Updated Cobar Basin Production Plan
Released
Released
Announcement PDF
ASX Announcement
30 May 2025
ASX: MKR
Cobar Basin Production Plan
Manuka to produce 13.2 million ounces of Silver plus Gold
from existing Wonawinta Processing Plant
Highlights
•
10 Year Mine Plan to produce 13.2 million ounces of silver from existing
stockpiles and open pits at the Wonawinta Silver Mine, located adjacent to the
existing 1Mtpa Wonawinta Processing Plant.
•
Additional gold ore from stockpiles at the Mt Boppy Gold Mine, to be hauled
to Wonawinta and blended with silver ore to produce a valuable gold credit.
•
The Mine Plan is forecast to generate an average EBITDA of A$22M p.a. at an
average cost of A$35/oz silver for an NPV8 of A$101M and IRR of 109%1.
•
Targeting commencement of production in calendar Q1 2026.
•
Mine Plan of 10.7Mt ore, supported by:
o Updated Wonawinta Silver Reserve of 6.2Mt at 56g/t Ag (in-ground) and
0.2Mt at 60g/t Ag and 0.07g/t Au in ROM Stockpiles.
o Maiden Mt Boppy Gold Reserve of 0.2Mt at 1.1g/t Au out of a larger 2.2Mt
of Rock Dump, Stockpiles and Tailings Resource with a grade of 0.84g/t.
1
•
Pre-production capital/restart costs are estimated at A$18.9M including A$10.3M to
add a deslime circuit to the Wonawinta Processing Plant to enhance mill throughput
and leach performance.
•
The Wonawinta processing plant is a highly strategic asset located within trucking
distance of multiple high grade precious and base metals deposits within the Cobar
Basin, providing the Company with significant commercial optionality.
•
The Company is in advanced discussions with prospective financiers, with
the loan proceeds to be applied towards refinancing the existing debt facility
and funding the project capital / restart costs.
•
Existing senior lender TransAsia Private Capital Limited has agreed to extend the
maturity of their debt facility to allow sufficient time to complete the refinancing
process, based on the Company’s updated production strategy.
Based on A$50/oz Silver and A$5,000 /oz Gold Price
Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000
ABN 80 611 963 225
Tel 02- 7253 2020
www.manukaresources.com.au
Manuka Resources Limited (ASX:MKR, “Manuka” or the “Company”) is pleased to
announce the 10-Year Mine Plan for the Wonawinta Silver Mine located 80km due south
of Cobar in New South Wales (Figure 1).
Manuka’s Executive Chairman, Dennis Karp, commented:
“The updated implementation plan, including mining ore reserves at both Wonawinta
and Mt. Boppy, leverages our existing processing plant at Wonawinta and our previous
proven experience processing both Wonawinta and Boppy ore through that facility.
The ability to process both Wonawinta and Boppy through that facility greatly derisks
project execution, increases investor and financier confidence, and enables Manuka
to produce both silver and gold, taking advantage of buoyant precious metals markets.
The extended life and upgrade in Reserves underpinning the mine plan provides a
strong basis upon which to refinance our existing debt facility and realise the significant
value inherent within the project in its own right, and as a strategic asset within the
context of the broader Cobar Basin.”
Figure 1: Location Wonawinta and Mt Boppy Projects within the Cobar basin
Page 2
Project Summary
Manuka Resources Limited (“Manuka” or the “Company”) is pleased to report a 10Year Mine Plan for the Wonawinta Silver Mine (“Wonawinta” located 80km due south
of Cobar in New South Wales (Figure 1).
Wonawinta was built by Cobar Consolidated Resources (“CCR”) in 2011 and acquired
by Manuka in 2016. Wonawinta comprises a granted mining lease, existing open pits
mines, an existing 1Mtpa CIL processing plant and associated infrastructure including
approved tailings dams and accommodation facilities (Figure 2 – 5).
