The company said in a statement to the ASX on Friday that it could produce 35,000 ounces of silver and 35,000 ounces of gold from existing stockpiles and open pits at the Wonawinta Silver Mine and the Mt Boppy Gold Mine in New South Wales.

Manuka said the mining plan was expected to generate an average EBITDA of $127 million per year at an average cost of production of $34.40 per ounce of silver. This compares with the current price of silver of $170.88.

Pre-production capital costs were expected to be $26.6 million.

Funding almost locked in

The company said this regarding the funding of the project:

The company raised $15 million in October 2025 and is in the final stages of reaching a binding agreement for a US$22.5 million debt facility with Nebari Natural Resources Credit Fund. This ensures Manuka is fully funded to production and profitability.

The project includes the Wonawinta mines as well as an existing processing plant, which was placed on care and maintenance in early 2024 after intermittently processing silver and gold ore from 2021 to 2023.

The production plan outlined in the new prefeasibility study calls for recommissioning the plant to boost performance, followed by processing silver ore from selected stockpiles and five open pits.

Existing gold ore from Mt Boppy would also be processed.

Manuka is also doing further exploration work at Mt Boppy, which it said had historically delivered about 500,000 ounces of gold.

Manuka Executive Chairman Dennis Karp said this regarding the project:

Manuka is uniquely positioned among junior ASX resource companies as one that is well set to translate historically high silver and gold prices into substantial near-term cash returns for the Company and its shareholders. With our existing 1Mtpa processing plant set to restart within the coming months, debt funding to support the modest capital costs nearing finalisation, and an initial 10-year production plan demonstrating outstanding economics, Manuka presents both as a compelling and significantly undervalued investment opportunity. Project execution is ramping up, and we look forward to providing updates to the market as we progress towards first production.

Mauka Resources shares were steady at 22 cents on Friday after hitting a high of 22.5 cents.

The shares are up from a low of just 2.3 cents over the past 12 months.

Manuka was valued at $319.5 million at the close of trade on Thursday.

The post This 10-bagger silver stock has just updated its mining plans appeared first on The Motley Fool Australia.

The South32 share price ended the day 1.79% lower while Silver Mines shares were down 4.55%. Manuka Resources shares were selling 3.33% under yesterday's close while the Silver Lake share price fell 4.29%. To put these numbers in perspective, the All Ordinaries Index (ASX: XAO) finished just 0.47% down on yesterday.

The slump in these ASX mining share prices can be attributed to today's fall in silver.

Today's drop in the silver price

Silver fell by 1.83% today in commodities trading to US$26.20 at the time of writing. For comparison, the next closest precious metal to fall in price as steeply was copper. However, copper's commodity price dropped by only half that of silver.

Despite today's fall in price, silver has been on an upward trajectory over the past year. The metal was trading at US$11.77 in March last year. That means, even after today's falls, the current silver price is trading 123% higher than at the same time last year. 

The fall in the price of silver today, however, wreaked havoc on ASX silver shares. The wider market began the day positively only to fall following news the Reserve Bank of Australia would keep interest rates steady.

Silver shares, meanwhile, were in decline from today's opening. Since the shares mentioned above are reliant on particular commodities, it is common for their share prices to fluctuate along with the commodity's price.

Share price snapshots

Despite today's turmoil, three of the abovementioned four shares are currently trading higher than this time last year, some by significant margins. The exception is the Silver Lake Resources share price which has fallen by around 15% over the past year.

The South32 share price closed today at $2.74. Only last week, it hit a new 52-week high of $2.88. During the onset of COVID-19 in March last year, South32 shares hit a low of $1.59.

The Silver Mines share price was trading at 22 cents at close of trading today. Only one month ago, Silver Mines shares hit a 52-week high of 36 cents. This time last year, shares in the company were trading at 8 cents each. Investors who bought in one year ago would be sitting on a tidy return of 175% based on the current Silver Mines share price. 

Manuka Resources shares were selling for 44 cents each at today's closing. While down from its record high of 71 cents, the Manuka share price is still double that of its initial public offering (IPO) price of 22 cents a pop.

The exception to these 12-month gains is the Silver Lake Resources share price, which closed today's session at $1.33. This time last year, investors were buying Silver Lake shares for $1.58. The company's shares have also been on the decline year to date, having fallen nearly 30% since the start of the year. 

Based on current share prices, the market capitalisations of South32, Silver Mines, Manuka Resources, and Silver Lake Resources are around $13.3 billion, $261 million, $42 million, and $1.2 billion, respectively.

The post These ASX silver shares fell today, along with the price of silver appeared first on The Motley Fool Australia.