GEOPACIFIC RESOURCES LTD — Capital/Financing Update 2023

Oct 18, 2023

ASX: GPR 19 October 2023

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$3.5M Short-term Unsecured Funding from Bond Issue

Geopacific Resources Limited (‘ Opacify ’ or ‘ the Company ’; ASX: GPR) is pleased to advise it has entered into a Bond Subscription Agreement with its major shareholder, Deutsche Balaton AG, which will provide $3.5 million of short-term, unsecured funding to the Company.

Total funds received of $3.38 million will further advance the current Phase 1 Work Program which has been extended to capture the impact of the updated Kulumadau Mineral Resource[1] and further refinements to key infrastructure placements. The overarching Phase 1 objective is to determine the optimal development pathway for the Woodlark Gold Project. Concurrently, the Board is working towards finalising the appointment of a new permanent Chief Executive Officer, following which, the Company intends to undertake a capital raising to fund the next phase of its Work Program and repay this short-term funding.

Key Terms

Key Terms
Funding instruments	Bearer Bonds
Bond issuer	Geopacific
Bond holder	Deutsche Balaton AG
Issue price	$3.38 million being 96.5% of the aggregate face value of the bearer bonds
Interest rate	7.5% per annum
Drawdown date	24 October 2023
Maturity date	29 December 2023
Security	Unsecured

Interim CEO Matthew Smith commented

“The Board and Management of Geopacific appreciate the ongoing support from the Deutsche Balaton group. We are focussed on finalisation of the current Work Program and continue to make advancements at the Woodlark Gold Project having recently delivered an updated, higher grade, Mineral Resource Estimate.”

This announcement was authorised by the Board of Geopacific.

For further information, please visit www.geopacific.com.au or contact Matthew Smith, Interim CEO.

	Company details	Board & Management	Projects
	Geopacific Resources Limited	Andrew Bantock Non-Executive Chairman	PAPUA NEW GUINEA
	ACN 003 208 393	Hansjoerg Plaggemars Non-Executive Director	Woodlark Island Gold
	ASX Code: GPR	Michael Brook Director
	info@geopacific.com.au	Richard Clayton Non-Executive Director
	http://www.geopacific.com.au	Matthew Smith Interim CEO, CFO and Company
	T +61 8 6143 1820	Secretary
	HEAD OFFICE
	Level 1, 278 Stirling Highway
	Claremont WA 6010.
	PO Box 439, Claremont WA 6910.

1 Refer ASX Release on 14 September 2023 titled “Woodlark Mineral Resource Update – Grade Boost at Kulumadau.”

Geopacific Resources Limited

www.geopacific.com.au