Announcement PDF Manuka Resources Ltd ABN 80 611 963 225 ANNUAL REPORT 2024 Annual Report For the year ended 30 June 2024 Manuka Resources Ltd ABN 80 611 963 225 Manuka Resources Ltd For the year ended 30 June 2024 1 CORPORATE DIRECTORY Directors Dennis Karp – Executive Chairman Alan J Eggers – Executive Director Anthony McPaul – Non-Executive Director John Seton – Non-Executive Director Key Management Haydn Lynch – Chief Operating Officer 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 13, 60 Castlereagh Street 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. Manuka Resources Ltd For the year ended 30 June 2024 2 Contents Page Executive Chairman’s Report 3 Review of Operations 6 Mineral Resource Statements 19 Directors’ Report 24 Auditor’s Independence Declaration 39 Consolidated Statement of Profit or Loss and Other Comprehensive Income 40 Consolidated Statement of Financial Position 41 Consolidated Statement of Changes in Equity 43 Consolidated Statement of Cash Flows 44 Notes to the Financial Statements 45 Consolidated Entity Disclosure Statement 83 Directors’ Declaration 84 Independent Auditor’s Report 85 ASX Additional Information 89 Manuka Resources Ltd For the year ended 30 June 2024 3 Executive Chairman’s Report SCREENING AND PROCESSING THE RESIDUAL GOLD CONTAINED IN THE ROCK PILES AND WASTE DUMPS AT MT BOPPY, COMBINED WITH FAST TRACK LEGISLATION COMMITMENTS FROM THE NEW N.Z. COALITION GOVERNMENT This Annual Report marks our fourth year as a producing precious metals company listed on the ASX. The start of the 2023-24 Financial Year coincided with the commencement of our gold screening and recovery project at Mt Boppy. The project team commenced screening the Mt Boppy ROM, residual rock piles and waste dumps to a fractional size of approximately 12mm to 20mm targeting recovery of remnant gold remaining in this size fraction material. From July 2023 onwards, production of the screened material increased on a month-by-month basis, as did the recoveries of the residual gold until November, where a deterioration in gold grades caused by mining from a lower grade area together with the overall cost of processing through the Wonawinta plant, as well as the high haulage costs, reduced the economic potential of the project. This resulted in suspension of gold processing and production in early February. However the screening and recovery process demonstrated that there was predictable gold associated with the <20mm size fraction. The Company estimates there is in excess of 4.0Mt of remnant mining material at Mt Boppy comprising rock dumps and tailings, all containing residual gold of various grades. Key to recommencing the project in the future was to ensure the Company had better grade control, and ideally either completely negate or alternatively, find an improved transport solution for concentrate processing (haulage of bulk material from Mt Boppy to the Wonawinta plant costs in the vicinity of A$30/t). Running the Wonawinta plant at a feed rate of 30,000t/mth adds nearly $11M/yr in direct costs to the screening project. Effectively one year’s haulage cost alone was similar to the capex estimate required to build a plant at Mt Boppy and there was between 4-5 years of material requiring screening and processing. This concept fast gained traction within the Company as external metallurgical test-work confirmed the viability of a purpose-built gold recovery plant at Mt Boppy. It is worthwhile noting that at time of writing the A$ gold price is up 30% from this time last year (currently A$3,800/oz gold vs A$2,950/oz gold), which further underpins the project, while the gold contango (the price the forward gold price is higher than the spot gold price) continues to run at around 4% p.a. for the coming 23 years. I believe the next phase of the Mt Boppy screening project will prove to be the most important in the Company’s term since listing on the ASX. The anticipated cashflows are expected to make the Company debt free within three years as well as funding an extensive regional and near mine drilling program which will underpin production for years ahead. Manuka holds a material precious metals position in the Cobar Basin, including the fully approved Wonawinta Silver Project and the Mt Boppy Gold Project, the well maintained circa 850,000+ tpa processing plant at Wonawinta, as well as an exploration tenement package extending over an area exceeding 1,125km2. Post the 2023 Strategic Exploration Review of all our Cobar tenements, the Company continued to review specifically the status and findings of all historic geophysical surveys conducted on the tenement package. The outcome of this work has been a refinement of exploration