Highlights

  • Wonawinta restarted gold processing on 22 August 2026.
  • September-quarter throughput reached 43,270 tonnes of Mt Boppy material.
  • Approximately 797 ounces of gold were in circuit at quarter-end.
  • October gold sales proceeds totalled approximately AUD 3.91 million.

Manuka Resources Limited (ASX:MKR) develops gold and silver Assets in the Cobar Basin of New South Wales and is evaluating a separate mineral sands project in New Zealand. Its shares closed at AUD 0.049 on 5 November 2026. During 2026, the immediate operational focus shifted to restarting the Wonawinta processing Facility using gold-bearing material from Mt Boppy. The September-quarter report and subsequent October sales update provide measurable evidence of the early production ramp-up, while commissioning work for a silver processing circuit remains unfinished.

Wonawinta Restart and Early Production

Gold processing recommenced at Wonawinta on 22 August 2026 following plant refurbishment and operational preparations. During the quarter ended 30 September, the facility processed 43,270 tonnes of Mt Boppy material at an average head grade of 0.81 grams per tonne of gold. Reported recovery averaged 72%, with approximately 797 ounces of recovered gold remaining in circuit at quarter-end. Those figures describe throughput, feed grade and metal inventory; they are not interchangeable with gold already sold. Manuka Resources (ASX:MKR) progressed deliveries to a refinery in October, providing a subsequent measure of how the restart was converting processing activity into revenue. The distinction between inventory accumulation and sales is especially important during commissioning.

October Sales and Processing Capacity

In an early-November announcement, Manuka reported three October deliveries generating approximately AUD 3.91 million in gold sales proceeds. A separate October update stated that Wonawinta had reached full gold processing capacity, although capacity achievement does not establish that every future month will operate at the same rate. Manuka Resources (ASX:MKR) has also continued to optimise feed selection and recovery as stockpiled Mt Boppy material is treated. The September-quarter average grade provides a starting point against which future feed characteristics can be assessed. Revenue must still be considered with operating costs, Capital requirements and the timing of cash receipts before any conclusion about profitability can be drawn.

Silver Commissioning and Exploration Programme

The next planned stage is introduction of silver processing at Wonawinta. Manuka has been installing crushing and desliming equipment and indicated that the facility could transition to combined gold and silver processing in early 2027, subject to completion of the remaining work. This is a project schedule rather than an achieved silver production outcome. At Pipeline Ridge, the company completed an initial 56-hole, 3,133-metre reverse-circulation drilling programme. Selected results included 32 metres at 7.98 grams per tonne gold from 34 metres downhole. These are reported drilling intervals; true widths were not established in the disclosure. Manuka Resources (ASX:MKR) has been working on geological modelling and an initial mineral resource estimate, meaning the drill results should not be presented as an already defined reserve.

Funding, Risks and Key Insights

Manuka completed an AUD 14.5 million Placement during 2026 to support silver circuit works and working capital, and its share purchase plan raised approximately AUD 334,000. Management identified higher freight, construction and installation costs, together with a timetable extension, as reasons for the additional funding requirement. Processing rates, gold recovery, feed availability and the cost of silver commissioning remain central operational variables. The company also needs to establish that repeated metal sales translate into sustainable cash generation. For Manuka Resources (ASX:MKR), Key Insights centre on the completed gold restart, reported September production metrics and October sales. The planned silver circuit and further resource evaluation are the next separate milestones.