Announcement PDF Near-Term Gold and Silver Production from Cobar Basin Projects Corporate Presentation 15 April 2024 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 15 April 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. 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Previously reported information The information in this presentation that relates to previously reported Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves is extracted from the Company’s ASX announcements noted in the text of the presentation and are available to view on the Company’s website. The Company confirms that, other than mining depletion, it is not aware of any new information or data that materially affects the information included in the original announcements and, in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant announcement continue to apply and have not materially changes. 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No Limited Party represents or warrants that the Presentation is complete or that it contains all information about 2 About Manuka: ✓ ASX listed mine operator, Phased Strategy to deliver Self-Sustaining Value Creation developer and explorer 3 2 ✓ Near-term production from Gold and Silver assets located in the prolific Cobar Basin, NSW 1 Taranaki VTM Project Wonawinta Silver Mine ✓ Large Vanadium-rich Iron Sands Resource located offshore of the Taranaki Bight, New Zealand ✓ The Company’s current focus is bringing Mt Boppy Gold Mine back into production in Q4 2024 Mt Boppy Gold Mine ▪ Brownfields open pit gold mine with plant feed sourced from historic dry tailings, waste dumps and the open pit ▪ A$11.6M Capital Cost1 required for restart. ▪ 5-Year Mine Life generating an annual EBITDA of A$19M1 ▪ AISC = US$1,060/oz Au1 ▪ Large company-making iron ore sands project ▪ Brownfields open pit silver mine and purpose-built CIL plant on care and maintenance ▪ 3.2Bt2 Vanadium, Titanium, Magnetite (VTM) Resource ▪ Previously Australia’s only primary Silver Mine ▪ Recently invited to apply to be included in the NZ governments fast-tracked approvals legislation ▪ 150 km South of Mt Boppy ▪ Plant recently utilised to process Mt Boppy gold ore ▪ Cashflow from Mt Boppy to support a restart of Silver mining and production ▪ Update Reserve Estimate expected in May 2024 1 Refer page 16 for forecast financial information and Appendix 1 ▪ Mining Lease granted permitting 5Mtpa production ▪ Cashflows from precious metals assets to support completion of feasibility studies and project capex ▪ Targeting Bankable Feasibility Study completion in 2025 2ASX Release 1 March 2023 3 Corporate Summary Shares Outstanding 672M Share Price A$0.09 Market Capitalisation A$60.5M Ownership Breakdown: Share Price (A$/share) Capital Structure 0.12 12 0.10 10 0.08 8 0.06 6 0.04 4 0.02 2 0.00 Apr-23 May-23 Jun-23 Volume (Million Shares) Share Price History 0 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 4 Jan-24 Feb-24 Mar-24 Volume Share price 22% Upcoming Share Price Catalysts: ✓ Continued strength in the Gold and Silver markets ✓ A Final Investment Decision on the restart of Mt Boppy ✓ Reserve Update for the Wonawinta Silver Mine 78% ✓ Further progress through the VTM Project approval process Board & Management Other ✓ Gold Production at Mt Boppy 4 Board of Directors Dennis Karp Alan Eggers Anthony McPaul John Seton Toni Gilholme Executive Chairman Executive Director Non-Executive Director Non-Executive Director Company Secretary Dennis was 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. Alan is a geologist with over 40 years of local & international experience. Anthony (Tony) is a senior mining executive with over 40 years’ experience in mining operations and mineral processing (both underground and open pit operations). 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. 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. He was a principal shareholder of Tennant Metals until 2010, and a director until December 2014. Dennis led the syndicate which purchased the Manuka assets in 2016. He holds a Bachelor of Commerce from the University of Cape Town 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. 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 was most recently the general manager for Newcrest’s Cadia Valley Operations, in Orange NSW, and formally retired from Newcrest in 2016. 