Announcement PDF Annual Report For the year ended 30 June 2026 Manuka Resources Ltd ABN 80 611 963 225 Manuka Resources Ltd For the year ended 30 June 2026 CORPORATE DIRECTORY Directors Dennis Karp – Executive Chairman Alan J Eggers – Executive Director John Seton – Non-Executive Director Key Management Haydn Lynch – Chief Operating Officer Rodney Griffith – Executive GM Operations Company Secretary Eryn Kestel Registered Office Level 4, Grafton Bond Building 201 Kent Street Sydney NSW 2000 www.manukaresources.com.au Lawyers K&L Gates Level 31, 1 O’Connell Street Sydney NSW 2000 Auditor RSM Australia Partners Level 7, 1 Martin Place Sydney NSW 2000 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 2026 Contents Page Executive Chairman’s Report 1 Review of Operations 2 Mineral Resources and Ore Reserves Statement 19 Directors’ Report 24 Auditor’s Independence Declaration 38 Consolidated Statement of Profit or Loss and Other Comprehensive Income 39 Consolidated Statement of Financial Position 40 Consolidated Statement of Changes in Equity 42 Consolidated Statement of Cash Flows 43 Notes to the Financial Statements 44 Consolidated Entity Disclosure Statement 84 Directors’ Declaration 85 Independent Auditor’s Report 86 ASX Additional Information 90 Manuka Resources Ltd For the year ended 30 June 2026 Page 1 Executive Chairman’s Report Dear Shareholders, FY26 was the most consequential year in Manuka’s brief history. It was the year we progressed the Wonawinta restart story on a number of fronts, all of which have contributed to the commencement of production (as at time of writing). We recapitalised the balance sheet, rebuilt the Wonawinta workforce from five people during care and maintenance to a team of over 80 today, refurbished and re-commissioned the processing plant, declared a maiden Ore Reserve at Mt Boppy, listed on the NZX Main Board and secured funding to bring silver and gold back into production. We also had a draft decision issued to decline our Fast-track environmental consents application in Taranaki in February 2026 and withdrew the application. The company can reapply for the consents and is assessing its options to progress the project to development. Manuka enters FY27 in a far stronger position than it has been for several years. FY26 Highlights • Maiden Probable Ore Reserve at Mt Boppy: 290,000t at 4.2g/t gold for 39,000oz (July 2025). • A$8.0m entitlement offer (Jul–Aug 2025) and A$15.0m institutional placement (Oct 2025) funded the Wonawinta restart. • Dual listing on the NZX Main Board effective 29 September 2025. • US$30m senior debt facility with Nebari Natural Resources Credit Fund II, fully drawn by 29 June 2026. • Binding Letter of Intent with Macmahon Holdings for open-pit mining services at Wonawinta. • Wonawinta plant refurbishment (>1.0Mtpa capacity); and new crushing and deslime circuits ordered; 50,000+ tonnes of Mt Boppy gold ore stockpiled. • Taranaki VTM fast-track marine consent application withdrawn in February 2026 after draft panel decision to decline; 100% ownership and the right to reapply retained. Cobar Basin: From Care and Maintenance to Production The year’s centrepiece was restarting our wholly owned Wonawinta processing plant and the Mt Boppy gold project operations in NSW. The feed for the plant will initially come from the gold bearing rock and waste dumps at Mt Boppy which are expected to generate early cash flows while we await completion of the Wonawinta deslime silver circuit. The maiden Mt Boppy Reserve, declared in July 2025, added materially to project value, and from April 2026 Mt Boppy gold ore has been hauled to Wonawinta for stockpiling ahead of the commencement of processing which occurred in late August 2026. A Letter of Intent with Macmahon Holdings was executed in March 2026 for the provision of mining services for open cut activities at Wonawinta. We also completed an exploration drill program at our Pipeline Ridge Gold Project located on EL5842, which is fast becoming a new low-capex gold target just 28km south of Mt Boppy. The release of a maiden resource is targeted for later in 2026. Subsequent to year end, the Wonawinta Reserve grew a further 28% to 12.8 million ounces of silver. Financing the Restart None of this was possible without a substantial rebuild of the balance sheet. FY26 raisings comprised the A$8.0m entitlement offer, the A$15.0m October placement, and the US$30m Nebari facility, fully Manuka Resources Ltd For the year ended 30 June 2026 Executive Chairman’s Report (cont’d) Page 1 drawn by 29 June 2026, which refinanced legacy debt and funded the restart capital. At the 30 June 2026, the Company held cash of approximately A$7.8m against borrowings of approximately A$38.2m, reflecting the capital-intensive final stage of the restart; a further A$14.5m placement was announced after year end to complete the silver circuit. Full details are set out in the accompanying financial statements. Taranaki VTM Project Our NZ subsidiary Trans-Tasman Resources progressed a Fast-track marine consent application through 2025, but on 4 February 2026 the expert panel issued a draft decision that it was not satisfied the project could proceed due to uncertainties around the environmental and cultural impacts. Rather than await formal refusal, the application was withdrawn on the 19 February 2026. This is a disappointing outcome for a project we believe holds real economic significance and where the impacts are well understood and managed. We retain 100% ownership and as a listed substantive project in Schedule 2 of the Fast-track Approvals Act 2024, TTR has the right to reapply for its environmental consents under the Fast-track approvals process. While the Company’s immediate operational priority is the restart of precious metals production from Wonawinta and Mt Boppy, Taranaki remains a substantial longer-term asset within Manuka’s broader portfolio, providing potential exposure to iron ore, vanadium and titanium. The Company will continue to assess the most appropriate regulatory and commercial pathway for the Project, while ensuring that near-term capital, management attention and operational execution remain focused on the Cobar Basin restart. Outlook Gold processing revenue is expected to commence by the end of September 2026, while commissioning of the crushing and silver deslime circuits—marking the start of silver production—is targeted for later in December/January. Our reserve base has grown further since year end, and the exceptional Pipeline Ridge exploration drilling results announced to the ASX on 10 September 2026 support our expectation that the project will contribute to our gold feed in the years ahead. On behalf of the Board, I would like to thank our shareholders, financiers, employees, contractors and host communities for their support through a transformational year and look forward to reporting Manuka’s first full year back in production. Yours faithfully, Dennis Karp Executive Chairman Manuka Resources Limited 30 September 2026 Manuka Resources Ltd For the year ended 30 June 2026 Page 2 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. It also owns the Wonawinta Metallurgical Plant that 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 progressed the reopening both the Wonawinta silver and the Mt Boppy gold mines, with 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 the basis for recapitalising the Company and turning these assets to account. Exploration activities began again during the second half of the period, with drilling programmes completed at Mt Boppy and Pipeline Ridge. There has been a major shift in operational focus, to getting the Wonawinta metallurgical plant operational for gold production, as well as initiating the plant deslime circuit upgrades for silver production later in 2026. A second phase of sonic drilling evaluation of the Mt Boppy waste dump was completed and will shore up surface stockpile and dump resources to be crushed, screened and hauled to Wonawinta for processing. The Pipeline Ridge drilling is underpinning the potential development of another small gold resource to augment Wonawinta production. Mineral resource conversion drilling on the strike extensions of Wonawinta silver mineralisation is planned for the near future. The Company’s wholly owned subsidiary, TTR in New Zealand, advanced its Fast-track approvals application for its environmental consents to operate during the year. TTR’s Taranaki VTM Project hosts a significant shallow offshore iron sands mineral resource with vanadium and titanium critical mineral credits 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 in Schedule 2 under NZ’s ‘Fast-track Approvals Act 2024 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 bulk iron ore concentrates with significant vanadium and titanium credits. 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: The Mt Boppy Gold mine and neighbouring tenements Stockpile screening operations at the Mt Boppy project were re-started in April 2026, enabling a build-up of Manuka Resources Ltd For the year ended 30 June 2026 Review of Operations (cont’d) Page 3 material at the Wonawinta Plant for processing Q3 2026 and for blending with silver ore when silver production commences at Wonawinta, scheduled for December 2026/January 2027. Ore Reserve estimations were 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, and the results were used for mine planning for the opening up of new pits on the mining lease and potential re-entry into existing pits. The sustained gains in the silver price over the last 12 months and positive mineral economics have underpinned the viability of reopening the mine. Currently the frontend deslime circuit of the metallurgical plant has been fabricated, with site construction and commissioning scheduled for the period October to December 2026. The Company maintains an extensive exploration portfolio around the Wonawinta infrastructure. Phased