MANUKA RESOURCES LTD. — Investor Presentation 2024

Apr 14, 2024

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Near-Term Gold and Silver Production from Cobar Basin Projects Corporate Presentation 15 April 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 15 April 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

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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, 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.

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

2

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 Mt Boppy Gold Mine back into production in Q4 2024

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Phased Strategy to deliver Self-Sustaining Value Creation

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3
2
1 Taranaki VTM Project
Wonawinta Silver Mine
▪
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Taranaki VTM Project

• Large company-making iron ore sands project

• 3.2Bt[2] Vanadium, Titanium, Magnetite (VTM) Resource

▪ Brownfields open pit silver mine and purpose-built CIL plant on care and maintenance

Mt Boppy Gold Mine

▪ Mining Lease granted permitting 5Mtpa production

• Brownfields open pit gold mine with plant feed sourced from historic dry tailings, waste dumps and the open pit

▪ Previously Australia’s only primary Silver Mine ▪ 150 km South of Mt Boppy

• Recently invited to apply to be included in the NZ governments fast-tracked approvals legislation

Plant recently utilised to process Mt Boppy gold ore

• A$11.6M Capital Cost[1] required for restart.

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

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

• 5-Year Mine Life generating an annual EBITDA of A$19M[1]

• Targeting Bankable Feasibility Study completion in 2025

▪ Update Reserve Estimate expected in May 2024

• AISC = US$1,060/oz Au[1]

1 Refer page 16 for forecast financial information and Appendix 1

2ASX Release 1 March 2023

3

Corporate Summary

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Share Price History

Capital Structure

	Capital Structure
	Shares Outstanding	672M
	Share Price	A$0.09
	Market Capitalisation	A$60.5M
	Ownership Breakdown:
4 22% 78% Board & Management Other	4 22% 78% Board & Management Other

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Board & Management
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0.12 12
0.10 10
0.08 8
0.06 6
0.04 4
0.02 2
0.00 0
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
Volume Share price
Share Price (A$/share) Volume (Million Shares)
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Upcoming Share Price Catalysts:

✓ Continued strength in the Gold and Silver markets

✓ A Final Investment Decision on the restart of Mt Boppy

✓ Reserve Update for the Wonawinta Silver Mine

✓ Further progress through the VTM Project approval process

✓ Gold Production at Mt Boppy

4

Board of Directors

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Dennis Karp Executive Chairman

Alan Eggers Executive Director

Anthony McPaul Non-Executive Director

John Seton

Non-Executive Director

Toni Gilholme

Company Secretary

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 .

He holds a Bachelor of Commerce from the University of Cape Town

Alan is a geologist with over 40 years of local & 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’s a Fellow of the Society of Economic Geologists, & 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 Cadia Valley Operations, in Orange NSW, and formally retired from Newcrest in 2016.

Tony has sat on a range of Boards and industry bodies including the Minerals Council Executive Committee and Mineral Industry Advisory Council. He qualified in automotive engineering from Goulburn TAFE.

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.

John holds a Bachelor of Laws from Victoria University, Wellington, and a Masters of Law (Honours) from the University of Auckland and was a Chartered Fellow of the New Zealand Institute of Directors until 2023.

Toni is an experienced Chartered Accountant with over 20 years’ experience in Financial Accounting and Company Secretarial matters and over 10 years of experience in a variety of roles in Public Practice.

Toni has worked in a range of senior positions both in the UK and in Australia and has a strong focus on efficiency gains through improving processes and strengthening internal controls.

She holds a Bachelor of Business from the University of Technology, Sydney and is a qualified Chartered Accountant

5

Project Execution and Operations Team

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Haydn Lynch Chief Operating Officer

Rod Griffith Project Manager

Dieter Engelhardt Processing Manager

Phil Bentley Chief Geologist

Over 25 years of experience in M&A, financial markets and private equity, and with a substantive track record in the origination and execution of domestic & cross-border transactions in metals & 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 .

Haydn has degrees in Mechanical Engineering and Economics from the University of Qld and a Masters in Commerce from the University of New South Wales.

Rod has over 30 years of experience in the mining industry, both in Australia and internationally. The vast majority of these years has been spent in senior management, including Chief Operating Officer and General Manager positions.

