GEOPACIFIC RESOURCES LTD — Capital/Financing Update 2022

May 30, 2022

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Corporate Update 31 May 2022

Corporate Update

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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 $17m[1] . 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 standing[2] . 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.

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.

2. 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

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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.
2.		Company has been restructured, with a significantly lower cost base.
3.		Development was wound down on an orderly basis, with ongoing positive engagement with local stakeholders.
4.		Over the past three months most material Project contracts have been closed out including the mining contract, power supply contract and Project finance facilities.
5.		The community relocation continues, providing access to drill areas adjacent to the current Kulumadau pit outline.
6.		Following completion of the initial grade control campaign, drilling has pivoted to focus on Mineral Resource growth targets.
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

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Financial Update

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Cash position of $28m and no debt at 30 April 2022 Potential to sell long lead equipment items Group Net Assets of $141m: 2021 Annual Financial Statements

• Project development previously incurring ~$10m per month. • Payments of ~$5.8m in April 2022 and likely $4.8m in May 2022 for residual Project creditors and to close-out material contractual commitments. • 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 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 camp. • Expressions of interest received, in part driven by global supply shortages, ongoing inflationary cost 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. • Impairment charge of $27m recorded in 2021 Annual Financial Statements • Project close-out transactions achieved within the amounts provided in the Audited 2021 Annual Financial Statements

Cash position of $28m and no debt at 30 April 2022 Potential to sell long lead equipment items Group Net Assets of $141m: 2021 Annual Financial Statements

• Project development previously incurring ~$10m per month. • Payments of ~$5.8m in April 2022 and likely $4.8m in May 2022 for residual Project creditors and to close-out material contractual commitments. • 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 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 camp. • Expressions of interest received, in part driven by global supply shortages, ongoing inflationary cost 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. • Impairment charge of $27m recorded in 2021 Annual Financial Statements • Project close-out transactions achieved within the amounts provided in the Audited 2021 Annual 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.

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Corporate Update | 31 May 2022

Mineral Resource Update[1]

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No change to existing Mineral Resource and Ore Reserve estimates

• Mineral Resources: 47.04Mt at 1.04g/t Au for 1.57Moz Au

• Ore Reserves: 28.9Mt at 1.12g/t Au for 1.04Moz Au

• The Company and the Competent Persons confirm no material change[2]

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 project Mineral Resource

• Relocation of the Kulumadau community continues to open up access to new drilling areas adjacent to the Kulumadau orebody

Planned 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)	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. Refer to the Competent Persons Statement on slide 22.

Corporate Update | 31 May 2022

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Woodlark Gold Project – Platform For Development

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~1,500 metre gravel air strip

Extensive road network developed

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The Woodlark Project has seen substantial investment to date.

Provides a platform for future Project implementation.

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140 person camp, offices and core sheds
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Supply wharf

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Community relocation

Corporate Update | 31 May 2022

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Woodlark Resource Growth

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Two Phase Strategy:

1. Mineral Resource growth

2. Each of the identified orebodies remain open along strike, down dip and at depth.

3. Drilling program commenced in Q4 2021. Commenced with grade control drilling and is currently focused on identifying extensions to the existing Mineral Resource.

4. Near pit potential

5. Priority targets on the Mining Lease include:

   • Kulumadau East

   • Talpos

   • Busai West

   • Busai South - West

6. Substantial number of additional targets on the greater tenement package remain untested.

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Corporate Update | 31 May 2022 7

Kulumadau – Grade Control Drilling Indicates Upside

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• c.3,600m grade control program

• 60m holes, with 10m x 5m spacing

• Highlights Include:

  • 080KUL116, 41m at 10.4g/t Au (426 gram metres)[1]

• 080KUL120, 28m at 10.1g/t Au (281 gram metres)[1]

• • 080KUL146, 58m at 4.7g/t Au (271 gram metres)[2]

• • 080KUL172, 50m at 4.6g/t Au (230 gram metres)[3]

• • Geopacific plans to publish an updated Mineral Resource Statement during Q4 2022, which will be calculated including these results.

• Refer ASX announcement on 30 May 2022 titled “Drilling success continues to highlight upside potential”.

• Refer ASX announcement on 16 February 2022 titled “Near surface drilling success showcases Woodlark Potential”.

• Refer ASX announcement on 23 December 2021 titled “Woodlark Gold Project Exploration and Development Update”.

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Kulumadau – Potential Pit Extension

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• Access to new areas has enabled drilling which has identified mineralisation adjacent to and below the current pit limits.