exploration programmes have been designed to progress evaluation of several highly prospective Au and Ag- Cu-Pb-Zn exploration targets. The Taranaki VTM Project, South Taranaki Bight, New Zealand Completion of the BFS on the Taranaki VTM (vanadiferous titanomagnetite) Iron Sands Project requires the approval of marine and discharge consents to operate. The application for these consents under the New Zealand government’s Fast-track Approvals Act 2024 in 2025, was withdrawn following a draft decision to decline the consents in February 2026. The Company can reapply for the consents under the Fast-track approvals process and is now assessing its options to secure the approvals. The Taranaki VTM Project in New Zealand is a significant long-term strategic asset within Manuka’s portfolio of resource projects. THE MT BOPPY GOLD PROJECT Operations Manuka’s first phase of open pit production at Mt Boppy finished in early 20221 . 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 between May and December 2023. The operation was placed on Care and Maintenance at this juncture and more Sonic evaluation, and metallurgical test work was undertaken to assess the viability of capitalising a metallurgical facility at Mt Boppy. During 2025-2026 the Company undertook further sonic drilling on the Mt Boppy Main waste dump augmenting previous evaluation. Processing of remnant +22mm stockpiles and selected areas of the waste dump started in April 2026. This screened product is hauled to the Wonawinta metallurgical plant for processing. To 30 June 2026, 30,139t of -15mm screened material had been produced. The Mt Boppy dump project dovetails with the planned future dewatering and pushback of the Mt Boppy open pit, which has been re-designed and optimised on the back of the sustained gold price. The company is forecasting a project term of approximately four to five years based on the treatment of circa 20kt/month of Mt Boppy gold ore through the Wonawinta processing facility as an incremental to the Wonawinta silver production. 1 ASX release 8 March 2022 Manuka Resources Ltd For the year ended 30 June 2026 Review of Operations (cont’d) Page 4 Regional Geology Mt 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 area2 . Tenements The Mt Boppy Gold Project (which comprises three granted mining leases, four gold leases, and one exploration licence (together cover an area in excess of approximately 210 km2)) is located approximately 46 km east of Cobar, on the eastern side of the 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 2 See Prospectus dated 22 May 2020, ASX release 10 July 2020 Lease Grant Date Expiry Date Area Units Mineral Groups Next Report Due Reporting Period EL5842 19/04/2001 19/05/2031 70 Units Group 1 19 May 19 Apr to 18 Apr GL3255 20/05/1926 20/05/2033 8.281 Ha Au 12 Jan 13 Dec to 12 Dec GL5836 15/06/1965 15/06/2033 6.045 Ha Au 12 Jan 13 Dec to 12 Dec GL5848 15/02/1968 15/06/2033 8.625 Ha Au 12 Jan 13 Dec to 12 Dec GL5898 21/06/1972 12/12/2033 7.512 Ha Au, Ag 12 Jan 13 Dec to 12 Dec ML1681 12/12/2012 12/12/2033 188.1 Ha Au, Ag, Pb, Zn 12 Jan 13 Dec to 12 Dec ML311 8/12/1976 12/12/2033 10.117 Ha Au 12 Jan 13 Dec to 12 Dec MPL240 17/01/1986 12/12/2033 17.8 Ha Nil 12 Jan 13 Dec to 12 Dec Manuka Resources Ltd For the year ended 30 June 2026 Review of Operations (cont’d) Page 5 Figure 1 - Tenements - Mt Boppy Gold Project 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 Following the FY23 silver-oxide trial and an extended period of care and maintenance, FY26 was the year the Wonawinta restart moved from planning into execution. The front-end deslime circuit for the Wonawinta metallurgical plant was fabricated during the year, increasing processing capacity to over 1.0Mtpa, with new crushing and deslime circuits ordered and site construction and commissgioning targeted for October to December 2026. Recommissioning of the plant progressed through the second half of FY26, supported by a rebuild of the Wonawinta workforce from five people on care and maintenance to a team of over 80. Gold processing revenue is expected to commence by the end of September 2026, with commissioning of the crushing and silver deslime circuits — marking the start of silver production — targeted for later in the December 2026/January 2027 quarter. Subsequent to year end, an updated mining study increased the Wonawinta Probable Ore Reserve by 28% to 7.9Mt at 50.4g/t Ag for 12.8 million ounces of contained silver, providing further confidence in the restart. 