MANUKA RESOURCES LTD. — AGM Information 2021

Dec 12, 2021

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Manuka Resources Limited 2020-21 Annual General Meeting 13 December 2:00 pm

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2021 AGM – Registration and voting

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2

Summary of Proxy Voting

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		In Favour	Proxy’s Discretion	Against	Abstain / Exclude
Resolution 1: Adoption of Remuneration Report		17,103,291	630,447	128,380	79,992,665
		95.75%	3.53%	0.72%
Resolution 2: Re-Election of Director – Mr Dennis Karp		17,264,855	80,587,987	1,941	0
		17.64%	82.35%	0.00%
Resolution 3: Appointment of auditor		17,266,796	80,587,987	0	0
		17.65%	82.35%	0.00%
Resolution 4: Increase in Non-executive Directors' fees		16,934,291	630,447	301,505	79,988,540
		94.78%	3.53%	1.69%

3

Summary of Proxy Voting continued....

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		In Favour	Proxy’s Discretion	Against	Abstain / Exclude
Resolution 5: Approval of issue of Options to Dr Nicholas Lindsay		16,964,416	630,447	128,380	79,988,540
		94.95%	3.53%	1.52%
Resolution 6: Approval of issue of Options to Mr Anthony McPaul		16,964,416	630,447	128,380	79,988,540
		94.95%	3.53%	1.52%
Resolution 7: Approval of issue of Options to Mr Dennis Karp		16,964,416	630,447	128,380	79,988,540
		94.95%	3.53%	1.52%
Resolution 8: Approval of Employee Incentive Plan		16,905,309	610,447	249,858	80,089,169
		95.16%	3.44%	1.41%

4

2021 Accounts and Reports

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Receipt and Consideration of Account and Reports

To receive and consider the Financial Report, together with the Directors’ Report and the Auditor’s Report for the financial year ended 30 June 2021.

Further information

• Mr Nicolas Smietana, the representative of Grant Thornton, the Company’s external auditor is present and available to answer any queries.

• There is no requirement for Shareholders to Approve the Financial Report

• The 2021 Annual Report is available on the Company’s website at www.manukaresources.com.au

5

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Resolution 1

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Adoption of Remuneration Report

To consider, and if thought fit, to pass, with or without amendment the following advisory only resolution :

“That, for the purpose of section 250R(2) of the Corporations Act, and for all other purposes, the Remuneration Report, forming part of the Company’s 2021 Annual Report, be adopted.”

In Favour	Proxy’s Discretion	Against	Abstain / Exclude
17,103,291	630,447	128,380	79,992,665
95.75%	3.53%	0.72%

Further information

• The Directors recommend that Shareholders vote in favour of adopting the Remuneration Report

• The Chair intends to exercise all available proxies in favour of the resolution

• Voting prohibitions apply as set out in the Notice of Meeting

• The 2021 Remuneration Report can be found on pages 29 to 34 of the 2021 Annual Report

6

Resolution 2

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Re-election of Director – Mr Dennis Karp

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution :

“That, for the purposes of clause 13.3 of the Constitution and for all other purposes, Dennis Karp, a Director, retires by rotation, and being eligible, is re-elected as a Director.”

In Favour	Proxy’s Discretion	Against	Abstain / Exclude
17,264,855	80,587,987	1,941	0
17.64%	82.35%	0.00%

Further information

• The Directors recommend (with Mr Karp abstaining) that Shareholders vote in favour of this resolution.

• The Chair intends to exercise all available proxies in favour of the resolution.

• Details of Mr Karp’s experience and qualifications can be found on page 10 of the Explanatory Memorandum to the Notice of Meeting.

7

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Resolution 3

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Appointment of Auditor

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution :

“That, Grant Thornton Audit Pty Ltd to resign as auditor of the Company, for the purposes of section 327B(1) of the Corporations Act and for all other purposes, Ernst & Young of 200 George Street, Sydney NSW 2000, having been nominated by a Shareholder and consented in writing to act as auditor of the Company, be appointed as auditor of the Company, effective immediately.”

In Favour	Proxy’s Discretion	Against	Abstain / Exclude
17,266,796	80,587,987	0	0
17.65%	82.35%	0.00%

Further information

• ASIC consent was given for Grant Thornton Audit Pty Ltd to resign as auditor of the Company in a letter dated 24 November 2021.

• The Directors recommend that Shareholders vote in favour of this resolution.

