Geopacific Resources Limited announcement overview

Geopacific Resources Limited (ASX: $GPR) has successfully raised $8 million to unlock the value of its 1.56 Moz Woodlark Gold Project in Papua New Guinea. The strategic placements, cornerstoned by global investors, will fund an updated feasibility study and the growth of the project's gold resource. The company received a firm commitment from a new strategic investor and an existing substantial shareholder to contribute approximately A$5 million and $3 million respectively. These funds will be utilized for the feasibility study, resource growth, and general working capital purposes.

Executive commentary on funding and project advancement

The CEO of Geopacific Resources, James Fox, expressed satisfaction with the support received from the new strategic investor and existing major shareholder. He emphasized the potential for significant shareholder value creation through the unlocking of the Woodlark Gold Project's value. The company aims to deliver an updated feasibility study reflecting the project's de-risking outcomes, increased resource inventory, and the favorable gold price environment. The CEO highlighted the identification of highly prospective gold targets and the existing project approvals as key factors driving the company's progress.

Summary of Geopacific Resources' funding and project development

Geopacific Resources Limited has successfully secured $8 million in funding, with a firm commitment from a new strategic investor and an existing substantial shareholder. The funds will be used to complete an updated feasibility study and grow the Woodlark Gold Project's 1.56 Moz Resource, including preparation for drilling at high-priority target areas with strong potential for economic mineralization. The company's CEO, James Fox, emphasized the potential for significant shareholder value creation and outlined the clear pathway for project advancement. The company aims to deliver an updated feasibility study reflecting the project's de-risking outcomes, increased resource inventory, and the favorable gold price environment. The announcement signifies a positive step towards the company's goal of becoming a major gold miner in Papua New Guinea.