Announcement PDF Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000 ABN 80 611 963 225 tel +612 7253 2020 www.manukaresources.com.au 1 ASX Announcement 23 March 2026 ASX: MKR Amended Announcement Updated Cobar Basin PFS Highlighting Substantial Increase in Profit and NPV Announcement Manuka Resources Limited (ASX: MKR; NZX: MKR) (the Company) releases the attached Amended Announcement following a review by ASX of the announcement dated 30 January 2026 (Original Announcement). ASX requested further clarification and amendments to the Original Announcement: (a) to ensure consistency of disclosures and compliance with ASX Listing Rule 5 and Guidance Note 31; and (b) to address the proportion of inferred resources and demonstrate the reasonable basis for their inclusion in the production target. The attached Amended Announcement addresses these matters. After the release of the Original Announcement, Manuka announced the execution of a US$30 million finance facility; with a significant proportion of these funds supporting the pre-production capital works at Wonawinta and Mt Boppy referred to in this Announcement. Details of the finance facility are contained in the Company’s announcement dated 2 March 2026 Financing Update. The body of the Amended Announcement reflects the information available at the time of the Original Announcement release and does not incorporate subsequent announcements, which should be read in conjunction with the Amended Announcement. A summary of the key amendments in the Amended Announcement are set out below: 1. Listing Rule 5.16.2 compliance statements The compliance statements in respect of the Ore Reserves and Mineral Resource estimates underpinning the production target have been expanded and clarified to expressly address the requirements of Listing Rule 5.16.2. Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000 ABN 80 611 963 225 tel +612 7253 2020 www.manukaresources.com.au 2 2. Production target underpinning and reserve/resource composition (a) Additional disclosure has been included to: • clarify the proportions of Probable and Proved Ore Reserves underpinning the production target; • explain the relationship between Ore Reserves and Mineral Resources used to support the mine plan; • address the role of Measured, Indicated and Inferred Resources in the production target and • Update Figure A7, Tables 2 and 3 to show the production target is underpinned by a combination of Ore Reserves and Mineral Resources, which is consistent with the information provided on page 4. Use of Inferred Resources (Years 6 to 10) (b) Additional disclosure has been included to explain: • the proportion of Inferred Resources underpinning the production target; • the Company’s assessment that Inferred Resources are not the determining factor in project viability and do not materially impact the financial outcomes of the PFS; and • the timing and impact of Inferred Resources within the Mine Plan, including higher proportions in subsequent years, with reference to section 8.5 of ASX Guidance Notice 31. Production Target Update (c) Inclusion of Figure 8 on page 14, which presents the Production Target underpinned by ore reserves and resources comprising of indicated and measured resources only. 3. Stockpile Mineral Resource Estimates Clarification has been added to confirm whether stockpile Mineral Resources estimates have previously been disclosed in accordance with Listing Rule 5.8. Information relating to Mineral Resources estimate for the Wonawinta Stockpiles, Mt Boppy Rock Dump, Tailings and Stockpiles, and Ore Reserves relating to the in-ground Wonawinta deposit, the Wonawinta Stockpiles and the Mt Boppy Rock Dump, Tailings and Stockpiles is extracted from the announcement entitled “Updated Cobar Basin Production Plan” dated 30 May 2025 and is available to view on the Company’s website. 4. JORC Code, clause 38 Cautionary Statement A Cautionary Statement aligned with JORC Code Clause 38 has been included. 5. No further amendments Other than the amendments described above, the content and conclusions of the Original Announcement remain unchanged. Further to the above key amendments, the ASX requested the Company to provide additional information on the 10 Year Mine Plan, which are detailed below. 