Announcement • Jul 13

Manuka Resources Limited Updates Ore Reserve for Wonawinta Silver Mine

Manuka Resources Limited announced 100% owned Wonawinta mine site is actively recommissioning the metallurgical plant facility (last operated 2024) ahead of planned silver and gold processing operations restart this quarter. Updated mining study has increased the Wonawinta Probable Ore Reserve to 7.9Mt. Background: Mining Associates Pty Ltd. (MA) were engaged by Manuka to undertake a Mining Study for the Project. The type of mining evaluation work undertaken is comprehensive and used together with a range of inputs to derive the reserve grade and tonnes (and to demonstrate that the body of ore is economic, a criterion for reserve classification). Mining is to be undertaken using an open-pit mining method. Conventional drill-blast-load- haul methods are to be utilised. MA has undertaken pit optimisations, pit designs, mine scheduling and economic analysis for the Wonawinta Project. This work was carried out utilising the Deswik CAD package and Micromine's SPRY scheduling package. The updated open pit Ore Reserve estimation is 7.9Mt at a grade of 50.4g/t Ag and a total material movement of 34.1Mt with a waste to ore strip ratio of 3.4:1. The pit optimisation was guided by a pit shell optimised at a silver price of USD 50/oz. The reserve financial modelling was run using a silver price of USD 55/oz and an exchange rate of AUDUSD 0.70 (equating to an AUD silver price of 78.57/oz). The closing silver price on 03 July 2026 was approx. USD 62.25/oz and the AUDUSD exchange rate was 0.6920 (equating to an AUD silver price of AUD 89.96/oz). The Wonawinta mine is fully permitted and the existing processing plant and infrastructure is in the final stages of refurbishment and upgrade in preparation for the commencement of silver production over the coming three months. The Reserve pit optimisations were undertaken applying revenue from Measured and Indicated Resources only. No value was subscribed to Inferred Resources, which were treated as waste in these optimisations. Using the reserve ultimate pit shells, Manuka continues to further optimise the Life of Mine scenarios in readiness for a 2026 operating plan which is expected to contract out mining activities to Macmahon Contractors P/L later in 2026. Site metallurgical processing, recoveries and G&A costs were all developed by Manuka from first principles using activity-based costing methods and past operating experience. The metallurgical test work, flowsheet and forecast silver production was directed by Manuka's Dieter Engelhardt. All processing on site utilizes the existing plant and infrastructure, along with a renewed and improved crusher and deslime circuit currently being manufactured and installed. Mineral Resource Estimates: The Wonawinta Mineral Resource Estimate of April 2021 was compiled by Mining Associates Limited (MA) based on a cut-off grade of 20g/t Ag using block models developed by MA based on ordinary kriging techniques. Ore Reserve Statement: The Ore Reserve was prepared by independent mining consultancy Mining Associates Limited (MA). Measured and Indicated Resources were converted to Probable Ore Reserves respectively, subject to pit designs, modifying factors and economic evaluation outlined in this announcement at a pre-feasibility study level. The Ore Reserve is based on re-entering the two existing pits (Boundary and Manuka) and the development of three new northern pits (Belah, Bimble and Pothole). A variable cut-off grade has been utilised based on the recovery for each mining block. Modifying Factors: Environmental - Wonawinta is situated on an existing mining lease, with approvals in place from prior operations. These approvals are still in place for four pits. In essence, nothing material needs to be done to modify any current approval to recommence mining as the original conditions which considered the four pits have not varied. An approval may be necessary to develop the Pothole pit, however due to the previous operating history, the project location and ownership, and existing approvals, it is not anticipated that there will be any issues with ESG approvals for recommencement of operations or the development of Pothole pit. Manuka in April 2025, engaged Irwin Environmental Management Pty Ltd. to undertake an environmental compliance audit. The audit concluded that Manuka is maintaining the Wonawinta Mine Site under care and maintenance in a manner which satisfactorily reduces the risk of harm to the environment. Some non-compliances have been noted, with the majority of these representing matters which are administrative in nature or have low risk of adverse environmental impact. Geotechnical - PSM undertook a review of historical geotechnical slope recommendations for the Wonawinta Project to determine if current slope recommendations were appropriate. Manuka plan to expand both the current Manuka and Boundary pits through cutbacks, as well as develop three new pits Belah, Bimble and Pothole. Historical geotechnical reports, data and recommendations are summarised in Table 3 below. No additional data has been collected since 2013. Data gaps and uncertainties identified from the historical data by PSM are outlined below: Geology is highly variable across the deposit. Increasing the uncertainty with regards the materials that will be encountered within pit walls. No current geotechnical data available for Belah, Bimble and Pothole pits Potential for greater thicknesses of lower strength clays to occur in places. There may be slope stability issues where these clays are present. Rock data structural material is limited, with potential for bench scale planar or wedge type failures where adverse defects occur. PSM concluded that Manuka and Boundary pits had sufficient data and mining experience for the recommendations in PSM1384-108L to be adopted. This assumes pit expansions are not significantly deeper and that the pit walls are in similar material. The first 3 benches to have 10m bench heights, 65-degree batter angles and 5m berm widths. Lower benches (assuming in rock) to have 10-20m bench heights, 70-degree batter angles and 5m berm widths. Given the lack of current geotechnical data in Belah, Bimble and Pothole pits a conservative design approach has been adopted. The slope design recommendations in PSM1384.R1 have been adopted for these pits. PSM have recommended a geotechnical site investigation for Bimble, Belah and Pothole will be needed prior to the mining of those pits. The site investigation should consist of: 3-4 diamond drill boreholes (one in Bimble, two in Belah and one in Pothole). The boreholes should be photographed, geotechnically logged, and samples collected for geomechanical laboratory testing. Other geological drilling in the area should be reviewed in conjunction with the geotechnical holes. Following the site investigation geotechnical model, analysis and designs should b updated. MA has adopted the above design recommendations for this study.

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