• The Chair intends to exercise all available proxies in favour of the resolution

8

Resolution 4

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Increase in Non-executive Directors’ Fees

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution :

“That, for the purposes of ASX Listing Rule 10.17, clause 13.4(a) of the Constitution and for all other purposes, Shareholders approve a $60,000 increase in the aggregate total amount of directors’ fees payable to the Company’s non-executive directors such that the total maximum amount payable to the Company’s non-executive Directors becomes $240,000 per annum, effective on and from 1 January 2022.”

In Favour	Proxy’s Discretion	Against	Abstain / Exclude
16,934,291	630,447	301,505	79,988,540
94.78%	3.53%	1.69%

Further information

• The Directors make no recommendations in relation to this resolution.

• The Chair intends to exercise all available proxies in favour of the resolution

• Voting prohibitions apply as set out on page 2 of the Notice of Meeting.

9

Resolution 5

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Issue of Options to Dr Nicholas Lindsay

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution :

“That, for the purposes of ASX Listing Rule 10.11 and for all other purposes, Shareholders approve the issue of 300,000 Options to Non-Executive Director, Dr Nicholas Lindsay, or his nominee on the terms summarised in the Explanatory Memorandum.”

In Favour	Proxy’s Discretion	Against	Abstain / Exclude
16,964,416	630,447	128,380	79,988,540
94.95%	3.53%	1.52%

Further information

• The Directors, other than Dr Nicholas Lindsay, who has a material financial interest in the outcome, recommend that Shareholders vote in favour of this resolution.

• The Chair intends to exercise all available proxies in favour of the resolution

• Voting prohibitions apply as set out on page 3 of the Notice of Meeting.

10

Resolution 6

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Issue of Options to Mr Anthony McPaul

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution :

“That, for the purposes of ASX Listing Rule 10.11 and for all other purposes, Shareholders approve the issue of 300,000 Options to Non-Executive Director, Mr Anthony McPaul, or his nominee on the terms summarised in the Explanatory Memorandum.”

In Favour	Proxy’s Discretion	Against	Abstain / Exclude
16,964,416	630,447	128,380	79,988,540
94.95%	3.53%	1.52%

Further information

• The Directors, other than Mr Anthony McPaul, who has a material financial interest in the outcome, recommend that Shareholders vote in favour of this resolution.

• The Chair intends to exercise all available proxies in favour of the resolution

• Voting prohibitions apply as set out on pages 3 to 4 of the Notice of Meeting.

11

Resolution 7

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Issue of Options to Mr Dennis Karp

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution :

“That, for the purposes of ASX Listing Rule 10.11 and for all other purposes, Shareholders approve the issue of 500,000 Options to Non-Executive Director, Mr Dennis Karp, or his nominee on the terms summarised in the Explanatory Memorandum.”

In Favour	Proxy’s Discretion	Against	Abstain / Exclude
16,964,416	630,447	128,380	79,988,540
94.95%	3.53%	1.52%

Further information

• The Directors, other than Mr Dennis Karp, who has a material financial interest in the outcome, recommend that Shareholders vote in favour of this resolution.

• The Chair intends to exercise all available proxies in favour of the resolution

• Voting prohibitions apply as set out on pages 4 to 5 of the Notice of Meeting.

12

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Resolution 8

Approval of Employee Incentive Plan

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution :

“That, for the purposes of ASX Listing Rule 7.2 (exception 13(b)), sections 257B(1) and 260C(4) of the Corporations Act and for all other purposes, Shareholder approval is hereby given for the Company to adopt the employee incentive scheme titled “Manuka Resources Limited Omnibus Incentive Plan”, summarised details of which are set out in the Explanatory Memorandum.”

In Favour	Proxy’s Discretion	Against	Abstain / Exclude
16,905,309	610,447	249,858	80,089,169
95.16%	3.44%	1.41%

Further information

• The Directors recommend that Shareholders vote in favour of this resolution.

• The Chair intends to exercise all available proxies in favour of the resolution

• Voting prohibitions apply as set out on page 5 of the Notice of Meeting.

13

Manuka Resources Limited

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December 2021 – Chairman’s address to the AGM

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Disclaimer

This disclaimer applies to this presentation and the information contained in it (the Presentation ). By reading this disclaimer you agree to be bound by it. The Presentation has been prepared by Manuka Resources Limited and relates to its subsidiaries, related parties and any new assets or entities subsequently acquired or incorporated following the date on which the Presentation was prepared (collectively the Company ). The Presentation was prepared on 1 November 2021 and the information in it is subject to change without notice.

