Announcement PDF Annual Report For the year ended 30 June 2025 Manuka Resources Ltd ABN 80 611 963 225 Manuka Resources Ltd For the year ended 30 June 2025 CORPORATE DIRECTORY Directors Dennis Karp – Executive Chairman Alan J Eggers – Executive Director John Seton – Non-Executive Director Lawyers K&L Gates Level 31, 1 O’Connell Street Sydney NSW 2000 Key Management Haydn Lynch – Chief Operating Officer Auditor RSM Australia Partners Level 7, 1 Martin Place Sydney NSW 2000 Company Secretary Eryn Kestel Registered Office Level 4, Grafton Bond Building 201 Kent Street Sydney NSW 2000 www.manukaresources.com.au 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 2025 Contents Page Executive Chairman’s Report 1 Review of Operations 3 Mineral Resources and Ore Reserves Statement 17 Directors’ Report 22 Auditor’s Independence Declaration 36 Consolidated Statement of Profit or Loss and Other Comprehensive Income 37 Consolidated Statement of Financial Position 38 Consolidated Statement of Changes in Equity 40 Consolidated Statement of Cash Flows 41 Notes to the Financial Statements 42 Consolidated Entity Disclosure Statement 80 Directors’ Declaration 81 Independent Auditor’s Report 82 ASX Additional Information 86 Manuka Resources Ltd For the year ended 30 June 2025 Executive Chairman’s Report WAITING ON FAST-TRACK, WHILE WORKING TOWARDS THE RESTART OF SILVER PRODUCTION Fellow Shareholders, This Annual Report addresses the Company’s performance for the 2024-25 financial year and marks our fifth year since listing on the ASX. While on the one hand it has been the first year in the past five years, during which the Company did not produce either gold or silver, it has also been a year of significant corporate progress in all three of our key projects. Our three key projects are our two precious metals projects in the Cobar Basin, Central West NSW, and the Taranaki VTM Project off the west coast of the North Island of New Zealand. It is important to note that Manuka Resources is the 100% owner of all three. The corporate progress I refer to, includes the significant reserve upgrades at the Wonawinta Silver Project and at Mt Boppy Gold, as well as the commencement of our Fast-Track application process in New Zealand, marked by the appointment of the relevant panel considering our matter, which at time of writing has commenced hearings of our Taranaki VTM Project application. We released a 10-year production plan based on our silver and gold assets located in the prolific Cobar Basin1. The Wonawinta Production Target comprises the mining and processing of 10.7Mt containing 19.2Moz of silver plus gold credits. The capital expenditure required to bring the Wonawinta processing plant back into production in Q1 2026 is estimated to be A$18.9M. At an assumed silver price of A$50/oz and average All-In Sustaining Cost of A$35/oz, the project delivers an average EBITDA of A$22M per annum at an IRR of 109% and NPV8 of A$101M2. Sensitivity analysis has shown that for every 10% increase in the silver price above the assumed A$50/oz, Project NPV increases by A$43M2. Silver is currently trading at ~A$66/oz (32% above the assumed price). In addition to the Wonawinta Production Target, Manuka also released a Maiden Mt Boppy Open Pit Probable Gold Reserve of 290kt at 4.2g/t Au containing approximately 39,000oz gold2. Upon execution, the Open Pit cutback would add NPV8 of A$43.2M to the Wonawinta Production Target at an assumed gold price of A$5,000/oz. Gold is currently priced at A$5,700/oz. Both these projects are targeting production restarts during the 2025-26 financial year. Our New Zealand subsidiary, Trans-Tasman Resources Limited (TTR), has made exceptional progress with its 100% owned Taranaki VTM Project, a world-class vanadium-rich titanomagnetite iron sands resource located offshore in the South Taranaki Bight (south-west coast of the North Island, New Zealand). The project has cleared key regulatory hurdles under New Zealand’s Fast-Track Approvals Act 2024 and is now under expert panel review. The panel guidance noted approximately 100 workdays were required for panel hearings, and a decision is anticipated by late Q1 2026. 