Manuka Resources Limited

Manuka Resources March 2024 Quarterly Activities Report

Manuka Resources Limited (“Manuka” or the “Company”) is pleased to provide the following report on its activities during the quarter ending 31 March 2024.


HIGHLIGHTS

During the Quarter

  • The Company investigated the economic and strategic benefits of establishing fit-for-purpose ore processing and gold doré production facility at Mt Boppy.
  • Accordingly, the transporting to, and processing of, Mt Boppy ore through the Company’s Wonawinta plant, located 150km south, was placed on hold.
  • Results from a sonic drilling program were received improving the confidence level of the Mt Boppy Resource and supporting the development of a longer term mine plan.
  • Income from the sale of 201oz gold and 2,487oz silver recovered from Mt Boppy ore, together with funds of A$3.9 million received from a combination of placement and SPP, were used to offset costs associated with the ramp-down of operations and working capital requirements.

Post Quarter End

  • The Company announced the results of its Mt Boppy investigations outlining an A$11.6M upfront capital cost and an initial 5-year mine plan to deliver an average EBITDA of A$19M per annum commencing Q4 20241.
  • The mine plan was supported by an upgrade in the Mt Boppy Resource which saw Measured and Indicated Resources increase to 82% of the total Resource2.
  • The Company received A$1.1M from an application made under the Australian Government’s R&D tax incentive scheme for a successful process improvement program undertaken to enhance silver production at Wonawinta. The Company is targeting the release of an updated Reserve Statement for Wonawinta as a standalone silver operation during the current quarter.
  • The Company was specifically invited to submit an application for the world-class Taranaki VTM Iron Sands Project to be included as a Listed Project within New Zealand’s Fast Track Consenting Bill, legislation to streamline decision making and facilitate the delivery projects with significant regional or national benefits.


Dennis Karp, Manuka’s Executive Chairman, commented:

“The March quarter has been one of transition and one that has seen the Company decisively pivot its strategy toward a staged, self-sustaining growth plan.

Manuka Resources is uniquely positioned amongst its ASX peers to leverage buoyant gold and silver markets. In the Mt Boppy and Wonawinta mines, we have a low capex pathway to deliver near term gold and silver production and free cashflow to fund exploration, Resource growth and mine life extension.

Looking further ahead, the invitation to apply for inclusion as a Listed Project within New Zealand’s Fast Track Consenting Bill provides line of sight on the progressing of our world-class Taranaki VTM Iron Sands Project

We are looking forward toward the next quarter and next 12 month with great optimism and confidence that our strategy will deliver results for our shareholders.”


Click here for the full ASX Release

This article includes content from Manuka Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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