Purpose

The Presentation is for information purposes only and is an overview of the Company and its assets at the time of preparation. This Presentation does not contain all information necessary to make an investment decision or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Cth) ( Corporations Act ). The Presentation is of a general nature and does not purport to be complete or verified by the Company or any other person.

Incomplete document

This Presentation is not a recommendation by any of the Parties that any recipient invest in the Company.

Distribution outside Australia

Distribution or release of this document outside Australia may be restricted by law. This document may only be distributed or released to a person that is not in the United States except as permitted under the U.S. Securities Act. Persons who come into possession of this document who are not in Australia should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.

Not an offer or financial product advice

The Presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in the Company nor does it constitute financial product advice. The Presentation is not a prospectus, product disclosure statement or other offer document under Australian law or under any other law. The Presentation has not been filed, registered or approved by regulatory authorities in any jurisdiction. The Presentation is not intended to be relied upon as advice or a recommendation to investors and does not take into account the investment objectives, financial situation, taxation situation or needs of any particular investor.

An investor must not act on the basis of any matter contained in the Presentation but must make its own assessment of the Company and conduct its own investigations and analysis. Investors should assess their own individual financial circumstances and consider talking to a financial adviser, professional adviser or consultant before making any investment decision. Neither this Presentation nor anything contained in it forms the basis of any contract or commitment and no agreement to subscribe for securities will be entered into on the basis of this Presentation.

No guarantee, representation or warranty

While reasonable care has been taken in relation to the preparation of the Presentation, none of the Company or their respective directors, officers, employees, contractors, agents, or advisers nor any other person (Limited Party) guarantees or

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makes any representations or warranties, express or implied, as to or takes responsibility for, the accuracy, reliability, completeness or fairness of the information, opinions, forecasts, reports, estimates and conclusions contained in the Presentation. No Limited Party represents or warrants that the Presentation is complete or that it contains all information about the Company that a prospective investor or purchaser may require in evaluating a possible investment in the Company or acquisition of shares in the Company. To the maximum extent permitted by law, each Limited Party expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in the Presentation including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out or derived from, or for omissions from the Presentation including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom.

Forward-looking statements

The Presentation includes forward-looking statements and comments about future events, including the Company’s expectations about the performance of its businesses. Forward-looking words such as “expect”, “should”, “could”, “may”, “predict”, “plan”, “will”, “believe”, “forecast”, “estimate”, “target” or other similar expressions are intended to identify forwardlooking statements. Such statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company and which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Forward-looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance. Given these uncertainties, recipients are cautioned to not place undue reliance on any forward-looking statement. Subject to any continuing obligations under applicable law, the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in the Presentation to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statement is based. No Limited Party or any other person makes any representation, or gives any assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in the Presentation will occur.

Past performance

Past performance is not indicative of future performance and no guarantee of future returns is implied or given.

Previously reported information

The information in this presentation that relates to previously reported exploration results, Mineral Resources and Ore Reserves is extracted from the Company’s ASX announcements noted in the text of the presentation and are available to view on the Company’s website. The Company confirms that, other than mining depletion, it is not aware of any new information or data that materially affects the information included in the original announcements and, in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant announcement continue to apply and have not materially changes. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially altered.

Manuka Resources Presentation | December 2021 15

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Corporate Summary
ASX: MKR
Share price (3 December 2021) A$0.33
Shares on issue 269m
Market capitalisation (undiluted) A$89m
Options (exp. April & July 2023 @ 25c) 21.25m
Board and Management
Executive Chairman Dennis Karp
Non-executive Director Anthony McPaul
Non-executive Director Nick Lindsay
Chief Operating Officer Haydn Lynch
Operations Manager David Power
Wonawinta Silver Project Manager Rod Griffith
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“Manuka aims to capitalise on its position as a producer with a substantial plant and two outstanding Australian projects, both within the world class Cobar Basin, and deliver exceptional returns to its shareholders.”