1 ASX Release 30 May 2025 2 ASX Release 5 August 2025 1|Page Manuka Resources Ltd For the year ended 30 June 2025 Executive Chairman’s Report (cont’d) We released an updated Pre-Feasibility Study and Economic Impact Assessment earlier this financial year3, which once again highlighted the project's robust economics: a post-tax NPV10 of US$1.26 billion, IRR of 39%, and average annual EBITDA of US$312 million. The project is forecast to generate NZ$854 million in annual export revenue, positioning it among New Zealand’s top 12 exporters and contributing significantly to the Government’s goal of doubling mineral export earnings by 2035. Moving into FY2026, Manuka Resources is well-positioned to capitalise on the growing demand for its precious and critical minerals. Our three-project asset base and emerging production pipeline in both gold and silver, provides a solid foundation for cashflow generation for the next ten years. On behalf of the Board, I thank our shareholders for their continued support during what was a difficult year, financially. We remain committed to our portfolio of assets and remain convinced that the commodities within will deliver substantial market returns in the years that follow. Thank you for your continued support. Dennis Karp Executive Chair 3 ASX Release 26 March 2025 2|Page Manuka Resources Ltd For the year ended 30 June 2025 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. The Company has continued to optimise strategic growth and production opportunities. The Wonawinta Metallurgical Plant is a valuable asset, and to date 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 reassessed reopening both the Wonawinta silver and the Mt Boppy gold mines, with a view to 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 assurance to the viability of recapitalising and turning these assets to account. Due to the care and maintenance status of the Wonawinta and Mt Boppy mining projects, exploration activities have been significantly scaled back. Operational focus has shifted toward maintaining site integrity, ensuring regulatory compliance, and preserving assets for future recommencement. Metallurgical sampling and test-work was undertaken on Mt Boppy surface dump material and tailings to advance retreatment options. The work at Mt Boppy is incomplete, with further grind and flotation studies outstanding on the circa 800kt tailings. At Wonawinta metallurgical tests were undertaken on available drilling intersections as part of the reassessment of modifying the front-end flow process of the Wonawinta metallurgical plant to deal with high clay content silver. Exploration and open pit evaluation drill programmes were completed for the Mt Boppy open pit, Pipeline Ridge gold (+/- base metals). Mineral resource conversion drilling on the strike extensions of Wonawinta silver mineralisation has been planned. The Company’s wholly owned subsidiary TTR, advanced permitting and regulatory permissions during the year. TTR hosts a significant shallow offshore iron sands and vanadium project offshore 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 under NZ’s ‘Fast Track’ 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 an iron ore concentrate with significant vanadium co-product required for high grade steel alloys and with increasing application in large-scale battery storage technologies. 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: 3|Page Manuka Resources Ltd For the year ended 30 June 2025 Review of Operations (cont’d) The Mt Boppy Gold mine and neighbouring tenements Operations at the Mt Boppy project were halted in Q1 2024, as the Company determined that either locating a plant on-site at Mt Boppy or assessing blending ore with silver production at Wonawinta was a precursor to continuing the future mining operations. The plan has been advanced in during the financial period, and operations are expected to commence during 2026. Ore reserve estimations have been 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 with the results feeding into the ongoing mine planning for the opening up of new pits on the mining lease and potential re-entry into existing pits. The significant gains in the silver price over the last 18 months prompted an updated estimation of the Ore reserves at Wonawinta. This work significantly detailed front end metallurgical plant modifications (deslime circuit) that have underpinned the viability of reopening the mine. Highly prospective Au and Ag-Cu-Pb-Zn exploration targets on its ~1150km2 tenement portfolio in the Cobar Basin The Taranaki VTM Project, South Taranaki Bight, New Zealand Completion of the BFS on the Taranaki VTM (vanadiferous titanomagnetite) Project once our application for final marine consents to operate under the New Zealand government’s Fast-Track Approvals Act 2024 have been decided. The expert panel assessment is now underway with the final decision set for mid-March 2026. THE MT BOPPY GOLD PROJECT Operations Manuka’s first phase of open pit production at Mt Boppy finished in early 20224. 