Geopacific Resources Ltd ('Geopacific' or 'the Company'; ASX: GPR) is pleased to provide an update on its activities and cashflow for the quarter ended 30 June 2021.

Highlights

Secured US$100m of project financing with Sprott Private Resource Lending II L.P and final investment decision taken to develop Woodlark Project.1

The high margin, high returning Woodlark Gold Project (or 'Project') is now fully funded to first production

Chief Executive Officer, Tim Richards commented 'The June 2021 quarter saw the Company take significant and exciting steps towards the development of thehigh margin Woodlark Gold Project. The financial close of US$100m in project financing with Sprott, coupledwith the funds raised via our equity placement earlier in 2021, provides the capital required to fully fund theproject to first production.

Development activity continues on site with the Company advancing early work packagesassociated with thethe Woodlark Gold Project. The activities reflect our commitment tothe Project and ensure that all long leadtime items are ordered and sourced, enabling the project schedule to remain on track for targeted first gold inQ4 CY2022.

We continue to engage with our local communities and importantly we continue to receive theirpositivesupport. Our local employment and training strategies are beginning to be implemented and we continue todevelop sustainable investment and development initiatives.

The next 12 months will be significant as we continue to develop the Woodlark mine and move towardsproduction. I look forward to providing further updates to the market on our activities in coming periods.'

Financial Close Achieved

During the quarter the Company completed binding terms and satisfied all conditions precedent to reachfinancial close with Sprott Private Resource Lending II (CO), Inc. ('Sprott') for the previously announcedUS$100m project financing associated with the development of the Woodlark Gold Project.

The US$100m in financing will be in the form of a US$85m in Project Finance Facility and US$15m via a CallableGold Stream (refer ASX 28 June 2021), with the US$15m Callable Gold Stream deposit available immediately.

US$85m under the Project Finance Facility was deposited into the Company's Debt Proceeds Account, withfunds available under staged drawdowns scheduled to occur with meeting certain project developmentmilestones.

Geopacific has formally committed to the construction of the Woodlark Gold Project, as with the Company'sA$255.9m of cash and equivalents as at 30 June 2021, the Project is now fully funded.

Contact:

Tel: +61 8 6143 1820

Email: info@geopacific.com.au

Web: http://www.geopacific.com.au

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