Manuka Resources Presentation | December 2021

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Key projects
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Au

Mt Boppy Gold Project (100% owned and in production)

• Open pit mine (has previously produced circa 500,000oz Au @ 15g/t Au)

• Operating 42 person mining camp, power and water, administration office, exploration office

• Aggressive appraisal drilling campaign expected to materially increase Resource over next 12 months

Wonawinta Silver Project (100% owned)

Ag

• Total resource 38.3Mt @ 41.3g/t Ag & 0.54% Pb (containing 50.94M oz Ag, 207,200t Pb)*

• 515,000t stockpile grading 70g/t Ag – production ready*

• 43% of resource in Measured and Indicated category

• 850,000t.p.a. plant – currently processing Mt Boppy ores

• Further confirmation of Cobar style Pb Zn Ag Wonawinta Deeps as announced 1 June 2021

• Refer ASX releases dated 1 April 2021

Manuka Resources Presentation | December 2021

17

Cobar Basin - World class current and emerging producers

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Manuka
Operating mines
Peel Mining Endeavor (Elura)
Aurelia Metals
Anchor Resources
CSA
Toho Zinc Mount Boppy
Peak
Glencore
Sandfire Resources
Hera - Nymagee
Wonawinta
Source: S&P Global Market Intelligence
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Manuka Resources Presentation | December 2021 18

Substantial discoveries within Cobar Basin

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Manuka Resources Presentation | December 2021

19

Mt Boppy – High gold grades yielding cash for organic growth

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Summary of Quarterly performance	Dec 2020	Mar 2021	June 2021	Sept 2021		• September Quarter was a standout production result with >10koz Au recovered at ~4.5g/t Au • Generated strong free cash flow for ongoing debt reduction • Allows for aggressive drilling program with zero shareholder dilution • $8.65m in unaudited profit for the Quarter including $4.1m in month of Sept alone
Ore mined t	76,968	107,244	105,804	112,788
Ore milled t	84,221	71,931	76,341	90,900
Gold recovered oz	3,978	5,268	4,965	10,089
Grade g/t Au	2.34	3.03	2.81	4.49
Closing cash end of quarter AUD $’000	7,192	1,448	1,018	5,160
Revenues AUD $’000	9,339	11,826	11,771	22,760
Senior secured debt USD $’000 (as at 30th November USD$8.0m)	13,000	10,000	10,000	9,000

• $8.65m in unaudited profit for the Quarter including $4.1m in month of Sept alone

• Refer ASX releases dated 12 Aug 2021, 9 Sept 2021 & 12 Oct 2021

Manuka Resources Presentation | December 2021 20

The exciting journey – ahead…

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Mt Boppy – GOLD Production

Production – 2023 and beyond

Apr 2020 to March 2022

Mining and production of gold from Mt Boppy , followed by transition to production of silver at Wonawinta

Return to mining at Mt Boppy Restart mining operations at Wonawinta

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2023 2024 2025 2026

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Mt Boppy Extensions appraisal program

April 2022 to December 2022

Silver production from Wonawinta commences (Processing of stockpiles)

~515,000t in current Resource

• Previously one of richest mines in NSW

• Great exploration success to date

• Looking for material extension to existing gold resource

Wonawinta – SILVER Production

Manuka Resources Presentation | December 2021

21

Our simple concept at Mt Boppy

Mt Boppy produced 500koz @ 15 g/t from a very contained area

Manuka commenced production of Mt Boppy ores in April ‘20 & estimated Phase 1 of 22-24koz Au,

Higher grades + plant operating efficiencies mean Phase 1 production nearly doubles original forecast

Mt Boppy is open at depth with possible along-strike extensions to the North and South

Investing $2.2m on near-mine appraisal drilling to continue to feed high NPV ounces to our Wonawinta mill beyond Phase 1

Internally targeting a Resource many times the size of what we expect to recover in Phase 1*

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Manuka Resources Presentation | December 2021 22
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• Refer ASX releases dated 23 Sept 2021

Mt Boppy gold opportunity – Canbelego tenements

206km[2] of prospective tenements – a unique opportunity with a nearby mill

Total Initial Appraisal Program (commenced Oct 2021) Proposed metres 18,800 Expected budget A$2.2m Total no. holes 85

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Exploration is focussed on two areas within the Canbelego tenements:

• Mt Boppy MLs currently in production (historical production ~500,000oz Au @~15g/t)

• The nearby EL 5842 targets on the Canbelego-Mineral Hill Trend (historical production at Hardwicks, Birthday and Boppy South)

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Manuka Resources Presentation | November 2021 23
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Aggressively drilling to increase Mt Boppy resource

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• Existing ML (mining lease) so no approval delays

• Previous drill programs in the Mt Boppy pit under MKR ownership generated spectacular results (see slide 25)

• Residual resource ~25,000 oz Au remaining in pit at completion of phase 1 of mining

