Highlights

  • Manuka reported approximately AUD 3.906 million in precious metals sales during October 2026.
  • Three October deliveries comprised 651 ounces of gold and 1,443 ounces of silver.
  • Gold processing at the wholly owned Wonawinta plant recommenced on 22 August 2026.
  • September-quarter throughput reached 43,270 tonnes at an average gold head grade of 0.81 g/t.
  • Four precious metals deliveries are planned for November, with timing and volumes subject to operational conditions.

Manuka Resources Limited (ASX:MKR) operates precious metals Assets in the Cobar Basin of New South Wales, including the Mt Boppy gold project and the Wonawinta processing facility. Following the recommencement of gold processing at Wonawinta on 22 August 2026, the company reported approximately AUD 3.906 million in October precious metals sales on 4 November. The update provides an early measure of Revenue generation after the plant restart, although it does not establish operating profitability.

October Deliveries Establish a Regular Sales Pattern

Manuka Resources Limited (ASX:MKR) disclosed three deliveries to a Sydney refinery on 16, 23 and 30 October 2026. Together, the deliveries comprised 651 ounces of gold and 1,443 ounces of silver. The approximately AUD 3.906 million proceeds cover both metals; the company did not disclose separate revenue for each product or an average realised gold price.

The 4 November announcement also outlined plans for four precious metals deliveries during November, beginning on 6 November and continuing weekly. Manuka expects delivery volumes to increase as metal inventory accumulates in the processing circuit, subject to normal operational variability. These are company expectations rather than completed shipments or a guaranteed monthly sales outcome.

Plant Restart, Head Grade and Ore Feed

The September 2026 Quarterly Report provides operational context for Manuka Resources Limited (ASX:MKR). Wonawinta processed 43,270 tonnes of Mt Boppy gold-bearing material during the three months ended 30 September, at an average head grade of 0.81 grams per tonne gold. Average gold recovery was 72%, with approximately 800 ounces reported in the processing circuit at quarter-end.

The Wonawinta plant is described by the company as a fully permitted, conventional carbon-in-leach Facility with nominal annual capacity of 1.0 million tonnes. Mt Boppy supplies the initial gold-bearing material, transported to Wonawinta for treatment.

Manuka Resources Limited (ASX:MKR) expects its average processed head grade to move towards the previously reported reserve head grade of 1.1 g/t gold. This is an operational expectation, not a new Ore Reserve estimate or confirmation that the higher grade has been achieved.

Financial Position and the Next Processing Phase

The September quarterly report showed cash and cash equivalents of AUD 581,000 and total borrowings of AUD 60.1 million as at 30 September 2026. Although recurring metal sales provide operating receipts, the October release did not disclose the corresponding operating costs, Debt repayments or margins needed to assess the financial contribution.

Manuka Resources Limited (ASX:MKR) also intends to commission its upgraded silver circuit in early 2027, with combined gold and silver processing planned afterwards. This remains a forward-looking milestone. The company reported a Probable Ore Reserve for Wonawinta of 7.9 million tonnes grading 50.4 g/t silver, containing approximately 12.8 million ounces, in its September quarterly report, referring to its July 2026 reserve update.

Key Insights

Manuka Resources Limited (ASX:MKR) has progressed from recommissioning to regular precious metals deliveries, with October sales providing a measurable commercial result. However, the sales total alone cannot establish profitability or future output. Subsequent updates on delivery volumes, actual head grades, recovery rates, costs and silver circuit commissioning will be important for evaluating the operating ramp-up against the company’s stated plans.