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 from May – Dec 2023. The operation was placed on Care and Maintenance at this juncture till more Sonic evaluation and metallurgical test work was undertaken to assess the viability of capitalising a metallurgical facility at Mt Boppy. During 2024-2025 the Company undertook Ore reserve studies on: - the Mt Boppy surface stockpiles; selected areas of the Main waste dump; and re-opening the Mt Boppy open pit, including a detailed re-optimisation and mine plan designed for that operation. The company is forecasting around four – five years of project life based on the treatment of circa 13kt/mth of Mt Boppy gold ore through the Wonawinta processing facility and incremental to the ongoing Wonawinta silver production. 4 ASX release 8 March 2022 4|Page Manuka Resources Ltd For the year ended 30 June 2025 Review of Operations (cont’d) Regional Geology Mount 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 area5. Tenements The Mt Boppy Gold Project (which comprises three granted mining leases, four gold leases, and one exploration licence (which together cover an area in excess of approximately 210 km2)) is located approximately 46 km east of Cobar, on the eastern side of the highly prospective and metalliferous 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) (Figure 1 - Tenements - Mt Boppy Gold Project) 5 See Prospectus dated 22 May 2020, ASX release 10 July 2020 5|Page Manuka Resources Ltd For the year ended 30 June 2025 Review of Operations (cont’d) 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 The Company completed the trial phase of silver oxide stockpile processing in February 20236 . The results from this trial have been used to better inform the modifications to the Wonawinta Metallurgical plant necessary for opening up new clay-rich pits on the Wonawinta silver project. During this phase of operations, it was found that silver species in the oxide material was present in two broad size fractions. Modifications were made to the front-end material handling circuit to introduce the smaller ball mill and incorporate a trommel in the flowsheet (deslime circuit) to process the finer fractions which held a significant proportion of silver. This trial phase was designed to highlight to the operational team any potential issues that may be encountered in a full mining operation and has provided the company with valuable data in relation to risks and potential mitigants. Ongoing analysis of the various test work campaigns has vindicated modifying the front end of the Wonawinta metallurgical plant with a desliming section prior to milling. The plant capacity for the processing of silver grading ores and materials was increased to ~1Mt/yr (previously 850,000t/yr). Another outcome from the trial processing was the presence of small amounts of gold detected in the silver concentrates on smelting, yielding an average of 15% of the total payables received from the refinery from silver shipments. 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. Tenements The Company directly owns 100% of the interests in the Tenements detailed in the following table: 6 ASX release 28 April 2023 – March Quarterly 6|Page Manuka Resources Ltd For the year ended 30 June 2025 Review of Operations (cont’d) (Table 2 – Tenements Wonawinta) 7|Page Manuka Resources Ltd For the year ended 30 June 2025 Review of Operations (cont’d) (Figure 2 - Tenements of Wonawinta Silver Project) (Figure 3 – Existing mine infrastructure with mineral resource outline in ML 1659) STRATEGY AND DEVELOPMENT PLANS During the 2022-2023 financial year, as the trial silver phase wound down, a program of bulk sampling on previously classified barren overburden at Mt Boppy from both the ROM area and the western waste dump was initiated. This bulk sampling program was able to produce a gold bearing product of approximately 1.8 g/t from a sub 12mm fraction derived from a simple rotating screen. These positive sampling results gave the company confidence to begin larger scale production utilising a McCloskey R155 triple deck screen to produce a sub 12mm and plus 12 sub 22mm product fractions. Approximately 80% of the gold is contained in the sub 22mm fraction, and this size fraction was used as the ore feed to the Wonawinta plant from June 2023 to December 2023. The Wonawinta plant was recommissioned for this phase of gold processing in June 2023 and required only minor modifications 8|Page Manuka Resources Ltd For the year ended 30 June 2025 Review of Operations (cont’d) from its previous phase of leaching silver from the oxide stockpiles. Operations were stopped during December 2023 to enable the sonic drill evaluation of the main rock dump to provide grade and ROM feed evaluation data. As