Announcement PDF Manuka Resources Limited • Operating gold & silver producer Exceptional exploration potential within the Cobar Basin, NSW Australia • Valuable production infrastructure, strategically located A unique portfolio of assets February 2024 South Taranaki Bight Project • World class tier 1 project • Offshore Vanadium Titaniferous Iron Sands • West Coast, North Island New Zealand Disclaimer This disclaimer applies to this presentation and the information contained in it (the Presentation). By reading this disclaimer you agree to be bound by it. The Presentation has been prepared by Manuka Resources Limited and relates to its subsidiaries, related parties and any new assets or entities subsequently acquired or incorporated (collectively the Company). The Presentation was prepared on 25 January 2024 and the information in it is subject to change without notice. Purpose The Presentation is for information purposes only and is an overview of the Company and its assets at the time of preparation. This Presentation does not contain all information necessary to make an investment decision or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Cth) (Corporations Act). The Presentation is of a general nature and does not purport to be complete or verified by the Company or any other person. Distribution outside Australia Distribution or release of this document outside Australia may be restricted by law. This document may only be distributed or released to a person that is not in the United States except as permitted under the U.S. Securities Act. Persons who come into possession of this document who are not in Australia should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. Not an offer or financial product advice The Presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in the Company nor does it constitute financial product advice. The Presentation is not a prospectus, product disclosure statement or other offer document under Australian law or under any other law. The Presentation has not been filed, registered or approved by any regulatory authority in any jurisdiction. The Presentation is not intended to be relied upon as advice or a recommendation to investors and does not take into account the investment objectives, financial situation, taxation situation or needs of any particular investor. An investor must not act on the basis of any matter contained in the Presentation and must make its own assessment of the Company and conduct its own investigations and analysis. Investors should assess their own individual financial circumstances and consider talking to a financial adviser, professional adviser or consultant before making any investment decision. Neither this Presentation nor anything contained in it forms the basis of any contract or commitment and no agreement to subscribe for securities will be entered into on the basis of this Presentation. No guarantee, representation or warranty all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in the Presentation including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out or derived from, or for omissions from the Presentation including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom. Forward-looking statements The Presentation includes forward-looking statements and comments about future events, including the Company’s expectations about the performance of its businesses. Forward-looking words such as “expect”, “should”, “could”, “may”, “predict”, “plan”, “will”, “believe”, “forecast”, “estimate”, “target” or other similar expressions are intended to identify forwardlooking statements. Such statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company and which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Forward-looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance. Given these uncertainties, recipients are cautioned to not place undue reliance on any forward-looking statement. Subject to any continuing obligations under applicable law, the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in the Presentation to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statement is based. No Limited Party or any other person makes any representation, or gives any assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in the Presentation will occur. Past performance Past performance is not indicative of future performance and no guarantee of future returns is implied or given. Previously reported information The information in this presentation that relates to previously reported exploration results, Mineral Resources and Ore Reserves is extracted from the Company’s ASX announcements noted in the text of the presentation and are available to view on the Company’s website. The Company confirms that, other than mining depletion, it is not aware of any new information or data that materially affects the information included in the original announcements and, in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant announcement continue to apply and have not materially changes. