table 9: Summary Ore Reserves as of 30 June 2025 and 30 June 2026

Table 10: Details of the Ore Reserves

Manuka Resources Ltd
For the year ended 30 June 2026

Resources and Ore Statement (cont’d)

Page 22

Notes on Resources:
Competent Person
The Mineral Resource Statement for Mt Boppy (Hard Rock) and Wonawinta Silver was estimated by the
Competent Person, Mr I. Taylor of Mining Associates Pty Ltd. The MRE for Mt Boppy (hard rock) was updated
by Manuka on 14
th
April 2024. The Mineral Resource was updated in July 2025 with a revised cut-off grade of
1.0 g/t Au for the Ore Reserve estimation. The MRE for Wonawinta was reviewed as part of the Ore Reserve
estimation process in April 2025.
The Mineral Resource Statements for Mt Boppy Rock Dumps, Stockpiles, Tailings and Mt Boppy South were
estimated by the Competent Person, Mr P. Bentley of Manuka Resources Pty Ltd.

1. The preceding statements of Mineral Resources conform to the ‘Australasian Code for Reporting of
Exploration Results Mineral Resources and Ore Reserves (JORC Code) 2012 Edition’.
2. All tonnages reported are dry metric tonnes.
3. Data is rounded to thousands of tonnes and thousands of ounces gold. Discrepancies in totals may occur
due to rounding.
4. Resources have been reported as open pit with varying cut-offs based off several factors discussed in
the corresponding Table 1 which can be found with the original ASX announcements for each
Resource.
5. Resources are reported inclusive of any Reserves.

The announcements containing the Table 1 Checklists of Assessment and Reporting Criteria relating for the
2012 JORC compliant Resources are:
• 21 May 2025: Updated Cobar Basin Production Plan to Deliver Silver and Gold from Wonawinta
• 30 September 2024: Manuka Near-Term Gold at Mt Boppy Update

Notes on Ore Reserves:
Competent Persons
Mr Anthony Stepcich and Mr Phil Bentley (a Manuka employee) were the Competent Person for the
declaration of the Wonawinta Silver and Mt Boppy Ore Reserve estimates, reported in accordance with the
JORC Code (2012). In estimating these Ore Reserves Mr Stepcich has relied on the metallurgical processing,
infrastructure and tailings work undertaken by Mr Dieter Engelhardt. Mr Engelhardt has signed off as a
Competent Person on the metallurgical processing, infrastructure and tailings inputs to the JORC (2012) Ore
Reserve Reports.
Mr Stepcich was the Competent Person responsible for Mt Boppy mining study and Ore Reserve of 290Kt at
4.2 g/t Au for 39Koz Au, and the Wonawinta mining study and Ore Reserve of 6.15Mt at 56.4g/t Ag for
11Moz Ag.
Mr Bentley was the Competent Person responsible for all other Ore Reserve estimates including pits,
stockpiles, waste dumps and tailings.
1 The preceding statements of Ore Reserves conform to the ‘Australasian Code for Reporting of
Exploration Results Mineral Resources and Ore Reserves (JORC Code) 2012 Edition’.
2 All tonnages reported are dry metric tonnes.
3 Data is rounded to thousands of tonnes and thousands of ounces gold. Discrepancies in totals may
occur due to rounding.
4 Cut-off Grade:
Open Pit - The Ore Reserves are based upon an internal cut-off grade greater than or equal to the break-
even cut-off grade.

Manuka Resources Ltd
For the year ended 30 June 2026

Resources and Ore Statement (cont’d)

Page 23

The commodity price used for the Revenue calculations for Wonawinta was AUD $50 per ounce Ag.
The commodity price used for the Revenue calculations for Mt Boppy was AUD $4,000 per ounce Au.
The Ore Reserves are based upon a State Royalty of 2.5% and a refining charge of AUD $0.25/Oz Ag and AUD
$7.69/Oz Au.
The announcements containing the Table 1 Checklists of Assessment and Reporting Criteria relating for the
2012 JORC compliant Reserves are:
• 29 July 2025: Maiden Mt Boppy Open Pit Ore Reserve
• 30 May 2025: Cobar Basin Production Plan - Manuka to produce 13.2 million ounces of Silver plus
Gold from existing Wonawinta Processing Plant

Manuka Resources Ltd
For the year ended 30 June 2026


Page 24

Directors’ Report
The Directors of Manuka Resources Ltd (‘Manuka Resources’) present their report together with the financial
statements of the Group, being Manuka Resources (‘the Company’) and its subsidiaries Mt Boppy Resources
Pty Ltd (‘Mt Boppy’) and Trans-Tasman Resources Ltd (‘TTR’) for the year ended 30 June 2026.
Manuka Resources Limited is a company limited by shares and incorporated in Australia on the 20
th
of April
2016.
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 Eggers
• Mr John Seton

The Directors’ qualifications, experience and directorships held in listed companies at any time during the last
three years, are set out in the Remuneration Report on pages 32 to 39.
Interests in the shares and options of the Company and related bodies corporate
As at the date of this report, the interests of the directors in the shares and options of Manuka Resources
Limited were:
Ordinary
Shares
Options over
Ordinary
Shares
Mr Dennis Karp 56,712,789 20,000,000
Mr Alan J Eggers 61,375,887 20,000,000
Mr John Seton 51,157,211 2,500,000

Company Secretary details
Ms Eryn Kestel
Company Secretary for the full year, appointed 31 May 2024.
Ms Eryn Kestel holds a Bachelor of Business (Accounting) from Curtin University, Western Australia and is a
Certified Practicing Accountant.

Ms Kestel has 35 years professional experience as the company secretary of several ASX listed companies in a
variety of industries together with working with several unlisted entities providing company secretarial and
book-keeping services.

Principal activities
During the period, the principal activities undertaken by the Group were:
• Development and Implementation of a program to process mineralised gold material from Mt Boppy (Mt
Boppy Stockpile Reprocessing and Open pit mining) including:

Manuka Resources Ltd
For the year ended 30 June 2026

Directors’ Report (cont’d)

Page 25


o Completion of the evaluation of circa 500m sonic drilling programme on the Mt Boppy rock
dump, and evaluation of the viability of retreating this and other tailings dumps at Mt Boppy;
o Completion of pre-feasibility standard standalone project economic viability, including
assessment of metallurgical plant capital and operating costs and updating mining and related
costs;

o Commissioning of the Wonawinta Plant to commence production of screened Mt Boppy
material;
• Completion of Ore Reserve estimates on the Wonawinta (Ag) and Mt Boppy (Au) ore bodies, inclusive of
continuing detailed metallurgical test work supporting the introduction of a desliming circuit on the front
end of the Wonawinta metallurgical plant;
• Continued evaluation and prospectivity analysis of the Company’s exploration prospects in the Cobar
Basin; and
• Participation in the NZ government’s Fast-Track Legislation for Trans-Tasman Resources Limited.

Review of operations
Information on the operations and financial position of the group and its business strategies and prospects is
set out in the Review of Operations on pages 5 to 21 of this annual report.
Significant changes in state of affairs
Wonawinta Ore Reserves declaration
6

During the year, the Company continued to progress and refine the Wonawinta Ore Reserve estimate to
support the restart of operations, underpinned by a far clearer ROM pad geo-metallurgical management
plan and the modified metallurgical facility designed to handle high slime-content ore. Subsequent to year
end, on 13 July 2026, the Company announced an updated Ore Reserve for the Wonawinta Silver Mine of
7.9Mt at 50.4g/t Ag for 12.8 million ounces of contained silver, a 28% increase in Ore Reserve tonnes and
15% increase in contained silver on the estimate previously announced on 30 May 2025.

Mt Boppy Ore Reserves declaration
7

During the financial period the Company has been reviewing the Ore Reserve estimate at Mt Boppy. On
29 July 2025 the Company announced an updated Ore Reserve estimate for the Mt Boppy open pit. This
work, together with increased metal prices, has further advanced the opportunity to augment Wonawinta
Ag production with Mt Boppy gold ore sourced from a combination of processing surface stockpiles,
economic rock dump material, and open pit ore.
Wonawinta Processing Plant Upgrade
During the year the company commenced recommissioning works at the Wonawinta processing plant,
ahead of the restart of gold processing in September 2026 and silver processing December 2026.

TTR Taranaki VTM Fast-track marine consent application withdrawn
Manuka’s 100% owned New Zealand subsidiary Trans-Tasman Resources Limited (TTR) progressed its
Fast-track marine consent application for the Taranaki VTM Project through 2025, but on 4 February
2026 the expert panel issued a draft decision that it was not satisfied the Project could proceed, citing
uncertainties around environmental and cultural impacts. Rather than await formal refusal, the
application was withdrawn on 19 February 2026. Manuka retains 100% ownership of TTR and, as a listed
substantive project in Schedule 2 of the Fast-track Approvals Act 2024, TTR retains the right to reapply
for its environmental consents. The Company is assessing the most appropriate regulatory and

6
Refer ASX announcement dated 30 May 2025
7
Refer ASX announcement dated 13 July 2025

Manuka Resources Ltd
For the year ended 30 June 2026

Directors’ Report (cont’d)

Page 26

commercial pathway for the Project, which remains a significant long-term strategic asset within
Manuka’s portfolio, providing potential exposure to iron ore, vanadium and titanium.
Dividends
No dividends were paid or declared during the financial year ended 30 June 2026 (2025: Nil) and no
recommendation is made as to dividends.

Events arising since the end of the reporting period
Since 30 June 2026, the following material events have occurred:
• On 13 July 2026, the Company announced an updated Ore Reserve for the Wonawinta Silver Mine
of 7.9Mt at 50.4g/t Ag for 12.8 million ounces of contained silver, a 28% increase on the Ore Reserve
announced on 30 May 2025.
• Gold processing recommenced at Wonawinta, with first gold revenues expected by the end of
September 2026.
• A further A$14.5m placement was announced to complete funding of the Wonawinta silver deslime
circuit.
• On 10 September 2026, the Company announced exploration drilling results at the Pipeline Ridge
Gold Project (EL5842).
• On 21 July 2026, the Company entered into a financing arrangement with Black Diamond Group to
fund the purchase of camp equipment. The value of the camp equipment is $2,823,050 repayable
over 36 months at an interest rate of 11%

Other than the matters noted above, the Directors are not aware of any other matter or circumstance that
has arisen since 30 June 2026 that has significantly affected, or may significantly affect, the Group’s operations,
the results of those operations, or the Group’s state of affairs in future financial years.

Likely developments
Processing of the screened gold material through the Mt Boppy plant is forecast to commence in quarter one
of FY 2027 and is forecast to continue for four to five years. Processing of Wonawinta silver ore is forecast to
commence in December 2026/January 2027, after the completion of the Deslime circuit. The return to
production will make a material difference to the finances of the Company.

Directors’ meetings
The number of meetings of the Company’s Board of Directors (“The Board”) (including meetings of
Committees of Directors where appointed) held during the period and the number of meetings attended by
each Director is as follows:
Board Meetings
Board Member Entitled
to Attend

Attended
Dennis Karp 8 8
Alan J Eggers 8 8
John Seton 8 8

During the period and having regard to the size of the Company and the nature of its activities and the
composition and structure of the Board, the full Board has the responsibility for and performs the functions
of the Nomination, Audit and Remuneration Committees.

Manuka Resources Ltd
For the year ended 30 June 2026

Directors’ Report (cont’d)

Page 27

Corporate Governance Statement
For the financial year ended 30 June 2026 (Reporting Period) the Company has adopted the fourth edition of
the Corporate Governance Principles and Recommendations released by the ASX Corporate Governance
Council. The Company’s 2026 Annual Corporate Governance Statement has been approved by the Board and
is publicly available on the Company’s website at www.manukaresources.com.au/site/about/corporate-
governance. It will also be released to the ASX at the same time as this 2026 Annual Report.

