MANUKA RESOURCES LTD. — AGM Information 2024

Nov 27, 2024

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•
A Gold and Silver in the Cobar Basin
near term producer of with existing processing
infrastructure and mining approvals in place
•
Large Vanadium rich Iron Sands Project located offshore of the Taranaki Bight, New Zealand
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Chairman’s address to the AGM Annual General Meeting ASX:MKR – 28 November 2024

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 (collectively the Company ). The Presentation was prepared on 31 October 2024 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.

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 any regulatory authority 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 and 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 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

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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 forward-looking 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, Exploration Targets, 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.

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About Manuka

• ✓ ASX listed mine operator, developer and explorer

• ✓ Near-term production from Gold and Silver assets located in the prolific Cobar Basin , NSW

• ✓ Large Vanadium-rich Iron Sands Resource located offshore of the Taranaki Bight, New Zealand

The Company’s current focus is bringing the Mt Boppy Gold Mine back into production in 1H2025

1. Financial Forecasts and the Production Target should be read in conjunction with the cautionary statement on Page 6.

2. ASX Release 30 September 2024

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Phased Strategy to deliver Self-sustaining Value Creation

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2
Taranaki VTM Project
Wonawinta Silver Mine
▪ Large company-making iron
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• Large company-making iron ore sands project

Mt Boppy Gold Mine

▪ Only primary Silver Reserve in Australia with all mining approvals current and process plant fully built

• 3.2Bt[4] Vanadium, Titanium, Magnetite (VTM) Resource

• Brownfields gold mine

• Mining Lease granted permitting 5Mtpa mining rate

• Proposed on-site plant with feed sourced from ▪ CIL process plant currently on Care & Maintenance

• historic dry tailings, rock ▪

• dumps and future Pipeline 150km South of Mt Boppy Ridge open pit ▪

• Recently included in Part B (projects with “ significant regional or national benefit ”) of New Zealand governments Fast Track approvals legislation

▪ ▪ Cashflow from Mt Boppy to support a potential restart of Silver mining / production

• A$15.5M Capital Cost required for restart (will be non-dilutionary funding)

• A$16.1M Capital Cost (incl. A$12.4M pre-strip)

• Cash flows from precious metals assets to support completion of feasibility studies and project capex

• Initial 3.5-Year Mine Life generating EBITDA of A$150M[1,2 ] (expect mine life to more than double)

▪ Initial 4.5-Year Mine Life generating an EBITDA of A$100M.[3] ▪ AISC = A$39.1/oz Ag

▪ Targeting final approvals during Q12025

• AISC = US$1,116/oz Au

3. ASX Release 29 October 2024 4. ASX Release 1 March 2023

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Manuka holds Assets of Strategic Value in a Tier -1 precious metals and base metals district

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Endeavour Mine
CSA Mine
Tritton Mines
Cobar Mt Boppy
Peak & New Cobar Mines
Pipeline Ridge
McKinnons
Federation & Hera Mines
Wonawinta
Mineral Hill Mine
Mallee Bull, May Day,
Wagga Tank Cobar Basin
NSW
Other Resources / Project
Manuka Projects / Sealed Highways
Mining & Exploration Licenses
Tenure
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2023 acquisition of Endeavour Mine from CBH Resources Current Market Cap = A$150M

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2022 US$1.1B acquisition of CSA Mine from Glencore

Current Market Cap = A$1.62B

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2021 A$76.7M acquisition of Peak Mine from New Gold Current Market Cap = A$310M

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2021 Acquisition of Mineral Hill from Quintana Holdings Current Market Cap = A$70M

Manuka’s proposed Mt Boppy and existing Wonawinta production facilities and existing mining licenses provide:

• a near-term opportunity to recommence production and take advantage of buoyant gold and silver markets;

• a means to monetise otherwise stranded deposits located within current +1,000km[2] tenure ; and

• an opportunity to execute commercial toll treating deals or other strategic arrangements with third-parties.