• 23 holes drilled proximal to Kulumadau in the current campaign.

• Highlights Include:

• KURC21019, 12m at 1.7g/t Au from 70m[1]

• KURC21020, 8m at 2.3g/t Au from 41m[1]

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• KURC21027, 17m at 1.0g/t Au from 22m[2]

• KURC21024, 12m at 0.8g/t Au from 65m[2]

• Follow up drilling to be undertaken to provide drill density to support potential inclusion in the Mineral Resource update.

Mineralisation within saddle zone at Kulumadau

1. Refer ASX announcement on 30 May 2022 titled “Drilling success continues to highlight upside potential”. 2. Refer ASX announcement on 16 February 2022 titled “Near surface drilling success showcases Woodlark Potential”.

Corporate Update | 31 May 2022

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Busai – Potential Pit Extension

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• 48 holes adjacent to Busai drilled in current campaign.[1]

• Highlights include:

  • BSRC21140, 14m at 5.0g/t Au from 73m[2]

  • BSRC21108, 7m at 4.6g/t Au from 41m[3]

  • BSRC21136, 11m at 2.0g/t Au from 16m[2]

  • BSRC21141, 8m at 2.1g/t from 19m[2]

• Drilling confirms mineralisation extends beyond existing designed pit limits both along strike and at depth.

• Follow up drilling adjacent Busai and at proximal regional targets scheduled for coming quarters.

• As at 30 May 2022, results pending for 25 holes.

• Refer ASX announcement on 16 February 2022 titled “Near surface drilling success showcases Woodlark Potential”.

• Refer ASX announcement on 17 March 2022 titled “Further drilling success at Woodlark Gold Project”.

Corporate Update | 31 May 2022

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Priority Mining Lease Prospects – Drilling Underway

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1. Refer ASX announcement on 30 May 2022 titled “Drilling success continues to highlight upside potential”.

2. New mineralised structure identified in recent drilling at Kulumadau East, located 80m to the east of the current Kulumadau pit outline[1]

3. Further drilling planned to test continuity

4. Surface anomaly at Talpos under evaluation with drill results pending

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Corporate Update | 31 May 2022

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Woodlark Project Re-evaluation & Optimisation

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• The original Project development plan was based on Ore Reserves calculated on a gold price of A$1,650 per ounce, approximately 37% below the current gold price[1] . Previous drilling at Kulumadau was restricted due to the proximity of the local community.

• The improved gold price environment, coupled with new information from the ongoing drill campaign is expected to create new project opportunities. Building on these developments, Geopacific plans to publish an updated Mineral Resource Statement during Q4 2022.

• In parallel, the Company will undertake studies to evaluate:

• The optimal processing plant throughput for any increase in mineral resource inventory, including the potential to benefit from new economies of scale;

• The optimal mining fleet and materials handling infrastructure configuration to support any revised throughput; and

• Alternate power generation solutions considering recent market developments, potential project scale and evolving technologies.

• Gold price as at 24 May 2022, A$2,632 per ounce - The Perth Mint Spot Price, www.perthmint.com

Corporate Update | 31 May 2022 12

2022 Planned Work Program

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Q2 CY22 Q3 CY22 Q4 CY22 Resource drilling − ongoing drilling campaign Resource update Q4 2022

Resource drilling − ongoing drilling campaign

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Re-evaluation and optimisation studies − targeted completion in Q4 CY2022

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Community relocation program Strategic Review − to be carried out in parallel with all other activities

Corporate Update | 31 May 2022

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Woodlark’s Regional Setting – “Pacific Ring of Fire”

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Strategic landholding in prolific “Pacific Ring of Fire”

597km[2] tenement package extending over a large proportion of the island

Exploration Lease hosts numerous untested gold and copper surface outcrops and soil anomalies

Regional peers average significantly higher Mineral Resource endowments

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Corporate Update | 31 May 2022

Government & Community

Stakeholder & Permitting Update

• All exploration and mining licences in good standing.[1]

• An amendment was secured to the Mining Lease to extend the deadline for construction completion by one year to 5 July 2024.[1]

• Strong ongoing stakeholder support in Papua New Guinea (PNG), reflected in the relatively rapid turnaround of the Mining Lease amendment.

• Geopacific continues to receive stakeholder support at a local and regulatory level in PNG reflecting the Company’s ongoing commitment to Woodlark Island.

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Key Community Initiatives

• The community relocation program has continued.