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially altered. While reasonable care has been taken in relation to the preparation of the Presentation, none of the Company or their respective directors, officers, employees, contractors, agents, or advisers nor any other person (Limited Party) guarantees or makes any representations or warranties, express or implied, as to or takes responsibility for, the accuracy, reliability, completeness or fairness of the information, opinions, forecasts, reports, estimates and conclusions contained in the Presentation. No Limited Party represents or warrants that the Presentation is complete or that it contains all information about the Company that a prospective investor or purchaser may require in evaluating a possible investment in the Company or acquisition of shares in the Company. To the maximum extent permitted by law, each Limited Party expressly disclaims any and February 2024 2 Corporate Summary ASX: MKR Share price (25 January 2024) A$0.084 Shares on issue 565.1m Market capitalisation (undiluted) A$47.47m Listed and unlisted options ($0.05 to $0.35 strikes) 92.3m Board of Directors & Senior Management Executive Chairman Dennis Karp Executive Director (TTR) Alan Eggers Non-executive Director Anthony McPaul Non-executive Director John Seton Company Secretary Toni Gilholme Chief Operating Officer Haydn Lynch Shares held by board and management 18.3% “Manuka intends to grow shareholder value by optimising quality resource assets. The emerging green fuelled global economy is providing such opportunities.” February 2024 3 Board of Directors & Management Dennis Karp – Executive Chairman Alan Eggers – Executive Director Anthony McPaul – Non-Executive Director John Seton – Non-Executive Director Toni Gilholme – Company Secretary Haydn Lynch – Chief Operating Officer Dennis commenced his career in the Australian financial markets in 1983. He was the Head of Trading at HSBC Australia prior to joining Tennant Limited in 1997, one of Australia’s largest physical commodities trading companies with operations in Asia and Europe. He was a principal shareholder of Tennant Metals until 2010, and a director until December 2014, Alan is a geologist with over 40 years of local & international experience. He brings with him exceptional commercial expertise and was a founding director of Summit Resources Ltd 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. Tony is a senior mining executive with over 40 years’ experience in mining operations and mineral processing, (both underground & opencut operations). He was most recently the general manager for Newcrest’s Cadia Valley Operations, in Orange NSW, and formally retired from Newcrest in 2016. John is an Auckland based lawyer with extensive experience in commercial law and the mineral resources sector. He was a director of Summit Resources Limited until its sale in 2007, as well as being a director of a number of other ASX and NZX listed private companies. He was a former Chairman of the Vietnam/New Zealand Business Council. Toni is an experienced Chartered Accountant with over 20 years’ experience in Financial Accounting and Company Secretarial matters and over 10 years of experience in a variety of roles in Public Practice. She has worked in a range of senior positions both in the UK and in Australia and has a strong focus on efficiency gains through improving processes and strengthening internal controls. Over 25 years of experience in M&A, financial markets and private equity, and with a substantive track record in the origination and execution of domestic & crossborder transactions in metals & mining in Australia, Africa, Japan, China, and Mongolia. He led the syndicate which purchased the Manuka