Manuka Resources has received its first gold revenue after restarting processing at the Wonawinta plant in New South Wales. The company expects fortnightly gold revenue of A$3.0 million to A$4.0 million through the end of 2026, although sales remain dependent on the plant reaching steady state.
- First gold revenue received after Wonawinta restart
- Processing ramping towards 1,750 tonnes per day
- Expected fortnightly revenue of A$3.0 million to A$4.0 million
- Next gold shipment scheduled for mid-October
- Silver circuit commissioning targeted from late 2026 to Q1 2027
Wonawinta moves from restart to revenue
Manuka Resources Limited (ASX:MKR) has crossed the most important line in its Wonawinta restart: the processing plant has produced its first gold revenue. Gold processing resumed on 22 August, and the company says it has now achieved more than five weeks of consistent processing at the New South Wales operation using material from its 100%-owned Mt Boppy gold project.
The first sale is expected to mark the beginning of a fortnightly revenue cycle, with the next gold shipment scheduled for mid-October. Manuka says carbon stripping and shipments are expected to occur every two weeks as gold inventory continues building in the carbon-in-leach circuit.
Operating figures point to a developing cash stream
Mt Boppy material is being processed at a ramping rate of about 1,750 tonnes a day, with a head grade of approximately 1.0 grams of gold per tonne and recoveries of around 75%. The company expects fortnightly revenue between A$3.0 million and A$4.0 million through the end of 2026, based on an assumed gold price of A$6,000 an ounce.
That estimate is revenue, not profit, and the plant has not yet reached steady state. Manuka says gold loading on carbon, production volumes and sale volumes are still increasing, with monthly reporting of gold sales and key plant metrics planned until the ramp-up is complete. The next updates should therefore show whether the initial operating parameters hold as throughput becomes more consistent.
Silver circuit remains the larger production milestone
Gold is only the first stage of Manuka’s Wonawinta production plan. Installation of the crushing and deslime circuits for silver processing is progressing, with commissioning targeted for late 2026 to the first quarter of 2027. The company intends to transition the facility into combined gold and silver production and says it will provide updated forecasts once the silver circuit is commissioned.
For now, the commercial test is narrower and more immediate: whether fortnightly shipments can be maintained, recoveries can improve from their current approximate level, and cash receipts develop in line with the stated range. The mid-October shipment and the first monthly plant metrics will provide the next evidence.
Bottom Line?
The first sale validates the restart operationally, but the investment case now turns on repeatable shipments, realised gold prices and the timing of silver commissioning.
Questions in the middle?
- Will gold recoveries improve as the carbon-in-leach circuit reaches steady state?
- Will fortnightly revenue fall within the A$3.0 million to A$4.0 million range under actual gold prices and sale volumes?
- Can Manuka commission the silver crushing and deslime circuits within the late-2026 to Q1 2027 target window?