Between 2021 and 2023, Manuka intermittently and separately processed silver ore
from Wonawinta ROM stockpiles and gold ore from the Mt Boppy Gold Mine (“Mt
Boppy”) through the Wonawinta processing plant before placing the operation on active
care and maintenance in early 2024.
The Project Implementation Plan described in this announcement (Appendix A) outlines
the upgrading and recommissioning of the Wonawinta processing plant to enhance
throughput and leach performance and deliver a Mine Plan that comprises:
•
10.4Mt silver ore from selected stockpiles and 5 open pits located adjacent to
the Wonawinta processing plant; and
•
an initial 0.2Mt of gold ore from selected areas of larger 2.2Mt Rock Dump,
Tailings and Stockpile Resource located at Mt Boppy.
The Project Implementation Plan estimates a capital requirement of A$18.9M to bring
the processing plant into production, of which A$10.3M will be spent on a new desliming
circuit to remove clays that have previously inhibited mill throughput and CIL recoveries.
The upgrade and refurbishment of the processing plant is scheduled to commence in
July 2025 with first production from Wonawinta Stockpiles and Mt Boppy Stockpiles in
January 2026. Mining is scheduled to commence in June 2026.
Over the 10-Year Mine Plan, the Project is forecast to generate an average
EBITDA of A$22M per annum at an all-in sustaining cost of A$35/oz Silver
resulting in an NPV8 of A$101M and an IRR or 109%.
The Mine Plan (Table 1) is supported by Reserves for Wonawinta (Table 2, Appendix B)
and Mt Boppy (Table 2, Appendix D) as well as Mineral Resource Estimates for
Wonawinta In-situ deposits (Table 3), Wonawinta Stockpiles (Table 4, Appendix C) and
Mt Boppy Rock Dumps, Tailings and Stockpiles (Table 5, Appendix E).
The 10.7Mt Mine Plan is underpinned by 6.6Mt Reserves and comprises 7% Measured
Resources, 54% Indicated Resources and 40% Inferred Resources. There is a low level
of geological confidence associated with Inferred Resources and there is no certainty
that further exploration work will result in the conversion of Inferred Resources to
Indicated Resources or return the same grade and tonnage distribution.
Page 3
The 10-Year Mine Plan comprising the mining and reclaiming a total of 10.7Mt ore
containing 19.0Moz of silver together with gold credits. Commencing January 2026,
Existing ROM Stockpiles located at Wonawinta and Existing Stockpiles located at Mt
Boppy will be reclaimed and processed through the upgraded Wonawinta Processing
Plant. Mining at Wonawinta will commence in April 2026 at the existing Manuka open
pit, before progressing to the Belah, Bimble and Pothole Pits and concluding with the
existing Boundary Pit.
Table 1: Project Production Target
Tonnes
(Mt)
Waste
(Mt)
Ag
(g/t)
Ag
(Moz)
Au
(g/t)
Au
(koz)
Mt Boppy Stockpiles
0.2
-
-
0.0
1.1
7.3
Wonawinta ROM Stockpiles
0.2
-
60
0.4
0.07
0.5
Manuka Open Pit
1.4
3.4
61
2.7
-
-
Belah Open Pit
1.1
5.5
67
2.4
-
-
Boundary Open Pit
5.5
23.9
54
9.6
-
-
Bimble Open Pit
1.8
9.0
57
3.2
-
-
Pothole Open Pit
0.4
0.9
41
0.5
-
-
Total
10.7
42.7
56
19.0
0.02
7.7
Source
Note: Tonnes and Grade are rounded. Discrepancies in calculated Contained Metal are due to rounding.
A new desliming circuit added to the front end of the Processing Plant will be used to
remove the -38µm size fraction from crushed ROM feed to produce a +38µm product
for milling at a rate between 100 and 135/tph (0.8-1.0Mtpa).