Specific roles include Girilambone Copper Company (Mine Engineer, Mine Surveyor and Site Manager), Straits Hillgrove Gold (Resident Manager, GM Operations and GM Projects) and KBL Mining Limited (COO).

Rod has completed a Bachelor of Engineering (Civil) and a Bachelor of Surveying at University of Newcastle and followed this with a Post Graduate Diploma in Mining Engineering from the University of Ballarat.

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 in various roles including Manager Ore Processing and Principal Metallurgist.

Dieter completed a Bachelor of Applied Science in Primary and Secondary Metallurgy at the University of South Australia in 1984.

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.

Specific 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.

Phil has completed a Bachelor of Science (Honours) in Geology at Victoria University of Wellington and has a Masters of Science in Economic Geology at Victoria University of Wellington and a Masters of Science in Mineral Exploration from Rhodes University, Grahamstown South Africa.

6

The Mt Boppy Gold Mine

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

• Set within the Canbelego – Mineral Hill Rift Zone of the prolific Cobar Super Basin, 43 km east of the Cobar and 640 km west of Sydney.

• Acquired by Manuka Resources in 2019

• Between April 2020 and February 2022, Manuka mined 560 kt from the Open Pit at 3.02 g/t Au to recover 41 koz Au via the modified Wonawinta Plant

• As recently as November 2023, screened stockpiles from Mt Boppy were processed at Wonawinta

• Production suspended in CYQ4 2023 due to grade variability issues when reclaiming the Main Waste Dump, combined with inefficiencies associated with trucking and processing ore at the Wonawinta Plant

• Manuka has recently completed a sonic drill program to improve confidence in the grade distribution of the Main Waste Dump and scoped a fit-forpurpose modular processing facility to be installed on site at Mt Boppy with a reputable vendor and working towards signing a purchase contract in the near future

• A 48-person Camp is located on-site

• All major environmental approvals in place for the recommencement of doré production at Mt Boppy

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7

Mt Boppy Highlights

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A Low Capex, Near-term Return of Precious Metals Production at a Proven Brownfields Site

Low Upfront Capital Cost of A$11.6M (including contingency) to first gold doré production ▪ Low Upfront Capital Cost of A$11.6M (including contingency) to return to production ▪ Initial 5-Year Mine Plan based on a new fit-for-purpose on-site processing facility a Mt Boppy Initial 5-Year Mine Plan based on a new fit-for-purpose, on site processing facility at Mt Boppy ~~▪ ~50,000 oz of gold in doré and ~135,000 ounces of Silver in doré produced over the Mine Plan as currently defined~~ ▪ Forecast AISC of US$1,070/oz Au (or US$991/oz including Silver Credits) ~48,000oz of gold produced in doré over the initial Mine Plan[1] ~~▪ High operating margin of 56%, delivering an average Annual EBITA of ~A$20M~~ ▪ Forecast AISC of US$1,060/oz Au[1] Pre-tax NPV10 = A$57M, IRR = 163% ▪ Clear opportunities to extend mine life via self- funded exploration High operating margin, delivering an average Annual EBITDA of A$19M[1] Pre-tax IRR = 155% Clear opportunities to increase process plant production capacity and extend mine life via self-funded investigations and exploration

1 Refer page 16 for forecast financial information and production targets and Appendix 1

8

Mt. Boppy Mineral Resource Estimate[1]

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Recent Sonic Drilling over Rock Dumps and Tailings has Improved Confidence in Grade Distribution

Location	Classification	Tonnes(kt)	Au(g/t)	Au(koz)
Mt Boppy Open Pit	Measured	107	5.25	18.0
	Indicated	158	4.86	24.7
	M & I	265	5.01	42.7
	Inferred 17 3.90 2.1
Boppy South	Inferred 110 2.39 8.5
Rock Dumps	Indicated	2,116	0.80	54.3
	Inferred	881	0.61	17.2
Tailings	Indicated 853 1.37 37.5 Inferred 38 1.30 1.6
Total Resource	Measured	107	5.25	18.0
	Indicated	3,127	1.16	116.5
	Total M & I	3,233	1.29	134.5
	Inferred	1,046	0.87	29.4
	Total Resource	4,279	1.19	163.9

High-Grade Component

Location	Tonnes (kt)	Au (g/t)	Au (koz)
Mt Boppy, Boppy Sth & Rock Dumps	928	2.15	64
Tailings 891 1.30 32
Total High-Grade Component	1,818	1.74	102

