MANUKA RESOURCES LTD. — Investor Presentation 2020

Oct 20, 2020

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A Precious (Metals) Opportunity

October 2020

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Disclaimer

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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 5 August 2020 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 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 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.

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Key points

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• Australian domiciled gold and silver producer, located in the Cobar Basin, central west NSW

• Generating cash from restart of mining operations

• Gold production from Mount Boppy gold mine

• Processing silver stockpile at Wonawinta silver mine

• Planned restart of Wonawinta silver mining

• Have commenced exploration on high conviction targets on substantial exploration area

• 920 km[2] around Wonawinta

• 206 km[2] around Mt Boppy

• 100% owner of the Wonawinta silver project which includes:

• 52m oz JORC compliant silver resource grading 42g/t of which over 20m is over 70g/t

• 850,000t.p.a. plant – full replacement cost >$100m

• 70 person operating mining camp

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Key points (continued)

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• Other infrastructure includes airstrip, power and water, tailings storage facility

  • 1 mining lease, 7 exploration leases, tenement package covering total of 920km[2]

• 100% owner of Mt Boppy gold project which includes:

• Open pit mine (previous production circa 500,000oz Au @ circa 15g/t)

• 44,000oz JORC compliant gold resource grading 3.13g/t (31,000oz in reserve status)

• Operating mining camp, power and water, exploration office

• 4 gold leases, 3 mining leases, 1 mining purpose lease, 1 exploration lease (total 206km[2] )

• Over $160m EBITDA internally targeted over next 6 years at current prices (excludes increases from

• current exploration program)

Currency and commodity assumptions as follows: AUD/USD = 0.7200, Au/USD $1875/oz, Ag/USD = $24/oz

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The Journey - so far (but we’ve only just begun!)

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• June 2019 – Manuka completed the purchase of Mt Boppy Resources

• July 2019 – Completed the required USD$14m debt facility

• August to December 2019 – Commenced Wonawinta plant refurb & upgrade

• February to April 2020 – Dewatered Mt Boppy pit

• March to May 2020 – Tailings wall lift at Wonawinta

• April 2020 – Restarted Wonawinta plant

• May 2020 – First pouring of Mt Boppy gold (under Manuka ownership)

• June 2020 – Satisfied ASX requirements for listing MKR:ASX

• July 2020 – Commenced trading on the ASX

• August 2020 – Initial drill results Mt Boppy (highlight 10m @ 34.48g/t)

• September 2020 – 2[nd] drill results Mt Boppy (18m @ 6.24g/t)

• October 2020 – Wonawinta in-fill drilling program nearing completion

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The Prolific Cobar Basin

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Endeavor (Elura)
CSA
Mount Boppy
Peak
Hera - Nymagee
Wonawinta
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• Exploration license applications lodged, not yet granted Source: S&P Global Market Intelligence

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Manuka Operating mines Peel Mining Aurelia Metals Sandfire Resources Anchor Resources Toho Zinc Glencore Sandfire Resources

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Ground holdings in the Cobar Basin

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Building Shareholder Value - four avenues

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Stage 1 Stage 2 Stage 3 Stage 4 CY Q2 2020 – Q2 2021 CY Q3 2021 – 2026 CY Q4 2020 onwards CY Q4 2020 onwards

Wonawinta (silver production)

Mt Boppy (exploration program)

Wonawinta (sulphide exploration program)

Mount Boppy (gold production)

• Complete infill drilling of

• Commenced treatment at the Wonawinta plant using 60,000t Mt Boppy gold ore stockpile

existing resource (total of 9000m completed Nov 2020)

• existing resource (total of Existing exploration •

• the Wonawinta plant using Commence 2000m program 60,000t Mt Boppy gold ore 9000m completed Nov 2020) program underway at Mt (16 holes within 4 fences) in • Boppy / Canbelego Camp

• stockpile Reconfigure Wonawinta plant existing “Wonawinta deeps”,

• • for silver oxides seeking resource extensions testing existing high grade Now mining and processing • and new deposits oxide zones for sulphides.