assets in 2016. He holds a Bachelor of Commerce from the University of Cape Town 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 member of AusIMM, & Australian Institute of Geoscientists Tony has sat on a range of Boards and industry bodies including the Minerals Council Executive Committee and Mineral Industry Advisory Council. He qualified in automotive engineering from Goulburn TAFE. John holds a Bachelor of Laws from Victoria University, Wellington, and a Masters of Law (Honours) from the University of Auckland and was a Chartered Fellow of the New Zealand Institute of Directors until 2023. She holds a Bachelor of Business from the University of Technology, Sydney and is a qualified Chartered Accountant Senior management experience includes Bankers Trust Australia, Investec Bank, RBC Capital Markets and Southern Cross Equities. Haydn has degrees in Mechanical Engineering and Economics from the University of Qld and a Masters in Commerce from the University of New South Wales. February 2024 4 The world class Taranaki VTM Project New Zealand V Ti Fe Taranaki VTM Project – project highlights • World class resource 3.2bt vanadium, titanium & magnetite (iron ore) • Targeted lowest quartile carbon emissions* of Fe producers globally (62kg CO2/t vs 125-250kg CO2/t) • Anticipated lowest quartile costs for Fe producers* US$20-24/t FOB (PFS 2013 adj. inflation) EXCLUDING credits from vanadium or titanium • Located within NZ EEZ (exclusive economic zone targeting gas, oil, mining) • NZD$85m invested to date (~US$50m). • Mining Licence granted 2014 (MP55581) – 5Mt pa production for 20 years • Granted initial EPA environmental consents to operate 2017 – final approval process nearing completion • New Zealand government focused on implementing mining code subject to appropriate environmental safeguards • Announced Maiden Vanadium JORC Resource** 1.6Mt of contained V2O5 * based on TTR PFS: https://www.manukaresources.com.au/site/investor-centre/pending-acquisitions and as per ASX releases dated 1 August 2022 and 1 March 2023 ** ASX release 1 March 2023 February 2024 5 Taranaki VTM Project New Zealand Positive Recent Developments in NZ • National ACT NZ First coalition government elected November 2023 • Seismic shift in government sentiment for minerals and mining • First 100 Day Plan Policies include: ➢ Update Crown Minerals Act to promote use of Crown Minerals ➢ Create critical minerals list with preferred pathway to development (V & Ti) . ➢ Prioritise regional and national projects of significance ➢ Fast track one stop shop consenting for natural resource projects of significance ➢ Identify strategical opportunities in mineral resources, including vanadium, and develop plans to develop these opportunities February 2024 6 Taranaki VTM Project New Zealand The Vanadium Market is Coiled Like a Spring • Demand for vanadium expected to grow & double by 2030 • Extensively used as a strengthener in steel & catalyst for industrial processes • Emerging demand in utility scale battery storage (VRFBs): ➢ China leading the charge with development of VRFBs . by 2030 China will go from ➢ If China builds half its planned VRFBs largest vanadium exporter in world to net importer ➢ Each 1,000Mw (1Gw) battery requires 10,000 tonnes vanadium ➢ 180 1Gw batteries planned build next 7 years will consume 100% global supply ➢ In 2018 10% deficit in vanadium supply rockets vanadium price 6x to US$30lb February 2024 7 Taranaki VTM Project Mining Permit MP55581 12Nm Limit Taranaki VTM Mining Licence February 2024 8 TTR JORC Resource Estimates • TTR has drilled a 914Mt JORC Resource in MP55581 (Stage 1) Mine Area • 3.2Bt Indicated and Inferred Mineral Resource • Existing approval of 5mtpa mining licence (MP55581) with initial 20 year mine life** • VTM Concentrate Grade 0.5%V205 8.5%Ti02 55% - 57%Fe Taranaki VTM Resource Estimates Summary Indicated and Inferred Mineral Resources DTR Concentrate Inside 12Nm (RMA) Cook North Block Cut-Off Grade 3.5% DTR* Mt 274 Fe2O3% 11.90 TiO2% 1.19 V2O5% 0.06 Mt 21 Fe% 57.19 TiO2% 8.12 V2O5% 0.52 Kupe North Block Tasman North Block Total VTM Resource RMA 3.5% DTR* 7.5% Fe2O3 417 585 1,275 11.48 9.02 10.44 1.21 0.88 1.05 0.06 0.04 0.05 31 57.07 8.35 0.51 Outside 12Nm (EEZ) Cook South Block 3.5% DTR* 914 10.95 1.12 0.05 63 55.84 8.45 0.50 Kupe South Block Tasman South Block 3.5% DTR* 7.5% Fe2O3 272 695 9.76 8.81 0.98 0.89 0.05 