Manuka Resources Limited (ASX:MKR), an ASX/NZX-listed producer, developer, and explorer with precious metals assets in the Cobar Basin and Iron Ore and Critical Minerals assets in New Zealand, has announced that it is on track to commence gold and silver production in Q2 2026. The company, which is focused on bringing its Cobar Basin precious metal assets back online and advancing the Taranaki VTM Project, will remain completely unhedged. Manuka Resources operates a 1Mtpa processing plant strategically located within the Cobar Basin and has an existing open-pit gold mine at Mt Boppy.
The company’s Cobar Basin Production Plan outlines a 10-year mine plan targeting 19Moz of silver from Wonawinta open pits and ROM stockpiles, and 46koz of gold from the Mt Boppy open pit and Wonawinta/Mt Boppy stockpiles. Restart costs are estimated at A$18.9 million, including the addition of a deslime circuit to the Wonawinta processing plant. Average EBITDA is projected at approximately A$106 million, resulting in an NPV of A$668 million and an IRR of approximately 1096%, based on A$107.50/oz silver.
Manuka Resources is also progressing its Taranaki VTM Project in New Zealand, which boasts a 3.2Bt Vanadium, Titanium, Magnetite (VTM) Resource. A Pre-Feasibility Study (PFS) completed in March 2025 outlined a 5Mtpa production of critical minerals bearing iron ore concentrate from seafloor iron sands deposits. This project is currently undergoing New Zealand’s Fast-track approvals process, with a decision expected by March 18, 2026. The company aims to commence a Bankable Feasibility Study in 2026.
The company has share price catalysts for FY26 that include strength in gold and silver markets, securing non-dilutive funding to support restart precious metal production in the Cobar Basin, and the 18 March 2026 target date for notification of NZ VTM Project approval status.
