Highlights

  • Manuka secured a USD 30 million equivalent debt facility, supporting mining restart and lifting investor sentiment.
  • Silver and gold production is scheduled to restart by mid-2026, with plant upgrades already underway.

Manuka Resources Limited (NZX:MKR) has outlined key operational and financial developments for the half-year ended 31 December 2025, highlighting progress on refinancing, capital raising, and production restart plans. The update has drawn investor attention, with the company’s share price moving higher amid funding milestones and renewed focus on silver and gold production.

Financing Milestones Drive Momentum

The company spent much of the second half of 2025 advancing its refinancing strategy and securing funding to support operational restart plans. A refinance of its senior secured debt facility was completed in September 2025, followed by a two-tranche capital raising.

In early 2026, Manuka secured a US$30 million senior secured debt facility with Nebari Natural Resources Credit Fund, with US$26 million already drawn. The funding is being used to repay existing debt and provide working capital for restarting mining operations.

Production Restart Plans Progress

Manuka has moved out of care and maintenance and into operational mode, with plans to restart silver and gold production by mid-2026. The Wonawinta processing plant upgrade is underway, with first production from stockpiles targeted in the second quarter of 2026.

The company’s 10-year mine plan outlines processing of 10.4 million tonnes of silver ore and additional gold ore from Mt Boppy. Mining at Wonawinta open pits is scheduled to begin in the third quarter of 2026.

Higher commodity prices have supported these plans, with silver and gold prices rising significantly through 2025 and continuing into 2026.

Project Developments and Regulatory Update

Manuka’s Taranaki VTM iron sands project in New Zealand remains a major long-term asset. However, the company withdrew its fast-track application after a draft decision declined key environmental consents.

The project, which holds a 3.2 billion tonne resource, is still under review as the company evaluates alternative pathways to secure approvals.

Financial Position and Performance

For the half-year ended 31 December 2025, Manuka reported a net loss of AUD 12.9 million, compared to AUD 8.4 million in the prior corresponding period.

Cash at the end of the period stood at AUD 2.4 million, with additional liquidity available. Post-period, the company reported AUD 11.1 million in cash and AUD 9.3 million in short-term liquidity.

Share Price Reaction

Manuka Resources’ share price stood at NZD 0.14 per share on 17 March.

Crucial Financial Metrics

  • Half-year net loss: AUD 12.9 million
  • Cash (Dec 2025): AUD 2.4 million
  • Post-period cash: AUD 11.1 million
  • Liquidity available: AUD 9.3 million

Manuka Resources’ latest update highlights progress in securing funding and preparing for the restart of mining operations. While regulatory hurdles remain for its New Zealand project, the company’s near-term focus on silver and gold production has supported market sentiment. The share price movement indicates investor attention on the company’s transition back to production and improved funding position.

FAQs

  1. Why did Manuka Resources’ share price increase?
    The share price moved higher following updates on secured funding, capital raising, and progress toward restarting mining operations.
  2. When will production restart?
    Silver and gold production is expected to restart by mid-2026, with initial output from stockpiles planned in Q2 2026.
  3. What is the status of the Taranaki VTM project?
    The fast-track application was withdrawn after a draft decision declined key consents, and the company is exploring alternative approval pathways.