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Highlights
Manuka Resources launches fully underwritten entitlement offer to support Cobar Basin strategy
Proceeds to back Wonawinta plant restart and repay existing obligations
Production restart for silver and gold slated for early next year
Manuka Resources Ltd (ASX:MKR), listed on the All Ordinaries, is preparing to revitalise operations in the Cobar Basin with a new equity funding initiative. The company is focused on precious metals and is progressing toward the restart of its Wonawinta silver and gold processing facility.
Entitlement Offer to Fund Production Activities
Manuka has launched a fully underwritten non-renounceable entitlement offer, backed by Claymore Capital. The proceeds from this equity raise are earmarked for several strategic workstreams, including the recommissioning of the Wonawinta plant and commencement of the company’s broader production plan in the Cobar Basin region.
Additionally, a portion of the funds will be directed towards the repayment of outstanding debt, aligning with efforts to strengthen the company's financial footing ahead of planned operational milestones.
Operational Progress and Restart Timeline
Manuka Resources is targeting an early calendar year restart of its silver and gold production program. The Wonawinta project, which was initially developed by Cobar Consolidated Resources, has undergone detailed reviews since its acquisition by Manuka in 2016. These evaluations have identified several areas for operational enhancement, contributing to the current production strategy.
Executive Director Dennis Karp stated that the fully underwritten nature of the equity raise, supported by key backers, highlights confidence in the company’s asset base and near-term project plans.
Background on Key Projects and Regional Importance
The Wonawinta and Mt Boppy projects form the cornerstone of Manuka’s asset portfolio within the Cobar Basin, one of Australia’s longest-standing and infrastructure-ready mining regions. This basin is home to numerous deep and historically productive mine sites.
Wonawinta, once a shallow silver oxide operation, is now being repositioned as a silver and gold production centre. Manuka’s forward path involves reactivating and upgrading this facility while continuing to build momentum around its broader precious metals ambitions in the area.
Sector Positioning and Infrastructure Strengths
The Cobar Basin offers proximity to key service providers, skilled labour, and established transport networks, providing Manuka with logistical advantages as it seeks to advance its production goals. This strategic location supports the efficient delivery of project phases and positions the company within a legacy-rich and well-supported mining ecosystem.