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. Manuka Resources Ltd For the year ended 30 June 2026 Review of Operations (cont’d) Page 6 Tenements The Company directly owns 100% of the interests in the Tenements detailed in Table 2: Table 2: Tenements Wonawinta Lease Grant Date Expiry Date Area Units Mineral Groups Next Report Due Reporting Period EL6155 17/11/2003 17/11/2026 5 Group 1 17 December 17/11 to 16/11 EL6302 23/09/2004 23/09/2026 96 Group 1 23 October 23/09 to 22/09 EL6482 18/11/2005 18/11/2026 92 Group 1 18 December 18/11 to 17/11 EL6623 31/08/2006 31/08/2026 9 Group 1 1 October 31/08 to 30/08 EL7345 25/05/2009 25/05/2028 59 Group 1 25 June 25/05 to 24/05 EL7515 7/04/2010 7/04/2027 5 Group 1 07 May 07/04 to 06/04 EL8498 10/01/2017 10/01/2029 38 Group 1 10 February 10/01 to 09/01 ML1659 23/11/2011 23/11/2032 923.8 Ha Cu, Au, Pb, Ag, Zn Annual Geoscientific Report 23 December Manuka Resources Ltd For the year ended 30 June 2026 Review of Operations (cont’d) Page 7 Figure 2 - Tenements of the Wonawinta Silver Project Manuka Resources Ltd For the year ended 30 June 2026 Review of Operations (cont’d) Page 8 (Figure 3 – Existing mine infrastructure with mineral resource outline in ML 1659) STRATEGY AND DEVELOPMENT PLANS During FY26 the Company continued to advance the Mt Boppy waste rock dump and tailings opportunity toward production, building on the FY23–FY24 bulk sampling and sonic drilling programme referenced above. Screening of remnant +22mm stockpiles and selected waste dump areas resumed in April 2026, with the screened -15mm product hauled to the Wonawinta metallurgical plant for processing; a total of 30,139t of - 15mm screened material had been produced by 30 June 2026. The Company has released an updated Mineral Resource Estimate (MRE) over the rock dump, tailings, Mt Boppy ROM and Mt Boppy Main waste dump areas, and current evaluation supports a four to five year operating life treating circa 20kt/month of Mt Boppy ore through the Wonawinta plant, incremental to ongoing Wonawinta silver production. Manuka Resources Ltd For the year ended 30 June 2026 Review of Operations (cont’d) Page 9 The Company also continues to evaluate proximal and near-term silver and base metals processing opportunities at Wonawinta, including potential reconfiguration of the existing flowsheet to process sulphide ore through a flotation circuit, and continues to evaluate a second phase of open-cut mining at the Mt Boppy open pit (Figure 4), with deeper extensions to be tested by RC and diamond drilling. 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. Figure 4: Mt Boppy current infrastructure and planned mine development Exploration Strategy and Overview of Activities 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 2025-2026 and 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 sustained higher gold price (~$A6,000- 6,400/Au oz) provides the opportunity to profitably augment Wonawinta silver production with incremental gold ore from Mt Boppy and potentially Pipeline Ridge (under evaluation). EXPLORATION ACTIVITIES MKR controls nine Exploration Licences and seven Mining Licences in the Cobar district, west NSW (Figure 5), which constitute the Cobar Basin Project. Manuka Resources Ltd For the year ended 30 June 2026 Review of Operations (cont’d) Page 10 Figure 5: Locality of Cobar Basin Wonawinta and Mt Boppy mining and exploration projects Figure 6 shows the Cobar Basin Exploration project pipeline, with the current priority exploration targets of interest. Figure 6: Cobar Basin Resource Triangle and Exploration project pipeline (as at 30 June 2026) During 2026 exploration activities continued with a focus on the Mt Boppy and Pipeline Ridge projects on EL5842 (Figure 7), as well as initiation of prospectivity analyses covering terrain proximal to the Mt Boppy and Wonawinta mine sites. Manuka Resources Ltd For the year ended 30 June 2026 Review of Operations (cont’d) Page 11 Figure 7: Locality of Mt Boppy and Pipeline Ridge projects In related development work at the Wonawinta Mine, 13 vertical PQ3 diamond core boreholes totalling 553m were completed for confirmatory metallurgical testwork on the first 18 months of planned silver production. The Mt Boppy main rock waste dump was further evaluated for gold, with a second phase of sonic drilling completed during the March quarter which involved 49 sonic drillholes for 619 m targeting zones planned to be mined during 2026–2027. Exploration drilling programmes planned during Q1 and Q2 were initiated at the Mt Boppy South Extension targets during December 2025. The programme comprised 3 RC pre-collar scout boreholes with orientated diamond tails testing conceptual Mt Boppy extension targets (“Boppy Deeps”), which were completed during March 2026 (Figure 8). Manuka Resources Ltd For the year ended 30 June 2026 Review of Operations (cont’d) Page 12 Figure 8: Mt Boppy South Extension Scout drill hole collars on geology and structure Key takeaways from the Mt Boppy South Extension work were: • only limited development of “Boppy-style” brecciated zones was encountered; • mineralised quartz breccia at the southern end of the current open pit appears truncated by a NW-SE structure that may connect to the Boppy South deposit; and • the western bounding fault is now interpreted to have been reactivated and to truncate/displace the main Mt Boppy orebody on the west side. Although no significant high-grade gold