GEOPACIFIC RESOURCES LTD — Investor Presentation 2021

Jun 29, 2021

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Investor Presentation June 2021

Investment overview

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Developing the Woodlark Gold Project in PNG

100% funded though to production. A$143m of cash with A$130m of project financing

Fully permitted to commence operations with all mining and environmental approvals in place

PNG is an established mining jurisdiction with a stable fiscal environment Strong near mine and regional exploration upside potential

Experienced team in place to execute project construction and drive production

Company focused on community engagement delivering a sustainable lasting legacy for our community stakeholders

Investor Presentation | June 2021

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PNG − a premier gold region

Proven mining jurisdiction with long history of operations

PNG is a large gold producer with 2.4Moz[1] produced in 2020

Democratic Government with stable fiscal environment, 2.50% royalty including levy Island mining well established (Lihir, Simberi, Gold Ridge, Misima) Australia is a major trade partner (daily flights, <2hr )

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Frieda River
Frieda River
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Investor Presentation | June 2021 3

1: Data sourced from USGS https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-gold.pdf

Significant project economics

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NPV8 Initial Project Capital Pay Back Period IRR [3]
$347m [1] A$255m [2] 1.8 years 34%
All In Sustaining Cost LoM Production Reserves [4] Mine Life
A$1,239 / Oz 980 Koz 1.04 Moz 13 years
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• 1: AUD Post Tax NPV at 8% at A$2,200/Oz gold price.

• 2: Establishment capital estimate completed to a -2%/8% level of accuracy.

• 3: Post Tax IRR at A$2,200/Oz gold price

• 4: For Mineral Reserve refer to the PFS announcement released on 12 March 2018.

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Investor Presentation | June 2021

Fully funded and under construction

• Project is fully funded to construction

• • Standard mining and conventional CIL Plant provides low technical risk

• • Construction activity underway: • Key long lead time items such as SAG and ball mills have been ordered

• • Commencement of construction activities on the processing plant

• • Community infrastructure construction activities continue with over 80 buildings completed to date

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Use of Funds	A$m
Remaining Development Costs1	222
Financing Costs & Reserve Accounts	26
Exploration	3
Corporate & Management Reserve	22
Total Plant & Infrastructure	273
Source of Funds	A$m
Cash and equivalents2	143
Sprott Financing3	130
Total Plant & Infrastructure	273

• 1: Total capital costs of $254.8m less project costs incurred to 31 March 2021 2: As at 31 March 2021

• 3 The Sprott Resource Lending Facilities are binding but subject to Conditions Subsequent

Investor Presentation | June 2021 5

Construction progress

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DSTP Pipeline Route
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Plant Footings Excavation
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Wharf Road
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Construction Camp
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Community Relocation
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School Buildings 6
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Low development and production risk

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Straight forward mining and processing route translates to low operating costs

Mining ROM Crushing & Grinding

Leaching 980Koz Dore

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Mining

Processing

Conventional truck and shovel operation

• Conventional Carbon In Leach Plant. Plant design and flow process used Simberi, Misima, Porgera, Hidden Valley

• Highly experienced contract miner engaged

• CIL technology used on over 60% of WA Gold mines[1]

• Mining from 3 pits delivered to ROM stockpile

• Low power process with power to be sourced from onsite diesel gensets

• Homogenous nature of ore reduces any major variations in mining ore processing

• On site storing of key reagents and consumables to reduce logistic risk

Logistics

• Dore produced on site

• Exported via plane to Australia

1: Gold Resources and production: Australia in a Global Context, G Mudd, October 2012

Investor Presentation | June 2021 7

Low cost profile operation

Low all in sustainable cost profile

Highly competitive AISC of A$1239/oz Low cost position driven by:

• Near surface mineralisation and low strip ratio of 4x

• Simple Conventional Carbon In Leach (CIL) processing plant

• Favorable metallurgical characteristics ensure low power requirements and low consumable & reagent consumption