Milled feed will be leached via an existing CIL and elution circuit with metal recovered
via zinc precipitation to a ~70% silver concentrate filter cake with gold credits that will
be shipped on a weekly basis to the ABC refinery in Sydney.
Previous processing of Wonawinta silver ore by the Company delivered a gold
credit of 0.23% gold ounces per silver ounce over a 9-month period between
May 2022 and February 2023.
No gold credit has been applied to ore mined from the Wonawinta open pits and
therefore represents a significant potential upside to project cashflows over the
Mine Plan should it continue to be recovered.
An annual summary of the Mine Plan and forecast cashflows are outlined in Table 6 and
Table 7 respectively.
Page 4
Figure 2: Location of existing infrastructure, ROM Stockpiles and existing and
proposed open pits at Wonawinta.
Page 5
Figure 3: The existing Wonawinta Processing Plant.
Figure 4: ROM Stockpiles adjacent to the Wonawinta Processing Plant.
Page 6
Figure 5: Existing Manuka Open Pit.
Figure 6: Mt Boppy stockpiles and open pit mine.
Page 7
Ore Reserves & Mineral Resources
Table 2: Mine Plan Ore Reserves
Tonnes
(Mt)
Ag
(g/t)
Ag
(Moz)
Au
(g/t)
Au
(koz)
Probable – Wonawinta In-Situ Deposits
6.2
56.4
11.2
-
-
Probable – Wonawinta Stockpiles
0.2
60
0.4
0.07
0.5
Probable – Mt Boppy Stockpiles
0.2
-
-
1.1
7.3
Total
6.6
54.8
11.6
0.04
7.8
Reserve Category
Note: Tonnes and Grade are rounded. Discrepancies in calculated Contained Metal are due to rounding.
Table 3: Wonawinta In-Situ Mineral Resource Estimate2
Tonnes
(Mt)
Ag
(g/t)
Ag
(Moz)
Pb
(%)
Pb
(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
39.0
31.25
0.39
96.9
Total
38.3
41.3
50.94
0.54
207.2
Resource Category
Note: Tonnes and Grade are rounded. Discrepancies in calculated Contained Metal are due to rounding.
Table 4: Wonawinta Stockpiles Mineral Resource Estimate
Tonnes (Mt)
Ag
(g/t)
Ag
(Moz)
Au
(g/t)
Au
(koz)
Measured
0.1
61
0.3
0.03
0.1
Indicated
0.1
58
0.1
0.16
0.4
Total
0.2
60
0.4
0.07
0.5
Resource Category
Note: Tonnes and Grade are rounded. Discrepancies in calculated Contained Metal are due to rounding.
Table 5: Mt Boppy Mineral Resource Estimate – Rock Dumps, Stockpiles & Tailings
Source
Tonnes
(Mt)
Au
(g/t)
(Au)
koz
Indicated
1,362
0.69
30.0
Inferred
860
1.09
30.2
Total
2,222
0.84
60.2
Note: Tonnes and Grade are rounded. Discrepancies in calculated Contained Metal are due to rounding.
Further details on each of the updated Wonawinta Resource and Reserve, and the Mt
Boppy Rock Dump, Stockpile & Tailings Resource and Reserve can be found in
Appendix A, B, C, D & E of this announcement and the respective JORC Tables.
