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2026-11-06
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Manuka Resources Limited

Ramping Producer · Silver · Gold · Iron Ore · Others · Australia · New Zealand Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.045
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$80.7M
EV
A$125.4M
Cash
A$7.8M
Debt
A$52.5M
3 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

4 assets

Core asset

Wonawinta Silver Mine and Processing Plant

Australia

Ramping Producer100% ownedSilverGoldLead

Gold processing has restarted using Mt Boppy feed. Silver de-slime circuit completion is targeted in Q4 2026, December commissioning and first silver revenues January 2027 after cost escalation and a roughly three-month delay.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$805.3M8% discount
IRR1,092%Published return
Initial capexA$26.6MPublished capital estimate
Operating cost34.4AUD/oz Ag C1 including gold credits

Issuer combined Cobar PFS, real pre-tax and pre-finance, using US$95/oz silver, US$4,800/oz gold and AUD/USD 0.70.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred38.3M t41.3 g/t Ag and 0.54% Pb; 50.94 Moz Ag and 207.2 kt Pb containedSilver · Lead2021-04-01
Ore ReserveProbable7.9M t50.4 g/t Ag; 12.8 Moz contained silverSilver2026-06-01
Tenements8
ml1659Granted— None · No expiry supplied
el6482Granted— None · No expiry supplied
el7345Granted— None · No expiry supplied
el6155Granted— None · No expiry supplied
el6302Granted— None · No expiry supplied
el7515Granted— None · No expiry supplied
el6623Granted— None · No expiry supplied
el8498Granted— None · No expiry supplied
Milestones5
  1. Updated reserve completed

    Achieved · High materiality

  2. Commence sustained processing of Mt Boppy gold ore

    Pending · High materiality

  3. Commence silver production

    Pending · High materiality

  4. Commission silver de-slime circuit

    Pending · High materiality

  5. First silver revenue

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Wonawinta existing mining and operating approvalsNew South Wales, AustraliaGranted—No
Economic studies1
StudyStageStatusDateSummary
Updated Cobar Basin PFSPFSCurrent2026-03-23Combined Wonawinta and Mt Boppy 10-year plan; the Wonawinta reserve was subsequently increased in July 2026, so the study mine plan is conservative on reserve tonnes but still carries execution and inferred-resource risk.

Core asset

Mt Boppy Gold Project

Australia

Ramping Producer100% ownedGold

Gold-bearing Mt Boppy feed is being processed at Wonawinta; first gold sales are targeted by end September 2026 but commercial run-rate and cash conversion are unproven.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$43.2M8% discount
IRR64%Published return
Initial capexA$5.5MPublished capital estimate
Operating cost2,936AUD/oz recovered AISC including pre-strip

Issuer pre-tax PFS-level assessment at A$5,000/oz gold; combined 2026 Cobar PFS later uses higher gold and silver assumptions.

Resources & reserves4
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured and Indicated333.4K t4.12 g/t Au; 44.17 koz contained goldGold2025-07-29
Mineral ResourceIndicated and Inferred2.2M t0.84 g/t Au; 60.2 koz contained goldGold2026-03-23
Ore ReserveProbable290K t4.2 g/t Au; 39.0 koz contained goldGold2025-07-29
Ore ReserveProbable200K t1.1 g/t Au; 7.3 koz contained goldGold2026-03-23
Tenements8
gl3255Granted— None · No expiry supplied
gl5836Granted— None · No expiry supplied
gl5848Granted— None · No expiry supplied
gl5898Granted— None · No expiry supplied
ml311Granted— None · No expiry supplied
ml1681Granted— None · No expiry supplied
mpl240Granted— None · No expiry supplied
el5842Granted— None · No expiry supplied
Milestones2
  1. Build initial gold-ore stockpile at Wonawinta

    Achieved · High materiality

  2. Commence sustained gold production through Wonawinta

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Mt Boppy granted mining leases and operating approvalsNew South Wales, AustraliaGranted—No
Economic studies2
StudyStageStatusDateSummary
Mt Boppy open-pit cutback assessmentPFSCurrent2025-07-29PFS-level cutback assessment based on processing ore through Wonawinta.
Updated Cobar Basin PFSPFSCurrent2026-03-23Integrated schedule for Mt Boppy gold and Wonawinta silver feed.

Other

Pipeline Ridge Gold Project

Australia

Discovery Drill Stage100% ownedGold

Initial 3,133 m RC resource-definition programme completed on EL5842; 2,381 assays remained outstanding and a maiden resource was targeted during 2026. Management targets a maiden resource in 2026; no resource is recognised in this ledger.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Exploration TargetConceptual exploration target— 187,000-365,000 t1.1-1.5 g/t AuGold2026-07-31
Tenements1
pipeline-el5842Granted— None · No expiry supplied
Milestones2
  1. Receive and report remaining RC assays

    Pending · Medium materiality

  2. Complete maiden mineral resource estimate if drilling supports one

    Pending · Medium materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Approvals for any future open-pit extractionNew South Wales, AustraliaRequired—Yes

Material

Taranaki VTM Iron Sands Project

New Zealand

PFS Developer100% ownedIron OreOthers

Large offshore VTM project with a granted mining permit and completed PFS; final environmental approval, BFS engineering, strategic partnering and major funding remain outstanding.

Published study economicsIssuer or study metrics
NPVUS$1.3B10% discount
IRR39%Published return
Initial capexUS$602.2MPublished capital estimate
Operating cost27.2USD/t concentrate

Issuer post-tax PFS using US$90/t iron benchmark less 13.7%, US$5.45/lb V2O5 at 77% recovery and 50% payability, no titanium revenue and 28% tax.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated and Inferred3.2B t10.17% Fe2O3, 1.03% TiO2 and 0.05% V2O5Iron Ore · Others2023-03-01
Tenements2
mmp55581Granted243 km2 · No expiry supplied
mep54068Granted635 km2 · No expiry supplied
Milestones2
  1. Obtain final environmental approval

    Pending · High materiality

  2. Complete bankable feasibility workstreams after approvals

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
MMP55581 mining permitNew ZealandGranted—No
Final environmental approval under New Zealand approvals pathwayNew ZealandPending—Yes
Economic studies1
StudyStageStatusDateSummary
Taranaki VTM pre-feasibility studyPFSCurrent2025-03-2620-year initial production target, 4.9 Mtpa concentrate, US$602 million initial capex and US$1.26 billion post-tax NPV10.