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Corporate Overheads
2%
G&A
20% Mining
36%
Processing
42%
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		Life of Mine	Life of Mine
	Use of Funds1	(A$/oz)	(US$/oz)3
	Mining	446	325
	Processing	428	312
	G&A	225	164
	Refining	7	5
	Total C1 Costs	1,106	807
	Royalties2	55	40
	Sustaining Capital	38	28
	Corporate Overheads	40	29
	Total AISC	1,239	904

• 1: Based on Woodlark Gold Project Execution Update (ASX release 30 November 2020)

• 2: PNG royalty at 2.5% based on A$2200 gold price

• 3: AUDUSD FX rate of 0.76

Investor Presentation | June 2021 8

Low risk mine plan

Mine Plan

• 12 month pre-strip prior to plant commissioning

• Multi staged pits allow for targeting of the highest grade ore early in the mining schedule

• 8 years of operations at nameplate with peak material movement of 20.4mt in year 6

• Mining phase will add 8.8mt of low grade stockpiles over the 9 year mining period

Stockpile Phase (year 10-13)

• 3 year of processing low grade (0.5g/t) stockpiles

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														Year
		LOM	Pre	Ramp-up	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	10-13
	MINING
	Strip Ratio (x)	4.1	11.5	6	2.5	2.2	3.4	3.9	5.4	11.2	4	4.2	3	1.8
	Total Mined (kt)	156,694	5,740	2,576	11,431	13,461	14,276	20,440	19,651	20,496	19,390	16,621	11,545	1,068
	Ore Mined (kt)	30,848	458	369	3,254	4,230	3,219	4,199	3,065	1,684	3,857	3,217	2,913	382
	Grade Mined (g/t Au)	1.11	1.50	1.51	1.35	1.22	1.03	1.09	1.06	1.12	1.08	0.99	0.89	0.97
	Contained Gold (koz Au)	1,099	22	18	142	166	106	148	105	61	134	103	83	12
	PROCESSING
	Ore Processed (kt)	30,848	-	454	2,341	2,407	2,400	2,400	2,400	2,407	2,400	2,400	2,400	8,841
	Grade (g/t)	1.11	-	1.80	1.69	1.68	1.28	1.48	1.27	1.06	1.40	1.20	0.99	0.51
	Recovery (%)	89.2%	0.0%	92.4%	92.2%	88.9%	87.4%	90.2%	91.3%	90.0%	91.2%	87.8%	83.7%	86.6%
	Gold Produced	980,182	-	24	117	116	86	103	90	74	98	82	64	126

1: Based on Woodlark Gold Project Execution Update (ASX release 30 November 2020)

Investor Presentation | June 2021

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Extending the first 5 years

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First 5 years

Excellent metrics from initial 5-years of mine plan driven by:

• Strong upfront grade profile

• Lower strip ratio

• Low AISC

Operating metrics deliver average post tax cashflow of A$100m per annum over the first 5 years

Upside

Significant value creation to be driven by the addition of more ore into the resource inventory

High grade (>1.5g/t) ore additions: elongate high grade period Mid grade (1g/t – 1.5g/t) ore additions:

• Extend mine life and 2.4mtpa production profile or

• Drive an expansion of the mill

Exploration the key

Woodlark remains relatively underexplored

Average Year 1-5 Year 6-9 Year 10-13	Average Year 1-5 Year 6-9 Year 10-13	Average Year 1-5 Year 6-9 Year 10-13
Ore Processed (mt) 2.4 2.4 2.2
Grade (g/t) 1.5 1.1 0.5
Gold (koz pa) 102 79 31
AISC (A$/oz) 1,109 1,383 1,548
Post Tax cashflow (A$m) 114 69 25
Every addition ear of higher gr	al ade Every additional ear of medium
y ore drives cA$50m of post tax cash per annum y grade ore drives cA$40m of post tax cash per annum