2 ASX Release 1 April 2021
Page 8
Table 6: Annual Summary of Mine Plan - Physicals
Production Year
Unit
Total
0
1
2
3
4
5
6
7
8
9
10
Total Material Mined
Mt
52.9
-
5.7
7.7
6.5
3.8
7.1
7.6
7.8
4.6
2.1
-
Waste Mined
Mt
42.7
-
4.6
6.6
5.4
2.8
6.0
6.6
6.8
3.0
1.0
-
WWTA – In Situ Ore
Mt
10.2
-
1.1
1.1
1.1
1.1
1.1
1.0
1.0
1.5
1.1
-
Silver Grade
g/t Ag
56.5
-
55
63
62
58
53
60
47
54
57
-
WWTA Stockpiles
Mt
0.2
-
0.2
-
-
-
-
-
-
-
-
-
Silver Grade
g/t Ag
60.3
-
60
-
-
-
-
-
-
-
-
-
Mt Boppy Stockpiles
Mt
0.2
-
0.1
0.1
-
-
-
-
-
-
-
-
Gold Grade
g/t Au
1.1
-
1.0
1.1
-
-
-
-
-
-
-
-
Total Ore
Mt
10.7
-
1.5
1.2
1.1
1.1
1.1
1.0
1.0
1.5
1.1
-
Total Silver
Moz
19.0
-
2.4
2.2
2.1
2.0
1.9
2.0
1.6
2.6
2.0
-
Measured
%
7%
-
24%
4%
-
-
-
-
21%
6%
-
-
Indicated
%
54%
-
68%
82%
82%
94%
49%
18%
64%
28%
0%
-
Inferred
%
40%
-
7%
14%
18%
6%
51%
82%
15%
66%
100%
-
ROM Feed
Mt
10.7
-
1.2
1.1
1.1
1.2
1.1
1.1
1.1
1.2
1.2
0.5
Milled / Leached Ore
Mt
7.5
-
0.9
0.9
0.8
0.8
0.8
0.8
0.7
0.8
0.8
0.3
Overall Silver Recovery
%
70%
-
68%
63%
70%
71%
66%
69%
73%
73%
72%
72%
Recovered Silver
Moz
13.2
-
1.3
1.3
1.6
1.5
1.3
1.4
1.2
1.5
1.5
0.6
Recovered Gold
Koz
5.9
-
3.8
2.1
-
-
-
-
-
-
-
-
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.
Page 9
Table 7: Annual Summary of Mine Plan – Financials
Production Year
Unit
Total
0
1
2
3
4
5
6
7
8
9
10
Payable Silver
koz
13,184
-
1,246
1,246
1,570
1,520
1,346
1,396
1,221
1,496
1,471
672
Payable Gold
koz
5.8
-
3.3
2.6
-
-
-
-
-
-
-
-
Silver Price
A$/oz
50
50
50
50
50
50
50
50
50
50
50
Gold Price
A$/oz
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
Net Silver Revenue
A$M
655.9
-
62.0
62.0
78.1
75.6
67.0
69.4
60.8
74.4
73.2
33.4
Net Gold Revenue
A$M
29.2
-
16.3
12.9
-
-
-
-
-
-
-
-
Govt. Royalties
A$M
(16.1)
-
(1.9)
(1.7)
(2.1)
(2.0)
(1.6)
(1.6)
(1.3)
(1.7)
(1.5)
(0.7)
Total Net Revenue
A$M
669.0
-
76.4
73.2
76.1
73.7
65.4
67.8
59.4
72.7
71.6
32.7
Mining
A$M
(181.8)
-
(20.1)
(25.6)
(23.0)
(17.8)
(22.2)
(23.3)
(22.6)
(16.8)
(10.3)
-
Processing
A$M
(201.2)
(1.2)
(21.1)
(21.8)
(21.6)
(21.2)
(21.3)
(21.3)
(20.7)
(21.2)
(21.1)
(8.7)
G&A + Logistics
A$M
(59.7)
(1.4)
(6.0)
(6.0)
(6.2)
(6.2)
(6.3)
(6.3)
(6.3)
(6.3)
(6.2)
(2.5)
Mt Boppy Costs
A$M
(12.8)
-
(6.1)
(6.7)
-
-
-
-
-
-
-
-
EBITDA
A$M
213.5
(2.6)
23.1
13.1
25.3
28.4
15.6
16.8
9.9
28.4
34.0
21.5
Preproduction Capex
A$M
(16.4)
(16.4)
-
-
-
-
-
-
-
-
-
-
Sustaining Capex
A$M
(35.2)
-
(4.7)
(3.3)
(2.2)
(2.2)
(4.4)
(4.8)
(5.3)
(4.0)
(3.5)
(0.8)
Net Project Cashflow
A$M
161.9
(18.9)
18.4
9.8
23.0
26.2
11.2
12.0
4.6
24.5
30.5
20.7
NPV
A$M
100.5
IRR
%
109%
AISC
A$/oz
35.1
-
31.8
41.1
35.5
32.0
42.0
40.5
46.2
33.4
28.9
20.0
Page 10
Financial Assumptions
•
Spot prices for silver (A$50/oz) and gold (A$5,000/oz) have been used for the
base case financial evaluation.