targets that feed into the strategic growth profile of the Company. As a result of this Review, the Company is targeting an increase in gold resources of between 250,000530,000oz gold @2.5g/tAu from Mt Boppy depth extensions, the Pipeline Ridge opencast prospect as well as McKinnons mine surrounds. Exploration and drilling originally planned for December 2023 was placed on hold pending our gold production issues and is now planned to commence in the June quarter 2025. As at time of writing there has been no material change to the Mineral Resource statements of April 2024. Manuka Resources Ltd For the year ended 30 June 2024 4 The Strategic Reviews identified the potential increases in the Company’s resource inventory resulting from a targeted exploration program. This exploration program, now planned to commence during Q2 2025 is intended to be funded by our gold production cash flows. Initial drilling targets are the Pipeline Ridge oxide opencast evaluation (outcome will be an Indicated Resource) and continuing the ‘Mt Boppy Deeps’ drilling where a program of five holes drilled to 300m-600m depth down plunge from the Mt Boppy open pit is planned. I look forward to providing these drilling updates to our shareholders over the coming months. I do see this as an exceptionally exciting time at Manuka as Mt Boppy starts hitting steady state gold production targets yielding positive cash flows allowing the Company to systematically evaluate a portfolio of highly ranked near mine and exploration base and precious metal targets on our tenements in the Cobar Basin of NSW. Manuka’s wholly owned subsidiary Trans-Tasman Resources Ltd (TTR), has 100% ownership of the Taranaki VTM (vanadiferous titanomagnetite) Project in New Zealand. The Project, located offshore in the South Taranaki Bight (STB), contains a JORC resource of 3.2 billion tonnes of iron sands1 with a granted mining permit. The pre feasibility study2 was based on a forecast extraction rate of 50Mt a year producing 5.0Mt of VTM concentrate a year over a 20-year period. At this forecast rate the JORC resource contains a potential 60 years of mining inventory. Manuka was attracted to this world class asset given its enormous scale, the extensive quantum of work already completed to advance the Project, its low-cost production base, superior environmental credentials and diversification benefits. The TTR Pre-Feasibility Study3 (PFS) completed in 2013 and adjusted to 2024 cost structures, places the Project’s cost of iron ore production in the lowest cost quartile. Furthermore, the VTM concentrate produced will quite possibly be the lowest carbon emitter per tonne of concentrate produced of any global iron ore producer. VTM titanomagnetite iron sands are in strong demand as feed for electric arc furnaces (EAF) to produce low carbon “green steel”. EAF steel production is a proven technology and burns 50% less coal, reduces carbon emissions by more than 45% in the steel making process and can make a material contribution to net zero targets. The JORC reported mineral resource for the Taranaki VTM Project also contains a vanadium resource of 1.6Mt of vanadium pentoxide (V2O5), ranking it as one of the larger drilled vanadium deposits globally. At an assumed production rate of 5Mtpa VTM concentrate the concentrate would contain 25,000 tonnes of V 2O5 equivalent to 14,000t of vanadium metal (V) a year, making it one of the largest aspiring vanadium producers on the ASX. This project presents Manuka with a unique opportunity to progress potential production of a VTM concentrate whilst securing a stronghold in vanadium co-product (listed as a critical mineral under the New Zealand government draft strategy4) production. Vanadium is a commodity which has also been declared a critical mineral by the Governments of the USA, Canada, the EU, UK and Australia, required for hardening and strengthening of steel and now proving essential for utility or grid scale battery storage underpinning a greenenergy fueled global economy. In March 2024, the New Zealand government introduced the Fast Track Consenting approvals bill with the objective of providing a streamlined decision-making process to facilitate the delivery of many development projects including natural resources and infrastructure development projects with significant regional or national benefits. Development of the Bill is part of the coalition agreements between the National, ACT and NZ First parties, and is a key component of the Government’s first 100 Days Plan to reduce the red and green 1 ASX release 1 March 2023 2 https://www.manukaresources.com.au/site/projects/taranaki-vtm-project/studies 3 ibid 4 