During 2022, Geopacific Resources Ltd. has been focussed on a business transformation plan to better define the Woodlark Island Gold Project following the suspension of project development in February 2022. A key element of this plan has been undertaking closed spaced grade control and resource infill drilling in the vicinity of the currently defined open pits. This has resulted in improved resource confidence and better definition of the high-grade zones within the Project.

Following completion of the above work, GPR announced an updated Mineral Resource estimate for the Woodlark Gold Project. The updated Mineral Resource Estimate for Woodlark was prepared by independent consultants, Manna Hill Geoconsulting (MHGEO), and is reported in accordance with the JORC Code (2012). The estimate of Mineral Resources is constrained by optimised pit shells generated on a gold price of USD 2,400/oz and a cut-off of 0.4g/t Au.

Following revision of the Mineral Resource, the Company has re-assessed its existing Ore Reserve. A number of key assumptions which underpin the Ore Reserve have materially changed since its publication. These include, potential material changes to assumptions relating to operating and capital costs, largely due to changing market conditions, potential changes to project design and scale and a material improvement in the gold price.

The 2022 Mineral Resource, and the changes to key assumption listed above, require that further work is undertaken prior to delivery of an updated Ore Reserve estimate for the Woodlark Project. Until further work is completed the company withdraws the Ore Reserve estimate and recommends that shareholders no longer place reliance on the previously disclosed Ore Reserve. This is not a reflection on either the quality of the work underpinning the historical Ore Reserve, or the Board's view on the future viability of the project, but rather a function of the need for further work to support a new Ore Reserve based on the updated Mineral Resource model and the other factors mentioned above.

Until further work is complete it is unclear what, if any, material changes to the historical Ore Reserve will eventuate. Mineral Resource Estimate Summary The updated Mineral Resource estimate for Woodlark was prepared by independent consultants, Manna Hill Geoconsulting (MHGEO), and is reported in accordance with the JORC Code (2012). As part of this update, Chris De-Vitry of MHGEO (Competent Person) visited site in November 2022.

This visit included inspecting the locations for the proposed pits, numerous drillhole collar locations, active drill sites and the sample preparation laboratory. Geological Setting: Gold mineralisation within the Woodlark Island Gold Project is principally hosted by the Miocene age volcanic rocks. The mineralisation is associated with lodes, quartz veins, and stockwork zones and breccias developed within alteration envelopes associated with intrusive breccia complexes.

Gold mineralisation is consistent with low sulphidation, base metal carbonate, epithermal systems typical of the south-west pacific. The zones of alteration and the associated mineralisation within them is interpreted to be controlled by lithology, stratigraphy, and structure. Numerous intercepts of high-grade mineralisation have been identified within broad lower grade envelopes at the various deposits.

Much of Woodlark Island is covered by a veneer of post mineralisation limestone (coronus) of variable thickness, with associated marine clays and basal conglomerates. There remains substantial potential for further discoveries under this cover. Drilling and Sampling: There is a long history of exploration at Woodlark Island with drilling having commenced in 1962.

The Mineral Resource estimates are therefore based on a combination of diamond and RC drilling information from several generations of exploration. As is commonly the case, older drilling is either not supported by recorded quality assurance and quality control (QA/QC) data or this data is limited. Twin holes were drilled as part of the evaluation and QA/QC process for Kulumadau, Busai and Woodlark King deposits.

A total of 13 mostly DD versus RC twins were drilled. In most cases the DD drill intercept contained more gold metal than the RC drillhole. It is considered that the risk of overestimation of gold in RC drilling is significantly reduced (at least to an acceptable level for the relevant resource classification) after removing suspect RC drilling.

The drilling database has been interrogated by Geopacific and MHGEO Manna Hill and is considered to be appropriate for generating resources according to JORC (2012) guidelines. Assaying is undertaken using a 50g fire assay for gold. Representative check samples were submitted to ALS laboratories to assess the effectiveness of the fire assay method by repeating both fire assay and Aquia Regia gold analysis, with acceptable results.

Field and lab blank, duplicate, and independent certified standard samples were used in drilling. Laboratory blanks, duplicates and reference standards are routinely used. Results from these QA/QC samples were within the acceptable ranges with the only exception being the rare, elevated assay in blanks which are probably related to sample swaps.