•
A refining charge of A$0.25 per recovered ounce has been applied to both silver
and gold based on typical commercial terms.
•
A 4% Government Royalty net of allowable deductions including refining costs,
processing costs and depreciation has been applied.
•
The model has been prepared on a real, pre-tax, pre-finance basis. It is noted
however that the Company has an accumulated tax loss position of
approximately A$70M available to offset against future profits
Wonawinta Operating Costs
Mining
•
Mining is scheduled to commence in April 2026. Mining will be undertaken on a
day and night shift roster except for periods in Production Year 3-4 and
Production Years 8-10 where only a dayshift will be employed.
•
The Company will initially adopt a dry hire model before transitioning to an owneroperator model from half-way through Production Year three.
•
A total Mining Cost of A$3.43/t mined (A$7.00/BCM) includes mining
administration, grade control, drill & blast (where applicable) load & haul, fleet
maintenance, dayworks provision and fleet financing costs (from Year 3) and is
based predominately on recent quotes from contractors and financiers
Processing
•
Processing is scheduled to commence in January 2026 with commissioning to
be performed using Wonawinta ROM Stockpiles.
•
Processing Costs of A$1.28/t ROM feed plus A$25.02/t ore milled have been
developed via a bottom-up approach based on recent quotes and data from the
most recent processing campaign undertaken by Manuka in 2023.
G&A & Logistics
•
G&A Costs of approximately A$500K per month include Site Administration and
Camp costs and are based on recent quotes and data from the most recent
processing campaign undertaken by Manuka in 2023.
•
A logistic provision of A$5.8k per load of concentrate has been made with an
average of one trip per week (4-5 per month) anticipated.
Page 11
Mount Boppy Operating Costs
•
An operating cost estimate for reclaiming, screening (where applicable) and
hauling ore at Mt Boppy has been derived from previous operating experience at
Mt Boppy and Wonawinta and updated with recent quotes and estimates.
•
Site Supervision and Overhead A$15.9K per month
•
Truck Loading = A$20.3K per month
•
Screening Costs = A$11.3/t screened
•
Haulage Costs = A$24.4/t hauled
•
Processing Costs = A$27.74/t ore
Capital Costs
A summary of the Project Capital Costs is shown in Table 8.
Table 8: Capital Cost Budget (A$’000)
Item
Pre-Production
During Operations
Total
Plant Upgrades
10,511
20
10,531
Plant Refurbishment
1,810
710
2,520
Camp & Admin
153
1,498
1,651
Restocking Warehouse & Lab
462
492
955
Reagent First Fills
962
-
962
Tailings Dam Lifts
1,000
29,410
30,410
3,115
3,115
Sustaining Capex
10% Contingency
1,490
1,490
Capital Costs
16,388
35,245
51,634
Staff Ramp-Up
2,552
-
2,552
Total Pre-Production Cost
18,940
35,315
54,186
Major Capital Items include:
•
A$10.5M for the supply and installation of a Deslime Circuit including a modular
primary crusher, wet and dry screen, log-washer, cyclones, secondary modular
cone crusher dewatering thickener, conveyors.
•
A$30.4M Life of Mine provision for 9 periodic tailings dam lifts to accommodate
the 10.7Mt of ROM tails to be generated over Mine Plan.