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Boppy South
TSF 3
Evaporation Dam
Open Pit
Oversize
ore
ROM
Oversize
Stockpile
Boppy Main ore
Waste Dump
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1ASX Release 15 April 2024

9

Unlocking Near-term Potential at Mt Boppy

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Targeting Resource and Mine Expansion from the Existing Open Pit and Mining Leases

• Mt Boppy Pit Boppy South TSF3

• Existing Pit Open

• 120 mRL – Depth of current pit shell design Resource

• • Between April 2020 and February 2022, Manuka mined Open

• 560kt from the Open Pit at 3.02 g/t Au, recovering 41 koz

• • Proposed drilling Drilling by Manuka in 2020 and 2021 intersected high grade mineralisation beneath the existing pit, including: 22 m @ 11.78 g/t Au from 159 m (MBRC019) and 17 m @ 4.33 g/t Au from 180 m (MBRC020)[1]

• • Project Cash flow to fund aggressive near pit exploration down dip and along strike to extend mine life

1ASX Release 1 March 2021

10

Capturing Regional Exploration Upside Potential

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Dominant Footprint Straddling the Northern Portion of the Canbelego–Mineral Hill Rift Zone

On-site Processing at Mt Boppy increases the prospectivity and feasibility of mining surrounding deposits

Pipeline Ridge

• Targeting : Add substantially to existing Mt Boppy Mineral Resource Estimate

• Objective : Evaluate for shallow oxide open cut gold, as well as copper, zinc and lead underground options

• Activity : Infill, RC and diamond drill programs

Manuka's current regional Exploration Target[1] comprises 3-4Mt at 2.5-3.8 g/t Au for 249-527 koz; and 17-22Mt at 40-50 g/t Ag for 22-36 Moz in additional to polymetallic (Ag-Au-Cu-Zn-Pb) prospectivity.

The potential quantity and grade of the Exploration Target is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource

1ASX Release 14 February 2023

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Mt Boppy
Central Structural
Zone
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Pipeline
Ridge
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11

Mt. Boppy - Process Flowsheet

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Assembly of a Fit-for-purpose Modular Gold Processing Facility

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Rock Dumps / Open Pit TSF Feed
Two Stage Crusher & Screen
Screen & Launder
In-line Pressure Jig
Tertiary Crusher
Ball Mill Centrifugal Concentrator
Flotation Cells
Concentrate Filter
Final Tailings
Intensive Leach Reactor (IRL)
Carbon Loading and Elution
Doré
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Procurement Strategy

• Crushing and screening equipment already on site at Mt Boppy

• Ball mill and Gekko modular elution circuit to be relocated from Wonawinta

• IPJ gravity preconcentration, Tails centrifugal preconcentration, flotation, dewatering, intensive cyanide leach, and laboratory equipment currently quoted in preparation for purchase

Opportunities

• CIL leaching of oxide ore and flotation tails to enhance gold recovery

• Heap leaching of low-grade oxide ore

• Increase processing capacity via addition of a second ball mill

• Future floating of base metal sulphides from regional prospects

12

Process Plant

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Example 35tph Modular Gold Process Plant

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www.aptprocessing.com
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13

Mt. Boppy - Site Layout and Infrastructure

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Brownfields Site with a Wealth of Existing Infrastructure

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New
Plant
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• The new Mt Boppy processing plant will be located on the pad at the site of the previously decommissioned Mt Boppy CIL plant

• Site power requirements will be provided by portable diesel generation sets

• Site water requirements will be accommodated via a production borehole and in pit water

• Access to site is via existing sealed roads

• Personnel will be accommodated in the 48-bed mining camp already established at the Mt Boppy mine site

• A new 500,000 m[3] (2 to 3-year capacity) tailings storage facility will be constructed west of the waste dump

• Limited earthworks for cleaning up ROM Pad and establishing plant site

• All ancillary infrastructure in already in place including administration & exploration offices, communications, warehousing, core yards and mobile equipment workshop

Mt Boppy Site Layout

14

Mt. Boppy - Gold Mining and Production Schedule

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Initial 5-Year Mine Plan to Produce ~48,000 oz Gold Doré[1]