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 was a former Chairman of the Vietnam/New Zealand Business Council. 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. Toni 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. She holds a Bachelor of Business from the University of Technology, Sydney and is a qualified Chartered Accountant 5 Project Execution and Operations Team Haydn Lynch Rod Griffith Dieter Engelhardt Phil Bentley Chief Operating Officer Project Manager Processing Manager Chief Geologist 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 & cross-border transactions in metals & mining in Australia, Africa, Japan, China, and Mongolia. Rod has over 30 years of experience in the mining industry, both in Australia and internationally. The vast majority of these years has been spent in senior management, including Chief Operating Officer and General Manager positions. Dieter has over 30 years of experience in the mining industry including roles at Telfer Gold Mine (Senior Metallurgist), Northparkes Mines (Senior Metallurgist), McKinnons Gold Mine (Resident Manager), and the CSA Mine (Manager Ore Processing). Phil has 40 years of experience in the mining industry in New Zealand, South Africa and Australia, in both senior geological positions as well as in senior management and director capacities. Hadyn’s 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. Specific roles include Girilambone Copper Company (Mine Engineer, Mine Surveyor and Site Manager), Straits Hillgrove Gold (Resident Manager, GM Operations and GM Projects) and KBL Mining Limited (COO). Rod has completed a Bachelor of Engineering (Civil) and a Bachelor of Surveying at University of Newcastle and followed this with a Post Graduate Diploma in Mining Engineering from the University of Ballarat. Dieter was employed by Newcrest Mining Ltd in various roles including Manager Ore Processing and Principal Metallurgist. Dieter completed a Bachelor of Applied Science in Primary and Secondary Metallurgy at the University of South Australia in 1984. Specific roles include Randgold Resources and Randgold & Exploration (Chief Geologist), Trafigura Mining Services (Global Head of Exploration), CSA Global South Africa (Principal Geologist Africa) and Asanko Gold. Phil is a Qualified person under NI 43-101 (Canadia) and JORC (Australia) and is a Fellow of the South African Geological Society. Phil has completed a Bachelor of Science (Honours) in Geology at Victoria University of Wellington and has a Masters of Science in Economic Geology at Victoria University of Wellington and a Masters of Science in Mineral Exploration from Rhodes University, Grahamstown South Africa. 6 The Mt Boppy Gold Mine Historically one of NSW’s richest gold mines, having produced ~500,000 oz Gold at ~15 g/t ▪ Set within the Canbelego – Mineral Hill Rift Zone of the prolific Cobar Super Basin, 43 km east of the Cobar and 640 km west of Sydney. ▪ Acquired by Manuka Resources in 2019 ▪ Between April 2020 and February 2022, Manuka mined 560 kt from the Open Pit at 3.02 g/t Au to recover 41 koz Au via the modified Wonawinta Plant ▪ As recently as November 2023, screened stockpiles from Mt Boppy were processed at Wonawinta ▪ Production suspended in CYQ4 2023 due to grade variability issues when reclaiming the Main Waste Dump, combined with inefficiencies associated with trucking and processing ore at the Wonawinta Plant ▪ Manuka has recently completed a sonic drill program to improve confidence in the grade distribution of the Main Waste Dump and scoped a fit-forpurpose modular processing facility to be installed on site at Mt Boppy with a reputable vendor and working towards signing a purchase contract in the near future ▪ A 48-person Camp is located on-site ▪ All major environmental approvals in place for the recommencement of doré production at Mt Boppy 7 Mt Boppy Highlights A Low Capex, Near-term Return of Precious Metals Production at a Proven Brownfields Site Low Upfront Capital Cost of A$11.6M (including contingency) to first gold doré production ▪ Low Upfront Capital Cost of A$11.6M (including contingency) to return to production ▪ Initial 5-Year Mine Plan based on a new fit-for-purpose on-site processing facility a Mt Boppy ▪ ~50,000 oz of gold in doré and ~135,000 ounces of Silver in doré produced over the