mentioned above, the Company produced gold from screening rock dump and tailings material at the Mt Boppy ROM from June to December 2023. Bulk sample and sonic drilling evaluation has continued and has significantly progressed evaluation of the Mt Boppy main waste rock dump, and the low-grade rock dump and tailings at the TSF3 impoundment7. As at the end of June 2024, a total of 263,667t of waste and ROM material has been screened. This has generated a total of 175,196t screened material which is <22mm (68.3% of total material). The grade of the -22mm screened material produced to date is consistent with initial expectations (1.7 - 1.8g/t Au). Current evaluation shows the processing of these areas together with processing of the existing open pit to be a viable operational option, subject to capitalising a stand-alone modular gold recovery plant at Mt. Boppy and sustaining a 4+ year LOM. The Company has released an updated Mineral Resources Estimate (MRE) over the rock dump, the tailings, the Mt Boppy ROM and the Mt Boppy Main waste dump (previously classified barren overburden areas8). The company also continues to evaluate proximal and near-term silver and base metals processing opportunities which take advantage of the strategic location of the Wonawinta processing plant. This includes the potential reconfiguration of the existing flowsheet to process sulphide ore through a flotation circuit. 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. 7 ASX release dated 25 August 2023 8 ASX release dated 25 August 2023 9|Page Manuka Resources Ltd For the year ended 30 June 2025 Review of Operations (cont’d) Figure 4: Mt Boppy current infrastructure and planned mine development Exploration Strategy and Overview 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 2024-2025 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 higher gold price (~$A4,500-5,000/Au oz) provides the opportunity to profitably augment Wonawinta silver production with incremental gold ore from Mt Boppy and potentially Pipeline Ridge (under evaluation). 10 | P a g e Manuka Resources Ltd For the year ended 30 June 2025 Review of Operations (cont’d) (Figure 5: MKR Resource Triangle, 30 June 2025) The Company has continued reviewing and integrating previous exploration and public domain geoscience datasets. Detailed geophysical reviews completed during 2023 on the Canbelego and Wonawinta tenements have been integrated into ongoing prospectivity analyses of both tenement packages. Studies on the structural and lithological controls of mineralisation at both mine sites is in progress. On the Canbelego tenements (EL5842 and Mt Boppy ML’s, Figure 6) the priority exploration and development targets remain unchanged, including the Mt Boppy selective dump material evaluation, the Pipeline Ridge (Au-Cu-Pb-Zn) opencast drill evaluation, the Mt Boppy Mine deep drilling and extensions to the south for gold and base metal mineralised zones. 11 | P a g e Manuka Resources Ltd For the year ended 30 June 2025 Review of Operations (cont’d) (Figure 6: Prospectivity analysis areas for Canbelego EL5482 and Mt Boppy ML’s showing existing targets. Wonawinta Project targets (Figure 7) include the Wonawinta ML1659 (Ag-Pb-Zn) and extensions on EL7345, gold and base metal mineralisation on EL6302 (site of the historic 2g/t McKinnon’s gold mine) and EL8498 (Guzzi Prospect), and EL6482 (De Nardi, Gundaroo Cu-Pb-Zn; Figure 8). 12 | P a g e Manuka Resources Ltd For the year ended 30 June 2025 Review of Operations (cont’d) (Figure 7: Wonawinta and northern exploration targets) 13 | P a g e Manuka Resources Ltd For the year ended 30 June 2025 Review of Operations (cont’d) (Figure 8 – Gold exploration targets in the McKinnons mine area, north of Wonawinta) 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 Exclusive Economic Zone (EEZ), the project comprises a 3.2Bt vanadiferous titanomagnetite (VTM) iron ore resource at 10.17% Fe2O3, 0.05% V2O5 (containing 1.6Mt V2O5) and 1.03% TiO2 (Table 2)9, ranking it as one of the largest drilled vanadium projects globally. Indicated Resources comprise 65.7% of the total Resources with the balance being Inferred. Table 2: Taranaki VTM Iron Sands Project Mineral Resource Resource Bt Fe2O3 (%) TiO2 (%) V2O5 (%) Indicated 2.1 10.45 1.06 0.05 Inferred 1.1 9.64 0.99 0.04 Total 3.2 10.17 1.03 0.05 TTR has granted mineral mining permit MMP55581 within the EEZ containing 1.88Bt VTM resource where the current PFS mine plan can deliver production of 5Mt export concentrates a year grading 5657%Fe, 0.5%V2O5 and 8.5%TiO2. TTR’s adjoining mineral exploration permit, MEP54068 inside the 12Nm limit within the Coastal Management Area (CMA), contains a reported additional 1.29Bt VTM iron sands resource. 