Manuka Resources Hits First Gold Revenue With $3M-$4M Fortnightly Cycle Ahead
Key Takeaways
- Manuka Resources has received its first gold revenues from the Wonawinta processing facility following the restart of operations on 22 August 2026, marking the company's return to active cash generation.
- The plant is processing Mt Boppy ROM and rock dump material at 1,750 tonnes per day at a head grade of approximately 1.0 g/t Au with recoveries of approximately 75% and improving.
- Fortnightly gold revenues are projected at A$3.0M–A$4.0M per fortnight through to end of 2026, based on an assumed gold price of A$6,000 per ounce, with the next shipment scheduled for 15 October 2026.
- The silver processing crushing and deslime circuits are currently being installed, with commissioning targeted for late 2026 to Q1 2027 — representing the next material catalyst for a step-change in the company's revenue profile.
- Both the Wonawinta processing facility and the Mt Boppy gold project are 100%-owned by Manuka, meaning shareholders capture the full benefit of any production upside without joint venture dilution.
Wonawinta delivers first gold revenues as Manuka transitions from restart to cash generation
Manuka Resources (ASX: MKR) has received its first gold revenues following the restart of operations at its 100%-owned Wonawinta processing facility in the Cobar Basin, NSW, marking the company’s return to active cash generation from the site.
The key operational milestones from the announcement include:
- Gold processing recommenced 22 August 2026; first revenues have now been received
- Plant processing Mt Boppy run-of-mine (ROM) and rock dump material at 1,750 tonnes per day
- Head grade of approximately 1.0 g/t Au with recoveries of approximately 75% and improving
- Gold inventory still building on carbon in the leach circuit, with sale volumes expected to increase through October as the circuit reaches steady state
- Next gold shipment scheduled for 15 October 2026, with a fortnightly cycle anticipated thereafter
- Monthly reporting on gold sales and key plant metrics until ramp-up is complete
When big ASX news breaks, our subscribers know first
What the fortnightly revenue cycle means for investors
The announcement establishes a clear financial cadence. Based on the current Mt Boppy feed grade of approximately 1 g/t Au and recoveries of approximately 75%, Manuka expects fortnightly revenue from gold ore processing to fall within the range of A$3.0 million to A$4.0 million per fortnight through to the end of 2026. This estimate is based on an assumed gold price of A$6,000 per ounce and is a forward-looking projection disclosed by the company.
Updated revenue forecasts are expected once the silver circuit is commissioned, which represents an additional catalyst for investors tracking this story.
| Metric | Current Status |
|---|---|
| Processing rate | 1,750 t/day |
| Head grade | ~1.0 g/t Au |
| Recovery rate | ~75% (improving) |
| Fortnightly revenue estimate | A$3.0M–A$4.0M |
| Revenue basis | A$6,000/oz Au |
Understanding the Wonawinta production ramp-up
For investors unfamiliar with gold processing, the language in this announcement rewards a brief explanation. Wonawinta uses a carbon-in-leach (CIL) processing method. In a CIL circuit, crushed ore is mixed into a slurry and treated with a cyanide solution, which dissolves the gold. Activated carbon particles are then added to the tanks, and the dissolved gold adsorbs onto the carbon — essentially, it sticks to the carbon surface and accumulates there.
This is why Manuka references “gold loading on carbon.” Before a gold sale can occur, the carbon must be stripped of its gold content, smelted, and the resulting product shipped. This stripping and shipment cycle is what drives the fortnightly schedule.
The term “steady state” refers to the point at which the plant is operating consistently at its designed throughput and recovery rates, without the variability typical of an initial ramp-up. During the ramp-up phase, gold inventory builds progressively on the carbon before it can be stripped and sold. Once the circuit reaches steady state, the volume of gold available for each shipment stabilises, making the A$3.0M–A$4.0M fortnightly revenue estimate more predictable and recurring. That predictability is material for investors assessing cash flow visibility.
Gold production is stage one — silver circuit adds the next layer of scale
Gold production at Wonawinta is explicitly framed as the first stage of a broader two-stage production strategy. The silver processing crushing and deslime circuits are currently being installed, with commissioning targeted for late 2026 to Q1 2027. Once commissioned, Wonawinta is expected to transition to combined gold and silver production, representing a materially larger revenue profile than gold alone.
Executive Chairman Dennis Karp outlined the strategic direction:
Dennis Karp, Executive Chairman
“Manuka is building a long-life precious metals production business in the Cobar Basin, centred on our Wonawinta processing facility and our 100% owned various sources of gold and silver mill feed… Our focus now is on continuing to ramp up gold production while progressing the silver circuit, which will enable Wonawinta to fully transition to combined gold and silver production. This is where we see the real scale of the opportunity emerging.”
The near-term catalyst sequence, as disclosed in the announcement, is:
- Fortnightly gold shipments commencing 15 October 2026
- Monthly operational reporting through ramp-up
- Silver circuit commissioning, targeted late 2026 to Q1 2027
- Transition to combined gold and silver production
- Updated revenue forecasts following silver circuit commissioning
The next major ASX story will hit our subscribers first
Investment case — from restart to recurring cash flow
In over five weeks from recommencing gold ore processing on 22 August 2026, Manuka has moved from a restarted processing facility to receiving its first gold revenues. For investors, this demonstrates the company’s capacity to execute on operational milestones and convert a recommissioned asset into a cash-generating operation.
Several structural features of this situation are worth noting. Both the Wonawinta processing facility and the Mt Boppy gold project are 100%-owned. The established fortnightly shipment cycle creates a degree of cash flow predictability that was absent during the recommissioning phase. The silver circuit commissioning, targeted for late 2026 to Q1 2027, represents the near-term catalyst most likely to prompt a reassessment of the company’s production profile and revenue potential.
Manuka’s stated objective is to build a long-life precious metals production business centred on Wonawinta, using its 100%-owned sources of gold and silver mill feed in the Cobar Basin. The first gold revenues mark the point at which that objective moves from plan to demonstrated execution.
Don’t Miss the Next ASX Gold Stock Generating Real Cash Flow
Get FREE breaking ASX gold and precious metals news delivered to your inbox within minutes of release, complete with in-depth analysis. Join 30,000+ subscribers already ahead of the market and click the “Free Alerts” button at Discovery Alert to receive the next market-moving update the moment it drops.