Production Target

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400,000 4.0
300,000 3.0
200,000 2.0
2.17
100,000 1.52 1.37 1.48 2.16 1.0
- 0.0
1 2 3 4 5 6
Production Year
Rock Dumps Open Cut Tailings Average Gold Grade
Grade (g/t)
Mined ore tonnes
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• Reclamation of Tailings will provide a baseload feed source throughout the 5- year Mine Plan

• Rock Dumps will supplement the Mine Plan initially, with open pit cutbacks in later years to expose higher-grade in situ ore

• Contract mining will be used for both reclamation and hard rock mining activities

Gold Doré Production

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15,000
10,908 10,939
10,000 9,111 8,205 8,624
5,000
-
-
1 2 3 4 5 6
Production Year
Gold Dore
ounces
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• Annual savings from ore haulage to Wonawinta of ~ A$7M per annum

• Recovered Gold Doré to be sold and transported to the ABC Refinery in Sydney

• Historically, Gold Doré produced from Mt Boppy has included Silver at a ratio of approximately 1:1

The Production Target underpinning Financial Forecasts comprises 6% Measured Resources, 92% Indicated Resources and 2% Inferred Resources. The estimated Mineral Resource underpinning the Base Case Production Target have been prepared by a Competent Person in accordance with the requirements in the JORC Code. 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 stated Production Target is based on the Company’s current expectations of the future results or event and should not be solely relied upon by investors when making investing decisions. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met. 1ASX Release 14 February 2023 15

Mt. Boppy Cash Flows

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Low Capex Return to Gold Production, delivering an Average EBITDA of A$19M per annum

Year	Unit	Total	1	2	3	4	5	6
Gold Dore Produced	koz	47.7	-	9.1	8.2	8.6	10.9	10.9
Gold Price	US$/oz		2,350	2,350	2,350	2,350	2,350	2,350
Exchange Rate	A$:US$		0.65	0.65	0.65	0.65	0.65	0.65
Total Revenue	A$M	172.8	-	32.9	29.7	31.2	39.4	39.5
Selling Costs	A$M	(0.8)	-	(0.2)	(0.2)	(0.2)	(0.2)	(0.2)
Mining Costs	A$M	(35.2)	-	(5.2)	(4.7)	(4.5)	(11.7)	(9.2)
Processing Costs	A$M	(35.4)	-	(7.3)	(7.3)	(7.3)	(6.7)	(6.7)
G & A	A$M	(6.5)	-	(1.4)	(1.4)	(1.4)	(1.2)	(1.2)
EBITDA	A$M	94.8	-	18.9	16.1	17.8	19.7	22.3
Capex	A$M	(11.6)	(11.6)	-	-	-	-	-
Net Cash Flow	A$M	83.2	(11.6)	18.9	16.1	17.8	19.7	22.3
AISC	US$/oz	1,060	-	1,003	1,076	1,006	1,175	1,024

Capital Cost Estimates	A$M
New Inline Pressure Jigs / Centrifuge	1.37
New Flotation / Concentrate Circuit	3.30
New Intensive Leach Reactor	0.50
Operating Costs During Ramp Up	1.22
Tailings Dam	2.10
Other Costs (including logistics) & Contingency	3.10
Total Capex	11.60

Material assumptions underpinning these Financial Forecasts include the Production Target outlined in this Presentation and those outlined in Appendix 1 All figures are presented in real dollars.

16

Mt Boppy Project Execution

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Clear pathway to Production in CYQ4 2024

Indicative Timeline	Q2 CY24	Q3 CY24	Q4 CY24
Sonic Drilling and MRE Update
Relocate Generators from Wonawinta
New Tailings Dam Construction
Purchase / Transport / Installation of Plant and Equipment
Relocate Elution / Recovery Units from Wonawinta
Mt Boppy Plant Site works
Fleet Mobilisation and Mining
Mt Boppy Plant Commissioning / Production

▪ Most plant equipment will be provided via a single vendor with some components provided by second vendor and others repurposed from the Wonawinta plant

• Major equipment vendors will provide installation

• Key contracts are being progressed with vendors

17

Wonawinta Silver Mine (100% Manuka)

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Previously Australia’s Largest Primary Silver Mine

• Wonawinta produced approximately 3 Moz Ag from 2012 to2013, and 500 koz Ag in 2022

• Total Resources[1] of 38.3Mt at 41.3 g/t Ag for 51 million ounces. Within this there is a higher-grade component of 4.5Mt at 97 g/t Ag for 14 Moz

• The Wonawinta processing plant has a nameplate capacity of approximately 850,000 tpa. The plant recently been utilised by Manuka to process Mt Boppy gold ore

• Project is fully permitted with plant and all infrastructure operational

• The Company is reviewing the potential of recommencing operations at Wonawinta, taking advantage of the strengthening silver price environment. The project remains fully permitted for restart.

