Geopacific Resources : Corporate Update - Investor Presentation

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ersonalCorporate Update

31 May 2022

Corporate Update

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ersonal1.

2.

Business transformation well advanced following suspension of the development of the Woodlark Gold Project.

Material contractual commitments closed out.

$28m of cash and no debt as at 30 April 2022, plus long lead equipment items with a materials cost of $17m1. 1.6Moz Au of Mineral Resources and 1.0Moz Au of Ore Reserves with higher grade zones near surface.

All Woodlark Project exploration and mining licences in good standing2.

Prospective zones adjacent to all pits provide opportunity to optimize value through Project growth.

Strategic Review initiated, following unsolicited approaches, to assess the best path to maximise shareholder value.

As at 30 April 2022. Assets held for sale based on materials cost paid to suppliers in respect of Woodlark long lead items up to 30 April 2022. Any amounts realised may be below the materials cost. Further extensions/amendments to Project permits may be required, subject to changes to Project design and timeline for development. See description of this risk area on slide 18.

Corporate Update | 31 May 2022

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Business Transformation

	1.			Significant capital cost increase and its impact on Project funding led to Woodlark Project suspension. The Company is
			now focussed on Mineral Resource growth and project design optimisation1.
only			Company has been restructured, with a significantly lower cost base.
2.
3.			Development was wound down on an orderly basis, with ongoing positive engagement with local stakeholders.
use			Over the past three months most material Project contracts have been closed out including the mining contract, power
4.			supply contract and Project finance facilities.
	5.			The community relocation continues, providing access to drill areas adjacent to the current Kulumadau pit outline.
ersonal			Following completion of the initial grade control campaign, drilling has pivoted to focus on Mineral Resource growth targets.
6.
7.			Encouraging exploration results driving an assessment of the implications of potential Mineral Resource growth on Project
		configuration.
	8.			Azure Capital and Lisle Group appointed to assist the Company's Strategic Review which will assess alternative options to
			maximise shareholder value, including potential corporate and asset-level transactions.
1.	With the change in focus, the nature and impact of risks associated with an investment in the Company have changed. See description of risks on slides 17-20.	Corporate Update | 31 May 2022	3

Financial Update

only				•	Project development previously incurring ~$10m per month.
Cash position of			•	Payments of ~$5.8m in April 2022 and likely $4.8m in May 2022 for residual Project creditors and to
$28m and no debt at				close-out material contractual commitments.
30 April 2022			•	Outgoings associated with ongoing work program now materially reduced, with significant discretionary
				components.
			•	Long lead equipment items are either held directly or pending agreed transfer of title from suppliers
use					and have a materials acquisition cost of over $17m1.
			• Potential to release cash from these items including SAG/Ball mills plus motors and other associated
					equipment, Jaw crusher, CIL tank steel, 308 person permanent camp and 200 person temporary
	Potential to sell long			•	camp.
	lead equipment items			Expressions of interest received, in part driven by global supply shortages, ongoing inflationary cost
ersonal				•	pressures and increases in procurement lead times.
			Could provide additional material cash funding if required. Any sale to be considered in light of the
				future Project design and configuration. Any potential sale of such items and the amount to be
					realised is therefore inherently uncertain.
	Group Net Assets of			•	Impairment charge of $27m recorded in 2021 Annual Financial Statements
	$141m: 2021 Annual			•	Project close-out transactions achieved within the amounts provided in the Audited 2021 Annual
	Financial Statements				Financial Statements
	1. As at 30 April 2022. Assets held for sale based on materials cost paid to suppliers in respect of Woodlark long lead items up to 30 April 2022. Any amounts realised may be below the materials cost.	Corporate Update | 31 May 2022	4

Mineral Resource Update1

No change to existing Mineral Resource and Ore Reserve estimates

•	Mineral Resources: 47.04Mt at 1.04g/t Au for 1.57Moz Au
only
•	Ore Reserves: 28.9Mt at 1.12g/t Au for 1.04Moz Au
•	The Company and the Competent Persons confirm no material change2

Drilling campaign underway, focused on increasing the Mineral Resource

•	Convert inferred mineralisation to indicated
•	Test near pit and regional mineralisation targets to define and upgrade
use
	project Mineral Resource
•	Relocation of the Kulumadau community continues to open up access
	to new drilling areas adjacent to the Kulumadau orebody
ersonal
Pl	nned Mineral Resource update
•	Updated Mineral Resource Statement targeted to be delivered in Q4
	2022 incorporating results from the ongoing drilling campaign

Mineral Resources (Fully Diluted)

Category	Tonnes	Grade	Ounces
(>0.4g/t lower cut)	(Mt)	(g/t)	(oz)
Measured	21.24	1.10	754,000
Indicated	18.94	0.98	597,000
Inferred	6.80	1.00	222,000
Total	47.04	1.04	1,573,000
Ore Reserves
Category	Tonnes	Grade	Ounces
(>0.4g/t lower cut)	(Mt)	(g/t)	(oz)
Proven	18.6	1.17	697,000
Probable	10.4	1.02	340,600
Total	28.9	1.12	1,037,600

1. Mineral Resource estimates contained in the announcement to the ASX made on 12 March 2018 headed "Robust Woodlark Gold Project PFS Supports Development". Ore Reserve estimates contained in the announcement to the ASX made on 7 November 2018 headed "Woodlark Ore Reserve Update".

2. R fer to the Competent Persons Statement on slide 22.

Corporate Update | 31 May 2022

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