https://www.beehive.govt.nz/release/draft-critical-minerals-list-released-consultation Manuka Resources Ltd For the year ended 30 June 2024 5 tape delays created by multiple layers of regulation in the country and put New Zealand on a firmer economic footing by providing better certainty for project sponsors On 19 April 2024 TTR submitted an application for its Taranaki VTM Iron Sands Project for consideration as a Listed Project under the Fast Track legislation. It’s now anticipated the New Zealand government will reintroduce the Bill to parliament, with the schedule of Listed Projects, in the fourth quarter of 2024 for its final reading and approval. As mentioned above the New Zealand government had commissioned international consultants Wood Mackenzie to complete a draft critical minerals strategy earlier this year. TTR made submissions to Wood Mackenzie that included iron ore, vanadium and titanium for inclusion in the critical minerals list and the potential for the development of these mineral resources in New Zealand. In mid- September the New Zealand Minister for Resources launched this Draft Critical Minerals List for New Zealand5 aimed at increasing mineral exports. One of the key new mineral opportunities identified in the Ministry of Business, Innovation and Employment (MBIE) Strategy are the offshore deposits of iron sands, containing vanadium and titanium in the STB, 100% controlled by TTR. In closing, I would like to thank the entire team at Manuka Resources for their assistance in what has been an extremely challenging year. A further thank you is extended to my fellow executive director Alan Eggers, to our two Non-Executive Directors Tony McPaul and John Seton, to Haydn Lynch, our Chief Operating Officer, and Toni Gilholme our Company Secretary for all their work during the financial year. Also thank you to all our shareholders for your support during the year. We enter the 2025 financial year with gold production poised to restart at Mt Boppy and commencing with a minimum four year mine plan. There is no other portfolio of assets I would rather own than our two fully permitted precious metals assets in the Cobar Basin, together with our nation building mineral sands project in the South Taranaki Bight of New Zealand with its direct exposure to iron ore, vanadium and titanium. There will be challenges ahead requiring steady navigating, but by and large I fully expect Manuka to emerge from the next year as a vastly different company and far stronger financially. Dennis Karp Executive Chair 5 A Draft Minerals Strategy for New Zealand to 2040: Ministry of Business, Innovation and Employment (MBIE), May 2024. Manuka Resources Ltd For the year ended 30 June 2024 6 Review of Operations COMPANY PROFILE AND OPERATIONAL OVERVIEW Manuka Resources Ltd (“Manuka” or “the Company”) completed the trial phase of silver oxide stockpile processing at the Wonawinta project between May and October 2022. This followed our first phase of open cut gold production from Mt Boppy (which occurred between April 2020 to November 2021). 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. In late 2022 the Company recruited a new chief geologist, Phil Bentley. Phil brought with him considerable experience, a substantial part of which had been gained from the processing of historical dumps and tailings in Southern Africa. Phil’s initial review of Manuka’s exploration portfolio identified the opportunity of screening and reprocessing the ~4.0Mt rockpiles and recovering gold from this material. The plan centred on producing gold from the ROM, the rock and overburden dump stockpiles and the tailings at the Mt Boppy mine site via a simple process of screening to a sub 12mm particle fraction which contains the majority of the gold (and associated silver) and forwarding the screened material to a gold recovery leach circuit. Mt Boppy Stockpile Reprocessing activities commenced in May 2023 following finalisation of a bulk sampling program aimed at enabling better evaluation of the project economics. Full scale processing commenced in late June 2023. Resource modelling for this previously designated waste material was advanced during the year with the execution of a Sonic drilling programme throughout the surface dumps. This drilling programme improved the accuracy of gold grade, lithological characterisation, size distribution and metallurgical recovery data, which to this point had relied upon the results of the bulk sampling program. Exploration activities during the year focussed on the re-prioritised targets generated by the 2023 Strategic Review. Specifically detailed review and interrogation of historic geophysical data was completed on the whole MKR tenement package. This work has provided