Manuka Resources Completes Final Nebari Funding Drawdown, Targets Gold Production from Mid-July 2026

US$4 Million Tranche 2 Drawdown from Nebari Completes the US$30 Million Facility

Manuka Resources confirmed in its 29 June 2026 company update that it has fully drawn down Tranche 2 of its senior secured term facility with Nebari Natural Resources Credit Fund II, LP. The funds — equivalent to US$4 million, or approximately A$5.8 million — were received on 26 June 2026, completing the drawdown of the overall US$30 million facility that was first announced on 2 March 2026.

The completion of this drawdown is significant because it represents the final tranche of external Debt funding required for Manuka’s production restart program. According to the company update, the Tranche 2 proceeds will be deployed in line with the budget originally set out for both the Wonawinta silver mining project and the Canbelego (Mt Boppy) gold mining project. With no further tranches outstanding, the company’s near-term Capital-structure/”>Capital Structure appears to be in place ahead of the anticipated commencement of revenue-generating operations.

Nebari Issued 8.23 Million Warrants at $0.1357 Exercise Price as Consideration for Tranche 2

In exchange for the Tranche 2 drawdown, Manuka has issued 8,232,731 warrants over unissued ordinary shares to Nebari — referred to as the Tranche 2 Warrants. These warrants carry an exercise price of $0.1357 per share and will expire at 5:00pm AEST on 26 June 2030, giving Nebari a four-year window in which to exercise them at their discretion.

Each Warrant confers the right, but not the obligation, to subscribe for one new fully paid ordinary share in Manuka Resources. The company confirmed that both the number of warrants and the exercise price were determined prior to the drawdown, consistent with the terms disclosed in the original March 2026 announcement. The Tranche 2 Warrants are being issued under the company’s available Placement capacity pursuant to ASX Listing Rule 7.1. Investors will note that if exercised in full, these warrants would result in the issuance of over 8.2 million new ordinary shares, which represents a potential dilution consideration depending on the company’s total shares on issue at the time of any future exercise.

Crushing and Haulage of Gold-Bearing Material from Mt Boppy Has Been Under Way Since April

Manuka’s company update provides an operational progress snapshot that underscores the pace of activity at the Wonawinta processing hub. The company confirmed that crushing, screening, and haulage of gold-bearing material from the Mt Boppy waste and rock dumps to the Wonawinta processing plant has been ongoing since 21 April 2026. This preparatory work is being carried out in advance of first ore processing, with the strategy of producing gold revenues in the three months prior to the commencement of silver production.

The sequencing of gold before silver production is a deliberate operational and financial strategy. By generating early revenue from gold processing, Manuka aims to begin building Cash Flow ahead of the higher-Volume silver production phase. This approach may reduce the company’s reliance on its debt facility for operating costs during the transitional period, though the company has not provided specific guidance on anticipated gold revenues or volumes in the announcement.

Gold Revenue Targeted from Mid-July 2026, Silver Production Expected Late September 2026

Manuka has provided investors with specific near-term production milestones. Gold processing revenues are expected to commence around mid-July 2026, while silver production is targeted to begin in late September 2026. These timelines suggest the company is approximately two to four weeks away from its first production revenues at the time of the announcement, representing a material inflection point in the company’s operational trajectory.

The company did not disclose projected gold or silver production volumes, anticipated revenue figures, or cost-of-production guidance in the announcement. Investors tracking Manuka’s progress will be looking for further operational updates confirming first gold pour and the commencement of silver processing as the company moves through its recommissioning schedule. The announcement suggests that the production timeline has remained broadly on track relative to the original March 2026 facility announcement.

Wonawinta Processing Plant Undergoes Major Refurbishment Including New Deslime Circuit

Managing Director and Executive Chairman Dennis Karp provided commentary in the company update describing the scale of work undertaken at the Wonawinta site. According to Karp, the refurbishment program has included a major overhaul of the processing plant, the installation of a new deslime circuit, and an expansion of the on-site accommodation camp to provide capacity for an additional 48 personnel.

