Name of the Project
Woodlark gold project.

Location
Woodlark Island (Muyua Island), in Papua New Guinea (PNG).

Project Owner/s
Gold exploration and development company Geopacific Resources.

Project Description
A July 2024 scoping study proposed total gold production of 1.14-million ounces over a 12.1-year mine life from low-strip openpit mining of more than 97% measured and indicated mineral resources.

Average gold production of about 95 000 oz/y will be delivered by a 2.9-million-tonne-a-year conventional carbon-in-leach processing facility at an average 90.1% gold recovery.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Based on a A$2 900/oz gold price, the project has a pretax net present value, at an 8% discount rate, of A$625-million and an internal rate of return of 40.5%. Payback is estimated at 18 months from first production.

Capital Expenditure
Preproduction capital is estimated at A$326-million for mine development, gold plant and infrastructure engineering, procurement and construction management costs, first fills and critical spares.

Planned Start/End Date
Not stated.

Latest Developments
Gold producer St Barbara will acquire a 14.4% interest in Geopacific Resources through a share transaction with Patronus Resources, aligning the company with the development of Woodlark.

Under the proposed deal, Patronus will transfer 458.6-million Geopacific shares to St Barbara in exchange for 158.1-million Patronus shares, which St Barbara will sell back to Patronus through a selective buyback. The transaction is subject to approval by Patronus shareholders.

On completion, St Barbara will become a substantial shareholder in Geopacific, while Patronus’s stake will reduce to about 41-million shares, removing its status as a substantial holder.

Geopacific has indicated that St Barbara’s existing presence in PNG through its Simberi gold mine offers operational experience and strategic alignment for the development of the Woodlark project, which is 100%-owned by Geopacific.

Key Contracts, Suppliers and Consultants
GRES (definitive feasibility study update); Quest Exploration Drilling (drilling programme) and Erias Group (environmental assessments).

Contact Details for Project Information
Geopacific Resources, tel +61 8 6143 1820 or email info@geopacific.com.au.