Manuka Resources Limited has unveiled an ambitious dual-track strategy that focuses on reactivating its precious metals operations in the Cobar Basin while advancing a large-scale critical minerals project offshore in New Zealand. The company’s Cobar Basin Production Plan centers on restarting the Wonawinta Processing Plant to achieve a 10‐year mine life, targeting the recovery of 13.2 million ounces of silver alongside gold credits. The plan details include processing gold ore from stockpiles at the Mt Boppy Gold Mine and utilizing an existing 1-million-tonne-per-annum CIL plant, with an anticipated production start in the first quarter of calendar year 2026. The production forecasts are underpinned by robust technical indicators such as a low average all-in sustaining cost of approximately A$35 per ounce of silver, EBITDA estimated at A$22 million per annum, an NPV8 of A$101 million, and an impressive IRR of 109%. In parallel, the company is progressing the Taranaki VTM Project in New Zealand, a pioneering initiative focused on mining vanadium, titanium, and magnetite (VTM) from iron sands located within the South Taranaki Bight. The project boasts a substantial 3.2-billion-tonne resource and has completed a pre-feasibility study that projects an NPV10 of US$1.26 billion, an IRR of 39%, and a production capacity of 5 million tonnes per annum at a capital cost of US$602 million. With a competitive operating cost of US$27.2 per tonne over its initial mine life, and national strategic significance given New Zealand’s emphasis on boosting critical mineral exports, this project represents a substantial long-term growth lever for the company. Financially, Manuka Resources has charted a phased and capital-efficient path, with near-term cash flow benefits from restarting precious metal production in the Cobar Basin, while the critical minerals project contributes to long-term strategic value. The company has also recently expanded its asset base through a series of acquisitions, significantly strengthening its portfolio in both the precious metals and base metals sectors. Despite a modest cash position and some outstanding debt facilities, the company’s forward-looking approach and well-defined project milestones convey a strong sense of opportunity in both its operating segments. From a sentiment perspective, bullish investors are likely to be encouraged by the clear path to production restart at Wonawinta, the favorable technical economics—including robust NPV and IRR figures—and the strategic advantages offered by the Taranaki VTM Project in a high-priority commodities market. The integration of proven processing facilities with high-grade stockpiles, coupled with strong market fundamentals for gold, silver, and critical minerals, adds to the overall appeal. Conversely, bearish sentiment could stem from concerns over the reliance on forward-looking estimates that include significant inferred resources, potential risks associated with project execution and conversion of those resources, and the challenges inherent in ramping up production amid capital and operational refinements. Additionally, the company’s modest cash reserves and existing debt facilities may raise questions about liquidity during the transition from care and maintenance to full production. Overall, while the strategic initiatives are promising, the execution risks inherent in turnaround and large-scale project delivery warrant careful monitoring by potential investors.