Manuka Resources has secured the final US$4 million tranche of its US$30 million Nebari facility, fueling its push to restart gold production at Mt Boppy and silver output at Wonawinta by September 2026.
- Final US$4 million tranche drawn under Nebari facility
- 8.2 million warrants issued to Nebari as part of funding terms
- Gold processing to start mid-July, silver production targeted for late September
- Processing plant refurbishment and workforce expanded to 80+ employees
- Updated Ore Reserve and Life of Mine Plan imminent
Nebari Funding Fully Drawn, Warrants Issued
Manuka Resources (ASX:MKR) has completed the full drawdown of the second tranche of its US$30 million senior secured term facility with Nebari Natural Resources Credit Fund II, LP, receiving US$4 million (approximately A$5.8 million) on 26 June 2026. This final tranche supports the company’s planned restart of its Wonawinta silver and Canbelego gold projects, as originally budgeted.
In exchange for the tranche 2 drawdown, Nebari received 8,232,731 warrants exercisable at $0.1357 per share until June 2030. These warrants, issued under Manuka’s placement capacity, represent a potential future equity dilution but were pre-agreed before funds were drawn.
Production Restart Accelerates with Expanded Workforce
Manuka is advancing towards renewed gold and silver output at its 100% owned Wonawinta Silver Project and Mt Boppy Gold Project. Since April 21, the company has been crushing and hauling gold-bearing material from Mt Boppy waste and rock dumps to the Wonawinta processing plant. This activity precedes the first ore processing phase, with gold production revenues expected to commence around mid-July 2026.
Silver production is targeted to begin in late September 2026, marking a significant milestone in Manuka’s transition back to profitable operations. The processing plant has undergone a major refurbishment, including the installation of a new deslime circuit, critical for silver recovery. Meanwhile, the workforce has expanded dramatically from a care and maintenance team of five to over 80 personnel, with accommodation capacity increased for an additional 48 staff.
Ore Reserve Update and Life of Mine Plan on the Horizon
Manuka signaled that an updated Ore Reserve and revised Life of Mine Plan for the Wonawinta silver project will be released later this week. This update is expected to provide fresh insights into the mine’s economics and operational timeline, potentially influencing investor sentiment and valuation.
Executive Chairman Dennis Karp described the past months as a period of intense activity, effectively rebuilding the operation from a minimal maintenance phase to a full-scale production site. The recent funding drawdown from Nebari is a key enabler for the final stages of recommissioning.
Bottom Line?
Manuka’s completed funding and operational ramp-up set the stage for imminent gold and silver production, but the market will watch closely for the upcoming Ore Reserve update and early production metrics.
Questions in the middle?
- How will the updated Ore Reserve and Life of Mine Plan impact Manuka’s valuation and production forecasts?
- What are the risks around meeting the targeted silver production start in late September?
- How might the issuance of over 8 million warrants affect share dilution and investor sentiment?