Manuka Resources Raises $15m via Placement to Revive Wonawinta Silver Mine

Manuka Resources (ASX: MKR) has received strong investor support for its plans to re-start production at the company’s 100%-owned Wonawinta silver mine in New South Wales within the next six months.

The company has initiated a $15 million placement to fund its aggressive Wonawinta development plans and fast track exploration at the Mt Boppy and Pipleline Ridge gold projects, also in NSW.

Manuka will allocate $10.75m of the placement proceeds to upgrade and refurbish the Wonawinta plant, and a further $750,000 to a planned camp and administration refurbishment at the site, with $1m to cover drilling and exploration programs at Mt Boppy and Pipeline Ridge.

Two-Tranche Placement

The company will issue approximately 200 million new shares in two tranches between now and the end of 2025 at a placement price of $0.075 per share.

This represents a 19.4% discount to the closing price of the company’s shares on 16 October 2025.

The first tranche will consist of approximately 34.4 million shares, while the second tranche of approximately 165.6 million shares will be subject to shareholder approval.

Near-Term Production

Executive chair Dennis Karp said the success of the raising was an indication of investor enthusiasm for Manuka’s positioning with the only production ready silver mine in Australia.

“The funds received will allow us to commence the proposed upgrades to the Wonawinta processing plant, as well as progress towards silver and gold production and the generation of free cash flow in the first half of 2026,” Mr Karp said.

“Furthermore, the opportunity to undertake exploration drilling at Mt Boppy and Pipeline Ridge over the coming months provides a potential near-term catalyst for high-impact results to support our broader Cobar Basin ambitions.”

Manuka estimates Wonawinta contains more than 50 million ounces of silver, with the project also featuring a leach plant on site.