Geopacific Resources (ASX:GPR) has produced the Definitive Feasibility Study (DFS) for the wholly owned Woodlark Gold Project in Papua New Guinea (PNG), outlining the project as a technically robust, economic, and long-life open-pit gold development.
The DFS has outlined a production target of 35.6 million tonnes @ 1.07 grams per tonne gold for 1.23 million ounces of gold, with a JORC 2012-compliant ore reserve of 34.3 million tonnes @ 1.09g/t gold for 1.2 million ounces of mined gold.
Woodlark is expected to recover 1.1 million ounces of gold and 525,000 ounces of silver across the life of mine, with average gold recoveries of 89.7%. All-in sustaining costs across the life of mine are estimated at $1,966 per ounce of gold, with an average annual gold production of 100,200 ounces.
High-grade, near-surface material will be prioritised in the early years of operation to drive early cash generation and accelerated capital payback.
The DFS builds on priority technical studies, integrating updated engineering for higher plant throughput, a revisited infrastructure layout, refined mine planning, and refreshed capital and operating cost estimates.
The Woodlark Gold Project will use conventional open-pit mining across the Busai, Kulumadau, and Woodlark King deposits, and will be conducted through a contractor using a practical sequence for the geology.
The DFS also outlines a conventional carbon-in-leach (CIL) processing circuit, with a 3.5-million-tonne per annum processing capacity, producing doré bars with an average recovery of around 89.7% gold and 60.1% silver.
Additional details from the DFS include a pre-production capital expenditure of $534.6 million, which includes a $38.5 million owners’ contingency and $18.4 million contractors’ contingency in the plant cost estimate, providing a safety net for possible delays, changes, or cost overruns.
Post-tax net present value at an 8% discount is $1,301 million, with a post-tax internal rate of return at 50.6%.
With the completion of the DFS, Geopacific Resources is working to advance Woodlark through to a final investment decision (FID). Prior to that decision, though, the company is focused on early work activities, finalising project funding, completion of remaining permitting, establishing an owner’s team for project delivery, commercial readiness, and the completion of a front-end engineering design.
The company has outlined that around $650 million is required to achieve all the outcomes from the DFS and has appointed Argonaut Capital and Taylor Collison to progress discussions around funding.
Updated MRE and ore reserve for PNG project
Alongside the DFS, Geopacific Resources has announced an updated mineral resource estimate (MRE) and a new ore reserve estimate for Woodlark.
The MRE is for the Busai, Kulumadau, and Woodlark King deposits, with resource estimates now at 65.3 million tonnes @ 0.87g/t gold for 1.82 million ounces of gold, inclusive of the ore reserves. The ore reserve for these same deposits totals 34.4 million tonnes @ 1.09g/t gold for 1.2 million ounces of gold.
Geopacific Resources notes that the MREs for Great Northern, Munasi, and Wayai Creek remain unchanged.
The combined mineral resource includes all six deposits at Woodlark, with a total of 70.1 million tonnes @ 0.88g/t gold for 1.98 million ounces of contained gold.
Geopacific Resources is focused on the development of the Woodlark Gold Project in PNG and unlocking the exploration potential of the project.
Geopacific Resources will be attending the RIU Gold Coast Investment Showcase, held during 11–12 June 2026 at the JW Marriott Gold Coast Resort & Spa.
Mining.com.au is an official media partner of this year’s conference and will be at the event.
Write to Amy Rotman at Mining.com.au
Images: Geopacific Resources
