Manuka Resources raises $14.5M capital
- Manuka Resources received $14.5 million in firm commitments to complete its Wonawinta silver circuit.
- The new fully paid ordinary shares were issued at an offer price of $0.071 per share.
- Capital will fund silver plant commissioning, cover cost increases, and provide working capital during production ramp-up.
Manuka Resources (ASX:MKR) secured $14.5 million through a placement to institutional and professional investors to finish constructing its silver de-slime circuit.
The capital requirement follows increased freight, installation, and construction costs alongside a three-month extension to the original production schedule.
Dennis Karp, Manuka’s executive chairman, commented, "The additional funding requirement reflects increased project costs and the approximate 3-month extension to our original production timetable."
The company recently recommenced gold processing at its 100% owned Wonawinta processing facility using ore from the Mt Boppy Gold Mine.
The capital raise includes issuing roughly 207 million new fully paid ordinary shares at $0.07 each, alongside a share purchase plan offering existing local shareholders up to $30,000 in shares to raise an additional $1 million.
Following the announcement, the Manuka Resources share price was unchanged at $0.071.
Manuka Resources targets its first gold sales by the end of September as processing continues.
The miner plans to finish constructing the Wonawinta crushing and de-slime circuits in the fourth quarter of 2026, aiming for commissioning in December 2026 and initial silver revenues starting in January 2027.