Unissued shares under option
Unissued ordinary shares of Manuka Resources under option at the date of this report are:
Date
Options
Granted
Expiry Date
Exercise
Price of
Shares
Number of
Options
Nov-25 27-Nov-27 $0.1500 20,000,000
Nov-25 27-Nov-27 $0.1500 20,000,000
Nov-25 27-Nov-27 $0.1500 2,500,000
May-24 03-Apr-27 $0.1070 5,000,000
Aug-25 07-Aug-28 $0.1000 36,000,000
Nov-25 11-Dec-26 $0.1200 22,500,000
Mar-26 25-Mar-30 $0.2004 36,423,612
Jun-26 26-Jun-30 $0.1357 8,232,731
No shares were issued since the end of the year as a result of exercise of the options.
Material business risks
Operational risks
The operations of the Company may be affected by various factors many of which are beyond the control of
the Company, including failure to locate or identify additional mineral deposits, failure to achieve predicted
grades in exploration or mining, operational and technical difficulties encountered in mining, difficulties in
commissioning and/or operating plant and equipment, mechanical failure or plant breakdown, unanticipated
metallurgical problems which may affect extraction costs, adverse weather conditions, industrial and
environmental accidents, industrial disputes and unexpected shortages or increases in the costs of labour,
consumables, spare parts, plant and equipment, fire, explosions, cost of logistics and other incidents beyond
the control of the Company.
Nature of mineral exploration and mining
The business of mineral exploration, development and production is subject to a number of material risks. The
success of the Company’s business depends, amongst other things, on successful exploration and/or
acquisition of reserves, securing and maintaining title to tenements and consents, successful design,
construction, commissioning and operation of mining and processing facilities, successful development and
production in accordance with expectation and successful management of the operations. Exploration and
mining are speculative undertakings which may be hampered by force majeure events, land claims and
unforeseen mining and/or mechanical problems. Increased costs, lower output or high operating costs may
all contribute to make a project less profitable than expected at the time of the development decision. There
is no assurance that the Company’s current or planned processing activities will continue or commence, as
applicable, as expected.
Commodity price volatility
As the Company’s revenues are primarily derived from the sale of precious metals, any future earnings
generated by the Company will be closely related to the market prices for precious metals (which can vary
materially during short periods of time). Commodity prices fluctuate and are affected by numerous factors
beyond the control of the Company. These factors include supply and demand fluctuations for precious and
base metals, forward selling by major producers, and production cost levels in major gold and silver producing

Manuka Resources Ltd
For the year ended 30 June 2026

Directors’ Report (cont’d)

Page 28

regions. Moreover, commodity prices are also affected by macroeconomic factors such as expectations
regarding inflation, interest rates and global and regional demand for, and supply of, the precious metals as
well as general global economic conditions. These factors may also have an adverse effect on the Company’s
exploration, development and production activities, as well as on its ability to fund those activities.
Currency volatility
International prices of various commodities, including gold and silver, are denominated in United States
dollars, whereas the income and expenditure of the Company are and will be taken in account in Australia
dollars, consequently exposing the Company to fluctuations and volatility of the rate of exchange between the
United States dollar and the Australian dollar as determined by the international markets.
Financial indebtedness risk
The Company manages its various financial obligations by preparing detailed cash flow forecasts and
monitoring actual cash flows. However, the Company’s ability to service its various financial obligations may
be impaired by the occurrence of any number of factors. In such circumstances and if the Company were
unable to obtain sufficient alternative funding, its creditors would be able to exercise their security over the
Company’s assets or pursue alternative remedies any of which would likely have a material adverse effect on
the Company’s financial condition, prospects and ability to continue as a going concern.

Environmental legislation
The operations of Manuka Resources Limited are subject to a number of particular and significant
environmental regulations under a law of the Commonwealth or of a State or Territory in Australia and in New
Zealand.
All conditions governing the administration of various environmental and tenement licences have been
complied with. So far as the Directors are aware there has been no known breach of the Group’s licence
conditions, and all activities comply with relevant environmental regulations. The Directors are not aware of
any environmental regulation which is not being complied with.

Sustainability
The Company is committed to accepting accountability for its sustainability performance and to this end has
approved a number of actions. The renamed Audit, Risk & Sustainability Sub-Committee specifically highlights
the importance of focusing on sustainability performance, and the Board Charter has been amended
accordingly. The Company is in the process of reviewing and updating all polices targeting activities which may
have environmental and social impacts. At an operational level, all capital expenditure requests now require
an additional assessment of environmental, social and governance factors.
The Company has published its Sustainability Statement, highlighting our priorities and commitments,
including a commitment to align to the United Nations’ SDG’s (Sustainable Development Goals).
An important consideration in addressing potential impacts is ensuring we are engaged with all our relevant
stakeholders. We continue to review our internal stakeholder materiality impact assessment and plan to
broaden this over the next year to include better engagement with key stakeholders.
Remuneration report (audited)
The information provided in this remuneration report has been audited as required by section 308(3C) of the
Corporations Act 2001. The remuneration report sets out remuneration information for the Company’s
Executive Director, Non-Executive Directors and other Key Management Personnel (“KMP”). The report
contains the following sections:
a) Key Management Personnel disclosed in this report;

Manuka Resources Ltd
For the year ended 30 June 2026

Directors’ Report (cont’d)

Page 29

b) Remuneration policy;
c) Performance-based remuneration;
d) Company performance, shareholder wealth and directors’ and executives’ remuneration;
e) Use of remuneration consultants;
f) Details of remuneration;
g) Service agreements;
h) Share-based compensation;
i) Equity instruments held by Key Management Personnel; and
j) Other transactions with Key Management Personnel.
a) Key Management Personnel disclosed in this report
Directors
The following persons were Directors of Manuka Resources Ltd during or since the end of the financial period
and up to the date of this report:
• Mr Dennis Karp
• Mr Alan Eggers
• Mr John Seton

Other Key Management Personnel
• Haydn Lynch, Chief Operations Officer
• Rodney Griffith, Executive General Manager Operations

There have been no changes to directors or KMP since the end of the reporting period. Details of the equity
instruments in which Directors have an interest are outlined in paragraph (i) below.

Mr Dennis Karp
Executive Chairman
Director since 20
th
April 2016, Executive Chairman since 1 March 2020
Mr Karp commenced his career in the Australian financial markets in 1983. He was the Head of Trading at
HSBC Australia prior to joining Tennant Metals Limited in 1997, a substantial Australian domiciled physical
commodity trading company with operations in Asia and Europe. He was a principal shareholder of Tennant
Metals until 2010 and managing director from 2000 until December 2014. Mr Karp founded ResCap
Investments Pty Ltd in December 2014.

Over the past 12 years, Mr Karp has been involved in various resource projects and investment opportunities
in base metals and bulk commodities which have had marketing rights attached.

Mr Karp holds a Bachelor of Commerce from the University of Cape Town. Mr Karp does not hold any current
and has not held any former directorships in other listed companies in the last 3 years.

Mr Alan J Eggers
Executive Director
Director since 10 November 2022, Executive Director since 1 February 2023
Alan is a geologist with over 40 years of local and international experience. He brings with him exceptional
commercial expertise and was a founding director of Summit Resources Limited which they built from listing
on the NZX in 1987 into an ASX top 200 company and an ultimate takeover by Paladin Energy for A$1.2B in
2007. He holds a number of private directorships.

Manuka Resources Ltd
For the year ended 30 June 2026

Directors’ Report (cont’d)

Page 30

Alan holds Bachelor of Science, Honours and Master of Science degrees from Victoria University of Wellington.
He’s a Fellow of the Society of Economic Geologists, a fellow of AusIMM and a Member Australian Institute of
Geoscientists.
Mr John Seton
Non-executive Director
Director since 10 November 2022
John Seton has more than 40 years’ experience in the public resources sector, including the formation,
financing, management and governance of listed exploration and mining companies. His experience spans
mineral exploration, mine development and operations, capital markets, corporate transactions and strategic
development across Australia, New Zealand and international jurisdictions.
John has held senior executive and board positions with a number of resources companies and has direct mine
development and operating experience, including the development and operation of two gold mines in
Vietnam. He is also a qualified lawyer with extensive corporate, commercial, regulatory and governance
experience, bringing to the Board a combination of mining industry, capital markets, legal and governance
expertise.
b) Remuneration policy
The remuneration policy of Manuka Resources Limited has been designed to align key management personnel
objectives with shareholder and business objectives by providing a fixed remuneration component and
offering specific long-term incentives based on key performance areas affecting the Group’s financial results.
The board of Manuka Resources Limited believes the remuneration policy to be appropriate and effective in
its ability to attract and retain the best key management personnel to run and manage the Group.
The board’s policy for determining the nature and amount of remuneration for key management personnel of
the Group is as follows:
• The remuneration policy, setting the terms and conditions for the executive directors and other senior
executives (if any), was developed by the board. All executives receive a base salary (which is based on
factors such as length of service and experience) and superannuation. The board reviews executive
packages annually by reference to the Group’s performance, executive performance and comparable
information from industry sectors and other listed companies in similar industries.
• The board exercises its discretion in relation to approving incentives, bonuses and options. The policy is
designed to attract and retain the highest calibre of executives and reward them for performance that
results in long term growth in shareholder wealth.
• Executives are also entitled to participate in the employee share and option arrangements.
• The executive directors and executives (if any) receive a superannuation guarantee contribution required
by the government, which was 12.0% for the 2026 financial year (2025: 11.5%) payable on earnings up to
the maximum contribution base of $270,830 per annum (2026: $250,000 per annum), and do not receive
any other retirement benefits. Some individuals may choose to sacrifice part of their salary to increase
payments towards superannuation.
• All remuneration paid to directors and executives is valued at the cost to the Group and expensed. The
cost of share-based payments is measured by reference to the fair value at the date at which they are
granted using an option pricing model.
• The board policy is to remunerate non-executive directors at market rates for comparable companies for
time, commitment, and responsibilities. The board determines payments to the non-executive directors
and reviews their remuneration annually, based on market practice, duties and accountability.
Independent external advice is sought when required. The maximum aggregate amount of fees that can

Manuka Resources Ltd
For the year ended 30 June 2026

Directors’ Report (cont’d)

Page 31

be paid to non-executive directors is subject to approval by shareholders at the Annual General Meeting
(currently $240,000). Fees for non-executive directors are not linked to the performance of the Group.
However, to align directors’ interests with shareholder interests, the directors are encouraged to hold
shares in the Company.

c) Performance-based remuneration
The Group currently has no formal performance-based remuneration component built into key management
personnel remuneration packages. Remuneration and discretionary share-based payments are issued to align
the Directors’ interest with that of shareholders.
d) Company performance, shareholder wealth and directors’ and executives’ remuneration
Whilst no formal policy exists, remuneration is tailored to increase the direct positive relationship between
shareholders’ investment objectives and key management personnel performance. Currently, this is facilitated
through the issue of options to the majority of key management personnel, pending on Company
performance, to encourage the alignment of personal and shareholder interests. The Group believes this
policy will be effective in increasing shareholder wealth.
The table below shows the gross revenue, profits and (losses) and earnings per share for the last five financial
periods for the listed entity.

2026 2025 2024 2023 2022
$ $ $ $ $
Revenue and other income 434,010 946,874 15,195,323 9,899,903 53,271,499
Net profit / (loss) (28,085,039) (16,876,465) (18,234,635) (26,342,019) 5,281,420
Profit / (loss) per share
(cents)

(2.22)

(2.11)

(2.69)

(6.15)

1.92
Share price $0.08 $0.04 $0.04 $0.05 $0.17
No dividends have been paid during the financial years ended 30 June 2022 to 30 June 2026.
e) Use of remuneration consultants
The Group did not employ the services of any remuneration consultants during the financial year ended 30
June 2026 (2025: None).

Manuka Resources Ltd
For the year ended 30 June 2026

Directors’ Report (cont’d)

Page 32

f) Details of remuneration
Details of the remuneration of the key management personnel of the Group are set out in the following table.
The prior year accrual for Annual and Long Service Leave has been corrected and updated.
Fixed Remuneration Share-based Payments

Salary/
Directors Fee
Non-
Monetary
Benefits
Accrual for
Annual and
Long Service
Leave Superannuation
Equity-settled
Shares
Equity-
settled
Options Total
$ $ $ $ $ $ $
Directors
Dennis Karp
2026 450,000 63,920 30,000 - 580,000 1,123,920
2025 350,000 - 4,815 30,000 - - 384,815
Alan J Eggers
2026 480,000 - - - - 580,000 1,060,000
2025 504,000
1
- - - - - 504,000
John Seton
2026 65,000 - - - - 72,500 137,500
2025 65,000 - - - - - 65,000
Other KMP (Group)
Haydn Lynch
2026 276,786 - 17,312 33,214 - - 327,312
2025 244,708 - 7,602 28,141 - - 280,451
Rodney Griffith
2026 161,363 - 12,289 19,364 - - 193,016
2025 - - - - - - -
Total KMP remuneration
expensed



2026 1,433,149 - 93,521 82,578 - 1,232,500 2,841,748
2025 1,163,708
2
- 12,417 58,141 - - 1,234,266
1. During FY2026 Alan Eggers received fixed remuneration of $480,000 ((see g) (d) below for further information). He was also
paid $252,000 which related to FY2025 which was provided for as of 30 June 2025. The total amount of remuneration for
2025 was $504,000.
2. Total KMP remuneration expensed for FY2025 includes $27,085 paid to Anthony McPaul who resigned on the 3 December
2024.

g) Service agreements
The details of service agreements of the key management personnel of the Group are as follows:
Dennis Karp, Executive Chairman:
(a) Mr Karp was appointed Executive Chairman on 1 March 2020 at an annual salary of $240,000 (plus
superannuation). The annual salary was increased effective 1 January 2022 to $350,000 (plus
superannuation). Effective 1 July 2025 the annual salary was increased to $450,000 (plus
superannuation); and
(b) The agreement is ongoing until terminated in accordance with the agreement. Mr Karp may terminate
the agreement by giving 12 weeks’ notice in writing to the Company and the Company may terminate
the agreement (without cause) by giving Mr Karp 12 weeks’ written notice or by making payment in lieu
of notice.