0.04 16 56.33 8.43 0.50 1,881 3,157 9.99 10.17 1.01 1.03 0.05 0.05 Total VTM Resource EEZ Taranaki VTM Resource Total *Davis Tube Recovery (DTR) Estimate is based on analytical DTR and calculated DTR values ** JORC (2012) refer ASX release dated 1st March 2023 February 2024 9 Taranaki VTM Project New Zealand Environmental Advantages • Operation has small environmental footprint with only 300m x 900m area of disturbance at any time • Very low carbon emissions (<50%) compared to other hard rock iron ore deposits with no: Heavy machinery mining fleet, Open pits, Waste dumps, Haul roads, Energy intensive crushing & grinding circuits, Railroad or ports . • No chemical additives in processing or tailings • Natural processes delivers rapid rehabilitation of mined areas • Short term confined environmental impact with rapid recovery • No impact on fish, whales or dolphins • No legacy issues with rehabilitation part of recovery process February 2024 10 TTR Project Metal Production ANNUAL CONCENTRATE PRODUCTION • Iron Ore (57%Fe) 5Mt • Vanadium Pentoxide 20,000t V2O5 (11,000t V 80% recovery) • Titanium Dioxide 340,000t TiO2 (80% recovery) GLOBAL VANADIUM METAL PRODUCERS1 • China 40,000t V • Russia 18,000t V • New Zealand (TTR STB)2 11,000t V • South Africa 7,700t V • Brazil 5,500t V 1 USGS 2022: V vanadium metal Project Economics based on 57% Fe iron ore concentrate only. Metallurgical test work to be completed to establish recoverable vanadium and titanium credits 2 Based on proposed 5Mt annual VTM concentrate production February 2024 11 TTR Project Economics COMMODITY PRICES JANUARY 2024 • Iron Ore (62%Fe) US$136.00t • Vanadium Pentoxide US$6.00lb • Titanium Dioxide US$3,500t TTR METAL IN CONCENTRATE VALUE TONNE1 • Iron Ore US$119 • Vanadium2 US$55 • Titanium2 US$240 (11.0% discount applied to 62%) Metal in concentrate value US$414 1 Note: Project Economics based on 57% Fe iron ore concentrate only. Metallurgical test work to be completed to establish recoverable vanadium and titanium credits 2 Based on 80% metallurgical recoveries February 2024 12 Taranaki VTM Project New Zealand Economic Benefits to NZ • Directly employs 270 operational staff & 30 Admin HO support • Indirect around 1,665 jobs nation wide • Operation has annual operating spend $250m • Generates royalty revenues $70m & corporate taxes $180m pa . • Foreign exchange earnings US$580m pa • No government infrastructure or handouts required • TTR iron sand resource provides strong commercial base that will weather shifts in commodity price cycles • Project will be profitable long term producer >60 years February 2024 13 TTR Integrated Mining Vessel (IMV) ▪ ▪ ▪ ▪ Length 335m Breadth 60m Depth 26.25m Design Draught 12m February 2024 14 TTR Submerged Crawler Technology ▪ Integrated Mining Solution Proven Design ▪ DeBeers & IHC Marine to Supply (Have Built 8 Crawlers over 20 Years Experience) ▪ DeBeers to Commission and Operate First 2 years (Option to Extend) ▪ DeBeers to Provide Local Training • Technology & Skills Transfer to NZ ▪ Reduced Commissioning Risk for TTR February 2024 15 TTR Trans Shipment & Export ▪ Iron Ore Concentrate Transferred to the FSO (Floating Storage Offloading) from IMV ▪ FSO Dewaters Ore ▪ FSO Tranships to Cape Sized Ore Carriers ▪ Cape Sized Vessel Delivers VTM Ore Concentrate to customers ▪ An Anchor Handling Tug (AHT) Assists with: Anchor Moving, Provisioning, Refuelling and Safety Response ORE TRANSFER ANCHOR HANDLING TUG February 2024 16 Taranaki VTM Project New Zealand Business Milestones STB Iron Sands Project – What’s Next • EPA Consents reissued Q2 2024 • Metallurgical Tests and Marketing Report Q3 2023 • Final Design & BFS Q4 2024 • Finance USD$600m . A$250m • Construction Contracts & Build • Commission & First Production Q1 2025 Q1 2025 Q3 2026 – Q4 2026 February 2024 17 Taranaki VTM Project New Zealand Development of STB Seabed Mineral Recovery Project is a significant opportunity for New Zealand Delivers essential and critical minerals for the shift towards net zero carbon • World demand for VTM product, diversification of supply and security of supply chains of critical minerals for western nations • NZ will be a global leader in Seabed Mining including: • Mineral recovery technology • Marine environmental research, monitoring & permitting • Potential to propel NZ to world’s third largest vanadium supplier • Western world’s largest supplier