Market Capitalisations as at 30 October 2024

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Mt Boppy Gold Mine (100% Manuka)

Resource	Mt	Au (g/t)	Au (g/t)	Au (koz)
Measured	0.1	5.25		18.0
Indicated	3.1	1.16		116.5
Inferred	1.0	0.87		29.4
Total	4.3	1.19		163.9
Mine Plan	Units		Value
Mine Life	yrs		3.5
Processed Tonnes	Mt		2.0
Processed Grade	g/t Au		1.3
Gold doré Produced	‘000 oz Au		67
Gold Sales Price	A$/oz Au		3,786
Revenue	A$M		253
Operating Costs	A$/oz Au		1,595
Operating Cash Flow	A$M		150
Pre-Production Capex	A$M		15.5
Sustaining Capex	A$M		3.6
Net Project Cash Flow	A$M		131

Compliance Statements

Information relating to Mineral Resources for the Mt Boppy Gold Mine is extracted from the announcement titled ‘ Mineral Resource Update - Mt Boppy Gold Project amended” dated 16 April 2024 and available to view on the Company’s website. The Company is not aware of any new information or data that materially affects the information used to compile the 2021 Mineral Resource and all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

Information relating to Production Targets and Financial Forecast for the Mt Boppy Gold Mine is extracted from the Announcement titled “Updated Corporate Presentation” dated 29 October 2024 and available to view on the Company’s website. The Company is not aware of any new information or data that materially affects the information used to compile the 2021 Mineral Resource and all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

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Historically one of NSW’s richest gold mines, having produced ~500,000 oz Gold at ~15 g/t Au.

•

• Proposed establishment of a flexible Low Capex Processing Facility on site to treat Oxide and Fresh ores from historic rock dumps and tailings to produce Gold doré with Silver credits.

• Existing 48-bed mining camp and ancillary infrastructure located on site.

• A new tailings storage facility to be constructed on pre-approved site.

• Major environmental approvals in place for the restart.

• Clear opportunities to extend the mine life via self-funded investigations and further exploration including the brownfields deposits Mt Boppy Open Pit and Boppy South and the greenfields Pipeline Ridge deposit located 20km to the south of Mt Boppy.

Cautionary Statement

The Production Target underpinning Financial Forecasts presented within this Presentation comprises 62% Indicated Resources, 22% Inferred Resources and 15% Exploration Target. There is a low level of geological confidence associated with Inferred Resources and there is no certainty that further exploration work will result in the conversion of Inferred Resources to Indicated Resources or return the same grade and tonnage distribution. The potential quantity and grade of an Exploration Target is conceptual in nature, there has been insufficient exploration to determine a mineral resource and there is no certainty that further exploration work will result in the determination of Mineral Resources or that the production target itself will be realised. The Exploration Target relates to the Pipeline Ridge Ore only. The Company has determined that sufficient data exists to include a portion of the Pipeline Ridge Exploration Target in the Production Target and furthermore that is it not a determining factor in the economic viability of the Project. The estimated Mineral Resource and Exploration Target underpinning the Production Target have been prepared by a Competent Person in accordance with the requirements in the JORC Code.

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Mt Boppy Gold Mine (100% Manuka)

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Boppy South Boppy South
PAF / TSF 3 TSF3
Existing Pit Outline
Open Pit
Evaporation
Dam
Open
120 mRL – Depth of current pit shell design
ROM Planned Resource Outline
Stockpile tailings dam
Main Rock
Dump
Open
Proposed drilling
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Figure 1 (left) : Aerial view of the Mt Boppy mine site looking south. The Main Rock Dump and PAF/TSF3 comprise the current Mine Plan. Figure 2 (right) : Long-section of the Mt Boppy deposit looking east. Between April 2020 and February 2022, Manuka mined 560kt from the Open Pit at 3.02 g/t Au, recovering 41 koz Au. Whilst the Mt Boppy Open Pit Resource (233kt at 4g/t Au) is currently excluded from the mine plan, near pit exploration will target high grade down-dip extensions of the existing deposit and analogous structures along strike and en-echelon to extend mine life.