better definition of targets for future drill programs. As mentioned in last year’s Annual Report, the Company completed the acquisition of TTR in November 20226. TTR hosts a significant shallow offshore iron sands and vanadium project offshore in the South Taranaki Bight (STB) of New Zealand. The Project is at the Bankable Feasibility Study (BFS) stage, has a granted Mining Permit and applied to be considered under NZ’s Fast Track consenting legislation for its final approvals to operate. Final government approvals for the project will trigger commencement of final detailed engineering and capital costings. Once developed the TTR project would be a major export earner for New Zealand and a significant employer in the local community producing an iron ore concentrate with significant vanadium coproduct required for high grade steel alloys and with increasing application in large-scale battery storage technologies. BACKGROUND Manuka Resources Limited (ASX: MKR) 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 STB of New Zealand, included in the asset portfolio is the following: 6 ASX release 11 November 2022 Manuka Resources Ltd For the year ended 30 June 2024 7  The Mt Boppy Gold mine and neighbouring tenements. Operations at the Mt Boppy project were halted in Q1 2024, as the Company determined that locating a plant on-site at Mt Boppy was a precursor to continuing the screening operations. The plan was advanced in Q2 an Q3 2024 and will commence operations later 2024 to early 2025.  The Wonawinta silver project, with mine, processing plant and neighbouring tenements. The Wonawinta processing plant recommenced silver production in March 2022 in the form of a trial operation on existing silver oxide stockpiles. This trial ceased around eight months later with the results feeding into the ongoing mine planning for the opening up of new pits on the mining lease and potential re-entry into existing pits  Highly prospective exploration targets on its ~1150km2 tenement portfolio in the Cobar Basin  Completion of the BFS on the Taranaki VTM (vanadiferous titanomagnetite) project once the New Zealand government’s final approvals via the proposed Fast Track Consenting legislation to operate are in place. THE MT BOPPY GOLD PROJECT Operations The first phase of open pit production at Mt Boppy finished in early 20227. No mining or material movement operations were conducted after that date until Q2 of the 2023 calendar year when bulk sampling of previously classified barren overburden material was conducted. Initially a trommel screen with 12mm apertures was used to sort the material on the Mt Boppy ROM into two product fractions namely a sub 12mm and a 12-22 mm fraction. Once confirmation of grade distribution was determined (averaging circa 1.8 g/t)8 a McCloskey R155 double deck screen was commissioned to start full scale production of screened material (this was then upgraded to a McCloskey R230). This screened product was hauled to the Wonawinta plant for processing over the period May – December 2023. Bulk sampling was also undertaken on the existing overburden dump situated west of the pit. This evaluation work provided the basis to undertake the Sonic drilling of the circa 4mt rock dump. This evaluation has provided the basis of the current progression of a revised mining scenario at Mt Boppy, inclusive of the option to capitalise a standalone modular gold recovery plant. The company is forecasting around four – five years of project life and released an updated mineral resources estimate in August 2023 for these resources9. Regional Geology Mount Boppy is hosted within Devonian-age 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 area10. 7 ASX release 8 March 2022 8 ASX release 31 July 2023 June Quarterly 9 ASX release 25 August 2023 10 See Prospectus dated 22 May 2020, ASX release 10 July 2020 Manuka Resources Ltd For the year ended 30 June 2024 8 Tenements The Mt Boppy Gold Project (which comprises three granted mining leases, four gold leases, and one exploration licence (which together cover an area in excess of approximately 210 km2)) is located approximately 46 km east of Cobar, on the eastern side of the highly prospective and metalliferous Cobar Basin. The Company owns (via its wholly owned subsidiary, Mt Boppy Resources P/L) 100% of the interests in the tenements detailed in the following table: Tenement Grant Date Renewal Date Expiry Date Area (km2) GL3255 20-May-1926 08-Jul-2014 20-May-2033 8.30 GL5836 15-Jun-1965 08-Jul-2014 15-Jun-2033 6.05 GL5848 15-Feb-1968 08-Jul-2014 15-Jun-2033 8.62 GL5898 21-Jun-1972 08-Jul-2014 12-Dec-2033 7.50 ML311 08-Dec-1976 08-Jul-2014 12-Dec-2033 10.12 ML1681 12-Dec-2012 12-Dec-2012 12-Dec-2033 