• Manuka is targeting a Reserve update for Wonawinta in May 2024

• Exceptional exploration potential with further confirmation of Cobar style Pb-Zn-Ag mineralization at Wonawinta Deeps

• Wonawinta mine restart and mine life development to be funded from cash flow generated by Mt Boppy operations

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Resource	Ore	Silver	Silver	Lead	Lead
Classification	(Mt)	(g/t)	(Moz)	(%)	(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

1ASX Release 1 April 2021

18

Wonawinta Resource Extensions

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High Potential for Economic Base Metals Mineralisation Down Dip of the Current Wonawinta Open Pit

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▪ ‘Proof-of-Concept’ drill program has successfully tested for presence of carbonatehosted sulphides down-dip from existing Wonawinta open pits, encountering lead-zincsilver 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

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

19

Taranaki VTM Project (100% Manuka)

Large Vanadium-rich Iron Sands Resource located in the Taranaki Bight, New Zealand

It has a granted mining license , MP55581, permitting production of 5Mtpa

Manuka invited to submit an application for the Project to be included in the New Zealand Government’s Fast Track Approvals Bill

The objective of the Bill is to provide a streamlined decision-making process to facilitate the delivery of infrastructure and development projects with significant regional or national benefits

Resource1	Ore	Fe2O3	TiO2	V2O5
Classification	(Bt)	(%)	(%)	(%)
Indicated & Inferred 3.2 10.17 1.03 0.05

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▪ The Taranaki VTM Project is located 22 km to 36 km offshore in New Zealand’s EEZ, or Exclusive Economic Zone, outside the 12 nautical limit from the shoreline, in waters between 20 m to 50 m in depth

▪ On granting of final government approvals to operate the Company will complete its Bankable Feasibility Study on the Project

• The Project is anticipated to sit in the lowest quartile of the iron ore production cost curve.

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1ASX Release 1 March 2023

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Thank you

• ✓ 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

• ✓ Phased Strategy to deliver SelfSustaining Value Creation

• ✓ The Company’s current focus is bringing Mt Boppy Gold Mine back into production in CQ4 2024

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Dennis Karp Executive Chairman

Haydn Lynch Chief Operating Officer

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Appendix 1: Material Assumptions

Item	Comment
Gold Price	Approximate Spot Price as at 12 April 2024
Exchange Rate	Approximate Spot Price as at 12 April 2024
Selling Costs	A$3,000/week for the transport of Dore to Sydney and a Refining Charge of A$0.25/oz (Au + Ag).
Rock Dump Reclamation	Contract Dig-Load-Haul Crush and Screen: A$18.03/t Ore Mined; Contract Dig-Load-Haul: A$5.97/t Waste Mined. The anticipated stripping ratio is 0.3:1
Tailings Reclamation	Contract Dig-Load-Haul: A$5.97/t Mined
Open Pit Mining	Contract Drill-Blast-Dig-Load-Haul: A$6.89-7.99/t Mined The anticipated stripping ratio is 11.2:1
Metallurgy Recoveries	Inline Pressure Jig: 50%; Flotation: 72%-82%; ILR: 85%
Process Plant Opex	$42/t milled/floated
G & A	Site Management, Administration, Camp, Laboratory: $7.05/t ROM Total
Capital Cost Estimates	Recent vendor quotes for major process plant capital items
Operating Cost Estimates	Based on a combination of vendor and contractor sounding and Company estimates derived from previous operations at Mt Boppy and Processing at Wonawinta
Workforce	Up to 10 Mining personnel (ex Contractors), 17 Process Plant personnel and 11 G & A personnel. Given the proximity to the mining town of Cobar, suitably qualified personnel, contractors and support services are anticipated to be readily available
Operations	Crushing, Preconcentration (Dayshift), Milling and Flotation (Day and Night Shift). 30 days per month at 90% availability
Process Throughput	Primary Crushing (50 tph) Milling and Flotation (25tph)

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