vanadium at 20,000t V2O5 • STB operation will set a benchmark for seabed mining operations • EEZ well regulated, has high environmental safeguards and protection February 2024 18 Cobar Assets – gold and silver precious metal assets in the Cobar Basin Mt Boppy Gold Project (100% owned) Au Restarted Mt Boppy screening project in May 2023 • Open pit mine (previously produced circa 500,000oz Au @ 15g/t Au) • 42 person mining camp, power & water, administration office, exploration office • Currently reprocessing tailings, ROM stockpiles and waste dump • Mineral Resource update 160,100oz gold @2.01g/t*, currently awaiting results of Sonic drill program over waste dump • Fantastic exploration potential from Mt Boppy (beneath pit) and also Pipeline Ridge etc • Mt Boppy was previously one of the richest gold mines in NSW Ag Wonawinta Silver Project (100% owned) • Total resource 38.3Mt @ 41.3g/t Ag & 0.54% Pb (containing 50.94M oz Ag, 207,200t Pb)** • ~200,000t stockpile remaining – production halted January 2023 • 850,000t-1.0Mt.p.a. plant, mine camp and all necessary infrastructure • Further confirmation of Cobar style Pb Zn Ag Wonawinta Deeps as announced 1 June 2021 • Exceptional exploration potential *Refer ASX release dated 25 August 2023 ** Refer ASX release dated 1 April 2021 February 2024 19 Mt Boppy tenements – key exploration programs 2023/24 financial year 2023/24 exploration activities are to be focussed on the following: Mt Boppy Central Structural Zone 1. Pipeline Ridge Targeting: add substantially to existing resource est. (looking to add up to 210,000oz Au @2.4g/t Au) Objective: evaluate for shallow oxide opencut gold, as well as copper, zinc & lead underground options Activity: in-fill, RC & DD 2. Mt Boppy (beneath recently mined pit shell) Targeting: resource expansion within existing ML Pipeline Ridge Objective: grow existing resource >100,000oz Au Activity: combine RC and DD drill programs, targeting mineralisation between 300m – 600m deep February 2024 20 Manuka’s Gold and Silver Resource Base On 25th August 2023 a Resource Update was announced for the Mt Boppy gold project. On 1st April 2021 a Resource Upgrade was provided for Wonawinta Silver Project reflecting a 43% increase in the Measured and Indicated Resource Categories. Mineral Resource Summary 25 August 2023 Mt Boppy Resources JORC Resources Wonawinta Silver Project as at 1 April 2021* Resource Category Tonnes Grade Au (g/t) Contained gold ounces Resource Category Material (Mt) Ag (g/t) Ag Moz Pb (%) Pb kt Measured 106,850 5.25 18,028 Measured 1.1 47.3 1.65 0.69 7.5 Indicated 605,200 3.01 58,500 Indicated 12.3 45.5 18.04 0.83 102.8 Inferred 1,770,355 1.47 83,608 Inferred 24.9 39 31.25 0.39 96.9 Total 2,482,405 2.01 160,100 Total 38.3 41.3 50.94 0.54 207.2 Stockpile 0.515 70 1.16 February 2024 21 Mt Boppy (past, present & future) Au Mt Boppy produced 500koz @ 15 g/t from a very contained area Manuka commenced production of Mt Boppy ores in April 2020 IPO estimated Phase 1 of 22-24koz Au (actual >41,000koz) Higher grades + plant operating efficiencies combined to drive Phase 1 production to nearly double original forecast* Mt Boppy is open at depth with along-strike extensions to the South Currently includes Measured** resource of ~107,000t @ 5.25g/t Au (18,020oz gold) as well as an Indicated resource of 605,000t @3.01g/t Au (58,500oz gold) Awaits Mt Boppy Deeps drill program (now planned to commence H1 2024) Perspective view looking southeast. West lode is shown in orange, east lode shown in yellow and current pit design in blue, and high-grade zone (5 g/t Au) shown in red. Historical workings are shown in grey • Refer ASX releases dated 4 March 2022 • **refer ASX release dated 19 May 2022 February 2024 22 Silver production at Wonawinta • Wonawinta produced approx. 3.0Moz silver during 2012-2013, and an additional 500,000oz silver in 2022 • Previously Australia’s largest primary silver producer • JORC mineral resource estimate following extensive infill drilling ~51M oz silver (also 207Kt Pb not included as silver equivalent) • Substantial plant capacity >850k-1.0m t/a (processed part of the stockpiles in bottom photo on the right during 2nd half 2022 as a trial program, for recoveries of approx. 400,000oz silver) • Provides fantastic optionality for future silver production, project fully permitted, plant and all infrastructure operational February 2024 23