The deslime circuit is a processing stage designed to remove fine clay-sized particles from ore before further concentration, which can be particularly important in improving recovery rates for silver ores that may contain significant clay content. The company did not disclose the capital cost of the deslime circuit installation or the processing plant refurbishment in the announcement. However, the scale of the infrastructure Investment described reinforces the company’s framing of this restart as a comprehensive rebuild rather than a simple recommencement of prior operations.

Workforce Grows from Five to More Than 80 Personnel as Site Rebuilds from Care and Maintenance

One of the more striking operational metrics disclosed in the company update is the scale of workforce growth at Wonawinta. Karp noted that the site has been rebuilt from a care-and-maintenance workforce of just five employees to a team now exceeding 80 personnel. This growth in headcount has occurred over the past three to four months and reflects the intensity of the recommissioning effort required to bring the operation back to production-ready status.

The site is now processing at a rate exceeding 1.0 million tonnes per annum, according to Karp’s commentary. While this figure appears to relate to the crushing and haulage preparation phase rather than fully commissioned ore processing, it indicates that the plant infrastructure is being utilised at meaningful scale. The company did not provide a comparison figure for the plant’s nameplate or design capacity in the announcement, so the significance of the 1.0 Mtpa figure relative to full capacity cannot be independently verified from the available information.

Updated Ore Reserve and Revised Life of Mine Plan for Wonawinta Expected This Week

Manuka flagged in its company update that it expects to release an updated Ore Reserve and a revised Life of Mine Plan for the Wonawinta Silver Project in the near term — specifically described as “later this week” relative to the 29 June 2026 announcement date. This is a potentially significant disclosure for investors, as an updated Ore Reserve would provide a refreshed view of the project’s mineral resource base and the economic life of the operation under current mining parameters.

Ore Reserve estimates and Life of Mine plans are foundational documents for assessing the long-term value of any mining project. A revised Life of Mine Plan, in particular, may include updated production profiles, cost assumptions, and projected cash flows, which investors and analysts typically use to model a company’s Intrinsic Value. The company did not pre-release any figures from the upcoming report in the current announcement, so investors will need to await the separate release to assess any changes to the project’s economic outlook.

Wonawinta and Mt Boppy Projects Form the Core of Manuka’s 100%-Owned Asset Base

Both the Wonawinta Silver Project and the Mt Boppy Gold Project (located at Canbelego) are 100% owned by Manuka Resources, as confirmed in the company update. Wonawinta is the central processing hub, with the plant capable of handling silver ore as well as the gold-bearing material being hauled from the Mt Boppy dump material. The co-location of gold dump material processing with the Wonawinta plant reflects an integrated approach to maximising asset utilisation.

The Wonawinta Silver Project is located in New South Wales and has a history of silver production, while Mt Boppy has a longer historical pedigree as a gold mining site. The company’s strategy of using existing infrastructure — processing material from waste and rock dumps rather than commencing fresh open-cut or underground mining immediately — may allow for a lower-cost pathway to initial revenue generation. The company did not provide further detail on the longer-term mining plan for fresh ore at either project in the current update.

Manuka’s Transition to Profitable Operations and What Investors Are Watching

Karp’s comments in the company update framed the commencement of gold and silver production as the beginning of a transition back into “profitable operations.” The language used is forward-looking and conditional, and investors should note that the achievement of profitability will depend on a range of factors including Commodity prices, production grades, processing recoveries, and operating costs — none of which have been provided in specific quantitative form in the current announcement.

The immediate share price impact was not clear from available public information. Key catalysts that investors may be watching in the weeks and months ahead include: the release of the updated Ore Reserve and Life of Mine Plan; confirmation of first gold revenues around mid-July 2026; silver production commencement in late September 2026; and any further operational updates on processing performance and recovery rates at the Wonawinta plant. The completion of the Nebari facility drawdown removes a near-term funding uncertainty, which the announcement suggests may support the company’s ability to execute its production schedule without requiring additional capital in the immediate term.