Manuka Resources is entering the final phase of its production restart strategy after completing the second and final drawdown under its $US30 million senior secured term facility with Nebari Natural Resources Credit Fund.
The company received the Tranche 2 funding of $5.8 million ($US4 million) on June 26, providing the remaining capital originally budgeted for the Wonawinta silver mining and Canbelego gold mining projects based in New South Wales.
“While this has been described as a recommencement of production, we have effectively rebuilt the operation from a care and maintenance workforce of just five employees to a site team now exceeding 80 personnel, with production now exceeding 1 million tonnes per annum (Mtpa),” Manuka Resources managing director and executive chair Dennis Karp said.
“The second tranche funding from Nebari is an important milestone as we complete the final stages of recommissioning and move into production.
“The commencement of gold and silver production in the coming weeks will represent an important milestone for the company, as we transition back into profitable operations.”
The drawdown marks a key financial milestone as Manuka prepares to restart gold and silver production at its wholly owned Wonawinta silver project and Mt Boppy gold project in New South Wales.
Operationally, Manuka has been steadily advancing site activities ahead of first ore processing. Crushing, screening and haulage of gold-bearing material from Mt Boppy waste and rock dumps to the Wonawinta processing plant has continued since April 21, positioning the company to begin gold production before silver output comes online.
Gold processing revenues are expected to commence around mid-July 2026, while silver production is targeted for late September. The company is also preparing to release an updated Ore Reserve and revised Life of Mine Plan for Wonawinta.
As part of the facility terms, Nebari has been issued 8,232,731 warrants over unissued shares in Manuka, exercisable at $0.1357 per share until June 26, 2030.
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