Presentation Building to be Primary Leading Silver Producer
Released
Released
Announcement PDF
BUILDING AUSTRALIA’S LEADING PRIMARY SILVER PRODUCER
G o l d p r o d u c t i o n n o w . S i l v e r n e x t .
C a s h f l o w s t a r t s S e p t e m b e r .
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7 September 2026
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its subsidiaries, related parties and any new assets or entities subsequently acquired or incorporated (collectively the Company). The Presentation was prepared on 31 August 2026 and the information in it is subject to change without
notice.
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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, 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. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially altered.
Disclaimer
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Regional Location
SLEWING
CONVEYOR
CONVEYOR TO
BALL MILL
DRY CONE
CRUSHER
STATIC
GRIZZLY
Established Cobar Basin infrastructure | Gold & silver production hub 3
TIER-1 MINING DISTRICT
Cobar Basin, NSW
Proven mining jurisdiction | Established infrastructure | Active M&A
2025 US1.03B acquisition of CSA Metals
Recent market capitalisation - US$12.4B
2023 acquisition of Endeavour Mine
from CBH Resources
Recent market capitalisation - A$270M
2021 A$76.1M acquisition of Peak Mine
from New Gold
Recent market capitalisation - A$650M
2026 A$214m acquisition of Peel Mining
Recent market capitalisation - A$515M
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INVESTMENT HIGHLIGHTS
Gold producer transitioning to primary silver production
• Gold production underway at Wonawinta
• Generating positive cashflows from Sept.
• Silver production follows (1.4M oz Ag/yr)
• Steady state gold silver production early
2027
• Expansion plans underway
Now in production!!
• Unhedged exposure to gold and silver
• Existing infrastructure lowers restart capital
• Strong operating leverage to precious metals
Strong economics
• Silver production targeted in 4Q2026
• ~51Moz silver Mineral Resource 2
• 12.8Moz silver Ore Reserve 1
Primary silver exposure
• Existing 1Mtpa Wonawinta Processing Plant
• Additional gold feed opportunities
• Resource conversion and regional
exploration upside
Expansion upside
Production underway | Silver next | Multiple growth catalysts ahead
1. ASX Release 13 July 2026
2. ASX release 1 April 2021
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• ASX: MKR
• Market cap: ~A$124M1
• Shares - 1,587M
• Options/ warrants - 107M
• Cash (& available liquidity) -
A$12.8M2
• Debt Outstanding - $A48M
1. as of 2/9/26 2. as of 30/6/26
Corporate Structure
• Dennis Karp - Exec Chairman
• Alan J Eggers - Exec Director
• John Seton - NE Director
• Rod Griffith – Executive GM
• Dieter Engelhardt – Special
Projects & Metallurgy
• Phil Bentley - Chief Geologist
• Wayne Trenning – Ops Manager
Board & Key Management
CORPORATE SNAPSHOT
Near-term catalysts
• Gold production ramp-up and first revenues
• Silver processing targeted Q4 2026
• Ramp-up >1Mtpa production (comprising 65-70,000t Ag/mth + 20-25,000t Au/mth)
• Further gold and silver Resource-to-Reserve conversion
• Cobar Basin exploration and mine-life growth
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Highlights
• 1Mtpa processing plant - built, permitted
and operating
• 12.8Moz Ore Reserve 1
underpinning the
initial production plan
• 51Moz Mineral Resource 2
providing
substantial growth and mine-life extension
potential
• 100% owned, with no royalties or streaming
• Existing camp (expanding to 118 persons),
power, water and mining infrastructure
• Production now underway
WONAWINTA TODAY
Australia’s Largest Primary Silver Opportunity
Figure: Aerial view of the existing Wonawinta 1mtpa Processing
Plant with tailings dam in the background
1. ASX Release 13 July 2026
2. ASX release 1 April 2021
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PROCESS PATH
Key plant upgrade: New de-slime circuit
SLEWING
CONVEYOR
CONVEYOR TO
BALL MILL
DRY CONE
CRUSHER
STATIC
GRIZZLY
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8
I
WONAWINTA TODAY
Significant Exploration Potential
Figure: Aerial view of the existing Wonawinta 1mtpa Processing
Plant with tailings dam in the background
1. ASX release 1 April 2021
2. ASX release 13 July 2026
Wonawinta in-ground resource1
Wonawinta Ore Reserve estimate2
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Initial gold feed for Wonawinta
• Historically one of NSW’s richest gold
mines, producing ~500,000 oz Gold at
~15 g/t Au.