Exploration strategy underway to increase ore reserve

1: Based on Woodlark Gold Project Execution Update (ASX release 30 November 2020)

Investor Presentation | June 2021

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Exploration and Growth Upside

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Woodlark growth strategy

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• Growth strategy revolves around increasing reserves and inventory to the current mine plan

• Optionality exists to debottleneck and expand the mill footprint to accommodate increased ore feed

• All drill-defined resources remain open along strike, down dip and at depth

• Three Phase exploration strategy:

• Pit extension exploration

• Mineral Lease

• Regional step out on to exploration leases

• Exploration budget will be managed with available cashflow and project development timing

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Investor Presentation | June 2021 12

Phase 1: near pit potential

• All 3 operational pits (Busai, Kulumandau and Woodlark King) have significant exploration upside

• Substantial Inferred material within existing pit shells to be converted to Measured & Indicated via infill drilling

• Targeting lateral extensions at surface and down dip extensions at depth

• Deeper drilling to define economic pit limits. Current pit shells constrained by data not economics

• Definition of additional in-pit ounces reduces strip ratio and increases life of mine production

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Investor Presentation | June 2021

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Phase 2: mineral lease exploration

Substantial land holding available for exploration post completion of pit step out drilling

Numerous highly prospective targets identified within the Mining Lease, with visible gold at surface

All currently identified targets proximal to planned mill location

Rapid conversion of drilling target to mill feed as Mining Lease already in place

Broader Mining Lease exploration scheduled to commence once existing pit limits fully delineated

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Investor Presentation | June 2021 14

Phase 3: regional exploration

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• Substantial land package extending over a large proportion of the island

• Significant number of gold and copper surface outcrops to be evaluated

• Longer term focus on the Exploration Lease with numerous gold and copper surface outcrops / soil anomalies identified

• Regional exploration highly cost effective once project is operational with only incremental down the hole and assay costs to be funded

Investor Presentation | June 2021 15

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Communities and Stakeholder Engagement

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Developing sustainable local economies

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Our focus is on the development of sustainable local economies and a strategy for maximising local employment opportunities to ensure that the project benefits are shared with the local communities.

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Key initiatives include:
• Training and development to provide industry
standard skills and qualifications for local employees.
• Partnering with key stakeholders and experts to
identify and develop viable alternative industries on
Woodlark such as agriculture, aquaculture or
tourism.
•
Community development projects with a focus on
long term and responsible economic growth and
standard of living improvements.
•
Supporting the development of Government service
improvements in the areas of health, education and
law and order.
•
Improvement in female workforce participation and
training.
•
Development of a Biodiversity Action Plan.
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The Geopacific Board has approved
Environment, Community, Human Rights
and Mine Closure policies.
Environmental and Social Impact
Assessments completed and Environmental
and Social Management System developed
in line with IFC performance standards and
the Equator Principles
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Investor Presentation | June 2021 17

Our communities

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Partnering with the local community

Commitment to provide positive and lasting benefits

Commitment to hiring and up-skilling the local workforce

• Excellent relationship with local community

• Considerable effort to inform, engage and support the local Woodlark Island community has benefited all stakeholders

• Construction of churches, classrooms, trade stores and other community facilities form part of the Community’s Relocation Program

• Specialist team formed to facilitate small business opportunities

• Woodlark Gold Project already employing and upskilling men and women in the community

• Recently hired GM of People and Performance, Susan Scheepers, passionate about hiring and developing a PNG workforce

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Conclusion

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Project execution & timeline

• First gold targeted for Q4 CY 2022

• Onsite management team leading contractor engagement

• Early phase works at the Woodlark Gold Project Woodlark have commenced including:

• Order placed by GR Engineering Services (GRES) for procurement of the SAG and ball mills

• Commencement of construction activities on the processing plant with ground improvement works for the Carbon in Leach tanks underway