• Mt Boppy ores Commence processing of 500kt •

• • silver ore stockpile on ROM 3D model construction of • 1500m program on Wirlong Expect to generate sufficient pad, to produce circa 900,000 Canbelego Camp region target (part of Boundary EL)

• profit from Mt Boppy ores to oz Ag over 6-9 months displaying target zones of •

• ensure MKR can be debt free 3000m Smiths Tank, Lerida and • no drilling needing Promptly follow with

• before end of existing Guzzi targets exploration

• resource processing of high grade silver •

• • oxide resource following infill Regional drill exploration Commence on-site and near exploration campaign campaign commencing

• mine gold exploration • October Generates substantial EBITDA

• program at current prices

• After completion of additional studies

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Four Revenue Streams

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Mt Boppy gold production Wonawinta silver production Mt Boppy mk II Wonawinta Ag/Pb/Zn
Q2 2020 – Q2 2021 Q3 2021 – 2026 Q4 2020 onwards Q4 2020 onwards
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Mt Boppy gold production Q2 2020 – Q2 2021 Wonawinta silver production Q3 2021 – 2026 Mt Boppy mkII Q4 2020 onwards Wonawinta Ag/Pb/Zn Q4 2020 onwards	Mt Boppy gold production Q2 2020 – Q2 2021 Wonawinta silver production Q3 2021 – 2026 Mt Boppy mkII Q4 2020 onwards Wonawinta Ag/Pb/Zn Q4 2020 onwards	Mt Boppy gold production Q2 2020 – Q2 2021 Wonawinta silver production Q3 2021 – 2026 Mt Boppy mkII Q4 2020 onwards Wonawinta Ag/Pb/Zn Q4 2020 onwards	Mt Boppy gold production Q2 2020 – Q2 2021 Wonawinta silver production Q3 2021 – 2026 Mt Boppy mkII Q4 2020 onwards Wonawinta Ag/Pb/Zn Q4 2020 onwards	Mt Boppy gold production Q2 2020 – Q2 2021 Wonawinta silver production Q3 2021 – 2026 Mt Boppy mkII Q4 2020 onwards Wonawinta Ag/Pb/Zn Q4 2020 onwards	Mt Boppy gold production Q2 2020 – Q2 2021 Wonawinta silver production Q3 2021 – 2026 Mt Boppy mkII Q4 2020 onwards Wonawinta Ag/Pb/Zn Q4 2020 onwards
	Gold production – mining existing reserve at Mt Boppy (Au)	Silver production – processing silver stockpile followed by mining silver oxides at Wonawinta.	Additional gold discovery – searching for another Mt Boppy	Ag/Pb/Zn confirmation in sulphide deeps
Term	9 months	Stockpile - 9 months High grade oxides - > 4years(76g/t)
Targeted EBITDA (over the Term)	~A$25m	> A$135m	Mt Boppy has had historical production of ~500,000oz Au @ 15g/t (Current reserve 3.1g/t)
Probability	Very high: Mine & plant operating Existing reserve	High: Deposit previously in reserve status Plant back in operation Will complete infill drilling Dec 2020	Speculative: Exploration campaign underway Recent drill holes include 21m @ 20.7g/t and 14m @14.5g/t	High expectations: (substantial existing resource ends in sulphide mineralisation) Pb present in existing oxides Zn leaches out in oxides zones
Potential for extension	Very prospective area. Exploration underway with excellent initial results. Not making extension assumptions in Stage 1.	Internal expectations exceeds 4 year mine life. This will be confirmed in reserve statement following infill drilling	See slide #12 and #13

Currency and commodity assumptions as follows: AUD/USD = 0.7200, Au/USD $1875/oz , Ag/USD = $24/oz

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Mount Boppy & the Canbelego-Mineral Hill trend

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Mount Boppy – regional setting

Regional Geology

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Mt Boppy is hosted within Devonian-age sedimentary and volcanic rocks of the Canbelego-Mineral Hill Rift Zone on the Kopyje Shelf.

