Company Interview / Manuka Resources (ASX:MKR) Investor Presentation

Manuka Resources (ASX:MKR) stands out as a significant multi-commodity developer in the Cobar Basin, New South Wales, with ambitious plans centred around gold and silver production. Manuka Resources executive chairman Dennis Karp outlines a near-term production restart targeting late Q1 or early Q2 2026, leveraging fully permitted assets at the Mount Boppy Gold Project and the Wonawinta Silver Project. These projects boast a combined production target of 13.2 million ounces of silver and 46,000 ounces of gold, drawing on one of Australia’s richest mining provinces. The restart, requiring $18.9 million in capital, aims for a ten-year mine life and robust EBITDA, supported by resource models indicating over 50 million ounces of silver.

Karp highlights Manuka Resources’ operational advantage in shallow resource depths, distinguishing Mount Boppy and Wonawinta from deeper regional mines such as the CSA copper mine (now owned by Harmony) and Peak Gold Mine (owned by Aurelia). This, combined with upgrades to processing infrastructure like the addition of a log washer at Wonawinta, is expected to enhance recovery rates and throughput, particularly given high clay content in ore.

Further expansion potential centres on the substantial Taranaki vanadium-rich troctolite (VTM) project in New Zealand. With a mining permit and EPA consents already secured, Karp notes ongoing efforts in the government’s fast track approval process and anticipates a decision by March 2026. The New Zealand asset, with a resource exceeding 3.2 billion tonnes and a projected $1.26 billion NPV, is deemed a future growth engine.

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