Woodlark DFS Delay Raises Questions on Project Funding and Resource Growth

Woodlark DFS Extension Reflects Stronger Market Conditions

Geopacific Resources has announced a strategic extension of its Definitive Feasibility Study (DFS) for the Woodlark Gold Project in Papua New Guinea, now scheduled for completion in the first quarter of 2026. This move allows the company to incorporate a series of optimisation and de-risking opportunities identified across mining, processing, tailings management, and infrastructure design.

The decision comes against the backdrop of a significantly higher gold price environment, with spot prices currently around A$6,200 per ounce, more than double the A$2,900 per ounce assumed in the 2024 study. This dramatic increase has prompted a reassessment of project parameters to maximise long-term value and operational robustness.

Technical and Environmental Progress

Geopacific’s engineering partner, GR Engineering Services, brings valuable experience from other PNG mining operations, applying lessons learned to update the process plant design, including increasing throughput to 3.5 million tonnes per annum. Mining fleet configurations are also being re-evaluated to enhance cost efficiency and operational simplicity, reflecting the higher gold price and anticipated material movement.

On the environmental front, the company has received positive feedback from Papua New Guinea’s Conservation and Environment Protection Authority regarding minor amendments to the project’s environmental permit. This regulatory progress supports the expanded scope of the DFS and aligns with ongoing collaborative engagement with government agencies.

Resource Growth and Infrastructure Developments

Recent drilling campaigns continue to reveal promising results, highlighting potential resource expansions at key deposits such as Kulumadau and Great Northern, as well as the emerging Kamwak prospect. These findings underpin the company’s confidence in the project’s upside potential and justify the extended study timeline.

Infrastructure designs have advanced significantly, with completed layouts for roads, water management systems, and tailings storage facilities. Geotechnical assessments have confirmed the suitability of the revised plant location, enabling finalisation of site layouts and foundation designs.

Funding and Regulatory Support

Geopacific has appointed a specialist debt advisory group to assist in securing project development funding, signalling readiness to engage with financiers as the DFS nears completion. The PNG government has also extended the mining lease construction and commissioning deadline to October 2027, providing additional flexibility to align exploration, development, and financing schedules.

CEO James Fox emphasised that the extended DFS timeline is a deliberate strategy to deliver a more robust, finance-ready study that fully captures the improved economics and operational enhancements. This approach positions Woodlark to attract strong interest from the funding community and deliver enhanced shareholder value.