Ann: Announcement - Execution of Term Sheet for purchase of TTR, page-9

Financing
In order to bring the STB Project into production, Manuka plans to engage with global steel
mills and offtakers to continue to build the portfolio of parties that expressed interest in being
involved in project development since the PFS. At the appropriate time Manuka will engage
with experienced global ship financiers and export credit agencies to structure a balanced
funding book that seeks to optimise shareholder returns whilst offsetting risk where possible.

During the PFS phase, an external independent marketing initiative under TTR direction
secured funding, sales commitments and MOU’s over and above a 5Mtpa production
scenario. Metalcorp Group, the metals and minerals subsidiary of the Monaco Resources
Group has already expressed strong interest in assisting to bring the project to production,
and interest from other similar companies is anticipated once the approval status of the
project gains broader awareness.