Geopacific Resources Limited announced that it is continuing its previously announced review of the Schedule and Cost Estimate for the Woodlark Gold Project (`the Project') and the implications of a material increase in capital costs as announced on 15 December 2021. It is important that as the review progresses and conclusions are reached, changes are implemented progressively to preserve the Company's financial and asset position. In view of ongoing delays in the project schedule and the consequent implications for capital cost escalation, a range of steps have been taken which include suspending all detailed engineering and civil works at the Project pending a review of the Company's strategic options.

The suspension of these activities preserves cash reserves whilst the Company undertakes its review. Unfortunately, this step will require redundancies across the organization. Geopacific remains committed to engagement with the local communities on Woodlark Island and activities associated with the community relocation program will continue.

Geopacific will also continue to support other community programs as on the island, including education facilities and health care services. At the same time, Geopacific remains focused on realizing the full potential of the Project and will continue its ongoing drilling program aimed at pit extension and step-out targets across Woodlark Island. Geopacific continues to work closely with key stakeholders and will seek waivers and amendments to the Facility and Stream Agreement (`Agreements') with Sprott Private Resource Lending II (Co) as necessary in the current circumstances.

These Agreements remain undrawn.