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Pre Money Equity Valuation
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Estimated Close
Issue Type
Lead Manager
No Lead Manager
Type of Securities
Date First Lodged
Offer Costs $
Market Cap Max
Key Executives
Dennis Karp (EC), Nick Lindsay (NED), Anthony McPaul (NED)
Company Address
Level 4, Grafton Bond Building 201 Kent Street Sydney NSW 2000
1st Day VWAP
Chairman's Letter

Dear Investor,
On behalf of the directors (Directors) and management of Manuka Resources Limited ACN 611 963 225
(Manuka or the Company), I am delighted to be able to present you with this Prospectus and to invite you
to consider becoming a Shareholder in the Company.
The Company is the owner of the Wonawinta silver project (Wonawinta Silver Project) and is also the
owner of Mt Boppy Resources Pty Ltd ACN 611 963 216 (Mt Boppy Resources), the entity which holds
the Mt Boppy gold project (Mt Boppy Gold Project). Both of the Company’s projects are located near
Cobar in central New South Wales, Australia.
The Company has to this point in time secured sufficient funding to take it through to production, which
commenced in April 2020. During the month of April 2020, Manuka produced over 800 oz Au (in carbon).
Furthermore, the Company is also currently in the process of commissioning a modular elution circuit which
will allow it to produce gold doré onsite at the Wonawinta Silver Project.
The Wonawinta Silver Project comprises of a granted mining lease, a 52 million ounce (Moz) JORCcompliant silver Mineral Resource, a 920 km2 portfolio of highly prospective exploration tenements and a
substantial processing plant with annual processing capacity of up to approximately 850,000 tonnes
(Wonawinta Processing Plant).
Since the acquisition of the Wonawinta Silver Project in August 2016, the Company has:
(a) commissioned various technical reports and studies concerning accessibility, climate, infrastructure
and mineralisation, including a study to redefine its existing silver Mineral Resource;
(b) identified near term revenue opportunities, including by processing the existing approximately
500,000 tonnes of silver oxide stockpiles on the Wonawinta Silver Project run of mine (ROM);
(c) reviewed the history of the Wonawinta Processing Plant to determine previous operational
shortcomings and, following that review, designed a comprehensive plant refurbishment program;
(d) worked closely with the EPA to rectify any legacy environmental issues associated with the previous
owners and achieved the lifting of all environmental licence suspensions in October 2018; and
(e) completed a full refurbishment program on the Wonawinta Processing Plant returning it to a state of
operational readiness in the first quarter of 2020.
In addition, in June 2019, Manuka completed the purchase of Mt Boppy Resources, which included mining
leases and exploration licences covering an area in excess of approximately 210 km2, a 40 person mine
camp and the historically significant open pit Mt Boppy Gold Mine1. The Mt Boppy Gold Project has a JORCcompliant Reserve of 320,000t at 3.0 g/t for 31,000 oz Au2.
In April 2020, the Company began processing stockpiled Mt Boppy gold ore at the Wonawinta Processing
Plant and is also currently processing gold loaded carbon offsite at a third party facility. This offsite carbon
processing will cease following the commissioning of the Company’s modular elution circuit referred to
above as all processing will then be able to take place onsite at the Wonawinta Silver Project.
Over the short to medium-term, the Company plans to conduct the following three (3) phases of activity:
(a) Phase 1: continue processing stockpiled and mined Mt Boppy gold ore for the next (approximately)
12 months with the intention of recovering up to approximately 22,000 to 24,000 oz Au;
1 The Mt Boppy Gold Mine has operated sporadically since 1895. Since this time, the Mt Boppy Gold Mine
has produced approximately 500,000 oz Au at an average grade of approximately 15 g/t. See section 6.1.2
of the Independent Technical Report for further information.
2 See section 15 of the Independent Technical Report for further information.
Manuka Resources Limited | PROSPECTUS
(b) Phase 2: begin processing the silver oxide stockpiles at the Wonawinta Silver Project. The Company
intends to start this second phase of activity in the second quarter of 2021; and
(c) Phase 3: begin the mining and processing of the shallow silver oxide resource at the Wonawinta
Silver Project. The Company intends to start this third phase of activity in the first quarter of 2022.
Concurrently with Phase 1, the Company also intends to:
(a) conduct an infill drilling program at the Wonawinta Silver Project and to conduct mine planning
studies on the existing shallow (<60m) oxide Resource; (b) commence drilling certain high conviction targets on the Mt Boppy Gold Project, including in areas comprising of a number of underexplored brownfield opportunities; and (c) commence drilling activities on certain other high conviction targets on the Company’s extensive and prospective exploration portfolio. Under the General Public Offer, the Company is seeking gross proceeds of a minimum of $5.0 million (Minimum Subscription) with the ability to accept oversubscriptions of up to a further $2.0 million to raise a total of $7.0 million (Maximum Subscription). The gross proceeds raised under the General Public Offer will be used by the Company for the following purposes: ● to fund infill drilling and exploration programs at both the Mt Boppy Gold Project and the Wonawinta Silver Project3; ● to pay outstanding interest on the Convertible Notes (each of which is expected to be converted pursuant to the Conversion Share Offer); ● for working capital purposes; and ● to pay the costs of the Offer. In addition to the General Public Offer, the Company is also making the Conversion Share Offer to each eligible individual holder of the Company’s Convertible Notes4. This Prospectus contains detailed information about the Company, its business and the Offer, as well as the key risks associated with an investment in the Shares (as to which, see Section 7), and I encourage you to read it carefully5. On behalf of the Board, I look forward to welcoming you as a Shareholder of the Company. Yours faithfully Dennis Karp Executive Chairman