• Community infrastructure construction activities completed by October 2021

• 2H CY21 will see commencement of major construction work streams of:

• Wharf construction

• Power station

• Processing plant

• Mine pre-strip to commence Q4 CY21

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Q2 CY21 Q3 CY21 Q4 CY21 Q1 CY22 Q2 CY22 Q3 CY22 Q4 CY22 Wharf Construction Power Station Construction Process Plant Construction Mining – Pre-strip, ROM pad, ore stockpiles and ore to crusher Start-up Onshore and Offshore Facilities & Gold Production

Investor Presentation | June 2021 20

Investment conclusion

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Fully funded to development

High margin, low development risk project

• A$143m of cash and US$100m of project financing

• 980koz of gold production over 13 year mine life

• Conventional open pit mining with standard CIL gold processing plant reduce technology & development risk

• Remaining capital cost of A$222m

• Early work packages commenced with purchase of SAG and ball mills and LOI for mining equipment

• Low strip ratio and good head grade deliver low AISC of A$1,239/oz

• Construction to commence 2Q CY21 with first gold schedule for 4Q CY22

• NPV8 of A$347m with an IRR 34%

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Construction commenced with the team to execute

• Fully permitted to production

• Strong community engagement & support

• The project has completed Environmental and Social Impact Assessments in line with Equator Principles

• The right team in place with the experience to deliver the project and execute on our strategy

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Significant exploration upside

• All drill-defined resources remain open along strike and continue under cover

• Addition of resources has the ability to extend peak processing rate of 2.4mtpa out beyond the initial 9- year period

• Well balanced approach to exploration spend and budget

Investor Presentation | June 2021 21

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Appendix

Investor Presentation | June 2021 22

Corporate snapshot

Capital Structure	Capital Structure
Share Price (at 23 June 2021) A$0.32
Shares on Issue 512.8m
Market Capitalisation A$164m
Net Cash @ 31 March 2021 A$143m
Sprott Resource Lending Project Finance US$100m
Substantial Shareholder1
Tembo Capital	16%
DELPHI	16%
Franklin Templeton	10%
Spheria	9%

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Board Management
Ian Clyne Tim Richards
Non-Executive Chairman Chief Executive Officer
Colin Gilligan Matthew Smith
Non-Executive Director Chief Financial Officer
Ian Murray Susan Scheepers
Non-Executive Director General Manager – People and
Performance
Sir Charles Lepani Graeme Rapley
Non-Executive Director Project Director
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Investor Presentation | June 2021

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1: Source and date for data baove

The Management Team

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Tim Richards

Chief Executive Officer

Matthew Smith

Chief Financial Officer

Susan Scheepers

General Manager – People and Performance

Graeme Rapley Project Director

• Mining Engineer with over 20 years’ experience in open pit mining from scoping and feasibility studies, site technical services, operations and mine management

• In addition to working in Australia, Mr Richards has undertaken roles in Papua New Guinea, Europe, Africa, and the Caucasus

• Prior to joining Geopacific Resources, Mr Richards was General Manager Operations at Simberi Gold Mine, delivering five record years of gold production and cash-flow performance

• Chartered Accountant with over 15 years’ experience in the resource industry across precious metals, industrial and bulk commodities

• Previous roles include CFO at Kingsrose Mining Limited who have gold operations in Indonesia and Company Secretary at Straits Resources Limited who held Gold and Coal operations in Indonesia and precious metals operations in Australia

• B.Com, Chartered Accountant (CA)

• Accomplished Human Resource professional with over 17 years’ experience with major resource companies

• Prior to joining Geopacific Resources, Mrs Scheepers was the Group HR Manager for St Barbara. During her time with St Barbara she assisted with the turn-around of the Simberi Gold Mine in Papua New Guinea

• MBS, BBA

• Civil Engineer with over 20 years’ experience in Construction and Project Manager level roles

• Previous roles include Project Director for Centerra Gold at the Oksut Project in Turkey, Project Manager for True Gold at the Karma Mine in Burkina Faso, Project Manager for the Sadiola Hill Mine in Mali and Project Manager for the Tongon Gold Mine in Coite Ivoire.

