The Board of Geopacific Resource Limited provide a progress update on the Woodlark Gold Project. The company has been focussed on obtaining commercially attractive project financing for development. Preparatory work was undertaken with financial advisers, Ironstone Capital and a number of potential financiers with confidentiality agreements executed. An indicative non-binding term sheet has been received and is being evaluated. In conjunction with financing activities, the company team are working with engineering firms to provide a turnkey solution for the plant and infrastructure build. To date, the company has received an EPC lump sum turnkey solution for the plant build which is below the cost assumptions used in the DFS. Further pricings are expected in the near term and suitability of the offers will be refined and evaluated. The DFS demonstrates a compelling development option, both from a technical and financial perspective. Woodlark is a long-life gold project which is shovel ready with mining permits in place. High margins and strong upfront cashflows are the result of low all-in sustaining costs (AISC) at AUD 866/oz in the first 5 years. The 1Moz gold project generates AUD 626 million of operating cash flow and a rapid 2.2 year project payback period. Project economics were calculated on a AUD 1,650 gold price, considerably less than the current spot price which recently reached a record high in Australian dollar terms. Low waste to ore strip ratios of 2:1 at startup with Life of Mine <4:1. Conventional 2.4Mtpa Carbon in Leach (CIL) processing circuit. Gold recovery > 90% (Years 1-5). Headgrade > 1.5g/t (Years 1-5). Positive operating environment with flat terrain and logistical island advantages and Supportive local community.