Manuka unhedged Cobar restart: planning and cutoff grade notes for mine engineers
Reviewed by Tom Sullivan

First reported on Australian Mining
30 Second Briefing
Manuka Resources is preparing to restart unhedged gold and silver production in the Cobar Basin in the June quarter of 2026, targeting its Mt Boppy and Wonawinta operations in New South Wales. The restart centres on existing open-pit and heap leach infrastructure, with processing focused on silver-rich oxide stockpiles and remnant gold ore rather than new large-scale development. Operating without price hedging exposes project economics directly to bullion price volatility, which will be critical for mine planning, cutoff grade strategy and sequencing of remaining reserves.
Technical Brief
- Operating without hedging increases emphasis on flexible mine scheduling and rapid response to bullion price swings.
Our Take
An unhedged restart in the Cobar Basin leaves Manuka Resources fully exposed to gold and silver price moves into the June quarter of 2026, which, in our database, is when several other gold-focused projects are also targeting ramp-ups, heightening comparative cost and margin scrutiny.
Across the 173 keyword-matched gold and silver pieces in our coverage, most Australian restarts have used at least partial hedging or streaming to de-risk cash flow, so Manuka’s stance signals a deliberate bet on upside pricing rather than balance-sheet smoothing.
With Cobar Basin output returning around 2026, Manuka will be re-entering a market where larger gold–silver names like Agnico Eagle and Aya Gold & Silver have been consolidating investor attention, meaning project delivery discipline and grade control will be critical to differentiate a smaller ASX player.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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