September 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 30 September 2024.

Highlights

During the Quarter

• Priority focus was directed towards progressing the installation of a processing and gold doré production facility on-site at Manuka’s 100% owned Mt Boppy gold project (Mt Boppy).
• An updated production plan for Mt Boppy was released on the ASX on 30 September 2024 highlighting increases in forecast recovered gold ounces and EBITDA.
• On 20 September 2024, the Company announced that it had secured an extension in the repayment of its debt facility to its Hong Kong based lender.
• Manuka mandated Proactive Mining Solutions to complete pit optimisations at Wonawinta fundamental to the Company bringing out its Maiden Silver Reserve (which was released on the ASX on 29 October 2024).
• The Company’s wholly owned subsidiary, Trans-Tasman Resources Limited’s (TTR), now has its world-class Taranaki VTM Iron Sands Project included as a Listed Project within New Zealand’s Fast Track Consenting Bill. The ‘one-stop- shop’ legislation is proposed to streamline government decision making and major project approvals process to facilitate the delivery of projects with significant regional or national benefits.
• In May 2024 the NZ Minister for Resources launched a “Draft Minerals Strategy for New Zealand to 2040”¹, in August the Ministry of Business, Innovation & Employment (MBIE) released its commissioned GNS Science Report on the Mineral Potential of New Zealand and in September the Wood Mackenzie draft Critical Minerals List was released. These MBIE reports provide the government with the key information on the potential to develop major natural resource projects in New Zealand.
• NZ’s government identifies the minerals sector as a big opportunity to double the sector’s export value to over $2 billion over 10 years. One of the key new mineral opportunities identified in the MBIE Strategy are the offshore deposits of iron sands, containing vanadium and titanium in the South Taranaki Bight, 100% controlled by TTR.

Post Quarter End

• On 6 October 2024 the Taranaki VTM Project was included in Schedule 2 of the Fast Track Approvals Bill released by the New Zealand government. Schedule 2 projects are considered to meet the Bill’s purpose, are of regional or national significance and will now be considered by an Expert Panel to set conditions and final environmental approvals.
• Following the Environment Select Committee review, the revised Fast Track Approvals Bill was reported back to Parliament on 18 October 2024. The Bill is now due for its second reading in early November 2024 and enacted into law before the end of the year.
• On 29 October 2024, the Company released the Wonawinta Maiden Silver Ore Reserve under Manuka ownership, comprising 4.8Mt at 53.8g/t Ag containing 8.4Moz of silver

Dennis Karp, Manuka’s Executive Chairman, commented:

The Company continues to focus on the installation of a plant at its 100% owned Mt Boppy gold project and bringing the project into production. To date plant feed for processing has been trucked to our Wonawinta plant, which is a little over 150km away. Haulage savings (currently it costs $30/t to truck from Mt Boppy to Wonawinta) and general cost benefits arising from on-site processing, makes the economic justification for this decision clear cut.

Our recently released Maiden Silver Ore Reserve for our 100% owned Wonawinta silver project essentially provides additional precious metals optionality to the Company. Furthermore, it opens up the potential of adding a second revenue stream during 2025, further increasing our exposure to precious metals. Manuka is clear in its plans on initially bringing the Mt Boppy gold project back into production and only once steady state production is achieved, will the Company then continue with the restart of the Wonawinta silver project (subject to updated commercial modelling and silver price sentiment).

Manuka Resources is the holder of granted mining leases on three separate projects – our two Cobar Basin precious metals projects as well as our New Zealand domiciled VTM project. This is quite unusual for a company of our size and presents us with an enormous opportunity. We have a clear vision focused on achieving profitable gold and silver production from what will be two separate plants, while reducing our external debt obligations and simultaneously laying the platform for fully funded exploration and resource expansion. We also look forward to the NZ government passing the fast-track consenting approvals legislation by the end of the year with great anticipation and optimism. Our Taranaki VTM Project has been selected as a listed mining project of national significance to be considered for approval under the legislation when passed. The ongoing public statements from the National-led coalition government are very positive towards finally clearing the consenting pathway which to date has restricted our 100% owned world class vanadium rich iron sands project from getting into production.”

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