Geopacific Appoints Bohannan as MD and Johnston as Chairman Ahead of Woodlark DFS

Leadership Reshuffle Ahead of Woodlark Project Development

Geopacific Resources Limited (ASX:GPR) has announced a significant management reshuffle as it approaches the completion of the Definitive Feasibility Study (DFS) for its 1.67 million ounce Woodlark Gold Project in Papua New Guinea. Effective 1 May 2026, Hamish Bohannan will take over as Managing Director, succeeding James Fox who steps down after steering the project through its DFS phase. This leadership transition is designed to align the company’s expertise with the demands of project financing, construction, and eventual operations.

Bohannan brings over 40 years of global mining experience, including successful project deliveries at Starra Gold and Mount Lyell, and a strong track record in community engagement and environmental management. His appointment signals Geopacific’s intent to leverage seasoned operational leadership as it moves beyond feasibility studies into development execution. The Board also welcomed Rowan Johnston as Non-Executive Chairman, with former Chairman Graham Ascough transitioning to a Non-Executive Director role, reflecting a strategic realignment at the Board level.

Contract Terms and Incentives for New Managing Director

Details of Bohannan’s employment contract reveal a base salary of $450,000 per annum plus superannuation, along with potential performance-based bonuses tied to targets set by the Board. Notably, Bohannan is set to receive 30 million Performance Rights subject to shareholder approval. These rights vest upon either the Woodlark processing plant achieving 12,000 ounces of cumulative gold sales over two months or a change of control event involving a 50% interest acquisition in Geopacific or the Woodlark project entity. This incentive structure aligns management rewards closely with project milestones and shareholder value creation.

Strategic Timing Amid PNG’s Growing Resource Profile

The leadership changes come as Papua New Guinea gains traction as a strategic hub for resource development and infrastructure investment, with Woodlark positioned to be a key supplier of precious metals globally. The DFS, expected to confirm Woodlark’s technical robustness and economic viability, follows a series of positive developments including a $40 million capital raise and successful drilling campaigns that have bolstered resource confidence and project funding prospects. These milestones, detailed in recent updates such as the $40 million capital raise and permit upgrade approval, underpin the company’s forward momentum.

Outgoing CEO James Fox acknowledged the progress made during his tenure and expressed confidence in the company’s readiness for the next phase. Incoming Chairman Rowan Johnston highlighted the strong development pathway and momentum as critical factors necessitating the leadership restructure. The refreshed Board composition now includes Johnston as Chairman, Bohannan as Managing Director, alongside Non-Executive Directors Michael Brook, Graham Ascough, and Hansjoerg Plaggemars, positioning Geopacific for the challenges ahead.