Manuka Resources Ltd
For the year ended 30 June 2026

Directors’ Report (cont’d)

Page 33

Alan Eggers, Executive Director:
(c) Mr Eggers was appointed Executive Director on 1 February 2023 at an annual consultancy fee of
$240,000 inclusive of superannuation, exclusive of any GST. Effective 1 July 2024 Alan was engaged
on a full-time basis with an annual consultancy fee of $480,000 inclusive of superannuation, exclusive
of GST; and
(d) The agreement is ongoing until terminated in line with the agreement. Mr Eggers may terminate the
agreement by giving 3 months’ notice in writing to the Company and the Company may terminate
the agreement (without cause) by giving Mr Eggers 3 months’ written notice or by making payment
in lieu of notice.
Haydn Lynch, Chief Operations Officer:
(e) Mr Lynch was appointed Chief Operating Officer on 1 July 2019 at an annual salary of $240,000
(inclusive of superannuation). The annual salary was increased effective 1 January 2022 to $270,000
inclusive of superannuation. Effective 1 July 2024 Haydyn’s salary increased to $310,000 inclusive of
superannuation; and
(f) The agreement is ongoing until terminated in accordance with the agreement. Mr Lynch may
terminate the agreement by giving 12 weeks’ notice in writing to the Company and the Company
may terminate the agreement (without cause) by giving Mr Lynch 12 weeks’ written notice or by
making payment in lieu of notice.
Rodney Griffith, Executive General Manager, Operations:
(g) Mr Griffith was appointed Executive General Manager, Operations on 27 January 2026 at an annual
salary of $355,000 (plus superannuation).
(h) The agreement is ongoing until terminated in accordance with the agreement. Mr Griffith may
terminate the agreement by giving 3 months’ notice in writing to the Company and the Company
may terminate the agreement (without cause) by giving Mr Griffith 3 months’ written notice or by
making payment in lieu of notice.
John Seton, Non-executive Director:
Mr Seton has entered into service agreements with the company in the form of a letter of appointment. The
letter summarises the board policies and terms, including remuneration, relevant to the office of director.
Annual remuneration is $65,000 per annum effective 1 January 2022 (previously $45,154 per annum), with
additional fees payable where the Board determines special duties, or services outside the scope of the of the
ordinary duties of a NED, have been performed. Remuneration is subject to annual review by the Board and
reasonable notice of an intention to resign or to not seek re-election should be given to the Company.

h) Share-based compensation
Shares
During the financial period no fully paid Ordinary Shares were issued in lieu of cash payments of Non-Executive
Directors fees.

Options
Options are issued to key management personnel as part of their remuneration. The options are not issued
based on performance criteria but are issued to the majority of key management personnel of Manuka
Resources Limited to increase goal congruence between key management personnel and shareholders.
No ordinary shares in the Company have been provided as a result of the exercise of remuneration options to
each director of Manuka Resources Limited and other key management personnel of the Group during the
year.

Manuka Resources Ltd
For the year ended 30 June 2026

Directors’ Report (cont’d)

Page 34

i) Equity instruments held by Key Management Personnel
Shareholdings
The numbers of shares in the Company held during the financial year by each director of Manuka Resources
Limited and other key management personnel of the Group, including their related parties, and any nominally
held, are set out below. There were no shares granted during the reporting period as compensation.





Note
Balance at start of
the year
Received during
the year on the
exercise of Options
Other changes
during the year
Balance at end of
the year
Directors
Dennis Karp 60,212,789 - (3,500,001)
1
56,712,788
Alan J Eggers 61,375,887 - - 61,375,887
John Seton 50,975,544 181,667 - 51,157,211
Other KMP
Haydn Lynch 3,966,629 - - 3,966,629
Rodney Griffith - - - -

1.
During the financial period 3,500,001 Manuka Resources shares were disposed of by a shareholder of Rescap
Investments Pty Ltd, an entity associated with Mr Dennis Karp. Mr Karp was not the beneficial owner of those shares
and the disposal formed part of a broader corporate reorganisation of Rescap Investment Pty Ltd.
Option holdings
The numbers of options over ordinary shares in the Company held during the financial year by each director
of Manuka Resources Limited and other key management personnel of the Group, including their personally
related parties, and any nominally held, are set out below.



Note
Balance at
start of the
year
Granted as
compen-
sation
Other
changes
Balance at
end of the
year
Vested and
exercisable Unvested
Directors
Dennis Karp - 20,000,000 - 20,000,000 20,000,000 -
Alan Eggers - 20,000,000 - 20,000,000 20,000,000 -
John Seton 541,667 2,500,000 (541,667) 2,500,000 2,500,000 -
Other KMP
Haydn Lynch - - - - - -
Rodney Griffith - - - - - -

No options were exercised during the period except 541,667 by John Seton on or about the 15 May 2026 at
the exercise price of 6 cents (2025: Nil). All vested options are exercisable.


j) Other transactions with Key Management Personnel
ResCap Investments Pty Ltd - A director, Mr Dennis Karp, is a director of, and holds a controlling interest in,
ResCap Investments Pty Ltd (“ResCap”). The Group has borrowing arrangements with ResCap. Aggregate
amounts of each of the above types of other transactions with key management personnel of Manuka
Resources Limited:

Manuka Resources Ltd
For the year ended 30 June 2026

Directors’ Report (cont’d)

Page 35



30 June
2026
30 June
2025
$ $
Details of related party transactions with ResCap through
the loan facility:


- Interest charged on loan 11,350 43,670

Details of related party transactions with Anna Karp,
an individual directly related to a member of KMP:

-Sale of motor vehicle - 32,500
Details of balances with related parties:
Details of loan with Manuka Resources Ltd
- Funds payable to ResCap Investments Pty Ltd

- 273,242



End of audited Remuneration Report

Manuka Resources Ltd
For the year ended 30 June 2026

Directors’ Report (cont’d)

Page 36

Indemnities given to, and insurance premiums paid for, auditors and officers
During the period, Manuka Resources has paid a premium to insure officers of the Company. The officers of
the Company that are covered by the insurance policy includes all directors and key management personnel.
The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may
be brought against the officers in their capacity as officers of the Company, and any other payments arising
from liabilities incurred by the officers in connection with such proceedings, other than where such liabilities
arise out of conduct involving a wilful breach of duty by the officers or the improper use by the officers of their
position or of information to gain advantage for themselves or someone else to cause detriment to the
Company.
The Company has not otherwise, during or since the end of the financial period, except to the extent permitted
by law, indemnified or agreed to indemnify any current or former officer of the Company against a liability
incurred as such by an officer.
The Company has agreed to indemnify its auditors, RSM Australia Partners, to the extent permitted by law,
against any claim by a third party arising from the Company’s breach of its agreement. The indemnity requires
the Company to meet the full amount of any such liabilities including a reasonable amount of legal costs.
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring
proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party,
for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings.
No proceedings have been brought, or intervened in, on behalf of the company with leave of the court under
section 237 of the Corporations Act 2001.
Audit and non-audit services
Details of the amounts paid or payable to the auditor for audit and non-audit services during the year are
disclosed in Note 9.
The Company may decide to employ the auditor on assignments additional to their statutory audit duties
where the auditor’s expertise and experience with the Company and/or the Group are important.
No non-audit services during the financial year ended 30 June 2026, other than RSM Taxation were appointed
tax agents to the Australian domiciled entities.

Manuka Resources Ltd
For the year ended 30 June 2026
Directors’ Report (cont’d)
Page 37
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 Directors’ Report.
Signed in accordance with a resolution of the Directors.
Dennis Karp
Executive Chairman
30 September 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
AUDI
TOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Manuka Resources Limited for the year ended 30 June 2026,
I declare that, to the best of my knowledge and belief, there have been no contraventions of:
(i)the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)any applicable code of professional conduct in relation to the audit.
R
SM AUSTRALIA PARTNERS
Cameron Hume
Partner
Sydney, NSW
Dated: 30 September 2026
Page 38

Manuka Resources Ltd
For the year ended 30 June 2026
Page 39
Consolidated Statement of Profit or Loss and
Other Comprehensive Income
For the year ended 30 June 2026
Notes
30 June
2026
30 June
2025
$ $
Sales revenue 5(a)
- -
Cost of sales
- -
Operating (Loss)/Profit
- -
Other income
5(b) 434,010 946,874
Other expenses 6(a) (17,657,535)(7,319,117)
Share based payment expenses 6(d) (1,232,500) -
Foreign exchange gains / (losses)6(c)(702,885)(244,639)
(Loss)/Profit before finance expenses(19,158,910)(6,616,882)
Finance expenses 7 (8,926,129) (10,259,583)
(Loss)/Profit before income tax (28,085,039) (16,876,465)
Income tax expense
8 - -
(Loss)/Profit for the period attributable to
members of Manuka Resources Limited (28,085,039) (16,876,465)
Other comprehensive income / (expense) (476,248) 385,588
Total comprehensive profit / (loss) for the year
attributable to members of Manuka Resources
Limited (28,561,287) (16,490,877)
Profit / (loss) per share for loss attributable to
the ordinary equity holders of the Company
Basic profit /(loss) per share (cents per share) 24(2.22)(2.11)
Diluted profit /(loss) per share (cents per share)
8

24
(2.22)
(2.11)
This statement should be read in conjunction with the notes to the financial statements.
8
As the Group made a loss for the year ended 30 June 2026, none of the potentially dilutive securities were included in the calculation of diluted
earnings per share for that year. These securities could potentially dilute basic earnings per share in the future.

Manuka Resources Ltd
For the year ended 30 June 2026





Page 40

Consolidated Statement of Financial Position
As at 30 June 2026


Notes
30 June
2026
30 June
2025
$ $
Assets
Current
Cash and cash equivalents 11 7,848,206 968,645
Trade and other receivables 12 247,942 8,696
Prepayments 13 380,556 34,472
Inventories 14 1,660,228 237,899
Other financial assets 19.3 - 21,000
Total current assets 10,136,932 1,270,712
Non-current
Mine properties and development assets 15 179,317 629,900
Exploration and evaluation assets 16 38,637,386 37,934,470
Property, plant and equipment 17 16,785,461 13,752,823
New & upgraded circuit 19,031,379 -
Right-of-use asset 18 205,586 334,568
Other financial assets 19.3 8,596,044 5,475,357
Total non-current assets 83,435,173 58,127,118
Total assets 93,572,105 59,397,830

Liabilities
Current
Trade and other payables 20 14,957,654 8,467,206
Provisions 21 389,845 294,699
Borrowings 19.2 713,896 40,278,049
Lease liabilities 18 151,207 111,183
Total Current liabilities 16,212,602 49,151,137
Non-current
Provisions 21 7,403,181 7,620,743
Lease liabilities 18 77,256 231,609
Borrowings 19.2 45,560,634 98,605
Total non-current liabilities 53,041,064 7,950,957
Total liabilities 69,253,666 57,102,094
Net assets 24,318,439 2,295,736







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

Manuka Resources Ltd
For the year ended 30 June 2026
Consolidated Statement of Financial Position (cont’d)
Page 41
Notes
30 June
2026
30 June
2025
$
$
22 117,776,181 72,948,453
25.1 1,279,639 1,701,146
25.2 3,608,412 358,475
(98,345,794)(72,712,338)
Equity
Share capital
Share option reserve
Other reserves
Accumulated losses
Total equity
24,318,439 2,295,736
This statement sh
ould be read in conjunction with the notes to the financial statements.

