Manuka Resources Ltd. has secured the funding needed to transition its New South Wales gold and silver projects back into commercial production.
The company said the final tranche of its US$30 million (AU$43.6 million) term facility with Nebari Natural Resources Credit Fund II, LP has been fully drawn down with the funds received on June 26.
The tranche 2 drawdown of US$4 million will provide the remaining targeted capital budgeted for the Wonawinta silver and Canbelego (Mt Boppy) gold mining projects.
In consideration for the funding drawdown, Manuka has issued 8,232,731 unlisted warrants to Nebari under its existing placement capacity. The warrants carry a fixed price of 13.57 cents per share.
The final funding package arrives as operational momentum rapidly accelerates on-site. Crushing, screening, and heavy haulage of gold-bearing material from the historic Mt Boppy waste rock dumps to the Wonawinta processing plant has been running continuously since late April.
Manuka’s near-term commercial strategy relies on sequencing gold processing to generate early, stable revenue roughly three months before primary silver processing begins.
Gold processing revenues are forecast to commence around mid-July 2026, with the site targeting commercial silver production by late September.
To support the massive operational scale-up, Manuka has rebuilt its workforce Wonawinta from a skeleton care-and-maintenance team of just five employees to a robust site crew of over 80 personnel, helping push the site’s processing footprint beyond 1 million tonnes per annum (Mtpa).
Manuka Managing Director and Executive Chairman Dennis Karp said the site teams have completed a major refurbishment of the processing plant, advanced the installation of a new deslime circuit, and expanded the accommodation camp capacity to support the final stages of recommissioning.
“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,” Karp said.