•
A provision of A$420K per annum has been made for sustaining capital from
Production Year 3.
A 10% Contingency has been applied to all pre-production capital costs.
Page 12
Project Sensitivities
•
Applying +/- 10% change to the price of silver results in a +/-A$43M NPV8
•
Applying +/- 10% change to the price of gold results in a +/-A$2.5M NPV8
•
Applying a 0.23% gold payable alongside all payable silver ounces included in
the Mine Plan results in +A$96M NPV8
•
Applying +/-10% change to Opex results in a -/+ A$33M NPV8
•
Applying +/-10% change to Pre-Production Capex results in a -/+ A$1.6M NPV8
Value Enhancement Opportunities
•
Strategic Opportunities in the Cobar Basin: Operating a processing facility
within the Cobar Basin positions Manuka to unlock strategic value. The plant’s
capacity to treat precious metal ores presents opportunities to monetise and
potentially support nearby stranded assets that lack sufficient scale to justify
standalone processing infrastructure.
•
Gold Credit from Wonawinta Silver Ore: As previously noted, Manuka has
been generating a modest but meaningful gold credit while processing stockpiles
of Wonawinta silver ore. If gold continues to be recovered consistently throughout
the life of mine, it could deliver a materially positive impact on both project
cashflows and overall valuation.
•
Continued Haulage of Mt Boppy Gold Ore: The current Mine Plan incorporates
0.2Mt of gold ore stockpiles from Mt Boppy—a small fraction of the broader 2.2Mt
Resource of mineralised rock dumps, tailings, and stockpiles at the site. Ongoing
identification of high-grade zones within these materials offers the potential to
further increase gold ore feed and enhance cashflow generation.
•
Further Resource-to-Reserve Conversion: The current Mine Plan utilises
10.4Mt of ore—approximately 25% of the total defined in-ground and stockpiled
Resources at Wonawinta. Additional drilling and sampling could enable the
conversion of further Resources into Reserves, thereby extending mine life and
strengthening project economics.
•
Mining Fleet Optimisation: As procurement discussions with mining contractors
advance, there is scope to reassess and refine equipment requirements and
associated costs. These negotiations offer the potential to reduce unit mining
costs and improve operating margins.
Extension of TransAsia Debt Facility
The results of the Company’s updated production strategy in the Cobar Basin provides
a strong basis upon which to continue to advance terms with prospective financiers for
a new facility to refinance the existing debt facility from TransAsia Private Capital
Limited (“TransAsia”) and to fund the upgrade and commissioning of Wonawinta
process plant.
Page 13
TransAsia has agreed to extend the maturity of their debt facility to allow sufficient time
to complete the refinancing process based on the updated Mine Plan. The extension is
conditional on the Company achieving progressive milestones during CQ3 2025
consistent with completing the refinancing in that timeframe. The Company will update
shareholders as we advance towards acceptance of binding terms and to financial close
on the new debt facilities.
Manuka’s financial advisers, BurnVoir Corporate Finance, are assisting the Company
through the refinancing process and to a Final Investment Decision.
Implementation Schedule
The Company is targeting financial close on the refinance facility and a Final Investment
Decision in Q3 2025. The Company aims to be in production by January 2026.
Table 9: Indicative Implementation Schedule
Jun
May
Apr
Mar
Feb
Jan
Dec
2026
Nov
Oct
Sep
Aug
Workstream
Jul
2025
Final Investment Decision
Re-establish Camp
Re-establish Offices, Stores & Workshop
Refurbish, Modify & Processing Plant
Commission Process Plant
Steady State Production
Construct TSF Lift 3
First Shipment of Silver Concentrate
Mobilise Mining
Mining Commencement
Additional Information
•
Appendix A – Summary of the Project Implementation Plan
•
Appendix B – Wonawinta In-ground Reserve Update
•
Appendix C – Wonawinta Stockpiles Reserve and Mineral Resource Estimate
•
Appendix D – Mt Boppy Rock Dumps, Tailings and Stockpiles Reserve
•
Appendix E – Mt Boppy Rock Dumps, Tailings and Stockpiles Mineral
Resource Estimate
•
Appendix F – JORC Table 1
Page 14
This announcement has been approved for release by the Board of Manuka Resources
Limited.