Manuka Resources Ltd
For the year ended 30 June 2026


Page 42

Consolidated Statement of Changes in Equity
For the year ended 30 June 2026





Notes
Share
Capital
Share Option
reserve
Other
reserves
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

- - - (16,876,465) (16,876,465)
Other comprehensive profit/(loss)

- - 385,588 - 385,588
Total comprehensive loss for the period

- - 385,588 (16,876,465) (16,490,877)
Contribution of equity
1,698,790 - - - 1,698,790
Share based payments
25.1 - 224,820 - - 224,820
Transfer expired share-based payments
- (3,777,384) - 3,777,384 -
Share issue costs
(147,148) - - - (147,148)
Balance as at 30 June 2025

72,948,453 1,701,146 358,475 (72,712,338) 2,295,736



Balance as at 1 July 2025

72,948,453 1,701,146 358,475 (72,712,338) 2,295,736
Loss for the period

- - - (28,085,039) (28,085,039)
Other comprehensive profit/(loss)

- - (476,248) - (476,248)
Total comprehensive loss for the period

- - (476,248) (28,085,039) (28,561,287)
Contribution of equity

46,905,363 - - - 46,905,363
Share based payments
25.1
- 1,232,500 - - 1,232,500
Options Issued
22.2
- 1,7620,660 - - 1,720,660
Options exercised
22.2
923,084 (923,084) - - -
Transfer expired options
22.2
- (2,451,583) - 2,451,583 -
Derivative Warrants
25.2
- - 3,726,185 3,726,185
Share issue costs
22
(3,000,719) - - (3,000,719)
Balance as at 30 June 2026

117,776,181 1,279,639 3,608,412 (98,345,794) 24,318,439

















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

Manuka Resources Ltd
For the year ended 30 June 2026
Page 43
Consolidated Statement of Cash Flows
For the year ended 30 June 2026
Notes 2026 2025
$$
Operating activities
Receipts from customers - -
Payments to suppliers and employees(23,271,235)(6,138,995)
Other income 382,999 952,510
Finance costs (3,227,401) (16,900)
Net cash used in operating activities 23 (26,115,637) (5,203,385)
Investing activities
Payments for property, plant and equipment (628,914) -
Payments for new & upgraded circuit (10,197,370) -
Sale of property, plant and equipment 209,000 100,116
Payments for development and exploration assets (680,567) (259,672)
Exploration bonds (1,365,044) 51,000
Security bonds - 23,564
Net cash (used in) investing activities (12,662,895) (84,992)
Financing activities
Repayments of borrowings(12,439,980) (31,862,697)
Proceeds from borrowings 27,184,725 34,678,799
Repayment of lease liabilities(259,079) (236,073)
Proceeds from issues of ordinary shares 22.133,032,2861,698,789
Costs of issue of ordinary shares(1,859,859)(147,148)
Net cash from financing activities 45,658,092 4,131,671
Net change in cash and cash equivalents6,879,561(1,156,705)
Cash and cash equivalents, at beginning of the period 968,645 2,125,350
Cash and cash equivalents, at end of period 11 7,848,206 968,645
This statement s
hould be read in conjunction with the notes to the financial statements.

Manuka Resources Ltd
For the year ended 30 June 2026
Page 44


Notes to the Financial Statements
1 Nature of operations and general information and statement of compliance
During the financial year, the Company’s principal activities related to Ore Reserve estimations for the
Wonawinta Silver and Mt Boppy gold mines. While these operations have been on care and maintenance
during the review period, refurbishment of the Wonawinta processing plant commenced.

The financial report includes the consolidated financial statements and notes of Manuka Resources Limited
and its controlled entities, Mt Boppy Resources Pty Ltd and Trans-Tasman Resources Ltd (Consolidated Group
or Group).

These general-purpose financial statements have been prepared in accordance with Australian Accounting
Standards and Interpretations issued by the Australian Accounting Standards Board and the Corporations Act
2001. These include Australian equivalents to International Financial Reporting Standards (AIFRS). Compliance
with AIFRS ensures the that the financial report, comprising the financial statements and the notes, complies
with International Financial Reporting Standards (IFRS).

Manuka Resources Limited is a for-profit entity for the purpose of preparing the financial statements.

Manuka Resources Ltd is a Public Company incorporated and domiciled in Australia. The address of its
registered office and its principal place of business is Level 4, Grafton Bond Building, 201 Kent Street, Sydney,
New South Wales.
The consolidated financial statements for the year ended 30 June 2026 were approved and authorised for
issue by the Board of Directors on 30 September 2026. The directors have the power to amend and reissue
the financial statements.

In accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, the
amounts in the Directors’ report and in the financial report have been rounded to the nearest dollar.

2 Changes in accounting policies
2.1 New and amended standards 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.

Manuka Resources Ltd
For the year ended 30 June 2026

Notes to the Financial Statements (cont’d)

Page 45

3 Material accounting policy information
3.1 Overall considerations
The significant accounting policies that have been used in the preparation of these financial statements are
summarised below.
The financial statements have been prepared using the measurement bases specified by Australian Accounting
Standards for each type of asset, liability, income and expense. The measurement bases are more fully
described in the accounting policies below.
The financial statements have been prepared on a historical cost basis, except for the assets held for sale
which are measured at fair value less cost of disposal. The financial statements are presented in Australian
dollars which is the Company’s functional and presentation currency.
3.2 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 $28,085,039 and had net cash outflows
from operating and investing activities of $38,778,532 for the year ended 30 June 2026. As at that date the
company had net current liabilities of $6,075,670.

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 a number of factors, including:
• Additional debt facilitates to be secured within the next 12 months and raising additional funds in the
capital markets to fund the continuing startup phase of the mining operations.
• Manage the creditor book and long dated creditors, repayment of long dated creditors via the proceeds
from funds from capital raising or debt facilities and
• The ability of the Group to commence gold production (and by-product silver) profitably and
consistently as planned at Mt Boppy.
• Compliance with all covenants that are present in existing debt facilities. Where breaches occur, that
waivers are received from the lender, as and when required.

The Directors believe that there are reasonable grounds to believe the Group will be able to continue as a
going concern, after consideration of the following factors:
• The refinancing of the Groups debt facility earlier in the year, as disclosed in not 19.2,
• History of success in raising funds in the market;
• The level of support extended from key suppliers and creditors to date,
• High gold and silver prices which lend themselves to a profitable resumption of production from
material from either the Wonawinta silver project or the Mt Boppy gold project, and
• Cash balance as at 30 June 2026 of $7,848,206

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.

Manuka Resources Ltd
For the year ended 30 June 2026
Notes to the Financial Statements (cont’d)
Page 46
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.

3.3 Basis of consolidation
The Group’s financial statements consolidate those of the Parent Company and all of its subsidiaries at the
end of the reporting period. The parent controls a subsidiary if it is exposed, or has rights, to variable returns
from its involvement with the subsidiary and has the ability to affect those returns through its power over the
subsidiary. All subsidiaries have a reporting date of 30 June 2026.
All transactions and balances between Group companies are eliminated on consolidation, including unrealised
gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset
sales are reversed on consolidation, the underlying asset is also tested for impairment from a group
perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary
to ensure consistency with the accounting policies adopted by the Group.
Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are
recognised from the date on which control is transferred to the Group, or up to the date that control ceases.
3.4 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker. The chief operating decision maker, who is responsible for allocating resources and
assessing performance of the operating segments, has been identified as the full Board of Directors. (Refer
Note 4)
3.5 Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of
the primary economic environment in which the entity operates (‘the functional currency’). The consolidated
financial statements are presented in Australian dollars, which is Manuka Resources Limited’s functional and
presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at year end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in profit or loss. They are deferred in equity if they are
attributable to part of the net investment in a foreign operation.
Foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other
gains/(losses).
3.6 Revenue recognition
The Group recognises revenue as follows:
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the Company is expected to be
entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the
Company: identifies the contract with a customer; identifies the performance obligations in the contract;

Manuka Resources Ltd
For the year ended 30 June 2026

Notes to the Financial Statements (cont’d)

Page 47

determines the transaction price which takes into account estimates of variable consideration and the time
value of money; allocates the transaction price to the separate performance obligations on the basis of the
relative stand-alone selling price of each distinct good or service to be delivered; and recognises revenue when
or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the
goods or services promised.
Variable consideration within the transaction price, if any, reflects concessions provided to the customer such
as discounts, rebates and refunds, any potential bonuses receivable from the customer and any other
contingent events. Such estimates are determined using either the ‘expected value’ or ‘most likely amount’
method. The measurement of variable consideration is subject to a constraining principle whereby revenue
will only be recognised to the extent that it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur. The measurement constraint continues until the uncertainty
associated with the variable consideration is subsequently resolved. Amounts received that are subject to the
constraining principle are initially recognised as deferred revenue in the form of a separate refund liability.
Sale of goods
Revenue from the sale of goods is recognised at the point in time when the customer obtains control of the
goods, which is generally at the time of delivery. The Company has one Key Customer which is a London Bullion
Market Association (LBMA) Accredited Refinery. Sales revenue is recognised at the time of the Lock-in
Contract. This is when goods are delivered and title and risk pass to the customer.

3.7 Government grants
Grants from the government are recognised at their fair value where there is a reasonable assurance that the
grant will be received, and the Group will comply with all attached conditions. Government grants are
recorded in other income.
3.8 Operating expenses
Operating expenses are recognised in profit or loss upon utilisation of the service.
3.9 Exploration and evaluation expenditure
Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest.
These costs are only carried forward to the extent that they are expected to be recouped through the
successful development of the area, or by its sale where activities in the area have not yet reached a stage
that permits reasonable assessment of the existence of economically recoverable reserves.
Accumulated costs in relation to an abandoned areas are written off in full against profit or loss in the year in
which the decision to abandon the area is made.
When production commences, the accumulated costs for the relevant area of interest are transferred to mine
properties and amortised over the life of the area according to the rate of depletion of the economically
recoverable reserves.
Costs of site restoration are provided over the life of the facility from when exploration commences and are
included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant,
equipment and building structures, waste removal, and rehabilitation of the site in accordance with clauses of
the mining permits. Such costs have been determined using estimates of future costs, current legal
requirements and technology on a discounted basis.

Manuka Resources Ltd
For the year ended 30 June 2026
Notes to the Financial Statements (cont’d)
Page 48
Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs of
site restoration, there is uncertainty regarding the nature and extent of the restoration due to community
expectations and future legislation. Accordingly, the costs have been determined on the basis that the
restoration will be completed within one year of abandoning the site. A regular review for impairment is
undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in
relation to that area of interest. Exploration expenditure which fails to meet at least one of the conditions
outlined above is written off.
3.10 Property, plant and equipment
Property, plant, equipment, is stated at cost less accumulated depreciation and any impairment in value.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Company and
the cost of the item can be measured reliably.
All other repairs and maintenance are charged to the income statement during the financial year in which they
are incurred.
Depreciation commences on assets when it is deemed, they are capable of operating in the manner intended.
Useful lives are examined on an annual basis and adjustments, where applicable, are made on a revised useful
life basis.
AssetDepreciation rate
Freehold land – at cost not depreciated
Computer Equipment
- Laptops a
nd mobile devices2 years effective life (50%) – diminishing value
- Other Computer equipment4 years effective life (25%) - diminishing value
Plant and Equipment
Ball Mil
l Motor25 years effective life (4%) - diminishing value
Other Pumps and Motors20 years effective life (5%) - diminishing value
Generators10 years effective life (10%) - diminishing value
Other plant and equipment
2 - 10 years effective life (10% to 50%) - diminishing
value
Processing Plantunits of production
Motor Vehicles and Mining Machines
8 - 10 years effective life (10% to 12.5%) -
diminishing value
The carrying values of plant and equipment are reviewed for impairment when events or changes in
circumstances indicate the carrying value may not be recoverable.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits
are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement
of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset
and is recognised in profit or loss.

