Geopacific Resources has received firm commitment from Lingbao Gold International Company for an approximate $2.9 million share placement.
A wholly owned subsidiary of Hong Kong-based Lingbao Gold Group, Lingbao produced approximately 725,000 ounces of gold from operations in China, Mongolia and Kyrgyzstan in 2023.
“Geopacific’s Woodlark gold project is a promising investment for Lingbao and a key step in our international strategic plan,” Lingbao overseas division general manager Peng Sun said.
“We hope to strengthen our partnership with the Geopacific team and collaborate to promote the smooth progress of the project by participating in this private placement.”
Geopacific chief executive officer James Fox echoed similar sentiments, explaining how excited Geopacifc is to be working with Lingbao.
“Lingbao is a major gold producer with mining interests in several countries,” he said.
“To secure their support as a new substantial shareholder, in parallel with the debt-to-equity agreement with a bond-holder and existing substantial shareholder, is a strong endorsement of the underlying value of the Woodlark gold project.
“Having recently identified numerous highly prospective gold targets with scope for further resource inventory growth, we believe there is a clear pathway for significant shareholder value creation that continues to be recognised.
“We look forward to completing a site visit with Lingbao over the coming weeks.”
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