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Wonawinta Silver Mine

(100% Manuka)

Resource	Mt	g/t Ag	%Pb	Ag Moz	Pb kt
Measured	1.1	47.3	0.69	1.65	7.5
Indicated	12.3	45.5	0.83	18.04	102.8
Inferred	24.9	39.0	0.39	31.25	96.9
Total	38.3	41.3	0.54	50.94	207.2
Mine Plan		Units		Value
Mine Life		Yrs		4.5
Processed Tonnes		kt		4.8
Processed Grade		g/t Ag		54g/t
Silver doré Produced		‘000 oz Ag		5,845
Silver Sales Price		A$/oz Ag		55.3
Revenue		A$M		323
Operating Costs		A$/oz Ag		39
Operating Cash Flow		A$M		100
Pre-Production Capex		A$M		16.1
Sustaining Capex		A$M		5.9
Net Project Cash Flow		A$M		78.2

Compliance Statements

Information relating to Mineral Resources for the Wonawinta Silver Mine is extracted from the announcement titled ‘43% Increase in Measured & Indicated Resources at Wonawinta Silver Project” dated 1 April 2021 and available to view on the Company’s website. The Company is not aware of any new information or data that materially affects the information used to compile the 2021 Mineral Resource and all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. Information relating to Ore Reserves, Production Targets and Financial Forecast for the Wonawinta Silver Mine is extracted from the Announcement titled “ Maiden Silver Reserve” dated 29 October 2024 and available to view on the Company’s website. The Company is not aware of any new information or data that materially affects the information used to compile the 2021 Mineral Resource and all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

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• Highly strategic asset located within the prolific Cobar Basin, NSW.

• Only primary silver Reserve in Australia with all mining approvals current and process plant fully constructed..

• Conventional Crush-Grind-CIL-Elution circuit to produce doré.

• Two of four open pits stripped with ore exposed.

• Producing silver for Manuka as recently as late 2022 and more recently used to process gold ore trucked from the My Boppy Gold Mine.

• Mine currently on active Care & Maintenance – 6 months to first revenue from the point a decision to recommence operations is made.

• JORC Mineral Resources 38.3Mt @41.3g/t for 50.94Moz silver

• Current Mine Plan limited to Ore Reserve of 4.8Mt at 53.8g/t Ag containing 8.4Moz of silver comprising:

• Proved Ore Reserves of 0.8Mt at 50.8g/t Ag; and

• Probable Ore Reserves of 4.1Mt at 54.3g/t Ag.

• Opportunity to materially reduce capital costs by optimising the current mining schedule A$12.4M pre-strip.

• Cashflow from Mt Boppy to support restart of Wonawinta.

• Indication of base metals mineralisation located down-dip of the defined sliver Resource.

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Wonawinta Silver Mine (100% Manuka)

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Figure 1 (left) : Aerial view of the Existing Wonawinta 1Mtpa Processing Plant looking Southeast demonstrating the space available for potential future upgrades (e.g. addition of flotation cells to treat base metal ores. Figure 2 (right) : Aerial view of the existing Manuka Open Pit looking south towards the existing Boundary Open Pit. A large portion of the Wonawinta silver deposit is free-dig and requires no drill and blast.

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Wonawinta Silver Mine

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(100% Manuka)

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• ‘Proof-of-Concept’ drill program has successfully tested for presence of carbonate-hosted sulphides down-dip from existing Wonawinta open pits, encountering lead-zinc-silver mineralisation over 3km strike.

Selected mineralised intervals include[1] :

▪

• DBM003 : 20 m @ 1.98% Pb+Zn, 43 g/t Ag from 94 m downhole including 4 m @ 6.34% Pb+Zn, 63g/t Ag from 101 m downhole.

• DBM004 :11.4 m @ 1.23% Pb+Zn, 83.5g/t Ag from 130m downhole.

• DBL003 : 5.0 m @ 2.52% Pb+Zn, 128g/t Ag from 63m downhole.