Manuka Resources Ltd
For the year ended 30 June 2026
Notes to the Financial Statements (cont’d)
Page 49
3.11 Financial instruments
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual
provisions of the financial instrument and are measured initially at fair value adjusted by transactions costs,
except for those carried at fair value through profit or loss, which are measured initially at fair value.
Subsequent measurement of financial assets and financial liabilities are described below.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire,
or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is
derecognised when it is extinguished, discharged, cancelled, or expires.
Except for those trade receivables that do not contain a significant financing component and are measured at
the transaction price in accordance with AASB 15, all financial assets are initially measured at fair value
adjusted for transaction costs (where applicable).
Subsequent measurement of financial assets
For the purpose of subsequent measurement, financial assets, other than those designated and effective as
hedging instruments, are classified into the following categories upon initial recognition:
•
financial assets at amortised cost
•financial asse
ts at fair value through pr
ofit or loss (FVPL)
•debt instru
ments at fair value through other comprehensive income
(FVOCI)
•equity
instruments at fair value through other comprehensive in
come (FVOCI)
Classifications are determined
by both:
•The entity’s business model for managing the financia
l asset
•The
contractual cash flow characte
ristics of the financial assets
All income and expenses relating
to financial assets that are recognised in profit or loss are presented within
finance costs, finance income or other financial items, except for impairment of trade receivables which is
presented within other expenses.
Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not
designated as FVPL):
•they are held within a business model whose objective is to hold the financial assets and collect its
contractual cash flows; and
•the con
tractual terms of the financial assets give rise
to cash flows that are solely payments of principal
and in
terest on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest method.
Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents,
trade and most other receivables fall into this category of financial instruments.
Financial assets at fair value through profit or loss (FVPL)
Financial assets that are held within a business model other than ‘hold to collect’ or ‘hold to collect and sell’
are categorised at fair value through profit and loss. Further, irrespective of business model, financial assets

Manuka Resources Ltd
For the year ended 30 June 2026

Notes to the Financial Statements (cont’d)

Page 50

whose contractual cash flows are not solely payments of principal and interest are accounted for at FVPL. All
derivative financial instruments fall into this category, except for those designated and effective as hedging
instruments, for which the hedge accounting requirements apply.
Impairment of financial assets
The AASB 9 impairment model uses forward looking information to recognise expected credit losses - the
‘expected credit losses (ECL) model’. The application of this impairment model depends on whether there has
been a significant increase in credit risk.
The Group considers a broader range of information when assessing credit risk and measuring expected credit
losses, including past events, current conditions, reasonable and supportable forecasts that affect the
expected collectability of the future cash flows of the instrument.
In applying this forward-looking approach, a distinction is made between:
• financial instruments that have not deteriorated significantly in credit quality since initial recognition or
that have low credit risk (‘Stage 1’); and
• financial instruments that have deteriorated significantly in credit quality since initial recognition and
whose credit risk is not low (‘Stage 2’).
‘Stage 3’ would cover financial assets that have objective evidence of impairment at the reporting date. ‘12-
month expected credit losses’ are recognised for the first category while ‘lifetime expected credit losses’ are
recognised for the second category. Measurement of the expected credit losses is determined by a probability-
weighted estimate of credit losses over the expected life of the financial instrument.
Trade and other receivables and contract assets
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary
course of business. They are generally due for settlement within 30 days and therefore are all classified as
current. Trade receivables are recognised initially at the amount of consideration that is unconditional unless
they contain significant financing components, when they are recognised at fair value. The Group holds the
trade receivables with the objective to collect the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method.
The Group applies the AASB 9 simplified approach to measuring expected credit losses which uses a lifetime
expected loss allowance for all trade receivables. In determining the recoverability of a trade or other
receivables using the expected credit loss model, the Group performs a risk analysis considering the type and
age of the outstanding receivables, the creditworthiness of the counterparty, contract provisions, letter of
credit and timing of payment.
No provision for credit losses was required to be recognised in the current period ending 30 June 2026 (2025:
nil).
Classification and measurement of financial liabilities
The Group’s financial liabilities include trade and other payables, borrowings, lease liabilities and derivative
financial instruments.
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs
unless the Group designated a financial liability at fair value through profit or loss. Subsequently, financial
liabilities are measured at amortised cost using the effective interest method except for derivatives and

Manuka Resources Ltd
For the year ended 30 June 2026

Notes to the Financial Statements (cont’d)

Page 51

financial liabilities designated at FVPL, which are carried subsequently at fair value with gains or losses
recognised in profit or loss (other than derivative financial instruments that are designated and effective as
hedging instruments).
Foreign exchange gains and losses
For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the
end of each reporting period, the foreign exchange gains and losses are determined based on the amortised
cost of the instruments. Except for those foreign exchange gains and losses related to borrowings, foreign
exchange gains and losses are recognised in the ‘Other income’ or ‘Other losses’ line items in profit or loss for
financial liabilities that are not part of a designated hedging relationship. Foreign exchange gains and losses
related to borrowings are recognised in the ‘Finance Charges’ line item in profit or loss.
The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency
and translated at the spot rate at the end of the reporting period. For financial liabilities that are measured as
at FVTPL, the foreign exchange component forms part of the fair value gains or losses and is recognised in
profit or loss for financial liabilities that are not part of a designated hedging relationship.
3.12 Care and Maintenance
When a mine moves into the care and maintenance stage, the costs of maintaining the mine are expensed in
the period as incurred unless there are future economic benefits for other operating mines.
3.13 Mine development
Mine development expenditure relates to costs incurred to access a mineral resource. It represents those
exploration and evaluation costs incurred after the technical feasibility and commercial viability of extracting
the mineral resource has been demonstrated and an identified mineral reserve is being prepared for
production (but is not yet in production).
Significant factors considered in determining the technical feasibility and commercial viability of the project
are the completion of a feasibility study, the existence of sufficient proven and probable reserves to proceed
with development and approval by the Board of directors to proceed with development of the project. Mine
development costs include direct and indirect costs associated with mine infrastructure, pre-production
development costs, development excavation, project execution costs and other subsurface expenditure
pertaining to that area of interest. Costs related to tangible surface plant and equipment, and any associated
land and buildings are accounted for as property, plant and equipment.
Development costs are carried forward in respect of areas of interest in the development phase until
commercial production commences. When commercial production commences, carried forward development
costs are transferred to Mine Properties and amortised on a units of production basis over the life of
economically recoverable reserves of the area of interest. Development assets are assessed for impairment if
an impairment trigger is identified. For the purposes of impairment testing, development assets are allocated
to CGUs to which the development activity relates.

3.14 Cash and cash equivalents
For the purposes of the statement of cash flows, cash and cash equivalents includes cash on hand and at bank,
deposits held at call with financial institutions, other short term, highly liquid investments with maturities of
three months or less, that are readily convertible to known amounts of cash and which are subject to an
insignificant risk of changes in value and bank overdrafts.

Manuka Resources Ltd
For the year ended 30 June 2026
Notes to the Financial Statements (cont’d)
Page 52
3.15 Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the
redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest
method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the
extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred
until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility
will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged,
cancelled or expired. The difference between the carrying amount of a financial liability that has been
extinguished or transferred to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs.
Where the terms of a financial liability are renegotiated and the entity issues equity instruments to a creditor
to extinguish all or part of the liability (debt for equity swap), a gain or loss is recognised in profit or loss, which
is measured as the difference between the carrying amount of the financial liability and the fair value of the
equity instruments issued.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement
of the liability for at least 12 months after the reporting period.
The component of the convertible notes that exhibits characteristics of a liability is recognised as a liability in
the statement of financial position, net of transaction costs.
On the issue of the convertible notes the fair value of the liability component is determined using a market
rate for an equivalent non-convertible bond and this amount is carried as a non-current liability on the
amortised cost basis until extinguished on conversion or redemption. The increase in the liability due to the
passage of time is recognised as a finance cost. The remainder of the proceeds are allocated to the conversion
option that is recognised and included in shareholders equity as a convertible note reserve, net of transaction
costs. The carrying amount of the conversion option is not remeasured in the subsequent years. The
corresponding interest on convertible notes is expensed to profit or loss.
3.16 Borrowing costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or
production of a qualifying asset are capitalised during the period of time that is required to complete and
prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial
period of time to get ready for their intended use or sale.
Other borrowing costs are expensed in the period in which they are incurred.
3.17 Equity, reserves and dividend payments
Share capital represents the fair value of shares that have been issued. Any transaction costs associated with
the issuing of shares are deducted from share capital, net of any related income tax benefits.
Other components of equity include the following:

Manuka Resources Ltd
For the year ended 30 June 2026

Notes to the Financial Statements (cont’d)

Page 53

• Share based payment reserve – comprising assessed fair value of options issued to employees,
executives, Directors and other parties
Retained earnings include all current and prior period retained profits.
Dividend distributions payable to equity shareholders are included in other liabilities if the dividends have
been being appropriately authorised and are no longer at the discretion of the entity prior to the reporting
date. All transactions with owners of the parent are recorded separately within equity.
Share based payments to other parties
Options have been issued to financiers and other parties as payment for goods and services from time to time.
The cost of these share-based payments is measured by reference to the fair value at the date at which they
are granted using an option pricing model. The options may be subject to service or other vesting conditions,
and their fair value is recognised as an expense together with a corresponding increase in other reserve equity
over the vesting period.
3.18 Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to owners of the Company, excluding
any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares
outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take
into account the after income tax effect of interest and other financing costs associated with dilutive potential
ordinary shares and the weighted average number of shares assumed to have been issued for no consideration
in relation to dilutive potential ordinary shares.
3.19 Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST
incurred is not recoverable from the taxation authority. In these circumstances the GST is recognised as part
of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the
statement of financial position are shown inclusive of GST.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables
or payables.
Cash flows are included in the cash flow statement on a gross basis. The GST component of cash flows arising
from investing and financing activities which is recoverable from, or payable to, the taxation authority is
classified within operating cash flows.
3.20 Rehabilitation
Provisions made for rehabilitation are recognised where there is a present obligation as a result 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 and impacted 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

Manuka Resources Ltd
For the year ended 30 June 2026
Notes to the Financial Statements (cont’d)
Page 54
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.
3.21 Pillar Two income taxes
The Group has assessed the requirements of the OECD Pillar Two global minimum tax legislation and has
determined that it is not within the scope of the Pillar Two Model Rules. Accordingly, the Group does not
expect the legislation to have an impact on its income tax position.
3.22 Significant management judgement in applying accounting policies and estimation
uncertainty
When preparing the financial statements, management undertakes a number of judgements, estimates and
assumptions about the recognition and measurement of assets, liabilities, income and expenses.
Rehabilitation provision
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 the 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, level of ground
disturbance and cost estimates are updated.
Fair Value of Debt and Equity Calculation
The determination of fair value for financial instruments, including debt and equity securities, involves
significant judgment and estimation uncertainty. Management applies valuation techniques that incorporate
both observable market data and inputs. These techniques include discounted cash flow models, and option
pricing models, which require assumptions about interest rates and forecasted cash flows. Changes in these
assumptions could materially affect the reported fair values. The Group has disclosed sensitivity analyses and
valuation methodologies in note 26.

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.
Three operating segments have been identified:
•Exploration - Australia: Exploration of existing gold and silver leases and exploration le
ases at
Wonawinta a
nd Mt Boppy projects
•Exploration – NZ: Exploration of acquired mining and exploration leases at the
Taranaki VTM Project
(New Zealand)
•Operations: b
eing the appraisal, development and processing of gold and silver de
posits
The
following table presents revenue and loss information regarding operating segments for the years ended
30 June 2026 and 30 June 2025.

Manuka Resources Ltd
For the year ended 30 June 2026

Notes to the Financial Statements (cont’d)

Page 55


Year ended 30 June 2026
Exploration
NZ
Exploration
Australia

Operations Total
$
Segment revenue (external customers) - - - -
Segment cost of sales - - - -
Segment operating contribution - -
Other income
- - 434,010 434,010
Expenses
(64,821) (48,511) (17,544,203) (17,657,535)
Share based payment expenses
- - (1,232,500) (1,232,500)
Foreign exchange gains / losses
- - (702,885) (702,885)
Finance income / (expenses)
- - (8,926,129) (8,926,129)
Profit / (loss) before income tax
(64,821) (48,511) (27,971,707) (28,085,039)


Year ended 30 June 2025
Exploration
NZ
Exploration
Australia

Operations Total $
Segment revenue (external customers) - - - -
Segment cost of sales - - - -
Segment operating contribution - -
Other income
- - 946,874 946,874
Expenses
(154,548) (52,505) (7,112,064) (7,319,117)
Share based payment expenses
- - - -
Foreign exchange gains / losses
- - (244,639) (244,639)
Finance income / (expenses)
- - (10,259,583) (10,259,583)
Profit / (loss) before income tax
(154,548) (52,505) (16,669,412) (16,876,465)

The following table presents segment assets and liabilities of operating segments as at 30 June
2026 and 30 June 2025.
Segment Assets
Exploration
NZ
Exploration
Australia

Operations Total
$ $ $ $
As at 30 June 2026
26,606,684 13,994,996 52,970,426 93,572,105
As at 30 June 2025
26,606,684 11,327,786 21,456,012 59,390,482

Segment Liabilities
Exploration
NZ
Exploration
Australia

Operations Total
$ $ $ $
As at 30 June 2026
14,309 1,338,301 67,901,057 69,253,666
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.

