Manuka Resources (ASX:MKR, NZE:MKR) said the decrease in its share price on Feb. 5 is not related to the draft decision of the New Zealand Environmental Protection Authority (EPA)'s Fast-track expert panel, regarding the company's Taranaki VTM project, according to a Thursday filing with the Australian bourse.

In response to a letter by the Australian Securities Exchange, the company confirmed that it received a confidential, embargoed draft decision on Feb. 4 from the EPA regarding the project, the filing said.

On Monday, the company's unit said an expert panel appointed under the New Zealand Fast-Track Approvals Act 2024 issued a proposed draft decision declining consent for its Taranaki VTM project to harvest iron sands off the Taranaki coast in New Zealand.

The company did not release the information at an earlier time as it did not have certainty regarding the form and content that the draft decision would be released, the filing added.

It was also understood that the EPA was considering lifting the embargo and releasing the draft decision on Monday.

The draft decision was released by the EPA on the Taranaki VTM project Fast-track website on Feb. 5 after trading hours, and Feb. 6 was a national public holiday in New Zealand, the company said.

The company's Australian shares rose 5% in recent Thursday trade.