Mine Plan as currently defined ▪ Forecast AISC ofof US$1,070/oz Au (or US$991/oz including Silver Mine Credits) ~48,000oz gold produced in doré over the initial Plan1 ▪ High operating margin of 56%, delivering an average Annual EBITA of ~A$20M ▪ Forecast of US$1,060/oz Pre-tax NPV10 AISC = A$57M, IRR = 163% Au ▪ Clear opportunities to extend mine life via self- funded exploration Initial 5-Year Mine Plan based on a new fit-for-purpose, on site processing facility at Mt Boppy 1 High operating margin, delivering an average Annual EBITDA of A$19M1 Pre-tax IRR = 155% Clear opportunities to increase process plant production capacity and extend mine life via self-funded investigations and exploration 1 Refer page 16 for forecast financial information and production targets and Appendix 1 8 Mt. Boppy Mineral Resource Estimate1 Recent Sonic Drilling over Rock Dumps and Tailings has Improved Confidence in Grade Distribution Location Classification Tonnes (kt) Au (g/t) Au (koz) Measured 107 5.25 18.0 Indicated 158 4.86 24.7 M&I 265 5.01 42.7 Inferred 17 3.90 2.1 Inferred 110 2.39 8.5 Indicated 2,116 0.80 54.3 Inferred 881 0.61 17.2 Indicated 853 1.37 37.5 Inferred 38 1.30 1.6 Measured 107 5.25 18.0 Indicated 3,127 1.16 116.5 Total M & I 3,233 1.29 134.5 Inferred 1,046 0.87 29.4 Total Resource 4,279 1.19 163.9 Tonnes (kt) Au (g/t) Au (koz) Mt Boppy, Boppy Sth & Rock Dumps 928 2.15 64 Tailings 891 1.30 32 Total High-Grade Component 1,818 1.74 102 Mt Boppy Open Pit Boppy South Rock Dumps Tailings Total Resource Boppy South TSF 3 Evaporation Dam Open Pit ROM Stockpile Oversize ore Boppy Main Waste Dump Oversize ore High-Grade Component Location 1ASX Release 15 April 2024 9 Unlocking Near-term Potential at Mt Boppy Targeting Resource and Mine Expansion from the Existing Open Pit and Mining Leases Mt Boppy Pit Boppy South TSF3 Existing Pit Open 120 mRL – Depth of current pit shell design Resource • Between April 2020 and February 2022, Manuka mined 560kt from the Open Pit at 3.02 g/t Au, recovering 41 koz • Drilling by Manuka in 2020 and 2021 intersected high grade mineralisation beneath the existing pit, including: 22 m @ 11.78 g/t Au from 159 m (MBRC019) and 17 m @ 4.33 g/t Au from 180 m (MBRC020)1 • Project Cash flow to fund aggressive near pit exploration down dip and along strike to extend mine life 1ASX Release 1 March 2021 Open Proposed drilling 10 Capturing Regional Exploration Upside Potential Dominant Footprint Straddling the Northern Portion of the Canbelego–Mineral Hill Rift Zone On-site Processing at Mt Boppy increases the prospectivity and feasibility of mining surrounding deposits Pipeline Ridge • Targeting: Add substantially to existing Mt Boppy Mineral Resource Estimate • Objective: Evaluate for shallow oxide open cut gold, as well as copper, zinc and lead underground options • Activity: Infill, RC and diamond drill programs Manuka's current regional Exploration Target1 comprises 3-4Mt at 2.5-3.8 g/t Au for 249-527 koz; and 17-22Mt at 40-50 g/t Ag for 22-36 Moz in additional to polymetallic (Ag-Au-Cu-Zn-Pb) prospectivity. Mt Boppy Central Structural Zone Pipeline Ridge The potential quantity and grade of the Exploration Target is conceptual in nature, that 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 1ASX Release 14 February 2023 11 Mt. Boppy - Process Flowsheet Assembly of a Fit-for-purpose Modular Gold Processing Facility Rock Dumps / Open Pit TSF Feed ▪ Crushing and screening equipment already on site at Mt Boppy Two Stage Crusher & Screen In-line Pressure Jig Screen & Launder ▪ Ball mill and Gekko modular elution circuit to be relocated from Wonawinta Centrifugal Concentrator ▪ IPJ gravity preconcentration, Tails centrifugal preconcentration, flotation, dewatering, intensive cyanide leach, and laboratory equipment currently quoted in preparation for purchase Tertiary Crusher Ball Mill Procurement Strategy Opportunities Flotation Cells Concentrate Filter Intensive Leach Reactor (IRL) ▪ CIL leaching of oxide ore and flotation tails to enhance gold recovery Final Tailings ▪ Heap leaching of low-grade oxide ore Carbon Loading and Elution ▪ Increase processing capacity via addition of a second ball mill Doré ▪ Future floating of base metal sulphides from regional prospects 12 Process Plant Example 35tph Modular Gold Process Plant www.aptprocessing.com 13 Mt. Boppy - Site Layout