188.10 MPL240 17-Jan-1986 08-Jul-2014 12-Dec-2033 17.80 EL5842 19-Apr-2001 3-Aug-2022 19-Apr-2026 210 (Table 1 – Tenements Mt Boppy) (Figure 1 - Tenements - Mt Boppy Gold Project) Manuka Resources Ltd For the year ended 30 June 2024 9 THE WONAWINTA SILVER PROJECT The Company holds title to the pastoral lease for “Manuka”, upon part of which the Wonawinta Silver Project is located. The Manuka pastoral lease is connected to the low voltage rural power network and contains useful infrastructure namely a homestead, internet satellite connection and airstrip. Operations The Company completed the trial phase of silver oxide stockpile processing in February 202311 . The results from this trial will be used to better inform the ongoing mine planning process for opening up new pits on the Wonawinta silver project. During this phase of operations it was found that silver species in the oxide material was present in two broad size fractions. Modifications were made to the front end material handling circuit to introduce the smaller ball mill and incorporate a trommel in the flowsheet (deslimer circuit) to process the finer fractions which held a significant proportion of silver. The presence of small amounts of gold in this material was unexpected and a potential positive impact to the future project economics. Additional work is being directed towards the presence of gold which has not been evident in historical assays, yet accounted for an average of 15% of the total payables received from the refinery from silver shipments. This trial phase was designed to highlight to the operational team any potential issues that may be encountered in a full mining operation and has provided the company with valuable data in relation to risks and potential mitigants. The plant capacity for the processing of silver grading ores and materials was increased to ~1Mt/yr (previously 850,000t/yr). Regional Geology The Cobar Basin is located in central-west New South Wales, approximately 700 km north-west of Sydney. It is a complex metallogenic system containing numerous mineral deposits. “Cobar-style” mineral deposits comprise a unique class of large and commonly high-grade base and precious metal deposits hosted by marine sediments. They typically have great vertical extent but only a small surface footprint. Tenements The Company directly owns 100% of the interests in the Tenements detailed in the following table: Tenement Grant Date Renewal Date Expiry Date Area (km2) ML1659 23-Nov-11 23-Nov-2011 23-Nov-32 9.24 EL6482 18-Nov-05 27-Jan-2022 18-Nov-26 268.21 EL7345 25-May-09 27-Jul-2022 25-May-28 169.18 EL6155 17-Nov-03 23-Jan-2022 17-Nov-26 10.54 EL6302 23-Sep-04 20-Jan-2022 23-Sep-26 280.02 EL7515 7-Apr-10 9-Jun-2022 7-Apr-27 14.53 EL6623 31-Aug-06 18-Mar-2021 31-Aug-26 26.24 EL8498 10-Jan-17 3 –Nov-2021 10-Jan-29 114 (Table 2 – Tenements Wonawinta) 11 ASX release 28 April 2023 – March Quarterly Manuka Resources Ltd For the year ended 30 June 2024 10 (Figure 2 - Tenements of Wonawinta Silver Project) Manuka Resources Ltd For the year ended 30 June 2024 (Figure 3 – Existing mine infrastructure and resource outline in ML 1659) 11 Manuka Resources Ltd For the year ended 30 June 2024 12 STRATEGY AND DEVELOPMENT PLANS During the 2022-2023 financial year, as the trial silver phase wound down, a program of bulk sampling on previously classified barren overburden at Mt Boppy from both the ROM area and the western waste dump was initiated. This bulk sampling program was able to produce a gold bearing product of approximately 1.8 g/t from a sub 12mm fraction derived from a simple rotating screen. These positive sampling results gave the company confidence to begin larger scale production utilising a McCloskey R155 triple deck screen to produce a sub 12mm and plus 12 sub 22mm product fractions. Approximately 80% of the gold is contained in the sub 22mm fraction, and this size fraction was used as the ore feed to the Wonawinta plant from June 2023 to December 2023. The Wonawinta plant was recommissioned for this phase of gold processing in June 2023 and required only minor modifications from its previous phase of leaching silver from the oxide stockpiles. Operations were stopped during December 2023 to enable the sonic drill evaluation of the main rock dump to provide grade and ROM feed evaluation data. As mentioned above, the Company produced gold from screening rock dump and tailings material at the Mt Boppy ROM from June to December 2023. Bulk sample and sonic drilling evaluation has continued and has significantly progressed evaluation of the Mt Boppy main waste rock dump, and the low-grade rock dump and tailings at the TSF3 impoundment12. As at the end of June 2024, a