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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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$7.8M Finite
Debt A$52.5M Net cash A$-44.7M
Basic shares 1.8B 2026-09-14
Runway 1.2 quarters Appendix 5B item 8.7: A$12.842 million total available funding divided by A$10.701 million relevant quarterly outgoings.

Liquidity

Financial position

30 June cash and debt remain the latest reported balance sheet. The completed A$14.5m September placement adds gross funding but A$0.75m offer costs and intervening cash use mean current cash is not disclosed. The SPP was subscribed at the cutoff but not yet issued; first commercial receipts and silver circuit spending remain key liquidity tests.

Inventory composition1

Nearly 60,000 tonnes of Mt Boppy gold-bearing material were stockpiled at Wonawinta by 21 August; no source-backed carrying or realisable value is available.

Mt Boppy gold-bearing ore hauled and stockpiled at Wonawinta
— carrying · 60,000 t approximate

Capital structure

Ownership and dilution

Ordinary shares
1.8B
Fully diluted
1.9B

The 30 June 1,586,817,694 ordinary shares plus 207,142,857 placement shares issued 11 September reconcile to 1,793,960,551 quoted shares in the 14 September Appendix 2A. Its unquoted register shows 42.5m, 67.156343m, 36m and 5m options/warrants, producing a conservative 1,944,616,894 fully diluted shares before the 4,772,174 SPP shares scheduled for 28 September. The earlier 3.65m convertible-note line no longer appears in the current unquoted register.

Security classes5
ClassTypeQuantityStrikeExpiry
ASX quoted ordinary fully paid sharesOrdinary Share1.8B——
Options expiring 16 December 2027Option42.5MA$0.152027-12-16
Options expiring 7 August 2028Option36MA$0.12028-08-07
Options expiring 3 April 2027Option5MA$0.1072027-04-03
Current unquoted warrant class, including Nebari warrants; strike terms varyOption67.2M——

KPI history

Operating metrics

1 periods
Operating metric source table1
MetricProjectPeriodPeriod typeValueStatus
InventoryMt BoppyAs at 30 July 2026Point In Time50,000 t minimum hauled to WonawintaReported
Company guidance2
MetricProjectPeriodLowHighStatus
Sustained Gold Production Commencementmt-boppymid-August 2026—— calendar dateCurrent
Silver Production CommencementwonawintaOctober 2026—— calendar dateCurrent

Capital history

Capital events

5 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-28Ann. 2026-09-25RaisingOrdinary ShareA$334.1K—A$0.07AnnouncedValid subscriptions for 4,772,174 shares; scheduled issue 28 September, after the cutoff.Max 4.8M · Period 2026-09-14 to 2026-09-23
2026-09-11Ann. 2026-09-07RaisingOrdinary ShareA$14.5M207.1MA$0.07CompletedA$0.75m issue costs budgeted; 207,142,857 shares issued on 11 September.Max 207.1M · Period 2026-09-07 to 2026-09-11 · Bell Potter Securities Limited
2026-06-30Ann. 2026-07-31DebtA$52.5M——Ongoing—
2026-06-02RaisingA$60K1M—Completed—
2026-05-22RaisingA$1.6M27.4M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

Annual report and later quarterlies identify debt, state royalty and the Macmahon mining LOI; detailed current contracting and individual debt drawdowns are not fully disclosed. No open hedge contracts were reported at 30 June 2026.

Government royalty on Cobar production is included in issuer study economics; no additional equity-bridge deduction is taken.

Royalty · Active
Counterparties
New South Wales Government
Applies to
Wonawinta Silver Mine and Processing Plant · Mt Boppy Gold Project · Silver · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Silver royalty: 4 % of revenue
How it affects our valuation

No valuation treatment is available for this arrangement.

Senior secured refinancing and restart funding; debt is captured in the borrowings bridge and warrants in the fully diluted share basis.

Other · Active
Counterparties
Nebari Natural Resources Credit Fund II LP
Applies to
Wonawinta Silver Mine and Processing Plant · Mt Boppy Gold Project
Economic direction
Mixed
Period
2026-03-02 to 2030-03-31
Key terms
Facility: 31.4 USD million
Interest: 12.5 % p.a.
Warrants: 44,656,343 warrants
How it affects our valuation

No valuation treatment is available for this arrangement.

Second-ranking working-capital funding; debt is captured in the aggregate borrowings bridge and undrawn availability is a liquidity disclosure, not equity value.

Other · Active
Counterparties
Tennant Metals
Applies to
Wonawinta Silver Mine and Processing Plant · Mt Boppy Gold Project
Economic direction
Mixed
Period
Through 2027-11-30; start date not stated
Key terms
Facility: 7 USD million
Interest: 14 % p.a.
How it affects our valuation

No valuation treatment is available for this arrangement.

Open-pit mining LOI and site support are reported; binding rates and scope are not disclosed, so no incremental contract premium is modelled.

Other · Conditional
Counterparties
Macmahon Contractors Pty Ltd
Applies to
Wonawinta Silver Mine and Processing Plant · Mt Boppy Gold Project · Silver · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Contract economics: undisclosed
How it affects our valuation

No valuation treatment is available for this arrangement.