1. Please explain why MKR has disclosed a 10 year mine plan that is based on either predominantly or solely on inferred resources for years 6 to 10 The higher proportions of Inferred Resources utilised in the Production Target are located at the periphery of the known ore body and are scheduled for extraction in the latter stages Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000 ABN 80 611 963 225 tel +612 7253 2020 www.manukaresources.com.au 3 of the Mine Plan. Given the confidence the Company has in its ability to upgrade the classification of the Inferred resources, the Company considers it appropriate to include these years in the Mine Plan and Production Target to give investors the fullest picture of the Company’s expectations with respect to the Project. Furthermore, during the initial six- year period of active mining operations, which precedes the extraction of material with an increased proportion of Inferred resources (i.e. in years 6 to 10), the Company will conduct grade control drilling, mine-to-mill reconciliation processes, and in-pit exploration programs in accordance with industry norms. Collectively, these activities are expected to generate sufficient data to allow the conversion of Inferred Resources to higher-confidence resource categories (e.g. Measured & Indicated) and thereby increase overall geological confidence. It is also important to note that, by this stage in the mine life cycle, the Mt Boppy and Wonawinta operations will have been in production for approximately six years allowing sufficient time for the Company’s expectations in relation to the upgrading of the resource classification to come to fruition. As a consequence, the inclusion of Inferred material within the production schedule does not, in the Company’s view, render the Mine Plan (or the Production Target and Forecast Financial Information) misleading, having regard to the staging of extraction and the ongoing de-risking activities planned over the life of the proposed operation. Furthermore and while it should not be assumed that the Company will be able to upgrade the Inferred Resources to Indicated Resources (i.e. as per Clause 21 of the JORC Code), investors are also referred to the section of the Amended Announcement titled “Project Summary” (and the itemised list of factors set out therein) for further information in relation to the bases on which the Company is confident that it will in fact be able to upgrade a significant proportion (if not the majority) of the Inferred Resources to Indicated Resources. A formal assessment of the proportion of Measured and Indicated Mineral Resources capable of conversion to Ore Reserves was released to the market in May 2025. A copy of that announcement can be found by clicking on the following link: https://announcements.asx.com.au/asxpdf/20250530/pdf/06k8d510brb5yh.pdf. 2. Has MKR prepared a mine model excluding the inferred resources underpinning the Production Target and Forecast Financial Information for years 6 to 10? Yes, the Company has modelled the Mine Plan excluding the Inferred Resources underpinning the Production Target and Forecast Financial Information for years 6 to 10. The results of this financial modelling support the Mine Plan, Production Target and Forecast Financial Information included in the Amended Announcement and support the Company’s conclusion that the increasing proportions of Inferred Resources during years 6 to 10 of the Mine Plan are not, after also having regard to the guidance in section 8.5 of ASX Guidance Note 31, determining factors for the project’s viability. The mine financial model output (i.e. excluding all inferred material and based on a combination of Indicated and Measured Resources only) is set out below: • IRR = 523% • NPV8 = AUD $$561.6M • CAPEX = AUD $$61.5M The results of this financial modelling demonstrate very significant expected financial returns (including an IRR of in excess of 500% and an NPV in excess of $500M) which highlight the economic viability of the project even if all Inferred Resources are excluded from the Production Target and Mine Plan. Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000 ABN 80 611 963 225 tel +612 7253 2020 www.manukaresources.com.au 4 3. Please outline the basis on which the Company believes it has satisfied Regulatory Guide 170 in respect of the Forecast Financial Information Operating expenditure (Opex) is set out in Table 4 (page 11) of the Amended Announcement. Capital expenditure (Capex) is detailed in Table 5 (page 12), which also includes a sensitivity analysis (page 13). The inclusion of Opex, Capex and sensitivity analysis assists readers in forming an objective assessment of the project by outlining the operating and capital costs underpinning the project and illustrating a range of economic outcomes under varying assumptions. This approach supports balanced disclosure consistent with Clause 4 of the JORC Code and demonstrates economic variability as contemplated by Clause 39. It is also consistent with ASIC guidance in RG170 (RG170.30(b) and (c)) since the Company is confident that investors have been given enough information to assess whether the prospective financial information is relevant and reliable (and is supported by reasonable grounds). As noted above, a formal assessment of the proportion of Measured and Indicated Mineral Resources capable of conversion to Ore Reserves was released to the market in May 2025. Investors are encouraged to read the Amended Announcement in conjunction with the Ore Reserve Estimate titled “Cobar Project Ore Reserve Estimate” in making the assessment referred to in paragraph 59 of RG170. It is also noted that the study includes the following statement (page 15): “The Wonawinta and Mt Boppy Open Pit designs were based on pit shells optimised for a silver price of A$50/oz and a gold price of A$4,000/oz respectively. Given the significant change in precious metal pricing since the optimisations were completed, there exists an opportunity to update pit optimisations to determine whether additional lower-grade or deeper ore can be incorporated into the mine plan, potentially extending mine life.” Since completion of those optimisations, the gold price has materially increased, with the international gold price opening at approximately USD 5,300/oz (approximately AUD 7,600/oz), in addition the silver price has risen to A$115/Oz. This represents a significant divergence from the pricing assumptions underpinning the current pit optimisation work and may indicate potential upside to project economics, subject to further technical and economic evaluation. In direct relation to RG170.59, the Company believes that investors, traders and shareholders have been given enough information in the Amended Announcement to assess whether the prospective financial information is relevant and reliable (i.e. to form their own view about how reasonable the grounds are for making the statement) and identify with certainty the facts and circumstances that support prospective financial information, as well as being able to demonstrate that the information is reasonable. In accordance with RG170.60 – RG170.70, the full details of all material assumptions have been used to prepare the PFS in the form of the modifying factors described by clause 12 of the JORC Code. The full explanation has been calculated using industry standard discounted cash flow analysis in accordance with RG170.78 to RG170.83. The sensitivity analysis has been disclosed in accordance with RG170.69 and RG170.70 where it shows both positive and negative effects of gold & silver prices. Risk factors have also been disclosed on pages 18, 34, 46 & 54 and the quantification of those risks. This is also disclosed to the market in the PFS in a manner which is compliant with RG170.87 and RG170.88. All required cautionary language is disclosed on page 18 and elsewhere in the Amended Announcement in accordance with RG170.91 through RG170.94. It is the Company’s view that in the light of the above, when all material assumptions are considered and viewed in an objective manner as described in ASIC Regulatory Guide 170, Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000 ABN 80 611 963 225 tel +612 7253 2020 www.manukaresources.com.au 5 that the Company has reasonable grounds to publish the forward-looking financial statements in the Amended Announcement. 4. Please identify the information in the Amended Announcement that should assess in order to determine relevance and reliability of including the inferred resources This information was previously disclosed in summary form on page 29 of the Amended Announcement, at a level of detail appropriate to the nature and purpose of that announcement. Cautionary language in regard to the use of inferred resources in the production schedule can be located on page 3, 4 and 8 of the Amended Announcement. As noted elsewhere in this cover letter and in the Amended Announcement, the Company is confident that the use of Inferred Resources does not undermine the efficacy of either the Production Target or