• MKR management very optimistic on outcome of exploration program

• Shallow targets with high potential

Mt Boppy Extensions drill program metrics: Proposed metres drilled 6,500m Total budget $0.75m No. of planned holes 28 Additional targeted drilling on ML Proposed metres drilled 3,300m Total budget $0.4m No. of planned holes 15

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Perspective view looking south-east. West lode is shown in orange, east lode shown in yellow and current pit design in blue, and high-grade zone (5 g/t Au) shown in red. Historical workings are shown in grey

Manuka Resources Presentation | December 2021

24

Very high grade results already beneath Mt Boppy pit shell of up to +34g/t Au

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Announced through ASX: 24 August 2020

• MBGC0042: 21m @ 20.69g/t Au (includes 10m @ 34.48g/t Au)

• MBGC0043: 20m @11.73g/t Au (includes 14m @14.51g/t Au)

• Announced through ASX: 25 September 2020

• MBRC016: 10m @ 4.05g/t Au

• MBRC017: 18m @ 6.24g/t Au

Announced through ASX: 4 December 2020

• MBGC0075: 24m @ 6.36g/t Au

• MBGC0078: 33m @ 4.15g/t Au

• MBGC0079: 11m @ 5.27g/t Au

Announced through ASX: 1 March 2021

• MBRC019: 22m @ 11.78g/t Au

• MBRC020: 17m @ 4.33g/t Au

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Manuka Resources Presentation | December 2021 25

Mt Boppy Extensions - current drill program targeting beneath existing pit

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• Mt Boppy ‘Extensions’ is quite shallow

• Existing pit shell is down to 120m but substantial potential below that

• Historical workings are located down to below 240m depth

• Modest depth allows for cost effective and lower risk exploration

Manuka Resources Presentation | December 2021 26

Exploration of EL5842 gold targets & initial budgets

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• Hardwicks (extensive historical & artisanal mining)

Proposed metres drilled 3,300m Total budget $0.4m No. of planned holes 16

• Mt Boppy South (existing JORC resource, looking to increase)

Proposed metres drilled 2,250m Total budget $0.3m No. of planned holes 12

• Birthday Prospect (historical production at 38g/t Au)

Proposed metres drilled 1,750m Total budget $0.2m No. of planned holes 8

• Racecourse Prospect (potentially similar dilational zone to Mt Boppy) Proposed metres drilled 1,350m Total budget $0.2m No. of planned holes 6

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Manuka Resources Presentation | December 2021

27

Our western Cobar tenements

920km[2] of largely underexplored tenements – an exciting opportunity with advanced targets

1) Gold exploration focussed on our central and northern EL’s within and along the western edge of the Cobar Basin.

• 2) Lead – zinc – silver exploration focused on Wonawinta deeps (beneath current ML)

All targets within close proximity (<50km) to our Wonawinta gold and silver production facility (capacity 850,000t/yr)

Gold priority targets include:

• McKinnons (open pit gold mine produced >150,000oz Au @ 2.6g/t in the 1990’s)

• Guzzi (coincident geochem and geophysics anomaly)

• Goldwing (coincident geochem and geophysics anomaly)

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Exploration Program August 2021 – June 2022

• Proposed metres to drill 17,000

• • Expected budget A$2.25m

• • Total holes to be drilled 90

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Manuka Resources Presentation | December 2021 28

Sustainability: adoption of ESG Framework

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• Committed to sustainable mining and continually improving our sustainability performance

• Adopted industry recognised ESG (Environmental, Social, Governance) frameworks:

• TSM (Towards Sustainable Mining)

• Enduring Value (Mineral Council of Australia)

• Independently verified ESG performance reporting published in annual Sustainability Report

• Aligned with UN SDG’s (Sustainable Development Goals)

Sources: MCA (Minerals Council of Australia), ICMM (International Council on Mining and Metals), AMEC (Association of Mining and Exploration Companies)

Manuka Resources Presentation | November 2021

29

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The journey has just begun

Manuka Resources Presentation | December 2021 30

Manuka’s Resource Base

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On 1[st] April 2021 a Resource Upgrade was announced for the Wonawinta Silver Project reflecting a 43% increase in the Measured and Indicated Resource Categories. Mt Boppy mined and recovered almost 22,000oz Au to 30 June 2021. Its remaining Probable Reserve within the current pit design only, is as below.

• .

Note: Reported differences may be present due to rounding of significant figures.

• Refer ASX releases dated 24 September 2021 (Manuka Resources Limited Annual Report)

Manuka Resources Presentation | December 2021 31

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Manuka Resources Limited

Conclusion

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