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Gold|Mining|PROJECT|Resources
Gold|Mining|PROJECT|Resources
gold|mining|project|resources

Manuka targets early 2026 for Wonawinta restart

26th September 2025

By: Creamer Media Reporter

     

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ASX-listed Manuka Resources said on Friday that it was moving ahead with financing talks to restart silver and gold production at its Wonawinta processing plant in New South Wales, buoyed by record prices for the two metals.

The company has received a binding offer for a new debt facility from an Australian non-bank lender to refinance its existing senior debt and fund the restart. Manuka expects to finalise documentation over the next quarter, targeting first production in early 2026.

As part of the refinancing process, Manuka’s $12.4-million senior debt facility was assigned from TransAsia Private Capital to a unit trust comprising significant existing shareholders, extending the maturity date to March 2026. The arrangement provides sufficient time to complete refinancing, with Manuka paying market-related fees to the unit trust.

Manuka has also unveiled a ten-year production plan for its Cobar Basin assets, which calls for mining and processing 10.9-million tons of ore containing 19-million ounces of silver and 47 000 oz of gold.

Restarting the Wonawinta facility is expected to cost A$18.9-million. At an assumed silver price of A$50/oz and average all-in sustaining costs of A$35/oz, the project is forecast to deliver A$22-million in yearly earnings before interest, taxes, depreciation and amortisation, with an internal rate of return of 109% and a net present value (NPV) of A$101-million.

With silver trading at about A$68/oz, which is about 36% above Manuka’s base case, every 10% increase in price above A$50/oz adds an estimated A$43-million to project NPV, the company said.

Manuka also reported a maiden openpit probable reserve at its Mt Boppy gold project of 290 000 t grading 4.2 g/t for 39 000 oz. At a gold price of A$5 000/oz, the cutback would add A$43.2-million in project NPV. Gold is currently around A$5 700/oz.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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