the Forecast Financial Information derived from it and has stated the factors that allow it to conclude that it has reasonable grounds for publishing the Production Target and Forecast Financial Information. Similarly, the Company’s Competent Person is satisfied with the conclusions outlined in the Amended Announcement. Please also refer to the section of the Amended Announcement titled “Project Summary” (and the itemised list of factors set out therein) for further information in relation to the bases on which the Company and the Competent Person are confident that it will in fact be able to upgrade a significant proportion (if not the majority) of the Inferred Resources to Indicated Resources. Going forward, the market should not rely on the Original Announcement when making any investment decisions. Further Note regarding Updated Reserve Report The Board also advises that it has commissioned Mr Anthony Stepcich, of Maximus Mining Pty Ltd to prepare an updated reserve report for the Company’s Cobar Basin assets, which is scheduled for release next week. Once the Company has received the report, it will proceed to prepare an updated PFS. The Board confirms that the updated reserve report and updated PFS will be advised to the market as soon as they become available. Authorised for release to the ASX by the Executive Chairman. Dennis Karp Executive Chairman Tel. +61 2 7253 2020 ASX Announcement 23 March 2026 ASX: MKR 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 Provides Updated Cobar Basin PFS Highlighting Substantial Increase in Profit and NPV Highlights • Project NPV8 of A$805 million and IRR of 1,092% based on US$95/oz silver, US$4,800/oz gold prices and AUD/USD of 0.7000. • 10-Year Mine Plan to produce 13.2 million ounces of silver and 35 thousand ounces of gold from existing stockpiles and open pits located at the Wonawinta Silver Mine and Mt Boppy Gold Mine, Cobar Basin. • Near term production leveraging existing plant with low capex upgrades • Existing Wonawinta Processing Plant set to return to production in H1 2026. • Sensitivity Analysis in Table 7 shows varying NPV outcomes from movements in Spot Gold & Silver prices. • The Mine Plan is forecast to generate an average EBITDA of A$127 million p.a. at an average C1 cost of A$34.4/oz silver (including gold credits). • Mine Plan of 10.9Mt ore, supported by existing Ore Reserves and Mineral Resources at both Wonawinta and Mt Boppy. • Pre-production capital costs are estimated at A$26.6 million (including a contingency of A$2.2 million). • The Company raised A$15 million in October 2025 and is in the final stages of reaching a binding agreement for a US$22.5 million debt facility with Nebari Natural Resources Credit Fund. This ensures Manuka is fully funded to production and profitability. • The Wonawinta 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. • Ongoing exploration drilling at Mt Boppy targeting high-grade extensions to gold mineralisation that has historically delivered ~500,000 ounces grading ~15g/t Au. Assays results due during the current quarter. • Manuka remains fully unhedged, leaving it leveraged to further upside from movements in precious metals prices. Manuka’s Executive Chairman, Dennis Karp, commented: “Manuka is uniquely positioned among junior ASX resource companies as one that is well set to translate historically high silver and gold prices into substantial near-term cash returns for the Company and its shareholders. Page 2 With our existing 1Mtpa processing plant set to restart within the coming months, debt funding to support the modest capital costs nearing finalisation, and an initial 10-year production plan demonstrating outstanding economics, Manuka presents both as a compelling and significantly undervalued investment opportunity. Project execution is ramping up, and we look forward to providing updates to the market as we progress towards first production.” Figure 1: Location Wonawinta and Mt Boppy Projects within the Cobar basin. Page 3 Project Summary Manuka Resources Limited (ASX: MKR, “Manuka” or the “Company”) is pleased to announce the updated 10-Year Mine Plan for the Wonawinta Silver and Mt Boppy Gold Mines, respectively located 80km due south and 50km due east of Cobar, within the prolific Cobar Basin mining province of 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 pit mines, an existing 1Mtpa CIL processing plant and associated infrastructure including approved tailings