For further information contact:
Dennis Karp
Executive Chairman
Manuka Resources Limited
Tel. +61 412 268 114
About Manuka Resources Limited
Manuka Resources Limited (ASX: MKR) is an Australian mining and exploration
company with key gold and silver assets located in the Cobar Basin (NSW), and offshore
vanadium and titanium bearing iron sands in the South Taranaki Bight of New Zealand.
Page 15
Compliance Statements
Information relating to in-ground Mineral Resources Estimate for the Wonawinta Silver Mine is extracted
from the announcement titled “43% Increase in Measured & Indicated Resources at Wonawinta Silver
Project” dated 1 April 2021 and available to view on the Company’s website. The Company is not aware
of any new information or data that materially affects the information used to compile the Mineral
Resource and all material assumptions and technical parameters underpinning the estimates in the
relevant market announcements continue to apply and have not materially changed.
The information in this announcement that relates to Ore Reserves is based on, and fairly represents,
information and supporting documentation prepared by Anthony Stepcich, Director / Principal Mining
Engineer, Maximus Mining Pty Ltd who is a Member of the Australasian Institute of Mining and Metallurgy
(Membership No. 110954) and has sufficient experience that is relevant to the style of mineralisation and
type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person
as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves” (the JORC Code).
Mr Stepcich consents to the inclusion in this report of the matters based on their information in the form
and context in which it appears and consents to the release of the Report and this Consent by the
Directors of Manuka Resources Limited. In estimating this Ore Reserve, Anthony Stepcich has relied on
the metallurgical processing, infrastructure and tailings work undertaken by Mr Dieter Engelhardt.
The information in this announcement that relates to Ore Reserves and specifically Mineral Processing,
Infrastructure and Tailings is based on, and fairly represents, information and supporting documentation
prepared by Dieter Engelhardt, who is a full-time employee of Manuka Resources Limited. Mr Engelhardt
is a Member of the Australasian Institute of Mining and Metallurgy (Membership No.108249) and has
sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration,
and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of
the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the
JORC Code). Mr Engelhardt consents to the inclusion in this report of the matters based on their
Information in the form and context in which it appears
The information in this report that relates to Wonawinta ROM Stockpile Resources and Reserves is based
on, and fairly represents, information and supporting documentation prepared by Mr Philip Bentley, who
is a Certified Professional by The South African Council for Natural Sciences (SACNASP # 400208/05 )
and is the Chief Geologist employed by Manuka Resources Ltd. Mr Bentley has sufficient experience
which is relevant to the style of mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr
Bentley consents to the inclusion in the statement of the matters based on his information in the form and
context in which it appears.
The information in this report that relates to Mt Boppy Rock Dump, Tailings and Stockpile Resources &
Reserves is based on, and fairly represents, information and supporting documentation prepared by Mr
Philip Bentley, who is a Certified Professional by The South African Council for Natural Sciences
(SACNASP # 400208/05 ) and is the Chief Geologist employed by Manuka Resources Ltd. Mr Bentley
has sufficient experience which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in
the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves’. Mr Bentley consents to the inclusion in the statement of the matters based on his
information in the form and context in which it appears
Information relating to the in-ground Mineral Resources Estimate for the Mt Boppy Gold Mine is extracted
from the announcements titled ‘Mineral Resource Update - Mt Boppy Gold Project amended” dated 16
April 2024 and “360% increase in Mt Boppy Total Gold Resources, 80% increase in ‘Measured and
Indicated” dated 24 August 2023 available to view on the Company’s website. The Company is not aware
of any new information or data that materially affects the information used to compile the Mineral
Resource and all material assumptions and technical parameters underpinning the estimates in the
relevant market announcements continue to apply and have not materially changed.
