Highlights

  • Manuka Resources Limited issued an amended Mt Boppy exploration announcement following ASX compliance queries related to Listing Rules 5.7 and 5.22.
  • Three deep RC-collared diamond drill holes at the Mt Boppy Gold Project did not intersect materially significant high-grade gold mineralisation.
  • Drillhole MSDD001 returned a narrow 0.8m interval grading 46 g/t silver, associated with visible sulphide mineralisation including pyrite, galena and sphalerite.
  • Resource definition drilling has commenced at the Pipeline Ridge Gold Project, with Manuka targeting a maiden gold resource estimate during 2026.
  • The Company is progressing the restart of the Wonawinta processing plant, with first gold processing targeted for May/June 2026 and first silver production expected in the September 2026 quarter.
  • Manuka continues advancing its broader Cobar Basin strategy, using Mt Boppy and Pipeline Ridge as potential ore sources to support the long-term Wonawinta production plan.

Manuka Resources Limited (ASX:MKR) shares jumped 4.35% to AUD 0.096 during the afternoon session on 11 May 2026 after the company released an amended version of its earlier 28 April 2026 announcement relating to exploration activities at the Mt Boppy Gold Project in New South Wales, after responding to queries from the ASX regarding compliance with Listing Rules 5.7 and 5.22.

The revised announcement replaces the original release in full and introduces a series of clarifications, corrections and additional disclosures. While the Company has updated several aspects of its reporting framework, it emphasised that the underlying exploration results and technical conclusions remain materially unchanged.

The update centres on recent drilling at the Mt Boppy Gold Project in the Cobar Basin, where Manuka completed three RC-collared diamond drill holes targeting potential depth and strike extensions of known mineralisation south of the existing open pit. Although the programme did not return significant high-grade gold intercepts, the results provided further geological and structural information that may assist future targeting.

The amended release also outlines progress at the nearby Pipeline Ridge Gold Project and provides additional context around the restart of the Wonawinta processing plant, which forms a central part of the Company’s broader Cobar Basin production strategy.

ASX Queries Prompt Reporting Amendments

The amended announcement was issued after ASX sought clarification on several aspects of the original disclosure, including the reporting of exploration results, Competent Person consents, assay methodologies and references to historical and conceptual resource information.

Among the key corrections was clarification that the reported 46 g/t silver result from drillhole MSDD001 was derived from PhotonAssay analysis rather than portable XRF testing, as originally stated. The Company also revised references to historical drillhole PMS129 and removed a previously cited “~30–40koz” Exploration Target reference.

Additional amendments included clearer cross-referencing between figures and tables, updated cautionary statements, and refined disclosure surrounding historical exploration results and production target assumptions.

Manuka stated that the changes were made to ensure full alignment with ASX Listing Rules and JORC Code reporting requirements.

Mt Boppy Drilling Returns Limited Gold Mineralisation

The drilling programme at Mt Boppy comprised three RC-precollared diamond drill holes — MSDD001, MSDD004 and MSDD005 — for a combined diamond drilling length of approximately 1,480 metres.

The holes were positioned between 300 metres and 1,000 metres south of the existing Mt Boppy open pit and designed to test deeper extensions of Mt Boppy-style mineralisation between roughly 300 metres and 500 metres depth.

According to the Company, the programme did not intersect economically significant high-grade gold zones. The Competent Person, Mr Philip Bentley, determined that the reported gold intersections were not considered materially significant under ASX Listing Rule 5.7.

The most notable result was a narrow 0.8-metre interval grading 46 g/t silver from 311.20 metres to 312.00 metres in drillhole MSDD001. The interval was associated with visible sulphide minerals including pyrite, galena and sphalerite.

Elsewhere, drillhole MSDD005 returned 2 metres grading 0.55 g/t gold between 23 metres and 25 metres.

While the results were modest from a gold perspective, Manuka noted that the drilling provided useful geological insights that may support follow-up exploration, particularly toward the south-east of the current pit.

Pipeline Ridge Drilling Underway

Alongside the Mt Boppy update, the Company confirmed that resource definition drilling has commenced at the Pipeline Ridge Gold Project, located about 28 kilometres south of Mt Boppy.

The programme includes approximately 3,075 metres of Reverse Circulation Drilling and a further 410 metres of planned diamond drilling, targeting shallow oxide gold mineralisation suitable for potential open-pit extraction.

Manuka is aiming to deliver a maiden gold resource estimate for Pipeline Ridge during 2026.

The Company disclosed an Exploration Target ranging from 187,000 tonnes to 365,000 tonnes grading between 1.1 g/t and 1.5 g/t gold down to approximately 58 metres depth, based on preliminary modelling and kriging estimation techniques.

However, Manuka reiterated that the Exploration Target remains conceptual in nature and that there has been insufficient exploration work completed to define a JORC-compliant Mineral Resource.

Wonawinta Restart Remains Central Focus

The broader strategic significance of the announcement lies less in the exploration results themselves and more in the Company’s push toward restarting operations at the Wonawinta processing Facility.

Manuka has continued advancing commissioning activities at the plant, including refinancing, procurement of processing equipment, care and maintenance exit works and haulage preparations for Mt Boppy ore.

The Company is targeting first gold processing during the May/June 2026 period, while first silver production and sales are expected in the September 2026 quarter.

Management has previously outlined a 10-year production plan for the Cobar Basin operations, with Mt Boppy and Pipeline Ridge intended to provide near-term ore sources for the Wonawinta plant.

The Company also noted that approximately 38% of the current Production Target is based on Inferred Mineral Resources, which carry a lower level of geological confidence than Indicated or Measured Resources.

Market Interpretation Likely Mixed

From a market perspective, the amended announcement is likely to be viewed primarily as a compliance-driven update rather than a major exploration catalyst.

On the positive side, investors may focus on the continued operational progress toward restarting Wonawinta, the commencement of Pipeline Ridge drilling and the prospect of a maiden gold resource later this year.

The Company has also taken steps to strengthen its disclosure framework and clarify how historical exploration information will be presented in future announcements.

However, the deeper Mt Boppy drilling campaign did not identify significant new high-grade mineralisation, and the Company explicitly acknowledged that the reported intersections were not material under Listing Rule 5.7.

Some investors may also remain cautious given that the original release required amendment following ASX scrutiny, particularly as disclosure quality and JORC compliance are closely monitored within the resources sector.

Risks and Key Watchpoints

Several risks remain attached to Manuka’s broader restart and exploration strategy.

These include commissioning and operational risks associated with restarting the Wonawinta processing plant, geological uncertainty surrounding the conceptual Pipeline Ridge Exploration Target, Commodity price Volatility and the reliance on Inferred Mineral Resources within the Production Target.

The Company also acknowledged that additional Capital may be required to further advance Pipeline Ridge and support ongoing ramp-up activities.

Looking ahead, investors are likely to focus on several near-term catalysts, including processing plant commissioning milestones, first gold and silver production, the maiden Pipeline Ridge resource estimate and any follow-up drilling results from Mt Boppy.

While the amended announcement does not materially alter the underlying exploration outcome, it does provide a more comprehensive and compliant framework for assessing Manuka’s ongoing Cobar Basin development strategy.