MANUKA RESOURCES LTD. — Investor Presentation 2021

Jun 15, 2021

Manuka Resources: More Than a Precious (Metals) Opportunity

==> picture [184 x 57] intentionally omitted <==

MST Access Australian Micro & Small Caps Conference

June 2021

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 5 February 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

==> picture [134 x 42] intentionally omitted <==

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 | June 2021 2

Corporate Summary

ASX: MKR

A$0.41

Share price (1 June 2021)

Shares on issue 269m Market capitalisation (undiluted) Options (exp. April & July 2023 @ 25c)

A$110m 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

==> picture [134 x 42] intentionally omitted <==

“Manuka’s aim is to become a profitable and substantial resources producer operating within a framework focussed on safety, corporate responsibilities to both our shareholders and stakeholders, and a commitment to supporting local communities”

Manuka Resources Limited – 12 month share price (since IPO)

==> picture [412 x 187] intentionally omitted <==

Manuka Resources Presentation | June 2021

3

Key points

Australian domiciled gold and silver producer with 2 key projects located in the Cobar Basin, central west NSW.

Differentiate ourselves because we have a substantial plant (100% owned) and we are mining and producing.

We generate cash (now and in the future) in the following 3 ways:

• Gold production from Mount Boppy gold mine (now underway)

• Processing silver stockpile at Wonawinta silver mine (commencing Q4 2021)

• Planned restart of Wonawinta silver mining (commencing ~ Q4 2022)

The Wonawinta Project (100% owned) is on-track to become the largest pure play silver producer in Australia

• 51M oz JORC compliant silver resource grading 41g/t Ag*

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

• 80 person operating mining camp

• Strong tailwinds with current silver fundamentals

Other infrastructure includes airstrip, power and water, tailings storage facility, 1 mining lease, 7 exploration leases

• Refer ASX releases dated 1 April 2021

==> picture [134 x 42] intentionally omitted <==

==> picture [268 x 397] intentionally omitted <==

Manuka Resources Presentation | June 2021 4

Key points continued

==> picture [134 x 42] intentionally omitted <==

Second key project is the Mt Boppy Gold Project (100% owned) includes:

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

• 53,870oz Au JORC compliant Gold resource grading 4.62g/t*

• Existing pit design totals 217,580t @4.19g/t Au containing 29,320oz Au

• Operating 43 person mining camp, power and water, administration office, exploration office

• 4 gold leases, 3 mining leases, 1 mining purpose lease, 1 exploration lease

Manuka has a significant exploration portfolio in the Cobar Basin comprising:

• 920 km[2] around Wonawinta

• 206 km[2] around Mt Boppy

We completed a 14,000m in-fill drilling program which led to a 43% increase in Measured & Indicated categories of Resource**. Expectations are for this to be converted to Reserve in July 2021 (Wonawinta Silver Project).

Commenced exploration on high conviction targets

• Refer ASX releases dated 1 February 2021, **Refer ASX release dated 1 April 2021

Manuka Resources Presentation | June 2021

5

Our tenement holdings in the Cobar Basin

==> picture [134 x 42] intentionally omitted <==

==> picture [908 x 428] intentionally omitted <==

----- Start of picture text -----

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
----- End of picture text -----

Manuka Resources Presentation | June 2021 6

The prolific Cobar Basin

==> picture [134 x 42] intentionally omitted <==

Manuka Resources Presentation | June 2021

7

The journey − so far…

==> picture [134 x 42] intentionally omitted <==

January 2021

Completed Wonawinta step-out & oxide extension drill programs. Commenced Wonawinta Deeps sulphide exploration program

May 2020 Manuka completed extension drill First pouring of Mt the purchase of the programs. Commenced Boppy gold (under Wonawinta Silver Wonawinta Deeps Manuka ownership) Project in August 2016 sulphide exploration and the Mt Boppy program Gold Project in June 2019 January to April 2020 July 2020 Announced Resource Update for Mt Boppy Site preparation for Commenced trading Wonawinta restart on the ASX Gold Project Feb 2021 JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR August to December 2020 March 2021 July 2019 Wonawinta initial in-fill April 2020 Completed the drilling program. Restarted required USD$14m Resource Update released Wonawinta plant debt facility April 2021

August to December 2020 Wonawinta initial in-fill April 2020 drilling program. Restarted Resource Update released Wonawinta plant April 2021

March 2021 Completed Wonawinta Deeps sulphide drilling. Announced April 2021 Strong evidence of continuing mineralisation