• 1ASX Release 1 June 2021

Figure: Typical cross section through mineralisation at Wonawinta showing Booth Limestone and MVT style mineralisation beneath and down dip of Wonawinta silver open oxide pits

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Taranaki VTM Project (100% Manuka)

Resource	Bt	Fe2O3 (%)	TiO2 (%)	V2O5 (%)
Indicated	2.1	10.45	1.06	0.05
Inferred	1.1	9.64	0.99	0.04
Total	3.2	10.17	1.03	0.05

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Compliance Statements

Information relating to Mineral Resources for the Taranaki VTM Project is extracted from the announcement titled ‘Maiden Vanadium Resource at Taranaki VTM Iron Sand Project” dated 1 March 2023 and available to view on the Company’s website. The Company is not aware of any new information or data that materially affects the information used to compile the 2021 Mineral Resource and all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

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• Large world-class Vanadium-rich 3.2 billion tonne Iron Sands Resource located in the Taranaki Bight, New Zealand.

• The Taranaki VTM Project is located 22km to 36km offshore in New Zealand’s EEZ, or Exclusive Economic Zone, outside the 12 nautical limit from the shoreline, in waters 20m to 50m deep (area 243km [2] ).

• Granted mining license , MMP55581, permitting concentrate production rate of up to 5Mtpa.

• The Project has recently named in New Zealand governments fasttracked approvals legislation (ASX release 7 October 2024).

• The objective of the Bill is to streamline approvals decision-making process to facilitate the delivery of infrastructure and development projects with significant regional or national benefits.

• Fast Track Bill anticipated to become law within 2024.

• The Project has the ability to materially contribute to the New Zealand’s Government’s objective of doubling the value of countries mineral exports to $2 billion by 2035.

• The Company is in the process of preparing an updated Pre-Feasibility Study for the Project. On granting of final government approvals to operate, the Company will commence a Bankable Feasibility Study (timetable to complete < 12 months).

• The Project is anticipated to sit in the lowest quartile of the iron ore production cost curve, generating > USD300m p/a for 15 years (excludes V2O5 and TiO2 credits).

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Taranaki VTM (vanadium titano-magnetite) Iron Sands Project Features

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Forecast to be in the bottom quartile of the global iron ore operating cost curve

Mining licence approved for recovery of 5Mt of iron ore per annum for minimum 20-year life of mine

VTM Concentrate Grade 0.5%V O 8.5%Ti0 56% - 57%Fe 2 5 2

The Taranaki project is headed by Alan Eggers and a team who have a proven track record of building resource companies in New Zealand and internationally

0.5% V2O5 = 55 million pounds/year of vanadium pentoxide in concentrate. Metallurgical test work completed to date recovers ~84%

Total 3.2Bt JORC Resource Base*

Anticipated lowest quartile CO2 emitter for iron ore producers

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• Refer to Manuka Resources ASX release 1 March 2023

Corporate Summary

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Share Price History

Capital Structure

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Shares Outstanding 780M
Options Outstanding 208M
Share Price A$0.038
Market Capitalisation A$29.6M
Cash
A$0.6M
At 30 September 2024
Debt Outstanding ~A$29.9M
As at 30 June 2024
• A$18.1M TransAsia Pty Ltd​ - Senior Debt Facility
• US$6.5M Tennant Metals SA Pty Ltd - Trade Finance Facility
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Ownership Breakdown:

As at 30 June 2024

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16%
Board & Management
84%
Other
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18.0 0.12
15.0 0.10
12.0 0.08
9.0 0.06
6.0 0.04
3.0 0.02
0.0 0.00
Oct-23 Jan-24 Apr-24 Jul-24 Oct-24
Volume 15 day avg Volume Share Price
Volume (M Shares) Share Price (A$/sh)
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Share Price Catalysts:

• ✓ Continued strength in the Gold and Silver markets

• ✓ Refinance of the TransAsia Debt Facility

• ✓ Secure non-dilutive funding to support Restart of Production

• ✓ Near Term Production at Mt Boppy and Wonawinta

• ✓ Updated PFS for the Taranaki VTM Project

• ✓ Further progress of the Taranaki VTM Project approval process

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Board and Key Management Personnel

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Track record of value creation combined with deep and relevant operational experience

Dennis Karp Executive Chairman

Dennis was Head of Trading at HSBC Australia prior to joining Tennant Limited in 1997, one of Australia’s largest physical commodities trading companies with operations in Asia and Europe. He was a principal shareholder of Tennant Metals until 2010, and a director until December 2014 . Dennis led the syndicate which purchased the Manuka assets in 2016.