• Positive community response to the quality of the new houses, school, churches, clinic and trade stores that have been delivered.

• Community development projects focus on long term and responsible economic growth and standard of living improvements.

• Geopacific supports the development of Government service improvements in the areas of health, education and law and order, including:

• providing free medical services to the community; and

• partnering with Books 4 PNG Kids.

• 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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Corporate Snapshot

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	Financial Position1
	Cash		$28m
	Long lead equipment items materials cost2		$17m
	Debt		Nil
	Substantial Shareholders3
	DELPHI		20.0%
	Tembo Capital		12.2%
	Franklin Templeton		9.8%
	Spheria		7.7%
	Board & Management
	Andrew Bantock	Non-Executive Chairman
	Colin Gilligan	Non-Executive Director
	Ian Murray	Non-Executive Director
	Tim Richards		CEO
	Matthew Smith	CFO & Company Secretary

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1. As at 30 April 2022

1. 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.

2. As at 23 February 2022, noting voluntary suspension of ASX trading commenced on 15 December 2021.

Corporate Update | 31 May 2022

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Risk Update (1 of 4)

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There are a number of factors, both specific to the Company and of a general nature, which may, either individually or in combination, affect the future operation, exploration, development and financial performance and/or financial position of the Company, its prospects, and/or the value of the Shares. Many of the circumstances giving rise to these risks are beyond the control of the Company, the Directors or its management. Many of these risks are known to shareholders and investors through previous disclosures made by the Company to ASX.

Set out below are the areas the Directors regard as the major risks currently associated with an investment in the Company, given the recent changes in the Company’s circumstances. There may also be additional risks not specifically referred to below or previously disclosed, which may in the future materially affect the Company and other factors (including financial and taxation risks) that you should consider in light of your own personal circumstances.

Company specific risks

Commodity prices, foreign exchange rates and inflation

As previously disclosed, the value of the Company's assets may be affected by fluctuations in commodity prices and exchange rates, such as the USD and AUD denominated gold prices and the AUD/USD/Kina exchange rates. Financial performance will be highly dependent on the prevailing commodity prices, capital costs, operating costs and exchange rates.

These prices along with other inputs to capital and operating costs can fluctuate rapidly and widely, and are affected by numerous factors beyond the control of the Company including, among others, expectations regarding inflation, the financial impact of movements in interest rates, global economic trends and confidence and conditions, each of which are currently experiencing material changes. The mining industry has seen numerous recent examples of material capital and operating cost increases driven by input cost escalation and global supply chain pressures. Such inflationary pressures have previously impacted the Project.

Exploration and expansion of the Woodlark Gold Project

The Company is progressing with an exploration program to seek to grow its Mineral Resources which may assist it to expand the potential scale of the Woodlark Gold Project. Exploration is inherently risky and there is no assurance that it will be successful. The Company’s ability to develop a mining operation will depend in a significant respect on the success of its exploration program, its ability to increase its Mineral Resources and Ore Reserves, the costs of developing the optimised Woodlark Gold Project and anticipated returns from the Project.

Corporate Update | 31 May 2022 17

Risk Update (2 of 4)

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Financing risk

If a decision to progress to develop an optimised Woodlark Gold Project is made, significant new debt and/or equity funding will be required. The Company’s ability to successfully access the equity capital markets and/or financing via credit markets, will depend on a range of factors, some which are project related, such as forecast financial returns, environmental factors such as the proposed deep sea tailings deposition, social factors such as the village relocation and the implementation capability of the Company at that time, and others which are outside of the control of the Company, including market sentiment and investor and lender requirements which may change over time, such as environmental, social and governance requirements.

Tenure and approvals

The Company is subject to the PNG mining legislation and the Company has an obligation to meet the conditions that apply to its tenements. Tenements are subject to periodic renewal. The PNG Government has recently granted a further amendment to the conditions to ML 508 (on which the Woodlark Gold Project is situated) which extends the requirement for the completion of construction and commissioning of the Project out to 5 July 2024. It is possible that a further extension of the date for satisfaction of these conditions will be required for future development of the Woodlark Gold Project. In addition, the expiry date for ML 508 is 4[th] July 2034 which may also require extension to match future life of mine plans and potential project extensions. Whilst past extensions granted by the PNG Government provides some comfort, there is no guarantee that required extensions will be granted.