Manuka Resources Presentation | June 2021 8

The journey – ahead…

==> picture [134 x 42] intentionally omitted <==

Mt Boppy

Mt Boppy – GOLD Production

• One of the richest gold mines in NSW between 1895 -1925

Mt Boppy – GOLD Production	Mt Boppy – GOLD Production	Mt Boppy – GOLD Production	Mt Boppy – GOLD Production	Mt Boppy – GOLD Production	Mt Boppy – GOLD Production	Mt Boppy – GOLD Production	Mt Boppy – GOLD Production	Mt Boppy – GOLD Production	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy	Mt Boppy
Apr 2020 to Sept 2021 Mining and production of gold from Mt Boppy ,followed by transition to production of silver at Wonawinta									• One of the richest gold mines in NSW between 1895 -1925 • Produced ~500,000oz Au at 12-15g/t Au • Manuka will aggressively continue in-pit and neighbouring exploration
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
1 April 2021 Wonawinta Resource Update released to market. May 2021 Results back from WonawintaDeeps diamond drill program – released on ASX										October2021 to May2022 Silver production from Wonawintacommences (Processing of stockpiles #1) ~515,000t in current Resource						Wonawinta: Looking ahead Mining/production of silver oxides expected to commence ~Oct 2022 Plant capacity upgraded to > 1.0M tpa (mid 2022). Expected annual silver production ~2.0M oz pa March / April 2022 Commence pit work and preparation for mining atWonawinta (this circa 3 - 4 months prior to the expected restart date for the Wonawinta silver oxide project). March to September 2022 Silver production fromWonawintacontinues (Processing of stockpile #2) ~280,000 surveyed and assays received Continued focus on the potential ofWonawinta’ssulphide silver base metals project
										Wonawinta – SILVER Production

Manuka Resources Presentation | June 2021 9

Wonawinta and beyond – our tenement package

920km[2] of largely underexplored tenements – a unique opportunity

Exploration has been broken into two distinct geographies a) The Wonawinta and neighbouring targets b) The central to northern targets

Our high conviction targets are the following:

• Guzzi, Lerida, Goldwing, DeNardi and McKinnons (previously a gold mine which produced >150,000oz Au @ 2.6g/t in the late 1990’s)

• Wonawinta Deeps (sulphides), Smiths Tank Corridor and Wirlong

==> picture [110 x 110] intentionally omitted <==

==> picture [371 x 505] intentionally omitted <==

Manuka Resources Presentation | June 2021 10

The Wonawinta mining lease drill programs to date

Targets drilled July 2020 to June 2021

• Belah North

• Belah Area

• Bimble Area

• Bimble Extended

• Tweens (area between Manuka and Boundary pits)

• Boundary South (on ML)

• Wonawinta Deeps (4 lines Belah, Bimble, Manuka and Boundary)

• Wonawinta North

Wonawinta Lease Drilling Summary July 2020 to June 2021

• Total RC & RAB metres drilled 20,200 RC, 10,700 RAB

• • Total RC & RAB program cost: A$2.920m

• Total diamond drill: 2400metres

• Total diamond drill program cost: A$900k

==> picture [357 x 505] intentionally omitted <==

Manuka Resources Presentation | June 2021

11

A very deep basin

*Wonawinta Deeps ‘proof-of-concept’ diamond drill program successfully highlights lead-zinc-silver mineralisation over 3km strike

• 18 hole 5000m drilling program (2,400mt diamond drill) support existence of lead-zinc-silver sulphide mineralization with Mississippi Valley Type (MVT) affinities

• Booth Limestone investigated comprised 3km of a total 15kn strike length held by Manuka on western flank of Cobar Basin

• Planning underway for a targeted geophysics survey in Sept quarter along entire Wonawinta Trend following by further drilling in Dec quarter

• Mineralisation intervals include:

• 4m @6.34% Pb + Zn, 63g/t Ag = 372 g/t AgEq

==> picture [134 x 42] intentionally omitted <==

==> picture [423 x 283] intentionally omitted <==

• 5m @2.52% Pb + Zn, 128 g/t Ag = 201 g/t AgEq

• Refer ASX release dated 1 June 2021

Manuka Resources Presentation | June 2021 12

In-fill drilling impact on silver resource

Wonawinta in-fill drilling program (showing holes with grade distribution as per scale)

• Initial program comprised 14,000m

• Resulted in 43% increase in Measured and Indicated Resources

• Now comprise 39% of JORC Resources

• New pits likely to commence at Belah and Bimble deposits early to mid 2022

==> picture [273 x 253] intentionally omitted <==

----- Start of picture text -----

Belah
Deposit
Bimble
Deposit
Tailings
Storage
Manuka
Pit &
Dump
----- End of picture text -----

• Further focus on in-fill drilling Inferred Resources to occur late 2021

==> picture [37 x 19] intentionally omitted <==

----- Start of picture text -----

Boundary
Dump
----- End of picture text -----

Manuka Resources Presentation | June 2021 13

Mt Boppy and beyond – our tenement package

206km[2] of largely prospective tenements – a unique opportunity

Exploration has been broken into two distinct geographies a) The Mt Boppy existing pit (previous production ~500,000oz Au) b) The neighbouring tenements

Exploration planned for the following:

• Mt Boppy further in-pit exploration to commence post completion of September mining (Q4 2021).