Alan Eggers Executive Director

Anthony McPaul Non-Executive Director

Alan is a geologist with over 40 years of local and international experience. Founding director of Summit Resources Ltd which they built from listing on the NZX in 1987 into an ASX top 200 company and an ultimate takeover by Paladin Energy for A$1.2B in 2007 . Alan holds Bachelor of Science, Honours and Master of Science degrees from Victoria University of Wellington. He is a Fellow of the Society of Economic Geologists, and a member of AusIMM, & Australian ~~Institute of Geoscientists.~~ Anthony (Tony) is a senior mining executive with over 40 years’ experience in mining operations and mineral processing (both underground and open pit operations). Tony was most recently the general manager for Newcrest’s (now Newmont’s) Cadia Valley Operations, in Orange NSW . Tony formally retired in 2016. Tony has sat on a range of Boards and industry bodies including the Minerals Council Executive Committee and Mineral Industry Advisory Council.

John Seton Non-Executive Director

John is an Auckland based lawyer with extensive experience in commercial law and the mineral resources sector . He was a director of Summit Resources Limited until its sale in 2007, as well as being a director of a number of other ASX and NZX listed private companies. John was a former Chairman of the Vietnam/New Zealand Business Council.

Haydn Lynch Chief Operating Officer

Over 25 years of experience in M&A, financial markets and private equity, with a substantive track record in the origination and execution of domestic and cross-border transactions in metals and mining in Australia, Africa, Japan, China, and Mongolia. Hadyn’s Senior management experience includes Bankers Trust Australia, Investec Bank, RBC Capital Markets and Southern Cross Equities.

Dieter Engelhardt Chief Metallurgist

Dieter has over 30 years of experience in the mining industry including roles at Telfer Gold Mine (Senior Metallurgist), Northparkes Mines (Senior Metallurgist), McKinnons Gold Mine (Resident Manager), and the CSA Mine (Manager Ore Processing). Dieter was employed by Newcrest Mining Ltd (now Newmont) in various roles including Manager Ore Processing and Principal Metallurgist.

Phil Bentley Chief Geologist

Phil has 40 years of experience in the mining industry in New Zealand, South Africa and Australia, in both senior geological positions as well as in senior management and director capacities. Executive roles include Randgold Resources and Randgold & Exploration (Chief Geologist ), Trafigura Mining Services (Global Head of Exploration) , CSA Global South Africa (Principal Geologist Africa) and Asanko Gold. Phil is a Qualified person under NI 43-101 (Canadia) and JORC (Australia) and is a Fellow of the South African Geological Society.

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Summary

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• ✓ Near-term production from Gold and Silver assets strategically located in the prolific Cobar Basin, NSW

• ✓ Initial 3.5-Year mine plan at Mt Boppy Gold Mine delivering an average annualised EBITDA of A$44M[1 ] (mine life expected to more than double from modest expenditure)

• ✓ Initial 4.5-Year mine plan at Wonawinta Silver Mine delivering an average annualised EBITDA of A$24M

• ✓ Large Vanadium-rich Iron Sands Resource located offshore of the Taranaki Bight, New Zealand included in Fast Track Approvals Bill

• ✓ Phased Development Strategy to deliver Selfsustaining Value Creation

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Corporate Office: Suite 405 Grafton Bond Building

201 Kent Street Sydney, NSW 2000 Australia Phone: 02 7253 2020 Email: admin@manukaresources.com.au

• ✓ Current focus is bringing Mt Boppy Gold Mine back into production in 1H-2025

1. Financial Forecasts and the Production Target should be read in conjunction with the Cautionary Statement on page 5.

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