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MKR - MANUKA RESOURCES LTD.


nipper
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  • 1 month later...

MKR quarterly out.

Makes for some significantly good reading.

1. Poised to become the biggest primary silver producer in OZ starting mid 2021. Given the millenial keybooard warriors call to push the silver price up, this would be a positive.

2, Sold 3600 ounces of gold at an average price 150 bucks above the current spot price. (Has zero hedging).

3. Current trends suggest full year production an cash income will be well ahead of the IPO forecasts from June 2020.

4. Recent in fill drilling has extended the Mount Boppy resource by 20%, with further below level drilling to increase it further.

All in all, a pretty good result.

Hope to see a spike today.

Mick

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  • 4 weeks later...
  • 4 weeks later...

and an update

As a brief update, please note that Manuka Resources managed through the recent extreme weather event with rains initially causing minor inconvenience to haulage between Mt Boppy and the Wonawinta processing plant, before halting production at both sites for safety reasons. Notwithstanding the extreme weather conditions mining was down for only 3 days and the Company is pleased to advise that both mining activities and production resumed operations on 24 March 2021.

 

The Company is expecting to announce a Resource Update (the maiden resource under Manuka ownership) of the Wonawinta silver oxides by the end of this month. This will be a real milestone for Manuka Resources, in its quest to become the largest primary producer of silver in Australia.

 

The Update is being independently compiled by Mining Associates which previously completed the Independent Technical Report on both Mt Boppy and the Wonawinta Project, and for Manuka's IPO Prospectus.

 

Notwithstanding the small interruption to production due to weather, gold output has been very solid during the March Quarter, a function of both better grades and consistent production

after its stellar debut, MKR seems to have settled down to around the 40c level. Further updates, and confirmation of the prospectus forecasts, should see upside to the recent consolidation

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  • 7 months later...

The initial flurry and excitement has given way to hard work. But it is bearing results.

Steady Profits for October, Debt Further Reduced 

Manuka is pleased to announce another month of strong gold sales and profitability from its Mt Boppy operation, achieving $2.26 million in profit for October (excluding unrealised foreign exchange gains from the existing USD debt facility).  The Company also made a further principal repayment during October.  

  • Sales Revenues .. AUD $6.19 million
  •  Gold sold   .......... 2,485 oz  
  • Silver sold ............ 2,998 oz 
  • Total costs (including finance and corporate overhead)  .. AUD $3.93 million 
  • Unaudited Monthly profit  ... AUD $2.26 million 

The Company advises that following what is now four months of excellent cashflow generation, it has elected to make a further principal repayment of US$1 million against its existing debt facility during October 2021. As advised previously, the Facility is not due for repayment until 30th September 2022, but Manuka has the capacity within the terms of the Facility to make early repayments with no penalty. The residual balance is now reduced to USD$8.0 million.

............ at IPO it had a good run to nearly 70c in the first few months, 2Q20. But then the SP dropped to below 30c this July. Now 40c.

 

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  • 6 months later...
On 3/24/2021 at 6:30 PM, nipper said:

and after its stellar debut, MKR seems to have settled down to around the 40c level. Further updates, and confirmation of the prospectus forecasts, should see upside to the recent consolidation

Manuka certainly has not delivered on its promise. Now back to 21c, a three year slide to a new low

From the report out today
1. Silver production commissioning occurred late March
2. Production performance during April was behind target, largely due to contract crushing operational issues. (A second crushing circuit is due to arrive on site on 3 June 2022, which should provide a material increase in capacity).
3. May production, as per the numbers in the table below, was also initially impacted by contract crusher issues but are now largely resolved. The Company is confident of achieving combined budgeted production of >275,000 ounces silver for June and July.
4. Recoveries continued to improve throughout May, as the onsite team overcame silver commissioning issues (not previously encountered with gold production). Thus, initial recoveries of ~50% in early May improved dramatically to almost 70% by month end.
5. Going forward, budgeted recoveries for the Wonawinta stockpile are 78%, equating to silver production of circa an additional >820,000oz through to end November 2022.
6. As previously advised Manuka expects to announce its maiden silver reserve once steady state production is achieved and current cost estimates can be confirmed,

Sales Revenues May 2022 ... AUD $2.0 million

  • Silver sales  55,600 oz
  • Gold sales 175 oz
  • Silver in circuit ~35,000oz
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