Manuka Resources Ltd
For the year ended 30 June 2026

Notes to the Financial Statements (cont’d)

Page 56

5 Revenue and other income
Notes

30 June
2026
30 June
2025
$ $
(a) Operating sales revenue
Sale of mineralised ore – gold - -
Sale of mineralised ore – silver - -
Total revenue from contracts with customers - -

(b) Other income
Income from Insurance claims - -
Government grants received - -
R&D incentive - -
Other income 434,010 946,874
Total other income 434,010 946,874

6 Expenses


(a) Other expenses


30 June
2026
30 June
2025
$ $
Site administration expenses 5,113,692
-
Professional expenses 3,266,363
3,261,397
Employment expenses 6(b) 4,416,187
2,122,464
Depreciation 432,315
655,774
Other expenses 4,428,978
1,279,481
Total other expenses 17,657,535 7,319,116

(b) Employment Expenses


30 June
2026
30 June
2025
$ $
Wages and Salaries 3,852,122
1,851,164
Superannuation 393,254
192,463
Employment taxes 166,379
78,837
Other 4,432
-
4,416,187
2,122,464

(c) Foreign exchange (gains) and losses


30 June
2026
30 June
2025
$ $
Realised foreign exchange (gains)/losses 42,030
6,752
Unrealised foreign exchange (gains) / losses 660,855
237,887
Total foreign exchange (gains) / losses 702,885
244,639

Manuka Resources Ltd
For the year ended 30 June 2026
Notes to the Financial Statements (cont’d)
Page 57
(d)Share based payment expenses
30 June
2026
30 June
2025
$$
Share based pay
ment expenses 1,232,500 -
7 Finance costs
30 June
2026
30 June
2025
Finance costs are made up of the following items: $$
Interest expense 3,460,967 4,605,479
Amortisation of prepaid borrowing costs - -
Discounting and change of rehabilitation provisions - -
Discounting impact of financial assets - -
Other finance costs 5,465,162 5,654,104
Total finance costs 8,926,129
10,259,583
8 Income tax expense
30 June
2026
30 June
2025
$$
(a) Inc
ome tax benefit recognised in the income statement
Current tax
- -
Deferred tax
- -
Income tax as reported in the statement of comprehensive income
- -
(b) Reconciliation of income tax expense to prima facie tax payable
The prima facie income tax expense on pre-tax accounting loss from
operations reconciles to the income tax expense in the financial
statements as follows:
Profit / (loss) from ordinary activities before income tax expense (28,085,039) (16,876,465)
Tax at the Australian rate of 25% (2025: 30%) (7,021,260) (5,062,940)
Increase / (decrease) in income tax due to:
Temporary differences(787,980) 3,762,323
Permanent differences(6,573) 22,085
Unused tax losses not recognised (7,815,813) 1,278,532
Income tax expense - -
(c) Tax losses carried forward
Carried forward taxable losses99,410,149 91,846,336
The Company has no available franking credits.
Potential deferred tax assets attributable to tax losses and other temporary differences have not been brought
to account as at 30 June 2026, because the directors do not believe it is appropriate to regard realisation of
the deferred tax assets as probable at this point in time. These benefits will be obtained if:
•The Company derives future assessable income of a nature and an amount sufficient to enable the
benefit from the deductions for the expenditure to be realised; and

Manuka Resources Ltd
For the year ended 30 June 2026

Notes to the Financial Statements (cont’d)

Page 58

• No changes in tax legislation adversely affect the Company in realising the benefit from the deductions
for the expenditure.

9 Auditor remuneration
During the year the following fees were paid or payable for services provided by the auditor of the parent
entity, its related practices and non-related audit firms:


30 June
2026
30 June
2025
$ $
Audit of financial statements
RSM Australia – audit and review of financial reports 110,000 95,000
- -
Remuneration from audit of financial statements 110,000 95,000
Other services - Taxation 40,000 -
Total other services remuneration 40,000 -
Total auditor’s remuneration 150,000 95,000

10 Dividends
No dividends for the year ended 30 June 2026 (2025: Nil) have been declared or paid to shareholders by the
Company.
11 Cash and cash equivalents


30 June
2026
30 June
2025
$ $
Cash and cash equivalents comprise the following:
Cash at bank and in hand 7,848,206 968,645
Cash and cash equivalents as shown in the statement of
financial position and the statement of cash flows

7,848,206 968,645

Cash at bank and in hand is non-interest bearing.
12 Trade and other receivables


30 June
2026
30 June
2025
$ $
Current
Trade receivables -
1,348
Other receivables – [Goods & Services Tax] 247,942 7,348
Total trade and other receivables 247,942 8,696

13 Prepayments
Prepayments consist of the following:


30 June
2026
30 June
2025
$ $

Manuka Resources Ltd
For the year ended 30 June 2026
Notes to the Financial Statements (cont’d)
Page 59
Current prepaid insurances 193,399 -
Other prepayments 187,157 34,472
Prepayments at cost 380,55634,472
14 Inventories
30 June
2026
30 June
2025
$$
Consumables, s
upplies and spares 398,993237,899
Ore stockpiles 1,261,235-
Inventories at cost or net realisable value 1,660,228 237,899
15 Development assets and mine properties
30 June
2026
30 June
2025
$$
Developm
ent assets at cost 197,500197,500
Rehabilitation cost estimates - -
Accumulated impairment (182,767) (182,767)
Accumulated amortisation (14,733) (14,733)
Net carrying amount - -
Mine properties at cost 7,233,0257,233,025
Accumulated impairment - -
Accumulated amortisation (7,053,708) (6,603,125)
Net carrying amount 179,317 629,900
Total development assets and mine properties at cost 7,430,525 7,430,525
Rehabilitation cost estimates- -
Accumulated impairment(182,767) -
Accumulated amortisation(7,068,441) (6,800,625)
Total net carrying amount 179,317 629,900

Manuka Resources Ltd
For the year ended 30 June 2026

Notes to the Financial Statements (cont’d)

Page 60

The following tables show the movements in development assets and mine properties:



30 June
2026
30 June
2025
$ $
Development assets
Opening carrying value - 238,805
Discounting and change of rehabilitation provisions - (238,805)
Additions at cost - -
Impairment of development assets - -
Closing carrying value net of accumulated amortisation - -

Mine properties

Opening carrying value 629,900 639,680
Discounting and change of rehabilitation provisions
(440,582) -
Additions / (disposals) at cost
(10,000) (9,780)
Amortisation charge for the year
- -
Closing carrying value net of accumulated amortisation 179,318 629,900

Total development assets and mine properties at cost
Opening carrying value 629,900
878,485
Discounting and change of rehabilitation provisions
(440,582) (238,805)
Additions / (disposals) at cost
(10,000) (9,780)
Amortisation charge for the year
- -
Total closing carrying value net of accumulated amortisation 179,318 629,900


16 Exploration and evaluation assets
Exploration and evaluation costs carried forward in respect of areas of interest:
30 June
2026
30 June
2025
$ $
Exploration assets
Opening net book amount 37,934,470
36,549,107
Transfer to development assets
- -
Foreign currency translation
22,349 399,149
Exploration and evaluation costs during the year (a) 680,567
986,214
Net book value 38,637,386 37,934,470

(a) During the period the Company’s geological team has continued to implement, the exploration work
programmes established from the Company’s Strategic Exploration Review.

Manuka Resources Ltd
For the year ended 30 June 2026
Notes to the Financial Statements (cont’d)
Page 61
17 Property, plant and equipment
The following tables show the movements in property, plant and equipment:
Land IT Equipment
Plant &
Equipment
Fixtures &
Fittings
Motor
VehiclesTotal
$ $$$$$
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
Balance 30 June 2025
Cost
754,994 121,435 16,567,107 80,595 704,120 18,228,251
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
Year ended 30 June 2026
Opening net book value
754,994 7,520 12,615,876 33,766 340,667 13,752,823
Additions
144,763 42,523 2,652,525 33,107 881,842 3,754,760
Disposals
-
(2,594)(409,546) -(888)(413,028)
Depreciation
-
(12,814)(231,578) (9,090) (55,612)(309,094)
Closing net book value 899,757
34,635 14,627,277 57,783 1,166,009 16,785,461
Balance 30 June 2026
Cost899,757
139,518 18,843,909 113,703 1,582,462 21,579,349
Depreciation-
(104,883) (4,216,632)(55,920) (416,453) (4,793,888)
Net book value 899,757
34,635 14,627,277 57,783 1,166,009 16,785,461
17.1 New & Updated Circuit
During the financial period the company entered into a contract with Bond Equipment for the supply of the
Deslime plant. The cost of the Deslime plant and refurbishment of the existing Wonawinta is expected to take
approximately 8 months. During this time costs are capitalised as Work In Progress (WIP) and will be
transferred to Plant & Equipment on completion. At balance date $19,031,379 (2025: $nil) has been incurred.

Manuka Resources Ltd
For the year ended 30 June 2026

Notes to the Financial Statements (cont’d)

Page 62


18 Right-of-use assets and liabilities
Leases
The Group has one lease contract, for office premises which commenced on 1 March 2025. It has a lease term
of three years with no option to extend, and a 3.75% rent increase each year.

Short term lease expenses
The Group applies the short-term lease recognition exemption allowed in AASB16 to its short-term leases (i.e.
those leases that have a lease term of 12 months of less from the commencement date and do not contain a
purchase option). There are no short-term lease expenses during the period to which this exemption has been
applied.

Set out below are the carrying amounts of right-of-use asset recognised and the movements during the period.



30 June
2026
30 June
2025
$ $
Balance at start of period 334,568
128,629
Additions - 469,614
Depreciation (128,982) (263,675)
Closing net book value 205,586 334,568

Set out below is the carrying amount of lease liability.


30 June
2026
30 June
2025
$ $
Balance at start of period 342,792
141,195
Additions - 376,389
Accretion of interest (included in finance expenses) 30,421
61,281
Payments
(144,750) (236,073)
Closing balance lease liabilities 228,463 342,792

Current 151,207 111,183
Non-current 77,256
231,609

19 Financial assets and liabilities
19.1 Categories of financial assets and financial liabilities
The carrying amounts of financial assets in each category are as follows:




30 June
2026
30 June
2025
Notes $ $
Financial assets at amortised cost
Cash and cash equivalents 11 7,848,206
968,645
Trade and other receivables 12 247,942
8,696
Other financial assets 19.3 8,596,044
5,496,357
Total financial assets at amortised cost 16,692,192
6,473,698

Manuka Resources Ltd
For the year ended 30 June 2026
Notes to the Financial Statements (cont’d)
Page 63
The carrying amounts of financial liabilities in each category are as follows:
30 June
2026
30 June
2025
Notes$$
Financial lia
bilities at amortised cost
Trade and other payables 20 14,957,654
8,467,206
Lease liabilities 18 228,463
342,792
Borrowings – Senior secured debt facility 19.2(a) 38,161,064
-
Borrowings – Ranking behind senior secured debt facility 19.2(b) 5,504,937
16,675,319
Borrowings – Toyota Finance 19.2(c) 745,126
-
Borrowings – Caterpillar Finance 19.2(d) 1,816,436
-
Borrowings – GE Leasing 19.2(e) 46,967
-
Borrowings - Other -
4,087,083
Borrowings – Related party loans 19.2(f) -
273,242
B
orrowings – Former senior secured debt facility -
19,341,010
Total financial liabilities 61,460,647
49,186,652
19.2 Borrowings
Borrowings include the following financial liabilities:
30 June
2026
30 June
2025
$$
Cu
rrent
Working capital facility 19.2(b) -
16,675,319
Other loans
19.2(c) -
3,988,478
Borrowings – Toyota Finance
19.2(c) 118,604
-
Borrowings – Caterpillar Finance 19.2(d) 548,325
-
Borrowings – GE Leasing 19.2(e) 46,967
-
Related party loans 19.2(f) -
273,242
Senior secured debt facility 19.2(g)
-19,341,010
Total current borrowings 713,896
40,278,049
Non-current
Senior secured debt facility 19.2(a) 38,161,064 -
Ranking behind senior secured debt facility 19.2(b) 5,504,937 -
Other loans 19.2(c) -98,605
Borrowings – Toyota Finance 19.2(c) 626,522 -
Borrowings – Caterpillar Finance 19.2(d) 1,268,111 -
Total non-current borrowings 45,560,634 98,605
Total borrowings 46,274,530 40,376,654
All borrowings are denominated in Australian Dollars except for the Senior Secured Debt Facility and the
Tennant Metals working capital facility, which are denominated in US Dollars.
(a)
On 27 February 2026, the Company entered a definitive loan agreement for a US$30 million senior secured
term facility wi
th US global resource fund Nebari Natural
Resources Credit Fund II LP. The funds were
provided in
two Tranches with both Tranches having a maturity date of 48 months from the closing da
te.
Interest is pa
yable monthly in arrears equal to 1-month Secured Overnight Financing Rate (SOFR) + 8.
5%.