zones were intersected in this drilling phase, the programme materially improved geological understanding and targeting confidence for follow-up drilling. Manuka Resources Ltd For the year ended 30 June 2026 Review of Operations (cont’d) Page 13 The Pipeline Ridge target was discovered in 1976 by Mining Exploration Proprietary Ltd (MEPL) through a combination of auger/RAB/Airtrac drilling Pb-Zn geochemistry and a follow-up Induced Polarisation geophysical survey. Subsequently, between 1982 and 2012 over 13,000m of drilling has been completed (Table 3). Table 3: Historic drilling programmes at Pipeline Ridge Company Date Typeof Drilling No Drillholes Total Metres GoldenCross 1982 Percussion 16 1,518 Homestake 1984 RAB 33 448 GoldenCross 1987 DD 8 2,347 CPMS 1987 AirCore 23 1,105 GoldenCross 1996 RC 69 2,891 GoldenCross 1997 DD 7 1,199 GoldenCross 1998 RC 19 980 GoldenCross 2006 RC 6 369 Polymetals 2011 DD 4 751 Polymetals 2012 DD 10 1,630 RABACPC 72 3,071 RC 94 4,240 DD 29 5,926 195 13,237 The 2026 drilling programme at Pipeline Ridge has been designed to evaluate a shallow gold open pit as indicated by historic drilling and included 56 RC “heel-toe” boreholes to a maximum depth of 70m, totalling 3,134m, plus 4 PQ3 diamond core holes for metallurgical testwork. The initial exploration target is between 187,000 to 365,000 tonnes grading 1.1g/t to 1.5g/t gold. The reader should note that this target is based on an assessment of only historic drilling results and the potential quantity and grade is still conceptual in nature, and that to date there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource. The MKR RC programme commenced on 24 April 2026, and drilling was completed on 16 May 2026. The diamond drilling for metallurgical testwork is still to be completed. Combined with historical drilling, the current infill and cover RC drilling density is anticipated to provide support for a maiden Mineral Resource Estimate, which is currently in progress. Notable assays received post year end (NB: not representative of all mineralised zones) are shown in Table 4. Manuka Resources Ltd For the year ended 30 June 2026 Review of Operations (cont’d) Page 14 Table 4: Pipeline Ridge Phase 1 selected (not representative of whole deposit) gold assay intersections Figure 9 shows the collars and gold intersection content (Au g/t*m) for the current RC programme. Mineralisation is open at depth and along strike north and south. Figure 9: MKR 2026 RC collars with Au g/t * m intersection contents Manuka Resources Ltd For the year ended 30 June 2026 Review of Operations (cont’d) Page 15 The current geological interpretation for Pipeline Ridge supports 2-3 phases of hydrothermal fluid expulsion from seafloor exhalative activity realising Cu-Pb-Zn mineralisation with a later cross cutting structurally controlled brecciation zone hosting gold mineralisation. A schematic section (after McGregor 2013) is shown in Figure 10. Figure 10: Schematic cross section of Pipeline Ridge geological setting and historic drill intersections (after McGregor 2013) with current evaluation drilling area. McGregor, A J., Mineralisation of Pipeline Ridge, Cobar, NSW - Style and genesis, BSc (Honours), School of Earth & Environmental Sciences, University of Wollongong, 2013. Manuka Resources Ltd For the year ended 30 June 2026 Review of Operations (cont’d) Page 16 Future exploration work during 2026-2027 is planned to include • completion of an initial Mineral Resource Estimate for Pipeline Ridge; • completion of the Pipeline Ridge metallurgical diamond drillholes; • completion of a second phase of RC and Diamond drilling testing Pipeline Ridge along strike and down dip to 100-150m below surface (historical diamond drillholes indicate the mineralisation extends over 200m below surface); • two diamond drillholes testing high grade breccia zones of the Mt Boppy ore zone; • a phased RC / DD programme testing shallow satellite targets and shafts at Mt Boppy in the 0–150 m depth range; • initiation of field validation of the McKinnons hydrothermal gold model; • continued prospectivity analyses including evaluation of historic drilling, alteration patterns and structural interpretations. Initial exploration targets are currently aiming to delineate 30–40 koz of shallow, open pit gold mineralisation. 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 Coastal Management Area (CMA) and Exclusive Economic Zone (EEZ), the project comprises a 3.2Bt vanadiferous titanomagnetite (VTM) iron ore resourceat 10.17% Fe2O3, 0.05% V2O5 (containing 1.6Mt V2O5) and 1.03% TiO2 (Table 2)6 , 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 5: 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 6 ASX Announcement 1 March 2023 Taranaki VTM Project Mineral Resource Statement TTR has granted mineral mining permit MMP55581 located within the EEZ containing 1.88Bt VTM resource where the current PFS mine plan can deliver production of 5Mt export concentrates a year gradin