Highlights

  • Manuka completes AUD 8.3m entitlement offer and secures NZX listing in September 2025.
  • Taranaki VTM Project under Fast-track Approvals review, decision due by March 2026.
  • Company announces AUD 15m placement and debt restructuring to support production restart.

Manuka Resources Limited(NZX:MKR) has released its September 2025 Quarterly Activities Report, detailing key financial and operational developments for the period ended 30 September 2025.

During the quarter, the company’s senior secured loan was assigned to a Unit Trust comprising major shareholders, with the repayment date extended to late March 2026. The loan’s commercial terms and security structure remained unchanged.

Manuka completed an entitlement offer raising AUD 8.3 million, fully underwritten by two existing shareholders at an issue price of 4.3 cents per share. Post quarter end, the company announced an AUD 15 million placement through the issuance of 200 million shares at AUD 0.075 per share, in two tranches. The second tranche remains subject to shareholder approval at the annual general meeting on 27 November 2025.

The company also announced a restructuring of its Tennant Metals debt facility valued at AUD 18.2 million, with AUD 6.4 million converting into equity, and portions of the debt converted into subordinated facilities.

Taranaki VTM Project Advances Under Review

Manuka’s wholly owned subsidiary, Trans-Tasman Resources Limited, continued to progress the Taranaki VTM Project in New Zealand. The Fast-track Approvals panel commenced assessing the project application on 25 August 2025, with presentations and hearings conducted through October. The panel is expected to deliver its decision by 18 March 2026.

The project is classified as one of national significance, projected to generate NZD 854 million in annual export revenue—representing more than half of New Zealand’s targeted increase in mineral exports by 2035.

NZX Listing and Shareholder Growth

Manuka commenced trading on the New Zealand Stock Exchange (NZX) on 29 September 2025, with an increasing number of NZ-based investors joining the register. Before the listing, approximately 30% of the shareholder base was New Zealand domiciled.

Operations and Exploration Outlook

Operational focus during the quarter remained on the planned restart of production at the Wonawinta Silver Mine and Mt Boppy Gold Project, targeted for late March to early April 2026. Exploration work continued at low levels, with expanded programs scheduled for Q4 2025 and Q1 2026 to develop new drill targets and potentially extend mine life.

Management Commentary

Dennis Karp, Executive Chairman of Manuka Resources, commented:

“While both gold and silver enjoyed very strong price increases during the September quarter, it was silver which was the real out-performer… The recent capital raisings together with the debt restructuring… continue to highlight a return of shareholder confidence.”

Financial Position

As at 30 September 2025, Manuka reported borrowings of AUD 39.09 million, available facilities of AUD 2.03 million, and a cash balance of AUD 0.368 million.

No hedge contracts were open at quarter end. The company reported cash payments of AUD 0.350 million to related parties and AUD 0.186 million in exploration outflows.

Share performance

MKR’s shares traded at NZD 0.0640 per share on 03 November 2025.