Geopacific Resources Ltd. provided an update on its ongoing exploration drilling campaign at the Woodlark Gold Project (`Woodlark' or the `Project'). Geopacific continues to execute its resource extension drilling program which has been targeting lateral and down dip mineralisation at Kulumadau. In recent drilling, the Company has been able to test previously inaccessible areas facilitated by the ongoing community relocation program.

This drilling has identified mineralisation that sits outside the planned pit shell at Kulumadau and highlights the upside resource potential that exists at the Project. The results received in the "Bullnose" at the southern edge of the current Kulumadau pit, where historic drilling has been limited due to the proximity of the community, suggest that drilling in this area will increase the level of geological confidence and may allow for a larger and less complex pit shell. The current resource extension drilling campaign will be completed by the end of November 2022, with the results received to date incorporated into the Mineral Resource update which is scheduled to be finalised by the end of 2022.

The outcome of the Mineral Resource update will provide a key input to the Company's operating strategy for 2023. The Woodlark Project currently has a 1.6Moz gold resource with significant exploration upside located in Milne Bay Province, Papua New Guinea. Highlights: Resource extension drilling targeting lateral and down dip potential at Kulumadau delivered positive near surface results (all within 100m of surface) including: KURD22016 with 41 metres at 2.10g/t Au from 35 metres, including 3 metres at 8.04g/t Au from 36 metres; KURC22020 with 3 metres at 3.37g/t Au from 71 metres, including 1 metre at 7.72g/t Au from 72 metres; KURC22034 with 14 metres at 1.90g/t Au from 88 metres, including 1 metre at 5.80g/t Au from 89 metres; KURC22038 with 1 metre at 7.85g/t Au from 45 metres; KURC22040 with 14 metres at 3.56g/t Au from 33 metres, including 4 metres at 7.70g/t Au from 36 metres, and 1 metre at 7.16g/t Au from 44 metres; and KURC22043 with 3 metres at 4.93g/t Au from 79 metres, including 1 metre at 8.52g/t Au from 79 metres.

The resource extension drilling at Kulumadau continues to define mineralisation outside of the existing planned pit shell at the Project. Data from the resource extension drilling and previously completed grade control drilling will be incorporated into the Mineral Resource update, scheduled for completion by the end of calendar year 2022. The Mineral Resource update will provide important data to be utilised in the ongoing studies aimed at re-assessing and optimising the Project design and seeking to capitalise on targeted economies of scale.