and Infrastructure Brownfields Site with a Wealth of Existing Infrastructure ▪ The new Mt Boppy processing plant will be located on the pad at the site of the previously decommissioned Mt Boppy CIL plant New Plant ▪ Site power requirements will be provided by portable diesel generation sets ▪ Site water requirements will be accommodated via a production borehole and in pit water ▪ Access to site is via existing sealed roads ▪ Personnel will be accommodated in the 48-bed mining camp already established at the Mt Boppy mine site ▪ A new 500,000 m3 (2 to 3-year capacity) tailings storage facility will be constructed west of the waste dump ▪ Limited earthworks for cleaning up ROM Pad and establishing plant site Mt Boppy Site Layout ▪ All ancillary infrastructure in already in place including administration & exploration offices, communications, warehousing, core yards and mobile equipment workshop 14 Mt. Boppy - Gold Mining and Production Schedule Initial 5-Year Mine Plan to Produce ~48,000 oz Gold Doré1 400,000 4.0 300,000 3.0 200,000 2.0 100,000 1.52 1.37 1.48 2.16 2.17 5 6 - 0.0 1 2 Rock Dumps 3 4 Production Year Open Cut Tailings Average Gold Grade 15,000 10,908 9,111 10,000 8,205 10,939 8,624 5,000 1 ▪ Reclamation of Tailings will provide a baseload feed source throughout the 5year Mine Plan ▪ Rock Dumps will supplement the Mine Plan initially, with open pit cutbacks in later years to expose higher-grade in situ ore ▪ Contract mining will be used for both reclamation and hard rock mining activities ▪ Annual savings from ore haulage to Wonawinta of ~ A$7M per annum Gold Doré Production ounces 1.0 Grade (g/t) Mined ore tonnes Production Target 2 3 4 Production Year Gold Dore 5 6 ▪ Recovered Gold Doré to be sold and transported to the ABC Refinery in Sydney ▪ Historically, Gold Doré produced from Mt Boppy has included Silver at a ratio of approximately 1:1 The Production Target underpinning Financial Forecasts comprises 6% Measured Resources, 92% Indicated Resources and 2% Inferred Resources. The estimated Mineral Resource underpinning the Base Case Production Target have been prepared by a Competent Person in accordance with the requirements in the JORC Code. There is a low level of geological confidence associated with Inferred Resources and there is no certainty that further exploration work will result in the conversion of Inferred Resources to Indicated Resources or return the same grade and tonnage distribution. The stated Production Target is based on the Company’s current expectations of the future results or event and should not be solely relied upon by investors when making investing decisions. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met. 15 1ASX Release 14 February 2023 Mt. Boppy Cash Flows Low Capex Return to Gold Production, delivering an Average EBITDA of A$19M per annum Year Unit Total 1 2 3 4 5 6 Gold Dore Produced koz 47.7 - 9.1 8.2 8.6 10.9 10.9 Gold Price US$/oz 2,350 2,350 2,350 2,350 2,350 2,350 Exchange Rate A$:US$ 0.65 0.65 0.65 0.65 0.65 0.65 Capital Cost Estimates A$M New Inline Pressure Jigs / Centrifuge 1.37 New Flotation / Concentrate Circuit 3.30 New Intensive Leach Reactor 0.50 Operating Costs During Ramp Up 1.22 Tailings Dam 2.10 Total Revenue A$M 172.8 - 32.9 29.7 31.2 39.4 39.5 Selling Costs A$M (0.8) - (0.2) (0.2) (0.2) (0.2) (0.2) Mining Costs A$M (35.2) - (5.2) (4.7) (4.5) (11.7) (9.2) Other Costs (including logistics) & Contingency 3.10 Processing Costs A$M (35.4) - (7.3) (7.3) (7.3) (6.7) (6.7) Total Capex 11.60 G&A A$M (6.5) - (1.4) (1.4) (1.4) (1.2) (1.2) EBITDA A$M 94.8 - 18.9 16.1 17.8 19.7 22.3 Capex A$M (11.6) (11.6) - - - - - Net Cash Flow A$M 83.2 (11.6) 18.9 16.1 17.8 19.7 22.3 AISC US$/oz 1,060 - 1,003 1,076 1,006 1,175 1,024 Material assumptions underpinning these Financial Forecasts include the Production Target outlined in this Presentation and those outlined in Appendix 1 All figures are presented in real dollars. 