total of 263,667t of waste and ROM material has been screened. This has generated a total of 175,196t screened material which is <22mm (68.3% of total material). The grade of the -22mm screened material produced to date is consistent with initial expectations (1.7 - 1.8g/t Au). Current evaluation shows the processing of these areas together with processing of the existing open pit to be a viable operational option, subject to capitalising a stand-alone modular gold recovery plant at Mt. Boppy and sustaining a 4+ year LOM. The Company has released an updated Mineral Resources Estimate (MRE) over the rock dump, the tailings, the Mt Boppy ROM and the Mt Boppy Main waste dump (previously classified barren overburden areas13). The company also continues to evaluate proximal and near-term silver and base metals processing opportunities which take advantage of the strategic location of the Wonawinta processing plant. This includes the potential reconfiguration of the existing flowsheet to process sulphide ore through a flotation circuit. The Mt Boppy gold mine (existing open pit) is also undergoing evaluation for a second phase of open cut mining to extract the current in pit gold resource. This would involve a phased cut back on the western wall of the current pit. Deeper extensions are to be tested by RC and diamond drilling proximal to the pit and along strike to the south. Exploration Strategy and Overview The Company’s exploration strategy to date has focussed on near mine targets at both Mt Boppy and Wonawinta to develop resources close to existing operations. The Strategic Review completed during January 2023 and advanced during 2024 enables ranking of gold and base metal targets with the emphasis on turning to account. 12 ASX release dated 25 August 2023 13 ASX release dated 25 August 2023 Manuka Resources Ltd For the year ended 30 June 2024 13 (Figure 4: MKR Resource Triangle, 30 June 2024) MKR has continued reviewing and integrating previous exploration and public domain geoscience datasets. Detailed geophysical reviews were completed on the Canbelego tenements (July 2023) held by the Company (Figure 5) and a similar study was conducted during August 2023 on the Wonawinta Project tenements (Figure 6) with results evaluated during Q4 of the 2023 calendar year. On the Canbelego tenements (EL5842 and Mt Boppy ML’s) the priority exploration and development targets are the Mt Boppy dump retreatment evaluation, the Pipeline Ridge (Au-Cu-Pb-Zn) opencast drill evaluation, the Mt Boppy Mine deep drilling and extensions to the south for gold and base metal mineralised zones. Manuka Resources Ltd For the year ended 30 June 2024 14 (Figure 5: Canbelego EL5482 and Mt Boppy ML’s area of geophysical review, simplified geology and mineral prospects) Wonawinta Project targets (Figure 6) include the Wonawinta ML1659 (Ag-Pb-Zn) and extensions on EL7345, gold and base metal mineralisation on EL6302 (site of the historic 2g/t McKinnons gold mine) and EL8498 (Guzzi Prospect), and EL6482 (De Nardi, Gundaroo Cu-Pb-Zn; Figure 7). In a similar strategy as per Mt Boppy a bulk sampling program was initiated on the old McKinnon gold waste dump in late June 2023. The work programme was put on hold to focus on Mt Boppy, although preliminary bulk sampling has indicated increases in grade for both screened fines and coarse oversize. McKinnon’s is approximately 50km from the Wonawinta plant with a shire road connecting the sites. Manuka Resources Ltd For the year ended 30 June 2024 (Figure 6: Wonawinta and northern exploration targets) 15 Manuka Resources Ltd For the year ended 30 June 2024 16 (Figure 7 – Gold exploration targets in the McKinnons mine area, north of Wonawinta) Manuka Resources Ltd For the year ended 30 June 2024 17 TARANAKI VTM PROJECT Manuka holds a 100% interest in the Taranaki VTM Iron Sands Project via its wholly owned subsidiary, TTR. Located offshore, within New Zealand’s Exclusive Economic Zone (EEZ), the project comprises a 3.2Bt vanadiferous titanomagnetite (VTM) iron ore resource14 at 10.17% Fe2O3, 0.05% V2O5 (containing 1.6Mt V2O5) and 1.03% TiO2, ranking it as one of the largest drilled vanadium projects globally. TTR holds granted mineral mining permit MMP55581 containing 1.88Bt VTM resource and mineral exploration permit MEP54068 containing 1.29Bt VTM resource. Manuka’s vision, based on the current PFS mine plan, is for a project initially recovering approximately five million tonnes (Mt) VTM iron ore concentrates a year grading 56-57%Fe, 0.5%V2O5 and 8.5%TiO215. In March 2024, the recently elected New Zealand government introduced the Fast Track Consenting approvals bill (the Bill) with the objective of providing a streamlined decision