dams and accommodation facilities (Figures 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 Mine Plan described in this announcement outlines the upgrading and recommissioning of the Wonawinta processing plant to enhance throughput and leach performance and deliver a Production Target 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; and • 0.3Mt of high-grade gold ore from the existing Open Pit at Mt Boppy. The Mine Plan estimates a capital requirement of A$26.6 million to bring the processing plant into production, of which A$11.4 million 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 Q1 2026 with first production from Wonawinta Stockpiles and Mt Boppy Stockpiles in Q2 2026. Mining is scheduled to commence in Q3 2026. Over the 10-Year Mine Plan, the Project is forecast to generate an average EBITDA of A$127 million p.a. at a C1 cost of A$34.4/oz silver (including gold credits) resulting in an NPV8 of A$805 million and an IRR of 1,092%. The Production Target (Table 1) is supported by Reserves for Wonawinta as well as Mineral Resource Estimates for Wonawinta in-ground deposits, Wonawinta Stockpiles, Mt Boppy in-ground deposits and Mt Boppy Rock Dumps, Tailings and Stockpiles (Tables A2- A6, Appendix A). Page 4 The 10.9Mt Production Target in the Mine Plan is underpinned by 6.9Mt of Reserves (100% Probable) and 4.0Mt of Resources (8% Measured, 54% Indicated and 38% Inferred) noting that the Company anticipates reporting a material increase in Reserves during the current quarter of 2026. Investors should note that 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 or that the Production Target itself will be realised. These Inferred Resources are, however, constrained within the pit floors (within the existing open pits) and as such the Company reasonably expects a majority of these Inferred Resources will be upgraded to Indicated Resources after planned infill drilling (to be conducted on a 20m-by-20m basis) has been completed. Grade-control drilling (which will also be conducted on a 20m-by-20m basis) is also expected to support the conversion of the existing Inferred Resources to the higher Indicated Resources classification. Grade-control drilling will be conducted by the Company once mining has commenced. The Company’s confidence that it will be able to upgrade a majority of the Inferred Resources to Indicated Resources (thereby further evidencing the robustness of the Production Target and Forecast Financial Information published in this announcement) is also underpinned by various geological (and other) factors including: • the flat tabular geometry of the Wonawinta ore body, which is favourable for predictable resource conversion; • the natural geospatial relationship of the block model, underpinned by historical production data at Wonawinta; • precious metals prices comparing favourably to the pricing assumptions that underpin the Wonawinta Open Pit designs (see page 15); and • the various “value enhancement opportunities” set out on page 15 each of which, if achieved, will further support the economic viability of the Mine Plan. The Inferred Resources constitute only 14% of the Production Target (with most of the current Inferred Resources that are included in the Production Target being used towards the end of the Mine Plan) and as such are not considered to be a determining factor in the project's economic viability. Please see Tables 2 & 3 for further details. The Company has determined that the Mine Plan presented in this announcement has been completed at a Pre-Feasibility Study level in accordance with the JORC Code. Validation testing of the Mine Plan was also completed by the Company's financier as part of its new debt facility announced on 2 March 2026. Page 5 The 10-Year Mine Plan comprises the mining and reclaiming of a total of 10.9Mt ore containing 19.0Moz of silver and 46koz of gold. Commencing Q2 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 Q3 2026 at the existing Manuka open pit, before progressing to the Belah, Bimble and Pothole Pits and concluding with the existing Boundary Pit. Mining of the Mt Boppy Open Pit is scheduled to commence in 2028. Table 1: Production Target Source Tonnes (Mt) Waste (Mt) Ag (g/t) Ag (Moz) Au (g/t) Au (koz) Mt Boppy Stockpiles 0.2 - - 0 1.1 7.3 Mt Boppy Open Pit 0.3 7.0 - - 4.17 39.1 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 57 3.2 - - Pothole Open Pit 0.4 0.9 41 0.5 - - Total 10.9 49.7 53.9 19.0 0.1 