The Kopyje Shelf geology includes shallow-water siliciclastic sediments and limestone deposited inside the Canbelego-Mineral Hill Rift Zone; includes eroded portions of sub-volcanic feeder zones to the Devonian felsic volcanics

Mt Boppy gold mineralisation is hydrothermal, hosted in quartz vein material, occurring in brecciated and silicified fine-grained sediments of the Baledmund Formation, within and adjacent to a faulted contact with older Girilambone Group sedimentary rocks

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Mount Boppy – an exciting neighbourhood

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The Boppy South prospect (south of the Mt Boppy Gold Mine) has a resource of circa 9,000 oz

Key Prospective Targets –headline historical numbers demand further exploration, currently being planned

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Birthday Prospect Canbelego King Reid Rankin
Historical Historical Historical
production production production up to
38g/t circa 1910 50g/t circa 1908 15g/t between
1900 to 1910
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Review Golden Cross RC drilling from 2004 specifically: GCB-30 (5m @ 39.8g/t Au) GCB- 56 (2m @ 28.5g/t Au)

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Mt Boppy – existing pit and block model

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Mt Boppy – recent in-pit exploration

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Section view looking east of Mount Boppy showing reported drill intercepts, other drill holes and interpreted extent of high grade mineralisation (dash line).

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Details of drill hole intercepts for reported results.

Drill hole ID	Drilled Depth (m)	Intersection Depth From (m)	Depth To (m)	Interval (m)	Au grade (g/t)
MBRC016	183	158	173	15	3.33
Including non-stope fill		158	168	10	4.05
MBRC017	195	166	186	20	5.89
Including non-stope fill		166	184	18	6.24
MBGC0042	80	57	78	21	20.69
Including non-stope fill		57	67	10	38.48
MBGC0043	79	59	79	20	11.73
Including non-stope fill		57	71	14	14.51

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Mt Boppy – recent in-pit exploration

Cross section through Mount Boppy drill hole MBRC016 looking north.

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Cross section through Mount Boppy drill hole MBRC017 looking north.

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Cross section through Mount Boppy drill hole MBGC0042 looking north.

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Cross section through Mount Boppy drill hole MBGC0043 looking north.

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Wonawinta (Silver)

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Wonawinta – regional geology

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The Manuka project lies on the western margin of the Cobar Basin within a tectono-stratigraphic unit known as the Winduck Shelf that bridges with the eastern border of the Darling Basin Stratigraphy in the local area comprises early Devonian shallow water sediments of the Winduck Group, which unconformably overlie Silurian Thule Granite and Ordovician metasediments

An erosional surface marks the contact between Winduck Group shelf facies sediments and overlying late Devonian fluviatile facies sandstones and conglomerates of the Mulga Downs Group, which thicken to the west of Manuka within the Yathong Trough that lies on Wonawinta the eastern margin of the mid-late Devonian Darling Basin Wonawinta-style mineralisation comprises oxidised, gently folded carbonate-hosted lead-zinc-silver deposit (MVT affinities)

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Source: Mining Associates Manuka Independent Technical Report, April 2020

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– Wonawinta resources and reserves

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Manuka expects to complete infill drilling necessary to bring out an Ore Reserve Estimate in accordance with JORC Code (2012) by end December 2020. Slide 23 highlights the quantities of high grade silver mineralisation within the existing resource.

Manuka expects to upgrade a substantial portion of the high grade into reserve category.

Attached above is the historic Ore Reserve Estimate from February 2014 in accordance with JORC Code (2012) @ AUD$22/oz (total to be depleted by 800,000oz Ag due to mining post Feb 2014)

Source: See prospectus dated 22 May 2020 and released ASX market announcements platform 10 July 2020

Source : See prospectus dated 22 May 2020 and released ASX markets announcements platform 10 July 2020

Manuka Resources Presentation | Confidential October 2020

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Capital Structure & Use of Funds

Manuka Resources Presentation | Confidential October 2020 18

Capital Structure

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Capital structure as at 30 September 2020	Shares (m)	%
Escrowed shares	176.8	71%
Free float	72.5	29%
Total fully diluted shares on issue	249.35	100%
Manuka management controlled 91.78 36.8%
Options (A$0.25 strike price) 3 year maturity 21.25

As at 30 September 2020
Debt	A$m	23.5
Cash	A$m	4.50

Post IPO Escrowed Shares

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29%
71%
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Escrowed Non-escrowed

Commentary

• The current debt facility with TransAsia is payable in 3 tranches from projected gold production

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Appendix

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Board and Key Management

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Nick Lindsay Non-Executive Director

Dennis Karp Executive Chairman

Mr Karp commenced his career in the Australian financial markets in 1983. 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

Dr Nick Lindsay is an experienced mining executive and has worked directly for a range of major and mid-tier mining companies over his career, and led juniors in copper, gold and silver though listings and mergers

Geologist by profession, specialising in process mineralogy, and has postgraduate degrees from the University of Otago (NZ), University of Melbourne and the University of the Witwatersrand (South Africa)

Principal shareholder of Tennant Metals until 2010 and managing director until December 2014. Mr Karp founded ResCap in December 2014. Over the past 10 years, Mr Karp has been involved in various resource projects and investment opportunities in base metals and bulk commodities which have had marketing rights attached.