The Company currently holds all material authorisations required to undertake its exploration program and the current development design for the Project. If the scope and/or design of the Project is materially varied, the Company may require the grant of new permits approvals and licences, or material amendments to existing ones. For instance, changes to the location of infrastructure such as the plant or the wharf, changes to the scale of the processing plant and/or annual production may require new or updates to previously obtained permits, approvals and licences and further reviews or studies may be required to address any environmental impact from any material changes to the Project. The grant of permits approvals and licences are, as a practical matter, subject to the discretion of applicable Government agencies or officials and, in some cases, require the approval of or consultation with the local community, potentially involving additional relocation, compensation, delays and costs. There is no guarantee that any required approvals, licences or permits will be granted, renewed or amended or obtained in a timely fashion.

There is a risk that amendments to environment licenses may be required from the PNG Government, either for further compliance criteria or to reflect environmental impact changes from a change of scope of the Woodlark Gold Project, resulting in the Company incurring further delays whilst waiting on approvals to be received.

As previously announced, some time ago, the Company commenced negotiations with key Project stakeholders in respect of a range of matters, including royalty interests and local ownership requirements, which culminated in the preparation of a draft, non-binding Memorandum of Agreement (which remains unsigned). These matters continue to require negotiation with a number of stakeholders including relevant PNG government bodies and there can be no guarantee that these negotiations will be finalised on terms or within a timeframe proposed by the Company or at all.

Corporate Update | 31 May 2022

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Risk Update (3 of 4)

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Mining and development risks

Any future development and construction of the Woodlark Gold Project will be subject to typical construction risks including usual risks of delays, design and/or quality issues, pricing and cost overruns and variations, contractor performance and claims by or against the Company. Given the remote location of the Company’s operations, some of these exposures are exacerbated. For example, if a suitable contractor cannot be contracted, a foreign contractor may be required, resulting in increased labour, logistics, and equipment costs and potential project delays.

People risk

The Company is dependent on the experience, expertise and abilities of its Board and management team in overseeing the day-to-day operations of the Company, particularly due to its remote and disadvantaged location. The Company is seeking to ensure its management team and Board have the requisite skills to successfully implement its future plans. The failure to recruit and retain a team with appropriate experience and expertise to the Company may have an adverse effect on the performance of the Company and its plans for the Project, at least pending replacements being appointed. As the Company grows and moves to different stages of development, it will need to employ and retain appropriately motivated, skilled and experienced staff. Difficulties in attracting and retaining such staff may have an adverse effect on the performance of the Company.

Country risk

Any future material adverse changes in government policies or legislation that affect ownership, mineral exploration, development or mining activities in which the Company operates, may affect the viability and future profitability of the Company. The Company’s ability to acquire, retain and gain full value from assets may also be affected by a number of political and social issues such as differing political agendas and decision making, environmental and social policy and the impact of bribery and corruption.

Currently in PNG, there are a range of potential political matters in PNG (such as the upcoming general election in PNG) which create uncertainty adding to the uncertainty created by the suspension of construction. While past actions lead the company to believe that the project is supported in principle by the PNG Government authorities, the Company and the future development of the Woodlark Gold project remains dependent on the continued support of key PNG stakeholders, including PNG regulatory authorities. For example, development will remain dependent on the continuation or grant of a gold export license issued by the relevant PNG authorities (including the Bank of PNG) and prevailing PNG government requirements to make payments in Kina.

Supply and logistics risks

Supply chain disruptions experienced during the COVID-19 pandemic and the general level of economic uncertainty caused by the COVID-19 pandemic and global events such as those in Ukraine and COVID-19 lockdowns in China continue to have the potential to adversely impact the cost and availability to materials and equipment required for development of the Woodlark Gold Project and the timing and cost, operations, cash flows, profitability, and financial condition of the Company and its operations, financial position and prospects. While the direct impact of COVID-19 on the Company and its operations has subsided, there remains uncertainty regarding the potential for further disruptions and interruptions which may have an adverse impact on the Company and its plans.

Corporate Update | 31 May 2022 19

Risk Update (4 of 4)

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Litigation risk

Although it has no material litigation on foot, the Company is exposed to the usual risks of litigation, disputes and claims, including tenure disputes, environmental claims, royalty disputes, contractual disputes, occupational health and safety claims and employee and stakeholder claims. While the Company has been focused on limiting various contractual arrangements and exposure arising from the suspension of its construction activities, some exposure may remain. The Company may be involved in disputes in the future whether arising out of pre-development activities at site which have been undertaken to date, its contractual arrangements, changes arising from the re-evaluation of the Company’s development plans, performance of its statutory obligations or otherwise. If any such claim or dispute is proven, it may impact adversely on the Company's operations, financial performance and financial position.