Page 16
Appendix A: Project Implementation Plan
Location and Access
Wonawinta and Mt Boppy are located 100km south and 50km east respectively of Cobar
in central New South Wales (Figure A1).
Access to Cobar from the major regional centre of Dubbo is via 300km of State
highways. Access to Wonawinta from Cobar is via 70km of sealed highway and 30km
of shire and private unsealed roads. Access to Mt Boppy is via sealed highway and
local sealed road. The distance by road between Mt Boppy and Wonawinta is
approximately 150km via Cobar.
Figure A1: Location of and access to Wonawinta and Mt Boppy relative to Cobar
Page 17
Project Tenure
The granted tenements held by Manuka Resources and its wholly owned subsidiary Mt
Boppy Resources Pty Ltd that comprise the Project Implementation Plan and Mine Plan
are listed in Table A1.
Table A1: Mining Leases comprising the Mine Plan
ID
Holder
Area
Grant Date
Expiry Date
ML1659
Manuka Resources Limited
923.8 Ha
23-11-2011
23-11-2032
EL7345
Manuka Resources Limited
59 Units
25-05-2009
25-05-2028
MPL240
Mt Boppy Resources Pty Ltd
17.8 Ha
17-01-1986
12-12-2033
ML1681
Mt Boppy Resources Pty Ltd
188.1 Ha
12-12-2012
12-12-2033
ML311
Mt Boppy Resources Pty Ltd
10.12 Ha
08-12-1976
12-12-2033
GL5848
Mt Boppy Resources Pty Ltd
8.63 Ha
15-02-1968
15-06-2033
GL5898
Mt Boppy Resources Pty Ltd
7.51 Ha
21-06-1972
12-12-2033
GL3255
Mt Boppy Resources Pty Ltd
8.28 Ha
20-05-1926
20-05-2033
GL5836
Mt Boppy Resources Pty Ltd
6.05 Ha
15-06-1965
15-06-2033
Wonawinta
Manuka is the 100% owner of the Western Lands Lease (pastoral lease) on which the
Project Mining lease and Mineral Resource is situated.
To date, there are no option agreements or joint venture terms in place for the Project
nor are there commercial obligations on ground covered by tenure comprising
Wonawinta. No compensation agreements are in place for the Project.
Mt Boppy
The property on which the Mount Boppy mine situated is Crown Land. A Native Title
Agreement is in place with the traditional owners over a mining lease on the western
edge (not withing the current project area). The Company notes that no land within the
licence area may be classified as sensitive land and the site has been subject to over
100 years of intermittent mining activity. No further approvals other than those required
under the Mining Act 1992 are required for current operations.
Site Layout
Recent aerial images of the Wonawinta and Mt Boppy Project areas labelled with key
features are shown in Figure A2 and A3.
Page 18
Figure A2: Existing layout of Wonawinta
Page 19
Figure A3: Existing layout of Mt Boppy
Page 20
Mineral Resource Estimates & Ore Reserves
Wonawinta
The Wonawinta Mineral Resource Estimate comprises:
•
a 38.3Mt of in-ground Resource with a grade of 41.3g/t Ag and 0.54% Pb; and
•
a stockpile Resource of 0.2Mt with a grade of 60g/t Ag and 0.07g/t Au.
The Mineral Resource Estimate for Wonawinta was previously released to the ASX on
1 April 2021 The in-ground Mineral Resource Estimate remains unchanged. The
Wonawinta stockpile Mineral Resource Estimate has been updated. The basis for the
update is outlined in Appendix C of this announcement.
The Wonawinta Ore Reserve comprises:
•
a 6.2Mt of in-ground Reserve with a grade of 56.4g/t Ag; and
•
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