16 Mt Boppy Project Execution Clear pathway to Production in CYQ4 2024 Indicative Timeline Sonic Drilling and MRE Update Q2 CY24 Q3 CY24 Q4 CY24 ▪ Most plant equipment will be provided via a single vendor with some components provided by second vendor and others repurposed from the Wonawinta plant Relocate Generators from Wonawinta ▪ Major equipment vendors will provide installation New Tailings Dam Construction ▪ Key contracts are being progressed with vendors Purchase / Transport / Installation of Plant and Equipment Relocate Elution / Recovery Units from Wonawinta Mt Boppy Plant Site works Fleet Mobilisation and Mining Mt Boppy Plant Commissioning / Production 17 Wonawinta Silver Mine (100% Manuka) Previously Australia’s Largest Primary Silver Mine ▪ Wonawinta produced approximately 3 Moz Ag from 2012 to2013, and 500 koz Ag in 2022 ▪ Total Resources1 of 38.3Mt at 41.3 g/t Ag for 51 million ounces. Within this there is a higher-grade component of 4.5Mt at 97 g/t Ag for 14 Moz ▪ The Wonawinta processing plant has a nameplate capacity of approximately 850,000 tpa. The plant recently been utilised by Manuka to process Mt Boppy gold ore ▪ Project is fully permitted with plant and all infrastructure operational ▪ The Company is reviewing the potential of recommencing operations at Wonawinta, taking advantage of the strengthening silver price environment. The project remains fully permitted for restart. ▪ Manuka is targeting a Reserve update for Wonawinta in May 2024 ▪ Exceptional exploration potential with further confirmation of Cobar style Pb-Zn-Ag mineralization at Wonawinta Deeps ▪ Wonawinta mine restart and mine life development to be funded from cash flow generated by Mt Boppy operations Resource Ore Silver Lead Classification (Mt) (g/t) (Moz) (%) (kt) Measured 1.1 47.3 1.65 0.69 7.5 Indicated 12.3 45.5 18.04 0.83 102.8 Inferred 24.9 39 31.25 0.39 96.9 Total 38.3 41.3 50.94 0.54 207.2 1ASX Release 1 April 2021 18 Wonawinta Resource Extensions High Potential for Economic Base Metals Mineralisation Down Dip of the Current Wonawinta Open Pit ▪ ‘Proof-of-Concept’ drill program has successfully tested for presence of carbonatehosted sulphides down-dip from existing Wonawinta open pits, encountering lead-zincsilver mineralisation over 3km strike. ▪ Selected mineralised intervals include1: • DBM003: 20 m @ 1.98% Pb+Zn, 43 g/t Ag from 94 m downhole including 4 m @ 6.34% Pb+Zn, 63g/t Ag from 101 m downhole. • DBM004:11.4 m @ 1.23% Pb+Zn, 83.5g/t Ag from 130m downhole. • DBL003: 5.0 m @ 2.52% Pb+Zn, 128g/t Ag from 63m downhole. 1ASX Release 1 June 2021 Typical cross section through mineralisation at Wonawinta showing Booth Limestone and MVT style mineralisation beneath and down dip of Wonawinta silver open oxide pits 19 Taranaki VTM Project (100% Manuka) ▪ The Taranaki VTM Project is located 22 km to 36 km offshore in New Zealand’s EEZ, or Exclusive Economic Zone, outside the 12 nautical limit from the shoreline, in waters between 20 m to 50 m in depth Large Vanadium-rich Iron Sands Resource located in the Taranaki Bight, New Zealand It has a granted mining license, MP55581, permitting production of 5Mtpa ▪ On granting of final government approvals to operate the Company will complete its Bankable Feasibility Study on the Project ▪ The Project is anticipated to sit in the lowest quartile of the iron ore production cost curve. Manuka invited to submit an application for the Project to be included in the New Zealand Government’s Fast Track Approvals Bill The objective of the Bill is to provide a streamlined decision-making process to facilitate the delivery of infrastructure and development projects with significant regional or national benefits Resource1 Ore Fe2O3 TiO2 V2O5 Classification (Bt) (%) (%) (%) Indicated & Inferred 3.2 10.17 1.03 0.05 1ASX Release 1 March 2023 20 Thank you ✓ Near-term production from Gold and Silver assets located in the prolific Cobar Basin, NSW ✓ Large Vanadium-rich Iron Sands Resource located offshore of the Taranaki Bight, New Zealand ✓ Phased Strategy to deliver SelfSustaining Value Creation ✓ The Company’s current focus is bringing Mt Boppy Gold Mine back into production in CQ4 2024 Dennis Karp Executive Chairman Haydn Lynch Chief Operating Officer 21 Appendix 1: Material Assumptions Item Comment Gold Price Approximate Spot Price as at 12 April 2024 Exchange Rate Approximate Spot Price as at 12 April 2024 Selling Costs A$3,000/week for the transport of Dore to Sydney and a Refining Charge of A$0.25/oz (Au + Ag). Rock Dump Reclamation Contract Dig-Load-Haul Crush and Screen: A$18.03/t Ore Mined; Contract Dig-Load-Haul: A$5.97/t Waste Mined. The anticipated stripping ratio is 0.3:1 Tailings Reclamation Contract Dig-Load-Haul: A$5.97/t Mined Open Pit Mining Contract Drill