Highlights

  • Technical due diligence has been completed for both the Wonawinta silver and Mt Boppy gold projects.
  • Definitive loan documentation is targeted for signing around 20 February 2026, subject to final approvals.
  • The proposed facility totals USD 22.5 million and is structured as a senior secured loan.

Manuka Resources Limited (ASX:MKR) has confirmed that its silver and gold assets have successfully completed technical due diligence for a proposed USD 22.5 million senior secured loan facility with Nebari Natural Resources Credit Fund II LP. The update marks a key step toward finalising project financing for the company’s Wonawinta silver and Mt Boppy gold projects.

Technical Review Completed for Key Projects

The proposed loan facility was initially outlined in a term sheet executed on 1 December 2025. While preliminary credit approval was granted at that time, final approval was subject to technical, commercial, and legal due diligence.

Nebari has now completed its technical assessment of Manuka’s 100%-owned Wonawinta Silver Project and the Mt Boppy Gold Project. The company has advised that the final stage of legal due diligence is nearing completion, alongside the remaining conditions precedent required under the facility.

Financing Structure and Project Funding

The Nebari facility is intended to complement a AUD 15 million equity capital raising completed in October 2025. Together, these funding sources are expected to provide sufficient capital to progress Manuka through to silver production at the Wonawinta Silver Mine and processing plant.

The company is targeting first silver output during the second quarter of 2026. Production is planned to commence from existing stockpiles, which is expected to enable early revenue generation following the restart of operations.

In addition to funding the restart of silver production, the loan facility is intended to allow repayment of a portion of existing debt and support working capital requirements across Manuka’s operations.

Project Portfolio Overview

The Wonawinta Silver Project is located in New South Wales and includes a processing plant and established infrastructure. The Mt Boppy Gold Project, also in New South Wales, provides additional exposure to gold production and complements the company’s silver focus.

Both assets formed part of the technical due diligence process undertaken by Nebari as part of its credit assessment.

Market Reaction

On the NZX, Manuka Resources shares have risen 231.25% over the past year. On the latest trading day, the stock closed 1.85% lower at NZD 0.26 per share after opening the session in positive territory.

The company has indicated that further updates regarding execution of the full loan documentation and potential drawdown under the facility will be provided once final approvals are completed.