Geopacific Confirms $1.3 Billion NPV for Woodlark Gold Project

• DFS confirms Woodlark’s post-tax NPV8% of A$1.3 billion and 50.6% IRR
• Mineral Resource up 19% to 1.98 million ounces, Ore Reserve at 1.2 million ounces
• Board reshuffle with new Managing Director and Chairman appointed
• Project execution underway including infrastructure upgrades and engineering
• Cash position at A$7.5 million with funding talks ongoing targeting FID late 2026–early 2027

Woodlark DFS Validates Robust Gold Project Economics

Geopacific Resources Limited (ASX:GPR) has crossed a pivotal milestone with the completion of its Definitive Feasibility Study (DFS) for the Woodlark Gold Project in Papua New Guinea. The DFS paints a compelling picture: a technically sound, long-life operation boasting a post-tax NPV8% of A$1.3 billion and an IRR of 50.6%, underpinned by conservative assumptions including a gold price of A$5,500 per ounce. The project promises a swift payback period of just 18 months from first production and a 12-year mine life producing an average 100,000 ounces annually.

The study’s economics are anchored by an updated Mineral Resource estimate that surged 19% to nearly 2 million ounces of gold and a new Ore Reserve of 1.2 million ounces, with 96% classified as Measured and Indicated. This high-confidence reserve base supports the project’s forecast production profile and reduces execution risk.

Leadership Overhaul Aligns with Development Phase

Reflecting its transition from study to execution, Geopacific restructured its board during the quarter. Mining veteran Hamish Bohannan stepped up from Non-Executive Director to Managing Director, bringing four decades of industry experience to the helm. Rowan Johnston was appointed Chairman, providing continuity as the company advances financing and construction planning. Bohannan emphasised the shift in focus from technical studies to project delivery, highlighting ongoing efforts to secure funding and expand the team.

Project Execution and Exploration Progress

Following the DFS, Geopacific has kicked off project execution activities, including upgrades to site access roads, the airstrip, wharf facilities, and refurbishment of the exploration camp. Front-end engineering and optimisation work is also underway to streamline development.

Exploration drilling wrapped up with 171 holes totalling nearly 20,000 metres completed across multiple targets such as Wayai Creek, Little MacKenzie, and Kulumadau SE. Assay results remain pending but will be critical to refining geological models and potentially expanding resources. The company also initiated regional soil and auger sampling programs to test new prospective areas on Woodlark Island.

Permitting and Community Engagement Sustain Momentum

Woodlark benefits from a granted Mining Lease and an approved Environment Permit, providing a solid regulatory foundation. Geopacific continues to engage with PNG authorities to secure necessary amendments aligning with the updated project timeline, including extensions to the mining lease expiry beyond 2034. While the company believes these approvals are likely, it cautions there is no certainty on timing or outcome.

Community relations remain a priority, with ongoing relocation programs, employment of local labour, and health initiatives. The company’s efforts proved crucial following Cyclone Maila in April 2026, which devastated much of the island’s traditional housing. Geopacific assisted with restoring access and providing supplies, noting minimal damage to its relocation housing.

Financial Position and Funding Pathway

As at 30 June 2026, Geopacific held A$7.5 million in cash and equivalents, supplemented post-quarter by a A$0.94 million GST refund from PNG authorities. Cash outflows during the quarter were primarily directed towards DFS completion, project development, exploration, and corporate costs.

The company is actively engaging with potential funding partners, including debt providers and strategic investors, aiming for a Final Investment Decision (FID) between late 2026 and early 2027. Early procurement planning and contractor recruitment are in progress to support a smooth transition to construction.

Geopacific’s straightforward development plan centres on conventional open-pit mining and a proven carbon-in-leach processing plant designed for 3.5 million tonnes per annum throughput, balancing scale with capital efficiency and execution risk mitigation.

Bottom Line?

Geopacific’s Woodlark Project is poised for a critical development phase, but upcoming assay results, financing arrangements, and regulatory approvals will be decisive in shaping its trajectory.

Questions in the middle?

• How will pending assay results influence resource upgrades and mine planning?
• What funding structures will Geopacific secure to support construction and development?
• Can permitting amendments and lease extensions be obtained in time to meet the targeted FID?