Manuka Faces Draft Rejection of Taranaki VTM Project but Cobar Refinancing Unchanged

Manuka Resources Ltd ( (AU:MKR) ) has issued an announcement.

Manuka Resources has disclosed that its New Zealand subsidiary Trans-Tasman Resources has received a draft decision from an expert panel under the New Zealand Fast-track Approvals Act 2024 indicating an intention to decline environmental consents for the Taranaki VTM iron sands harvesting project off the Taranaki coast. The company expressed disappointment, arguing that the panel’s concerns were addressed with extensive expert evidence, and highlighted that the project could have delivered substantial regional economic growth, jobs, and positioned New Zealand as a major Western supplier of critical minerals such as vanadium, with implications for the government’s goal of doubling mineral exports by 2035. Manuka said TTR will review the draft decision and consider next steps before the 19 February comment deadline, and clarified that the draft outcome does not affect the planned refinancing of its Cobar silver and gold mining projects with Nebari Natural Resources Credit Fund, which is expected to complete around 20 February 2026.

The most recent analyst rating on (AU:MKR) stock is a Hold with a A$0.17 price target. To see the full list of analyst forecasts on Manuka Resources Ltd stock, see the AU:MKR Stock Forecast page.

More about Manuka Resources Ltd

Manuka Resources Ltd is an ASX-listed mining company with interests in silver and gold projects at Cobar in Australia and, through its wholly owned subsidiary Trans-Tasman Resources Ltd, in offshore iron sands and critical minerals projects in New Zealand, including the Taranaki VTM Project targeting vanadium and other minerals for export markets.

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Technical Sentiment Signal: Buy

Current Market Cap: A$276.6M

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