Highlights

  • Manuka executed a term sheet for a USD 22.5 million production restart loan facility with Nebari.
  • Silver outperformed gold during the December 2025 quarter, according to the company’s Executive Chairman.
  • The Taranaki VTM Project decision under New Zealand’s Fast-track approvals process is due in March 2026.

Manuka Resources Limited (NZX:MKR) provided its December 2025 Quarterly Activities Report, highlighting silver as the key commodity outperformer during the period amid rising precious metal prices. The update outlined progress across financing, exploration, and project approvals, with the company advancing its silver and gold assets in Australia and New Zealand while preparing for a planned production restart in 2026.

Silver Performance in Focus During December Quarter

Commenting on the quarter, Manuka Resources Executive Chairman Dennis Karp stated that silver emerged as the standout performer during the December 2025 quarter and across the full 2025 calendar year. While both gold and silver recorded price increases over the period, silver delivered comparatively higher gains.

The company’s operational focus remains on advancing its Wonawinta Silver Project and Mt Boppy Gold Project in New South Wales, with activities aligned toward a production restart targeted for late Q2 2026.

Financing and Project Milestones Achieved

During the quarter, Manuka executed a term sheet for a USD 22.5 million production restart loan facility with Nebari Natural Resources Credit Fund II LP. The facility is targeted for completion in late February 2026.

Post quarter-end, Manuka confirmed that both the Wonawinta silver project and the Mt Boppy gold project satisfied Nebari’s technical due diligence requirements. The company also completed a NZD 15 million capital raising, approved by shareholders at the November 2025 annual general meeting, with proceeds allocated toward exploration at Mt Boppy, plant upgrades, refurbishment, and working capital.

Following completion of the debt facility, Manuka expects to be funded through to production.

Exploration and Updated Project Economics

Manuka commenced a deep exploration drilling program at Mt Boppy during the quarter, targeting extensions at depths of up to 500 metres. The company also released an updated Cobar Basin pre-feasibility study on 30 January 2026.

The study forecasts a project net present value (NPV8) of NZD 805 million and an internal rate of return (IRR) of 1,092 percent, based on assumed prices of USD 95 per ounce for silver and USD 4,800 per ounce for gold, with an AUD/USD exchange rate of 0.7000.

Taranaki VTM Project Advances Through Fast-Track Process

In New Zealand, Manuka’s wholly owned subsidiary, Trans-Tasman Resources Limited, continued to progress the Taranaki Vanadium Titanomagnetite (VTM) Project through the Fast-track Approvals process. During the quarter, expert panel workshops were held in Hawera and Auckland, addressing technical, environmental, cultural, legal, and economic matters.

The expert panel is required to deliver its decision on the project’s environmental consents by 18 March 2026. The Taranaki VTM Project has been designated as a project of national significance and is forecast to generate NZD 854 million in export revenue per annum, contributing toward the government’s target of doubling mineral export earnings to NZD 3 billion annually by 2035.

Share Price Snapshot

Manuka Resources shares closed at NZD 0.21 on 2 February, down 8.70% for the session. The stock remains up 162.5% over the past year, despite declining 25% over the last five trading days.