Geopacific Resources (ASX:GPR) has received approval from the Papua New Guinea Minister for Mining for a further extension to the current mining lease at the Woodlark Gold Project.
The extension requires construction and commissioning of the Woodlark Mine to be completed over the next two years with a deadline of 5 October 2027.
Geopacific in a statement said the group now has the flexibility to optimise development planning, financing, and execution.
The lease expiry date remains 4 July 2034, which may also require an extension to match future life of mine plans and potential project extensions.
Geopacific, which has a market capitalisation of $98.66 million, says this decision underscores the government’s continued commitment to support Woodlark.
Woodlark is currently advancing through a major drilling program, environmental approvals, and the delivery of a new Definitive Feasibility Study (DFS) in Q4 2025.
The company submitted to Papua New Guinea’s Conservation and Environment Protection Authority, its Environmental Permit Amendment Request, and Environmental Assessment Report, to support the project improvements that will be reflected in the DFS.
Geopacific Resources is a developer focused on the Woodlark Project, which hosts a resource of 48.3 million tonnes @ 1.07 grams per tonne gold for 1.67 million ounces of gold.
Write to Aaliyah Rogan at Mining.com.au
Images: Geopacific Resources
