Geopacific Resources Limited said its Woodlark Gold Project in Papua New Guinea is advancing towards development readiness, with a definitive feasibility study (DFS) due for completion in May 2026 and key regulatory approvals secured.
In its quarterly activities report for the period ended March 31, the company said the DFS is in its final review stage and will include an updated ore reserve and mineral resource estimate, aimed at validating the project’s technical and economic viability.
The company said the study incorporates optimisation across mining, processing, tailings and infrastructure to deliver a “technically robust, finance-ready” outcome, with independent technical experts appointed to review the DFS. Site visits scheduled for April were delayed due to tropical cyclone Maila.
During the quarter, the Papua New Guinea Conservation and Environment Protection Authority approved an amendment to the project’s environment permit, reflecting an updated project configuration, including an increase in throughput to 3.5 million tonnes per annum.
Following the approval, the company said it will apply to the Mineral Resources Authority to amend its existing mining leases in line with the updated permit.
Exploration activities continued during the quarter, with approximately 18,997 metres of drilling completed to date, including 32 drill holes totalling 4,931 metres during the reporting period.
Results from the Woodlark King Mining Area, particularly at Wayai Creek, included high-grade near-surface gold intercepts such as 17 metres at 5.29 grams per tonne gold from 36 metres, supporting confidence in the existing mineral resource.
Drilling has been completed at Wayai Creek and Little MacKenzie, while assays from Busai Deeps, Great Northern and other مناطق remain pending and are expected to inform updates to geological models.
Geopacific said it continues to engage with regulators and advance project financing preparations, having appointed Argonaut Corporate Finance and Taylor Collison as joint advisers to support funding and strategic equity processes.
As of March 31, the company reported cash and cash equivalents of $5 million and term deposits of $9 million.
Its quarterly cash flow statement indicates an estimated funding runway of 0.85 quarters based on current expenditure levels, highlighting the need to secure additional funding as the project progresses.
Operations were disrupted after the reporting period by tropical cyclone Maila, which caused damage to infrastructure on Woodlark Island, including roads and communications. The company said there were no reported casualties and that access and communications have since been restored.
Geopacific added that community engagement and relocation efforts continued during the quarter, alongside support for health, education and employment initiatives in surrounding areas.
The Woodlark project hosts a mineral resource of 48.3 million tonnes at 1.07 grams per tonne gold, containing approximately 1.67 million ounces.
The company said the upcoming DFS will be a key milestone in determining the project’s development pathway as it progresses towards potential production.
