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 •