Geopacific Resources Limited provided a development and exploration update for the Woodlark Gold Project. Highlights: Exploration: Results from the initial six holes from the recently commenced grade control RC drill campaign on Woodlark Island have been received by the company. This drilling campaign is being undertaken to refine ore zones in advance of mining and to provide certainty around early production. Drilling results include: 080KUL159 with 29 metres at 7.6 g/t Au: 080KUL158 with 31 metres at 6.7 g/t Au; 080KUL172 with 50 metres at 4.6 g/t Au; 080KUL173 with 44 metres at 4.7 g/t Au; and 080KUL171 with 41 metres at 3.9 g/t Au. While a further 18 holes (1,200 samples) are currently in the laboratory in Lae, Papua New Guinea pending assay, the initial results compare favorably with the resource model which has an average grade of 1.04 g/t Au1; The drilling campaign remains active on site with a 20,000 metre grade control and near pit extension drilling campaign underway and a second drill rig scheduled to commence drilling in early first quarter 2022; Post completion of the grade control drilling, the RC drill rig will move into exploration drilling with an anticipated 40,000 metres of exploration drilling budgeted in calendar year 2022: Exploration drilling will be focused on the significant near pit exploration potential previously inaccessible due to the proximity of community; All three planned open pits at the Woodlark Gold Project are open at depth and laterally; and The current pit shells are constrained by data and not economics and an extensive drilling campaign has the potential to add additional in-pit ounces, reduce strip ratio and increase the life-of-mine production. Development: Progress continues with the essential development work packages including the construction of the permanent camp, community relocation, engineering and the process plant ground preparation. Key updates include: Earthwork activities to prepare the CIL tanks foundations is progressing with the placement of geotextile and fill material; Geotechnical drilling has been completed for the wharf validating the revised location; Earthworks completed for the permanent camp, with flat pack buildings scheduled for delivery to the island in early first quarter 2022; GR Engineering Services engineering of the process plant over 70% complete; and Continued community relocation program with over 50% of buildings complete. Further to the ASX Announcement of 11 November 2021, the work program to review the Project Development Schedule and Cost Estimate is continuing. Key updates include: Consistent with the experiences being noted more broadly across the resources industry, cost increases continue to be observed for a number of key Project related activities; Additional internal resources with extensive project development experience have been secured to assist with the review of all development assumptions, work packages and cost drivers and a number of these individuals will then join the Project Execution Team; Tender documents are being released for the revised wharf solution and deep sea tailings line to firm up these cost components; and The Board plans to engage a third party technical reviewer to assess Management's proposed revisions to the Project execution plan and the resulting costs to complete.