• Total 2.6Mt Resource1 at 1.32g/t Au
• Open Pit Probable Ore Reserve2 290kt
@ 4.2g/t for 39,000oz Au.
• >50,000t gold bearing ore currently
stockpiled at Wonawinta
• Existing mining camp and ancillary
infrastructure located on site.
MT BOPPY
TODAY
Figure: Aerial view of Mt Boppy Gold Mine looking south across
the Main Rock Dump toward the Open Pit and TSF3 Tailings impoundment.
1. ASX Release 30 May 2025
2. ASX Release 5 August 2025
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MT BOPPY
TOMORROW
Figure1: Mt Boppy LongSectionlookingeast
Targeting mine-life extension and additional
gold feed
• Significant exploration upside around the historic high-
grade Mt Boppy gold system
• Deep drilling has refined the geological model and
structural controls
• Priority targets include extensions and potential
repetitions of known mineralisation
• Exploration success of similar historical grades will
transform the company
• Pipeline Ridge provides further potential source of
regional gold feed, maiden MRE targeted for current
quarter
Growing the gold inventory beyond the current mine plan
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OUTLOOK
FINANCIAL
Production underway
Transition to operating cashflow
Silver production targeted in 4Q26
Unhedged exposure to gold &
silver prices
Cashflow provides platform for
disciplined growth
Production→ cashflow → growth
Project Highlights
• 10 Year Mine Life
• 10.9Mt Mine Production Target1
⚬ 13.2Moz Silver (recovered)1
(potential increase from deslime
circuit)
⚬ 35.2koz Gold (recovered)1
• A$26.6M Restart Capital1
(now $34m)
• A$34.40/oz C1 cost1
• A$42.40/oz silver AISC1
(incl. gold credits)
• A$110.M.
average annual EBITDA2
• A$673M NPV8 (basis A$107.50/oz Ag)2
1. ASX release 23 March 2026
2. ASX release corp. presentation 7 January 2026
The Company is unaware of any new information or data that
materially affects the information included in the ASX release
from 7 January 2026 or 23 March 2026
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PRODUCTION PROFILE 2026-27
Staged ramp up to establish long-life Australian precious metals operation
• Gold production underway, ramping to a maximum of 50,000t/month in
September and continuing through to mid-December 2026.
• Silver de-slime plant installed before end Oct 2026 (commissioning/production
to commence from mid-Dec 2026 through to end Jan 2027 - slightly delayed to
take advantage of the interim cashflow benefits arising from gold production).
• From February 2027, the plant will progress to processing the blend of silver
and gold ores, as it ramps up to ~90,000t/month (65-70,000t Ag ores and
20-25,000t Au ores).
• Ore mix can be adjusted to optimise value across gold and silver based on
prices, ore availability and operating performance.
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• Table based on NPV8
• Prod assumptions of 13.2M
oz silver1
& 35.2Koz gold1
• Potential silver recovery
increase from deslime circuit
• Unhedged production
provides direct exposure to
higher precious metals
prices
• Sensitivity reflects the
current mine plan only and
excludes potential resource
growth and mine-life
extension
Strong operating leverage to higher precious metals prices
PROJECT SENSITIVITY ANALYSIS
Exceptional leverage to precious metals prices
1 See ASX release 23 March 2026
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PRIMARY SILVER EXPOSURE
12.8Moz Ore Reserve • ~51Moz Resource
• Silver production targeted 4Q26
GROWTH PLATFORM
Resource conversion • Additional gold feed Pipeline
• Cobar Basin exploration upside
• Plant expansion
HIGH LEVERAGE
Unhedged gold & silver exposure
• Strong leverage to higher prices
Five reasons:
PRODUCTION & CASHFLOW
Gold production underway
• Operating cashflow commencing
EXISTING INFRASTRUCTURE
1Mtpa processing plant • Permitted
• Established infrastructure
WHY CONSIDER INVESTING
P r o d u c t i o n . C a s h f l o w . S i l v e r . G r o w t h . 15
Contact Us
www.manukaresources.com.au
CONTACT US
Corporate Office:
Suite 405 Grafton Bond Building
201 Kent Street
Sydney, NSW 2000 Australia
Email: admin@manukaresources.com.au
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