• B.Eng (Civil), BBA

• B.Eng (Mining), MBA from University of Oxford

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Investor Presentation | June 2021

The Board

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Experienced Board with considerable public and private sector experience in Papua New Guinea

Ian Clyne

Non-Executive Chairman

Colin Gilligan Non-Executive Director

Ian Murray

Non-Executive Director

Sir Charles Lepani Non-Executive Director

• 35 years’ experience in international banking specialising in emerging markets

• Strong believer in PNG and has demonstrated a high level of commitment to social & community issues in previous roles

• Previous roles held include President, Director, Managing Director and Chief Executive Officer with universal banking operations and Group Chief Executive Officer of Bank South Pacific Limited (BSP in PNG) where he lead a highly successful Transformation Project

• Mining Engineer with 25 years’ experience in the resources sector in Australia, South Africa, North America and Asia

• Brings to the board a wealth of project development and project financing experience

• Has held numerous technical, executive and director roles with several resource organisations including Mitsui, Thiess, Anglo, Coalspur Mines and Resource Generation

• Extensive experience leading and managing EPC contracts, mining contracts and development projects across different commodities

• Chartered Accountant with over 25 years’ of mining experience in senior leadership positions

• Previously Managing Director of Gold Road Resources (Gold Road) where he was instrumental in taking the Guyere Project from an exploration play through to a fully funded 8.2Mtpa gold operation

• Recipient of many awards during his leadership of Gold Road including the Gavin Thomas award for leadership and the Diggers and Dealers Deal of the year award in 2017

• Over 40 years’ experience in both the public and private sectors representing Papua New Guinea as a Senior Diplomat and Advisor

• Prior to joining the Board, his most recent roles were as High Commissioner of PNG in Australia from 2005-2017, and as Director General of PNG APEC 2017-2018 Advisor and consultant to successive Prime Ministers of PNG as well as the departments of Treasury, Finance, and the Law and Justice Sector

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Investor Presentation | June 2021 25

Mineral resources and ore reserves

Mineral Resources (Fully Diluted)

47.04Mt at 1.04g/t Au for 1.57Moz Au

	Category (>0.4g/t lower cut)	Tonnes (Mt)	Grade (g/t)	Ounces (oz)
Total Resource	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

86% of Resource in M&I JORC categories

Immediate near-pit resource growth potential

Refer to PFS released 12 Mar 2018

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Ore Reserves

28.9Mt at 1.12g/t Au for 1.04Moz Au

	Category (>0.4g/t lower cut)	Tonnes (Mt)	Grade (g/t)	Ounces (oz)
Total Reserve	Proven	18.6	1.17	697,000
	Probable	10.4	1.02	340,600
	Total	28.9	1.12	1,037,600

3 deposits: Kulumuadau, Busai, Woodlark King

High conversion of Resources to Reserves

Refer to Woodlark Ore Reserve Update released 7 Nov 20181

1: All material assumptions underpinning the production target and forecast financial information continue to apply and have not changed materially.

Investor Presentation | June 2021 26

Disclaimer and competent persons statement

This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their jurisdiction. Failure to do so may result in a violation of laws in such jurisdiction. 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 Jim Kerr, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy and Managing Director of Geopacific. Mr Kerr 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 Kerr 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 Nicholas 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. Mr Johnson has no economic, financial or pecuniary interest in the company and consents to the inclusion in this report 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 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) and a full-time employee of Mining Plus Pty Ltd. 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. Mr Battista has no economic, financial or pecuniary interest in the company and consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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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.

Investor Presentation | June 2021 27

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Contact

Tim Richards CEO info@geopacific.com.au

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

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