GEOPACIFIC RESOURCES LTD — Investor Presentation 2021

Mar 16, 2021

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The Woodlark Gold Project

• For Mineral Resource refer to slide 15 and the PFS announcement released on 12 March 2018.

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Investment Hi hli hts g g

+1 Moz Reserve[1] with substantial exploration upside

1.8 year Payback 34% IRR[4] $347M NPV[3]

13 year mine life at an average AISC of A$1,239 / Oz Initial project capital A$255m[2]

Fully permitted and shovel ready

Successful A$140m equity raise completed Feb 2021

1 For Mineral Reserve refer to slide 15 and the PFS announcement released on 12 March 2018

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

3 AUD Post Tax NPV at 8% at A$2,200/Oz gold price

4 Post Tax IRR at A$2,200/Oz gold price

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Project Location

Proven mining investment jurisdiction with long mining history

Many world-class gold mines nearby

Island mining well established Newcrest, Lihir at 66Moz Au St Barbara, Simberi at 6Moz Au PNG large gold producer with 2.6Moz* produced in 2019 Democratic government with stable fiscal environment, 2.50% royalty including levy Australia is a major trade partner and is <2hr flight away

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*Data sourced from World Gold Council www.gold.org

Simple Operation

Straight forward mining and processing route translates to low operating costs

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Managing Director
Managing Director
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Mining

Processing

• Non-Executive Director Conventional open pit mining methods

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

• Near surface mineralisation and the geometry of the ore

• CFO & Company Secretary body drive low strip ratio 4x

• Conventional Carbon In Leach (CIL) processing plant

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

• Deep Sea Tailing Pipeline

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Key Permits and Licenses

Mining Lease[1]

Environmental Permit

Stakeholder leaders agree the MoA Oct 2020

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Compensation Agreement Memorandum of Agreement[2] Village Relocation Agreement

Updated community relocation houses

1In August 2020, an application was submitted to the MRA seeking an extension to Condition 7 of the Mining Lease which specified that construction and commissioning of the Project must be completed by the July 2022.

• 2 MOA signed by stakeholders in October 2020, ratification by the National Executive Council (NEC) still outstanding

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Path to Production

Realistic project timeline* underpinned by detailed Integrated Project Management Schedule prepared by planning specialist

• Successful AUD$140m equity raise Completed Q1 CY2021 Equity • Finalisation of US$100m Debt facility with Sprott Lending Scheduled for Q1 CY2021 Debt

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•
Housing relocation and site civil works Commenced Q4 CY2020
Construction
•
Commencement of commissioning scheduled for Q3 CY 2022
Commissioning
•
First gold scheduled for end of Q4 CY 2022
First gold
production
Scheduled dates based on the assumption that the COVID-19 border closures and travel restrictions remain in their current state. Any adverse changes to
restrictions in PNG and/or Australia may impact indicative scheduling.
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Project Timeline

Project timeline* underpinned by detailed Integrated Project Management Schedule

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Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022
Wharf Construction
Power Station Construction
Process Plant Construction
Mining – Pre-strip, ROM pad, ore stockpiles and ore to crusher
Commissioning
Start-up & Gold
DSTP – Onshore & Offshore Facilities
Production
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*Scheduled dates based on the assumption that the COVID-19 border closures and travel restrictions remain in their current state. Any adverse changes to restrictions in PNG and/or Australia may impact indicative scheduling

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Project Execution

Civil Works Program

Communities Relocation

Managing Director Contracting Plan and Strategy

• Contractor HBS currently on site executing Civil Works Program

• Road upgrades, repairs and construction

• Refurbishment of the existing exploration camp

• Clearing, levelling and compaction of community relocation areas

• Site clearing and construction of new houses and community facilities in progress

• Government and Community acceptance of the house designs

• Key stakeholders and community agreements have cleared the path for a successful Communities Relocation program

• Contracting strategy and plan in place

• Supplier contracts developed alongside Corrs Chambers Westgarth

• Preferred suppliers selected include

• ➢ GR Engineering Services to construct 2.4Mtpa process plant

• ➢ Contract Power Australia Pty Ltd to construct the Woodlark Power Station

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• ➢ HBS for contract mining

• ➢ Puma Energy PNG Limited supply of fuel

Planning for Execution Readiness

Project Execution Strategy Report

• Fully Integrated Project Management Schedule

• Well resourced and highly experienced project execution team

• Dedicated planning specialist

• Clear line of sight on critical path activities

• Execution and Optimisation Report incorporates a review of the mine plans and mine contracting strategy

• Extensive work done to date on project execution ensures a level of detail in the Execution and Optimisation Report that will far exceed industry norms for a project at a comparable stage in the development cycle

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Woodlark Growth Strategy

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• ➢ At ~1.6Moz, Woodlark mineral resources are anomalously small compared to regional analogues (e.g. Simberi 6Moz, Misima 5Moz)

• ➢ <20% of tenure comprises outcropping host lithologies

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

• ➢ 3 Stage exploration strategy under development

• ➢ High priority / high value targets adjacent to existing pits

• ➢ Broader mining lease targeted drilling

• ➢ Assessment and testing of regional targets on adjoining EL’s

• ➢ High resolution aeromagnetic data key to identifying prospective regional structures

• ➢ Shallow drill testing bedrock geochemistry beneath postmineralisation Kiriwina sedimentary cover a key discovery strategy

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Kulumadau Exploration

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0.4g/t MI Shell 0.4g/t MII Shell

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KU17DD021: 2m @ 100.9g/t
KU17RD004:
23m @ 5.05g/t
06BKD033:
10m @ 16.65g/t
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➢ Substantial Inferred material within existing pit to be converted to Indicated / Measured

• ➢ Highly prospective extensions along strike and down tip to be tested

• ➢ Relocation of community will provide access to previously undrilled zones

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Busai Exploration
0.4g/t MI Shell
0.4g/t MII Shell
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➢ Substantial Inferred material within existing pit to be converted to Indicated / Measured

• ➢ Shallow lateral extensions extending to the north of the pit

• ➢ Deeper down tip targets to the south

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Broader ML & EL Exploration

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Waiakim
Munasi
Watou
Talpos
Loluai
Norac
Suloga
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• ➢ Significant number of gold and copper surface outcrops to be evaluated

• ➢ Initial focus on targets on the Mining Lease

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

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The Management Team

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

Tim Richards

Chief Executive Officer

• 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

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

Matthew Smith

Chief Financial Officer Managing Director

• 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)

Susan Scheepers

General Manager – People and Performance

• 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

Graeme Rapley Project Director

• 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

Basil Bulkua CFO & Company Secretary Community & Environment Manager

• Mr Bulkua has held Senior Management positions with a number of global mining organisations including Rio Tinto, Lihir and Morobe

• Prior to joining Geopacific Resources Mr Bulkua worked on the Simberi Gold Mine in Papua New Guinea where he was responsible for setting environmental compliance, community projects, stakeholder grievance and engagement at Simberi

• BSc (Environmental)

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The Board

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

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

Ian Clyne

Non-ExecutiveChairman

• 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

Colin Gilligan

Non-ExecutiveDirector

• 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

Ian Murray

Non-ExecutiveDirector

• 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

Sir Charles

Lepani

Non-ExecutiveDirector

• 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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Mineral Resources and Ore Reserves

Mineral Resources (Fully Diluted)

Ore Reserves

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

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

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

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

86% of Resource in M&I JORC categories

3 deposits: Kulumuadau, Busai, Woodlark King

Immediate near-pit resource growth potential

High conversion of Resources to Reserves

Refer to PFS released 12 Mar 2018

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.

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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.

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.

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.

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.

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