9 ASX Announcement 1 March 2023 14 | P a g e Manuka Resources Ltd For the year ended 30 June 2025 Review of Operations (cont’d) On 26 March 2025 Manuka release the 2025 Pre-feasibility Study (PFS)10 and the NZIER Economic Impact Assessment (EIA)11 on 2 April 2025 for the Project. The PFS and EIA outlined a robust economic business case underpinned by a 3.2Bt Resource (Table 2) highlighted by operating costs of US$27.20/tonne concentrate, average annual EBITDA of US$312M over a 20-year initial mine life and a post-tax NPV10 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 (V2O5)) 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 to NZ$3B per annum over the next decade. The Taranaki VTM Project is forecast to generate NZ$854M 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 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. TTR submitted its Fast-track Approvals (FTA) application on 15 April 202512 for consideration by an expert panel whose members have relevant knowledge and expertise in mining projects, to consider the approval of the Marine and Discharge Consents and apply any relevant operating conditions. The FTA application has been accepted as complete on 15 May 2025 and handed to the Fast-track panel conveners to appoint the expert panel to assess the application and set the timeframe for the final decision. The application number FTAA-2504-1048 includes the new pre-feasibility study (PFS), new JORC mineral resource statement, metallurgical work on the recovery of critical minerals vanadium and titanium, an 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 includes 109 operating conditions and a set of comprehensive management plans to ensure there are no adverse effects on the marine environment. 10 ASX Announcement 26 March 2025: Taranaki VTM Project Delivers Extremely Robust Pre-Feasibility Economics. 11 ASX Announcement 2 April 2025: Economic Impact Assessment Confirms the National Significance of the Taranaki VTM Project. 12 ASX Announcement 16 April 2025: Manuka subsidiary Trans-Tasman Resources Limited Lodges Fast Track Application for its Taranaki VTM Project. 15 | P a g e Manuka Resources Ltd For the year ended 30 June 2025 Review of Operations (cont’d) New Zealand’s Critical Minerals List, the Minerals Strategy for New Zealand 2040 (released on 31 January 2025) and the GNS Report on the country’s potential economic mineral deposits (released in August 2024) include vanadium and titanium and the offshore Taranaki VTM iron sand 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’s Fast-track panel of five members has now been appointed to commence on 25 August 2025 and given around 100 work-days to decide if the company should be granted the consents it seeks under Fast-track Act with the panel decision due by 18 March 2025. The Taranaki VTM Project will provide a huge economic boost in the Taranaki and Whanganui regions specifically, as well as flow-on benefits for all of New Zealand. This project has the potential to be a game changer for the region, providing local jobs and helping turbo charge the regional economy whilst making a significant contribution to the government’s aim to double minerals exports to $3 billion by 2035. 16 | P a g e Manuka Resources Ltd For the year ended 30 June 2025 Mineral Resources and Ore Reserves Statement Total Measured, Indicated, and Inferred Resources as at 30 June 2025 were 2.6M tonnes @ 1.3g/t Au containing 110Koz Au, and 49.6 M tonnes @ 39.5 g/t Ag containing 63Moz Ag (Table 1).Resources have remained static over the year, with the focus on restarting the Wonawinta Silver and Mt Boppy Gold mines over exploration and Resource growth. Table: Summary Mineral Resources as of 30 June 2024 and 30 June 2025 Key changes announced to Mineral Resources during the year were:  Re-evaluation of the Wonawinta Stockpiles for amenability to a modified de-sliming metallurgical flow process;  Resource estimation of the Mt Boppy Stockpiles and surface dumps;  A restatement of the Mt Boppy Open pit 2022 MRE at a 1 g/t Au cut-off, which was basis for the Ore Reserve estimation. Details of the various gold ore sources supporting the Mineral Resource estimations are shown below. 17 | P a g e Manuka Resources Ltd For the year ended 30 June 2025 Mineral Resources and Ore Reserves Statements (cont’d) Table: Mt Boppy Mineral Resource estimation by ore source and type 30 June 2025 Wonawinta Mineral Resource details are shown below. Table: Wonawinta Mineral Resource estimation by ore source and type 30 June 2025 18 | P a g e Manuka Resources Ltd For the year ended 30 J