Manuka Resources has raised $8 million capital to commence production at the Mt Boppy Gold Mine near Canbelego.
The company announced last week they had “received firm commitments from institutional and other exempt investors” for up to $8 million in a Share Placement offer to commence production at the mine this year.
Manuka’s executive chairman, Dennis Karp said the company was delighted to announce the “significant capital raising” for the company which will allow them to establish an onsite processing capacity at Mt Boppy and potentially commence gold doré production later this year.
“Bringing a new processing plant at Mt Boppy online represents Stage 1 of the Company’s staged self-sustaining growth plan, that is focused initially on production and free cash generation from our Cobar Basin gold and silver projects, and subsequently development of our world-class VTM Sands Project in New Zealand,” Mr Karp said.
Following the ramp-up of the Mt Boppy Gold Mine, the company will look to recommence silver production at Wonawinta in 2025 with the support of cash flow generated from Mt Boppy.
Wonawinta is currently in care and maintenance.