Manuka Resources Ltd
For the year ended 30 June 2026
Notes to the Financial Statements (cont’d)
Page 64
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)
During the financial period the Company entered into new agreements with an existing Working Capital
Facility
provider (Tennant Metals). The new agreements provided for a US$3.0 million term
facility and
US$4.0
million working capital facility. Both facilities are payable two years from the e
ffective date and
have an
interest rate of 14
%.
In addition, AU$6.43 million of the
existing Tennant Metals facility was converted to fully paid ordi
nary
shares in t
he company at 7.5 cents.
(c)
During the financial period the Company entered into 13 vehicle financing agreements with Toyota
Finance. Each agreement is for a term of 60 months at an interest rate of between 7.49% and 7.99%.
(d)
(e)
(f)
On the 24
th of
June the Company entered a financing arrangement with Caterpillar Finance to finance the
purchase of 6
x Caterpillar Gensets. The term of the loan is 4 years at an
interest rate of 8.99%.
On the 30
th of
June the company entered into a financing agreement with GC Leasing to fund the purchase
of a T40
Digger. The term of the loan is 4.5 years, and the interest rate is
12%.
The loan
provided by ResCap Investments Pty Ltd includes the opening balance of funds provided in 20
25
plus workin
g capital drawn down during FY2026. All amounts were repaid during the current financia
l
period.
(g)
The Company signed a debt facility agreement (Senior Secured Debt Facility) with TransAsia Private Capital
Limited (TPC)
during July 2019. The interest rate attributable to this facility is 12.5% per annum payabl
e
quarterly
, with service and management fees of 2.0% per annum. On the 23rd September 2025 the de
bt
instrument was assigned to existing (non-rel
ated) shareholders utilising a trust structure (Trust Debt). Th
e
Company reim
bursed the Trust Debt for market related fees & expenses in consider
ation for the extension.
The facility was repaid on the 27 Februar
y
2025.
Security

The Senior secured debt facility is secured by first-ranking security interests over all present and after-acquired
property of the Company and Mt Boppy Resources Pty Ltd, under a General Security Deed. That deed is a floating
charge over circulating assets and a fixed charge over all other assets. The security includes:
-mortgages over the Group's mining tenements under the Mining Act 1992 (NSW), for the Wonawinta and Mt
Boppy projec
ts
-real propert
y mortgages over the Mt Boppy freehold land and the Wonawinta Crown le
ase
-mortgages
over the Group's
water access licences
-a general security deed from
Trans-Tasman Resources Ltd, and specific security over the Company's sh
ares in
that e
n
tity
Mt Boppy
Resources Pty Ltd and Trans-Tasman Resources Ltd also jointly and severally guarantee the facility. The
Group cannot dispose of or create further security over the secured assets without the lender's consent, apart from
permitted dealings in the ordinary course of business.
19.3 Other financial assets
Notes
30 June
2026
30 June
2025
$$
Other financial assets comprise the following:
Current assets at cost
Mt Boppy Resources - deposit for exploration bond -21,000
Total current other financial assets -21,000
Non-current assets at amortised cost
Manuka Resources - Deposit for environmental bond (a)6,967,000
4,279,284
Mt Boppy Resources – Deposit for environmental bond (b)1,387,000
1,044,191
Mt Boppy Resources - deposit for exploration bond 10,000 -

Security Deposit - NZX 32,044 -
Term Deposit (a)200,000
151,882
Total non-current other financial assets
8,596,044 5,475,357

Manuka Resources Ltd
For the year ended 30 June 2026

Notes to the Financial Statements (cont’d)

Page 65

Total other financial assets

8,596,044 5,496,357

The carrying amount of other financial assets is considered a reasonable approximation of fair value.
19.4 Other financial instruments
The carrying amount of the following financial assets and liabilities is considered a reasonable approximation
of fair value due to the short-term nature of the financial instruments:
• Trade and other receivables
• Cash and cash equivalents
• Trade and other payables
• Other current financial assets

19.5 Fair Value Hierarchy
The Group had no financial assets and liabilities carried at fair value in the statement of financial position or
measured at fair value through profit or loss during the period.
20 Trade and other payables


30 June
2026
30 June
2025
$ $
Current
Trade creditors 5,706,584
7,215,770
Other creditors and accruals 9,251,070
1,251,436
Total trade and other payables 14,957,654
8,467,206

Trade and other payables amounts are short-term. The carrying values of trade payables and other payables
are considered to be a reasonable approximation of fair value.
21 Provisions
Notes

30 June
2026
30 June
2025
$ $
Current
Provision for annual leave 389,845 294,699
Total current provisions 389,845 294,699

Non-current
Provision for long service leave 132,085
106,808
Rehabilitation provisions 21.1
7,271,096 7,513,935
Total non-current provisions 7,403,181
7,620,743
Total provisions
7,793,026 7,915,442

21.1 Rehabilitation provisions
Rehabilitation provisions split between the parent and subsidiary are as follows:
30 June
2026
30 June
2025
$ $

Manuka Resources Ltd
For the year ended 30 June 2026
Notes to the Financial Statements (cont’d)
Page 66
Rehabilitation provisions
Manuka Resources Ltd (Wonawinta project)
5,932,795 6,175,633
Mt Boppy Resources Ltd
1,338,302 1,338,302
Total rehabilitation provisions
7,271,096 7,513,935
Set out below are the movements of the rehabilitation provision during the period.
30 June
2026
30 June
2025
$$
Carrying amount at start of year 7,513,9357,979,254
Re-assessment of provision(242,838) (465,319)
Payments--
Net impact of inflation and discounting - -
Carrying amount at end of year
7,271,096 7,513,935
Provisions made for rehabilitation are
recognised where there is a present obligation as a result of exploration,
development or ground disturbance (project development, mining) 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 dismantling certain plant and equipment, cessation of mining activities,
capping of any tailing’s dams, profiling waste dumps and restoring the affected areas over a period of time.
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 a schedule of rates provided by the NSW
Resources Regulator in their Rehabilitation Cost Estimation tool as updated from time to time. Future
rehabilitation costs are reviewed periodically, 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 3.8% (2025: 2.5%) and a discount rate of 5.11% (2025: 3.87%) over 10
years (2025: 8 years). With the recommencement of processing at Mt Boppy forecast not to continue
immediately, the rehabilitation provision has been calculated with reference to an inflation rate of 3.8% (2025:
2.5%) and a discount rate of 5.11% (2025: 3.42%) over 10 years (2025: 4 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.
22 Equity
22.1 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.

Manuka Resources Ltd
For the year ended 30 June 2026

Notes to the Financial Statements (cont’d)

Page 67


30 June
2026
30 June
2025
30 June
2026
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 July 2024
(a)

17,488,481 253,000
• Share issue 28 November 2024
(b)

31,000,000 1,000,000
• Share issue 4 June 2025
(c)

22,800,000 445,789
• Share issue 05 Aug 2025
(d)

231,817,184

11,112,600

• 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

• Exercise of MKR022 series options
(p)

132,017,454 7,921,049
• Exercise of MKR024 series options
(q)

5,000,000 201,900
• Exercise of MKR025 series options
(r)

25,000,000 1,500,000
• Exercise of MKR026 series options
(s)

1,000,000 60,000
• Exercise of MKR027 series options
(t)

4,000,000 400,000
• Exercise of MKR021 series options
(u)

2,000,000 164,200
• Exercise of MKR020 series options
(v)

5,000,000 417,000
• Share issue 26 March 2026
(w)

8,240,524 1,091,869
• Transfer from share option reserve for exercised
options
923,084
• placement expenses
- - (3,000,719) (147,148)
Total share capital at end of period 1,586,817,694 833,567,669 117,776,181 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 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 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 $0.0479 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 year ended 30 June 2026
Notes to the Financial Statements (cont’d)
Page 68
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 ac
tivities.
h)On 13 Novem
ber 2025, the Company issued 3,000,000 ordinary shares pursuant to the exercise of options. Th
e
shares rank equally with existing fully paid ordinary s
h
ares.
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 sh
ares.
l)On
5 December 2025, the Company issued 85,733,333 ordinary shares in satisfaction of
an existing trade finance
facility of appr
oximately $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 accor
dance with their terms approved by shareholders. The shares rank equally with existing fully paid
ordinary shares
.
o)On 19 Decem
ber 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 pur
poses.
p)During the peri
od January 2026 & May 2026 132,017,454 options were exercised, for the issue of 132,017,454 full
y
paid or
dinary shares in the Company at an exercise price of $0.06 raising $7.9 million
before costs.
q)During the per
iod January 2026 & June 2026 5,000,000 options were exercised, for the issue of 5 million fully paid
ordinary shares in the Company at an exercise price of $0.0411 raising $201,900 before
costs.
r)During
the period January 2026 & May 2026 25,000,000 options were exercised, for the issue of 25 million fully paid
ordinary shares in the Company at an exercise price of $0.06 raising
$1.5 million before costs.
s)During the
period January 2026 & May 2026 1,000,000 options were exercised, for the issue of 1 million fully
paid
ordinary shares in the Company at an exerci
se price of $0.06 raising $60,000 before
costs.
t)During the period January 2026 & June 2026 4,000,000 options were exercised, for the issue of 4 million fully paid
ordinary shares in the Company at an exercise price of $0.10 raising $
400,000 before costs.
u)During the
period January 2026 & March 2026 2,000,000 options were exercised, for the issue of 2 million full
y paid
ordinary shares in the Company at an exerci
se price of $0.0821 raising $164,200 before
costs.
v)During the month of January 2026
5,000,000 options were exercised, for the issue of 5 million fully paid ordi
nary
shares in the C
ompany at an exercise price of $0.0834 raising $417,000 before costs.

Manuka Resources Ltd
For the year ended 30 June 2026

Notes to the Financial Statements (cont’d)

Page 69

w) On the 26 March 2026, following the settlement of the secured debt facility, unit trust holders were issued 8,240,524
fully paid ordinary shares in the Company at an issue price of $0.1325.
22.2 Movements in options on issue or granted

Number of Options
2026 2025
Beginning of the financial year 207,770,048 108,491,605
Issued, exercisable at $0.06 on or before 15 May 2026 87,789,962
Issued, exercisable at $0.06 on or before 15 May 2026 17,488,481
Issued, exercisable at $0.06 on or before 29 May 2026 1,000,000
Issued, exercisable at $0.06 on or before 31 May 2026 22,000,000
Issued, exercisable at $0.06 on or before 31 May 2026 3,000,000
Unexercised options expired 31 December 2024 (12,000,000)
Unexercised options expired 19 April 2025 (2,000,000)
Unexercised options expired 30 June 2025 (1,000,000)
Unexercised options expired 30 September 2024 (5,000,000)
Unexercised options expired 15 December 2024 (4,000,000)
Unexercised options expired 31 March 2025 (4,000,000)
Unexercised options expired 30 June 2025 (4,000,000)
Issued Options. Exercise price $0.06 Expire 15 May 2026 27,826,400
Issued Options. Exercise price $0.10 Expire 7 Aug 2028 40,000,000
Directors Options Exercise price $0.15 Expire 16 Dec 2027 42,500,000
Exercise of Options. Exercise price of $0.06 on or before 16 May 2026 (134,267,454)
Exercise of Options. Exercise price of $0.0411 on or before June 2026 (5,000,000)
Exercise of Options. Exercise price of $0.06 on or before 31 May 2026 (25,000,000)
Exercise of Options. Exercise price of $0.06 on or before 29 May 2026 (1,000,000)
Exercise of Options. Exercise price of $0.10 on or before 7 August 2028 (4,000,000)
Exercise of Options. Exercise price of $0.821 on or before 31 Mar 2026 (2,000,000)
Exercise of Options. Exercise price of $0.834 om or before 24 Jan 2027 (5,000,000)
Exercise of Options. Exercise price of $0.0504 17 Nov 2025 (10,000,000)
Issue of Options exercisable at $0.12 on or before 11 December 2026 22,500,000
Issue of Options exercisable at $0.2004 on or before 25 March 2030 36,423,612
Issue of Options exercisable a $0.1357 on or before 26 June 2030 8,232,731
Unexercised options expired 16 December 2025 (19,571,419)
Unexercised options expired 31 December 2025 (25,757,575)
Unexercised options expired 31 March 2026 (3,000,000)
End of the financial year 150,656,343 207,770,048


Options over ordinary shares have been granted to employees and Directors from time to time, on a
discretionary basis. In addition, options have been issued to financiers and other parties as payment for goods
and services. The cost of these options is measured by reference to the fair value at the date at which they are
granted using an option pricing model. The options may be subject to service or other vesting conditions, and
their fair value is recognised as an expense together with a corresponding increase in other reserve equity
over the vesting period.