• Mt Boppy South, Birthday, Jezabeel and Native Dog prospects to be pursued at the same time

• Currently awaiting completion of an internally commissioned wider Canbelego geological review, due out late June 2021

==> picture [110 x 110] intentionally omitted <==

==> picture [134 x 42] intentionally omitted <==

==> picture [247 x 239] intentionally omitted <==

==> picture [249 x 227] intentionally omitted <==

Manuka Resources Presentation | June 2021 14

Mt Boppy existing pit and just below

==> picture [134 x 42] intentionally omitted <==

==> picture [448 x 254] intentionally omitted <==

==> picture [466 x 253] intentionally omitted <==

Long section looking east showing pit design (in blue) and high-grade zone indicated by 5 g/t Au isosurface (red solid areas) generated in Leapfrog. High-grade target zone outlined by the eclipse .

Long view looking east. Illustrative perspective of the west lode (in orange), east lode (in yellow) and current planned mine pit deign (in blue). Historical stopes visible

Manuka Resources Presentation | June 2021 15

Manuka – a summary of major work programs

==> picture [134 x 42] intentionally omitted <==

Mt Boppy Gold Wonawinta Silver	Key Projects Current Status Timetable
	Mt Boppy Gold Project • Mining and producing gold (Feb 2021 Resource Update 53,870pz Au @4.62g/t) • Complete mining the current pit design in September 2021
	Mt Boppy in-pit exploration • Temporarily halted due to in-pit activities from mining • To recommence 2H 2021 (searching for a ‘second’ Mt Boppy)
	Wonawinta silver oxide Resource Update • All in-fill and extension drilling now complete (total of 365 drill holes for 14,000m) • Resource Update announced • Mine plan to be completed followed by maiden Reserve. • Expect mine plan completion early July 2021 • Reserve to be announced in July 2021
	Wonawinta silver oxide production • Wonawinta silver oxide project in advanced stage • Silver production to recommence by processing ROM 515,000t stockpile#1 (Ag>70g/t) prior to commencement of mining • Manuka to once again become the sole primary silver producer in Australia, from October 2021 onwards. • Commence silver production in October 2021. • Internal expectations are for production of silver oxide to continue for ~4 years subject to mine plan and Reserve
	Wonawinta Deeps exploration program (~2400m diamond drilling) • This important drilling program identified strong mineralisation beneath current oxide deposits • Follow-up work planned for 2H 2021 • Initial drilling completed April 2021. • Released to ASX in May 2021 • Comprehensive geophysical work to commence Q3 2021

Manuka Resources Presentation | June 2021 16

==> picture [960 x 429] intentionally omitted <==

Questions (and appendix)

Manuka Resources Presentation | June 2021 17

==> picture [134 x 42] intentionally omitted <==

Silver: Supply and demand to 2020

Silver Supply and Demand

Note : Sourced from World Silver Survey 2020 (Metals Focus)

Manuka Resources Presentation | June 2021 18

==> picture [134 x 42] intentionally omitted <==

Silver price performance in AUD (15 yr)

Silver price in AUD$

Manuka Resources Presentation | June 2021

19

Manuka’s Resource Base

==> picture [134 x 42] intentionally omitted <==

On 1 February 2021, Manuka announced a material upgrade in grade and contained ounces at Mt Boppy (up approximately 20% each against the prior statement as at 30 June 2020). Similarly on 1 April 2021 a Resource Upgrade was announced for the Wonawinta Silver Project reflecting a 43% increase in the Measured and Indicated Resource Categories.

JORC Resources & Reserves Mt Boppy Resources 1 February 2021*

JORC Resources Wonawinta Silver Project as at 1 April 2021*

Resource Category Tonnes Grade Au (g/t) Contained gold - Troy ounces Measured 207,230 4.89 32,570 Indicated 144,200 4.15 19,300 Inferred 11000 6.7 2,000 Total 362,430 4.62 53,870	Resource Category Material (Mt) Ag (g/t) Ag Moz Pb (%) Pb kt
	Measured 1.1 47.3 1.65 0.69 7.5
	Indicated 12.3 45.5 18.04 0.83 102.8
	Inferred 24.9 39 31.25 0.39 96.9
	Total 38.3 41.3 50.94 0.54 207.2
	Stockpile 0.515 70 1.16

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

• Refer ASX releases dated 1 February 2021 (Resource Upgrade Mt Boppy Gold Project) and 1 April 2021 (43% Increase in Measured and Indicated Resources at Wonawinta Silver Project)

Manuka Resources Presentation | June 2021 20