Other risks

As mentioned there remain a number of other risks applicable to the Company and its operations. These are more fully described in previous announcements made by the Company, including the risk disclosures on pages 35-41 of the investor presentation titled ‘Capital Raising Presentation – 1.6Moz Woodlark Gold Project’ lodged with ASX on 14 December 2020 and available at https://wcsecure.weblink.com.au/pdf/GPR/02321792.pdf.

Without limitation, these include the effects of weather and rainfall, climate change and related regulations and requirements, exploration and project development risks, access to insurance, changes in political policy, societal perception and community expectations and requirements, relationship with key stakeholders including local communities (which includes retaining the benefit of the ongoing Communities Relocation Program efforts to maintain access to the Project site), exposure to government, compliance with laws and regulations, occupational health and safety exposures and the capacity to compete for opportunities with other companies.

There are also a range of risks which relate generally to mining and exploration activities and risks in respect of holding securities in a company. These include risks relating to Mineral Resource and Ore Reserve estimates, operational risks, changes in laws and the regulatory environment, risks relating to war and terrorism and their implications, risks related to investment in securities (such as risk of dilution), share market fluctuations and changes in economic conditions.

Corporate Update | 31 May 2022 20

Investment Highlights

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Advanced stage pre-development gold project with +1.6Moz Mineral Resource Potential for Mineral Resource and Project growth Permits in place with all exploration and mining licences in good standing[1]

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Supportive PNG Government and local stakeholders

$28m of cash and no debt as at 30 April 2022, plus long lead equipment items with a materials cost of $17m[2] .

Strategic Review corporate process initiated following unsolicited external interest

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1. 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.

2. 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

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Disclaimer and Competent Persons Statement

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This presentation is for information purposes only. This presentation does not constitute financial product advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or needs and the opinions and recommendations herein are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

Competent Person’s Statement : The information in this announcement that relates to exploration results and exploration targets is based on information compiled by or under the supervision of Jeff Moncrieff, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Moncrieff has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Moncrieff consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Woodlark Mineral Resources is based on information compiled and reviewed by Mr Nicolas Johnson, a Competent Person who is a Member of the Australian Institute of Geoscientists and a full-time employee of MPR Geological Consultants Pty Ltd. Mr Johnson has sufficient experience which is relevant to the style of mineralization and type of deposits under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the JORC Code 2012 and is a qualified person for the purposes of NI43-101. Neither Geopacific nor Nicolas Johnson, is aware of any new information or data that materially affects the information regarding the Mineral Resource included in the PFS Announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimates continue to apply and have not materially changed. Mr Johnson has no economic financial or pecuniary interest in the company and consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Woodlark Ore Reserves is based on information compiled and reviewed by Mr John Battista, a Competent Person who is a Member and Chartered Professional of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Battista has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the JORC Code 2012 and is a qualified person for the purposes of NI43-101. Neither Geopacific nor John Battista, is aware of any new information or data that materially affects the information regarding the Ore Reserve included in the Ore Reserve Update Announcement and that all material assumptions and technical parameters underpinning the Ore Reserve estimates in the Ore Reserve Update Announcement continue to apply and have not materially changed. Mr Battista has no economic financial or pecuniary interest in the company and consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Forward Looking Statements: All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of Geopacific Resources Limited are forward-looking statements. When used in this announcement, forward-looking statements can be identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’ or ‘intends’ and other similar words that involve risks and uncertainties.

These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the company, its directors and management of Geopacific Resources Ltd that could cause Geopacific Resources Limited’s actual results to differ materially from the results expressed or anticipated in these statements.

Geopacific Resources Ltd cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. Geopacific Resources Ltd does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing requirements. Woodlark is permitted by the PNG Government, subject to meeting the conditions of the licence.

Non-IFRS Financial Information: Investors should also be aware that certain financial data included in this presentation may be 'non-IFRS financial information' under Regulatory Guide 230 Disclosing non-IFRS financial information published by ASIC. The Company believes this non-IFRS financial information provides useful information to users in measuring the financial performance and condition of the Company. The non-IFRS financial information does not have a standardised meaning prescribed by Australian Accounting Standards and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with Australian Accounting Standards. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS financial information and ratios (if any) included in this presentation.

Corporate Update | 31 May 2022 22

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Contact

Tim Richards CEO info@geopacific.com.au

This presentation has been approved for release by the Board of Geopacific Resources Limited

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