46.3 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 135tph (0.8-1.0Mtpa). Milled feed will leach 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 1 gold ounce per 435 silver ounces 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 2 and Table 3 respectively. Page 6 Figure 2: Location of existing infrastructure, ROM Stockpiles and existing and proposed open pits at Wonawinta. Page 7 Figure 3: The existing Wonawinta Processing Plant. Figure 4: ROM Stockpiles adjacent to the Wonawinta Processing Plant. Page 8 Figure 5: Existing Manuka Open Pit. Figure 6: Mt Boppy stockpiles and open pit mine. Page 9 Table 2: Annual Summary of Mine Plan - Physicals Calendar Year Units Total 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 WWTA Open Pit Waste Mt 42.7 1.3 6.4 6.7 3.6 4.0 6.5 6.9 5.1 1.6 0.5 WWTA In-Ground Mt 10.2 0.5 1.3 1.0 1.0 1.1 1.2 0.9 1.4 1.4 0.5 Silver Grade g/t Ag 56.5 51 64 59 60 56 54 55 53 53 61 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 1.11 1.07 - - - - - - - - Mt Boppy Open Pit Waste Mt 7.0 - - 2.2 4.2 0.6 - - - - - Mt Boppy In-Ground Mt 0.3 - - 0.0 0.1 0.2 - - - - - Gold Grade g/t Au 4.2 - - 1.25 3.26 5.00 - - - - - Total Ore Mined Mt 10.9 0.8 1.4 1.0 1.1 1.3 1.2 0.9 1.4 1.4 0.5 Total Silver Mined Moz 19.0 1.3 2.6 1.9 1.8 2.0 2.0 1.6 2.4 2.4 1.0 Total Gold Mined koz 46.3 2.8 4.5 0.1 14.1 24.9 - - - - - Measured % 8% 40% 5% 0% 8% 5% - 9% 15% 1% - Indicated % 54% 55% 80% 88% 82% 85% 22% 35% 58% 5% - Inferred % 39% 5% 15% 12% 11% 10% 78% 56% 27% 94% 100% ROM Feed Mt 10.9 0.6 1.2 1.1 1.2 1.3 1.2 1.0 1.2 1.2 1.0 Milled / Leached Mt 7.8 0.4 0.9 0.8 0.9 0.9 0.8 0.7 0.8 0.8 0.7 Milled/Leached Silver Moz 16.3 0.7 1.7 1.8 1.9 1.8 1.7 1.6 1.6 1.7 1.6 Recovered Silver Moz 13.2 0.6 1.3 1.5 1.6 1.4 1.4 1.3 1.4 1.5 1.4 Recovered Gold koz 35.2 2.9 2.9 - 4.6 18.2 6.6 - - - - 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. Between Years 5 and 8, the proportion of Inferred Resources increases from 10% to 94%. This is largely due to limited infill drilling in certain areas of the ore body. As these intervening areas have not yet been sufficiently drilled to upgrade their classification, they remain categorised as Inferred, resulting in the higher proportion during this period. Page 10 Table 3: Annual Summary of Mine Plan – Financials Calendar Year Units Total 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Payable Silver Moz 13.2 0.6 1.3 1.5 1.6 1.4 1.4 1.3 1.4 1.5 1.4 Payable Gold koz 35.2 2.4 3.4 - 4.1 18.2 7.1 - - - - Silver Price US$/oz 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 Gold Price US$/oz 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 Exchange Rate A$:US$ 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 Net Silver Revenue A$M 1,786 74 169 196 209 192 186 176 192 199 192 Net Gold Revenue A$M 241 17 23 - 28 125 48 - - - - Govt. Royalties A$M (66) (3) (6) (6) (8) (11) (8) (6) (6) (6) (6) Net Revenue A$M 1,961 88 186 189 229 306 226 170 186 193 186 Wonawinta Mining A$M (274) (11) (35) (36) (27) (29) (35) (36) (33) (23) (11) Mt Boppy Mining A$M (84) (4) (7) (18) (35) (19) (2) - - - - Processing A$M (266) (17) (31) (27) (29) (32) (28) (26) (26) (26) (24) G&A + Logistics A$M (71) (5) (7) (7) (7) (7) (7) (7) (7) (7) (7) EBITDA A$M 1,265 52 106 101 131 220 153 101 120 136 145 Pre Revenue Capex A$M - - - - - - - - - - - Sustaining Capex A$M (70) (29) (5) (6) (6) (1) (7) (2) (5) (8) (0) Net Project Cashflow A$M 1,196 23 101 95 125 219 147 99 114 129 144 Cumulative Cashflow A$M 23 124 219 344 563 710 808 923 1,051 1,196 NPV8 A$M 805.3 IRR % 1,092% Average EBITDA p.a. A$M 126.5 Page 11 Financial Assumptions • A silver price of US$95/oz (~25% below spot of US$118/oz) and a gold price of US$4,800/oz (~15% below spot of US$5,525/oz) have been used for the base case financial evaluation. • An AUD/USD exchange rate of 0.7000 has been adopted reflecting the spot price. • 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$70 million available to offset against future profits. • A discount rate of 8% has been applied to calculate NPV. Project Costs Operating Costs (Table 4) and Capital costs (Table 5) have been built up from first principles using a combination of supplier/contractor quotes, recent operating experience and previous actual costs incurred at Wonawinta and Mt Boppy by Manuka. Table 4: Operating Cost Summary Item LOM Total (A$M) A$/oz Ag Unit Rate Unit Open Pit Mining - Wonawinta 273.8 20.7 5.2 $/t Mined Open Pit Mining - Mt Boppy