Member of the AusIMM and Australian Institute of Geoscientists

Bachelor of Commerce from the University of Cape Town.

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Anthony McPaul Non-Executive Director

Mr Anthony McPaul is a senior mining executive with over 35 years’ experience in mining operations and mineral processing. Worked in and led both open cut and underground operations and was most recently the general manager for Newcrest’s Cadia Valley Operations

Mr McPaul commenced his career as a mechanical engineer and progressed to maintenance and then onto operations management at various companies, including CRA, Denehurst, MIM and Newcrest

Successfully managed a wide range of operating projects from base through to precious metals in both surface and underground mines and has been directly responsible for all aspects of production and scheduling

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Haydn Lynch Chief Operating Officer

Over 25 years of M&A , financial markets and private equity experience with a substantive track record in origination and execution of domestic and cross-border transactions in various sectors including metals & mining and industrials covering counterparties and assets based in Australia, Africa, Japan, China, and Mongolia.

Senior management experience, successfully creating and leading teams of marketers and corporate finance professionals in global investment banks

Bachelor’s degrees in Mechanical Engineering and Economics from University of Queensland and a Masters in Commerce from UNSW

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David Power Operations Manager

David has deep operational experience managing mining assets focussing on plant and infrastructure in both underground and open cut operations. He has worked at many of the major mines in the Central West of NSW including Peak Gold, Cadia and Endeavour mines over a cumulative 30+ year period.

David has led maintenance programs and managed major plant shutdowns. He has a strong network of suppliers and personal contacts within the region, which has proved to be invaluable in the efficient and safe operation of the Wonawinta and Mt Boppy projects.

David holds statutory qualifications as mining superintendent, qualified trainer and assessor together with numerous ticketed roles.

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Wonawinta – Resource & Exploration upside

Mineral Resource Estimate at Wonawinta was updated in accordance with the JORC Code (2012) by Mining Associates Pty Ltd in 2016, and subsequently verified by SRK Consulting.

Wonawinta Mineral Silver Estimate, cut-off 20 g/t Ag	Wonawinta Mineral Silver Estimate, cut-off 20 g/t Ag	Wonawinta Mineral Silver Estimate, cut-off 20 g/t Ag
Resource Category	Material (Mt)	Ag (g/t)	Ag (Moz)
Measured	0.9	45	1.3
Indicated	8.5	49	13.2
Inferred	29.4	40	37.8
Total	38.8	42	52.4

ROM stockpiles at plant site provide 500kt at circa 75 g/t Ag. Over 10 million oz of the total 52 Moz resource at over 100g/t Ag at cut-off 70 g/t Ag.

In-fill drilling commencing Q3 2020, to upgrade the silver oxide resource to re-establish reserves and increase oxide resource and establish a comprehensive geo-metallurgical model for extended mine life.

Brownfields exploration for high grade silver lenses at Bimble and Belah, along strike north and south of existing pits; supported by geochemistry and ground geophysics. Drilling program underway.

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– Wonawinta Grade / Tonnage Curve

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Manuka will be mining ore at economic cut-off grades

Mining Scenarios

• A. @ cut-off grade 22g/t (global)

• 40 Mt @ 42 g/t Ag (52 Moz Ag)

• B. @ cut-off grade 45g/t (global)

• 10 Mt @ 70 g/t Ag (22 Moz Ag)

• C. @ cut-off grade 70g/t (global)

• 4.5 Mt @ 97 g/t Ag (14 Moz Ag)

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Source: Technical Report on the Mt Boppy Gold and Wonawinta Silver-Lead-Zinc Projects NSW Australia, prepared by Mining Associates May 2020. Section14.2.13 Figure14-27

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