Manuka Resources Ltd
For the year ended 30 June 2026
Notes to the Financial Statements (cont’d)
Page 70
The weighted average fair value of the options granted during the year was 8.1 cents. The fair values were
determined using a variation of the binomial option pricing model that takes into account factors such as the
vesting period, applying the following inputs:
30 Ju
ne
2026
30 June
2025
Weighted average exercise price (cents) 14 8
Weighted average life of the option (years) 2.1
1.5
Weighted average underlying share price (cents) 8
4
Weighted average expected share price volatility 100%
89%
Weighted average risk free interest rate
4.00% 4.33%
Set out below is a summary of the share options granted:
30 June 2026 30 June 2025
# Options
Weighted
average exercise
price cents # Options
Weighted
average exercise
price cents
Beginning of the year
207,770,0488
108,491,605
14
Granted177,482,743 13
131,278,443 6
Forfeited--
- -
Exercised(186,267,454) (6)
--
Expired(48,328,994) (13)
(32,000,000)(21)
Outstanding at year end 150,656,34314 207,770,0488
Exercisable at year end 150,656,343 14 207,770,048 8
The weighted average remaining contractual life of share options outstanding at the end of the financial year
was 2.1 years (2025: 1.5 years), and the weighted average exercise price is 14 cents (2025: 8 cents).
22.3 Capital management policies and procedures
Management’s objectives when managing the capital of the company are to maintain a good debt to equity
ratio, provide the shareholders with adequate returns and to ensure that the company can fund its operations
and continue as a going concern.
The Company’s capital includes ordinary share capital, short-term borrowings, and financial liabilities,
supported by financial assets.
Management effectively manages the Company’s capital by assessing the Company’s financial risks and
adjusting its capital structure in response to changes in these risks and in the market. In making decisions to
adjust its capital structure the company considers not only its short-term position but also its long-term
operational and strategic objectives. In order to maintain or adjust the capital structure, the Company may
return capital to shareholders, pay dividends to shareholders or issue new shares.

Manuka Resources Ltd
For the year ended 30 June 2026

Notes to the Financial Statements (cont’d)

Page 71

23 Reconciliation of cash flows from operating activities
(a) Details of the reconciliation of cash flows from operating activities are listed in the following table:
30 June
2026
30 June
2025
$ $
Cash flows from operating activities
Profit / (loss) for the period (28,085,039) (16,876,465)
Adjustments for non-cash items:
• depreciation and amortisation 438,085 (272,776)
• discounting of provisions and financial assets - 1,583,412
• sale of assets (cash and non-cash) 201,433 (12,984)
• share/option based payments to directors 1,232,500 -
• share/option based payments to suppliers and financiers - 224,820
• accretion of interest and finance costs 5,698,728 8,926,005
• unrealised foreign exchange 938,645 218,404

Change in operating assets and liabilities:
• change in trade and other receivables (239,246) 5,636
• change in prepayments (346,084) 20,211
• change in inventories (1,422,329) (11,448)
• change in trade, other payables and related party advances (4,759,553) 1,432,094
• change in provisions 227,231 (440,294)
Net cash used in operating activities (26,115,637) (5,203,385)

(b) The Company has undertaken a number of non-cash investing and financing activities. Details of the non-
cash financing activities which have resulted in the issue of shares are outlined above at Note 23(a). In
addition, the Company has issued or granted options in respect of non-cash financing and investing
activities as outlined in the table below.

30 June 2026 30 June 2025
# options $ # options $
Options issued to finance provider in respect of
financing and extension of financing
• Borrowings – capitalised finance expenses
• Finance costs


-
86,326,398


-
1,640,660


25,000,000
1,000,000


216,230
8,590
Options issued pursuant to share placement
• Other contributed equity

-

-

105,278,443

-
Total Options 86,326,398 1,640,660 131,278,443 224,820

Manuka Resources Ltd
For the year ended 30 June 2026
Notes to the Financial Statements (cont’d)
Page 72
24 Earnings / (Loss) per share
30 June
2026
30 June
2025
$$
P
rofit / (loss) attributable to the owners of the Company used in calculating
basic and diluted loss per share (28,085,039)(16,876,465)
No o
f shares No of shares
Weighted average number of ordinary shares used as the denominator in
calculating basic and diluted loss per share * 1,265,348,302 799,187,468
Cents per share Cents per share

Basic earnings / (loss) per share
(2.22) (2.11)
Diluted earnings / (loss) per share (a)
(2.22) (2.11)
(a) As the Group made a loss for the year ended 30 June 2026, none of the potentially dilutive securities were
included
in the calculation of diluted earnings per share for that year. These securities could potentially dilute
basic earnings per share
in the future.
* In accorda
nce with AASB 133 paragraph 26, the weighted average number of shares outstanding during
the
period a
nd for all periods presented shall be adjusted for events (such as a share consolidation) that have
changed the number of shares outstanding without a corresponding change in
resources.
25 Reserves
25.1 Share based payments
Options over ordinary shares have been granted to employees and Directors from time to time, on a
discretionary basis. The cost of these share-based payments is measured by reference to the fair value at the
date at which they are granted using an option pricing model. The options may be subject to service or other
vesting conditions, and their fair value is recognised as an expense together with a corresponding increase in
other reserve equity over the vesting period.
Set out below is the summary of share-based payment options granted:
2026
Director Grant Date Expiry Date Exercise
Price
Balance at
start of the
year
Granted Expired Balance at
end of the
year
Value ($)
Dennis Karp 27/11/2025 27/11/2027 $0.15 - 20,000,000 - 20,000,000 $580,000
Alan Eggers 27/11/2025 27/11/2027 $0.15- 20,000,000- 20,000,000 $580,000
A McPaul 26/06/2024 15/05/2026 $0.06 620,944 - (620,944) - -
John Seton 27/11/2025 27/11/2027 $0.15 - 2,500,000 - 2,500,000 $72,500
John Seton 26/06/2024 15/05/2026 $0.06 541,667 - (541,667) - -
Total1,162,611 42,500,000 (1,162,611) 42,500,000 $1.232,500

Manuka Resources Ltd
For the year ended 30 June 2026

Notes to the Financial Statements (cont’d)

Page 73

2025
Director Grant Date Expiry Date Exercise
Price
Balance at
start of the
year
Granted Expired Balance at
end of the
year
Value ($)
A McPaul 26/06/2024 15/05/2026 $0.06 620,944 - - 620,944 $7,692
John Seton 26/06/2024 15/05/2026 $0.06 541,667 - - 541,667 $6,710
Alan Eggers 24/11/2022 31/12/2024 $0.35 12,000,000 - (12,000,000) - -
Total 13,162,611 - (12,000,000) 1,162,611 $14,402

Set out below are the options exercisable at the end of the financial year:
Grant Date Expiry Date 2026 Number 2025 Number
27/11/2025 27/11/2027 42,500,000 -
26/06/2024 15/05/2026 - 1,162,611
Total 42,500,000 1,162,611
The weighted average share price during the financial year was $0.10 (2025: $0.03). The weighted average
remaining contractual life of options outstanding at the end of the financial year was 1.41 years (2025:0.87).
For the options granted in the current financial year, the valuation inputs used to determine the fair value at
the grant date are as follows:
Grant Date Expiry Date Share price at
Grant Date
Exercise Price Expected Volatility Interest Rate
27/11/2025 27/11/2027 $0.07 $0.15 110% 3.60%

The Company has elected to reclassify the value of the expired options from the reserve to retained earnings
to ensure the reserve balance reflects the value of unexpired options on 30 June 2026. On 30 June 2026 the
total value of the share option reserve is $1,279,639 (2025: $1,701,146).
25.2 Other Reserves
The Other Reserves includes foreign currency translation reserve and a Warrant derivative reserve:
30 June
2026
30 June
2025
$ $
Other Reserves
Foreign Currency translation reserve
(117,773) 358,475
Warrant Derivative reserve
3,726,185 -
Total Other Reserves
3,608,412 358,475

Foreign currency translation reserve – records exchange differences arising on translation of the financial
statements of the Group's foreign operation, Trans-Tasman Resources Ltd, into Australian dollars.

Manuka Resources Ltd
For the year ended 30 June 2026
Notes to the Financial Statements (cont’d)
Page 74
Warrant derivative reserve – records the portion of the proceeds of the senior secured debt facility with Nebari
Natural Resources Credit Fund II, LP allocated to the warrants issued to the lender's nominee, Nebari Natural
Resources AIV II, LP, as part of that financing. Refer to Note 19.2(a).
The fair value of the warrants on 30 June 2026 is $3,726,185 (2025: $nil).
The Loan Note Subscription Agreement requires the Company to issue the warrants to the lender (or its
nominee)
in consideration for the lender providing the facility. The warrants were issued under a Warrant
Subscription Agreement and Warrant Deed Poll. Their key terms are:
Tranche 1 warrants Tranche 2 warrants
Issue date 27 February 2026 29 June 2026
Number of
warrants
36,423,612
8,232,731
Exer
cise price $0.2004 $0.1357
Expiry date 27 February 2030 29 June 2030
Vesting
Immediately exercisable, in whole or in
part, until expiry
Immediately exercisable, in whole or in part,
until expiry
Each warrant entitles the holder to subscribe for one fully paid ordinary share in the Company at the exercise
price. The warrants carry no voting or dividend rights, are not quoted, and lapse if not exercised by the expiry
date. No warrants were exercised or lapsed during the year, and all 44,656,343 warrants were outstanding
and exercisable at 30 June 2026.
Valuation of the warrants
The warrants were measured at fair value at their issue dates using a Black-Scholes option pricing model, with
the following inputs:

Tranche 1
Tranche 2
Valuation date 27 February 2026 29 June 2026
Share price at valuation date $0.135 $0.08
Exercise price $0.2004 $0.1357
Expected life (years) 4.0 4.0
Expected volatility 100% 102%
Risk-free interest rate 4% 4%
Dividend yield Nil Nil
Fair value per warrant $0.091 $0.05
Total fair value $3,314,549 $411,637

Manuka Resources Ltd
For the year ended 30 June 2026
Notes to the Financial Statements (cont’d)
Page 75
26 Financial risk management
General objectives, policies and processes
In common with all other businesses, the Company is exposed to risks that arise from its use of financial
instruments. This note describes the Company’s objectives, policies and processes for managing those risks
and the methods used to measure them. Further quantitative information in respect of these risks is presented
throughout these financial statements.
There have been no substantive changes in the Company’s exposure to financial instrument risks, its
objectives, policies and processes for managing those risks or the methods used to measure them from
previous periods unless otherwise stated in this note.
Activities undertaken by the Company may expose the Company to market risk (including gold price risk,
currency risk and interest rate risk), credit risk and liquidity risk. The Board has overall responsibility for the
determination of the Company’s risk management objectives and policies and, whilst retaining ultimate
responsibility for them, it has delegated the authority to its finance team, for designing and operating
processes that ensure the effective implementation of the objectives and policies of the Company. The
Company’s risk management policies and objectives are therefore designed to minimise the potential impacts
of these risks on the results of the Company where such impacts may be material. The Board receives regular
updates from Management through which it reviews the effectiveness of the processes put in place and the
appropriateness of the objectives and policies it sets.
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly
affecting the company’s competitiveness and flexibility.

Manuka Resources Ltd
For the year ended 30 June 2026

Notes to the Financial Statements (cont’d)

Page 76

At 30 June 2026, the Company held the following financial instruments:


30 June
2026
30 June
2025
Financial assets $ $
Cash and cash equivalent 7,848,206
968,645
Trade and other receivables 247,942
8,696
Other financial assets 8,596,044
5,496,357
Total financial assets 16,692,192
6,473,698

Financial liabilities
Trade and other payables 14,957,654
8,467,206
Related party loans -
273,242
Other interest-bearing loans (net of borrowing costs) 46,274,530
40,103,412
Lease liabilities 228,463
342,792
Total financial liabilities 61,460,647
49,186,652

The fair value of current and non-current financial instruments is assumed to approximate their carrying value.
Market Risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, commodity prices, interest
rates and equity prices will affect the consolidated entity income or the value of its holdings of financial
instruments.
The Group is exposed to the risk of fluctuations in prevailing market commodity prices on the gold and silver
produced from its silver and gold mines. The Group does not have any physical gold or silver delivery contracts
in place as at 30 June 2026 (30 June 2025: Nil).
Derivative financial instruments and hedge accounting
Derivatives are only used for economic hedging purposes and not as speculative investments.
Changes in the market gold price will affect the derivative valuation at each reporting date. The objective of
market risk management is to manage and control market risk exposures within acceptable parameters, while
optimising the return. The consolidated entity enters into derivative financial instruments to hedge such
transactions.
The Company’s risk management policy is to hedge between 0% to 60% of forecast gold/silver sales in local
currency over a rolling 24-month period. As at 30 June 2026 the Company had no hedge positions in place
(2025: Nil).
Commodity price sensitivity
The carrying amount of derivative financial instruments are valued using appropriate valuations models with
inputs such as forward gold or silver prices. There were no open derivative instruments as at 30 June 2026
(2025: Nil). The accounting policy for derivative financial instruments and hedge accounting is outlined above.

Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative
instruments that do not qualify for hedge accounting are recognised immediately in the income statement.
The Company did not enter into any fair value hedges in 2026 (2025: Nil).