Mr. Greg McCunn reports

COURT APPROVAL RECEIVED AND EFFECTIVE DATE SET FOR WALHALLA 1:1 SPINOUT

On Dec. 5, 2025, Great Pacific Gold Corp. received final court approval for the arrangement and plan of arrangement previously approved by shareholders of Great Pacific Gold for the spinout of Walhalla Gold Corp., whereby the company will distribute the shares of Walhalla to the shareholders of Great Pacific. Walhalla will then own the Walhalla gold project in Victoria, Australia.

Great Pacific shareholders who own common shares as at close of business on Dec. 12, 2025, will be entitled to one Walhalla common share for every Great Pacific common share so held. The new Walhalla common shares will be issued to the Great Pacific shareholders on Monday, Dec. 15, 2025.

The plan of arrangement remains subject to acceptance of the TSX Venture Exchange.

Walhalla gold project

The Walhalla-Woods Point goldfield is one of the significant goldfields of Victoria, Australia, with an estimated total historic gold production from 54 mines of 2.2 million ounces (72.2 tonnes) at a gold grade of 25.3 grams per tonne (source: GeoVic, 2020), approximately 10 per cent of the state's historic gold production. It is estimated that there are over 420 mines/workings for gold within the goldfield, which lies in the Palaeozoic-aged Melbourne geological structural zone, about 150 kilometres east of Melbourne.

Qualified person

The technical content of this news release has been reviewed, verified and approved by Callum Spink, the company's vice-president, exploration, who is a member of the Australian Institute of Geoscientists, MAIG, a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Mr. Spink is responsible for the technical content of this news release. Mr. Spink is not independent of the company.

About Great Pacific Gold Corp.

Great Pacific Gold's vision is to become the leading gold-copper development company in Papua New Guinea. The company has a portfolio of exploration-stage projects in PNG, as follows:

1. Wild Dog project: the company's flagship project is located in the East New Britain province of PNG. The project consists of a large-scale epithermal target, the Wild Dog structural corridor, stretching 15 kilometres in strike length and potentially over 1,000 metres deep based on a recent MobileMT geophysics survey. The survey also highlighted the Magiabe porphyry target, adjacent to the epithermal target and potentially 1,000 metres in diameter and over 2,000 metres deep. Drilling of the epithermal structure on the Sinivit target has yielded high-grade results, including WDG-08, which intercepted 8.4 metres at 50 g/t gold equivalent from 154 meters. The current drilling program will extend into 2026 with a second drill rig expecting to be operational in February, 2026.
2. Kesar project: Located in the Eastern Highlands province of PNG and contiguous with the mine tenements of K92 Mining Inc., the Kesar project is a greenfield exploration project with several high-priority targets in close proximity to the property boundary with K92. Multiple epithermal veins at Kesar are on strike and have the same orientation as key K92 deposits, such as Kora. Exploration work to date by the company at the Kesar project has shown that these veins have high grades of gold present in outcrop and very elevated gold-in-soil grades, coincident with aeromagnetic highs. The company conducted a diamond drill program on key target areas at the Kesar project from November, 2024, to May, 2025, and have developed a follow-up phase 2 program for 2026.
3. Arau project: Also located in the Eastern Highlands province of PNG, the Arau project is south of and contiguous to the mine tenements of K92. Arau contains the highly prospective Mount Victor exploration target with potential for a high-sulphidation epithermal gold/base metal deposit. A phase 1 reverse circulation drilling program was completed at Mount Victor in August, 2024, with encouraging results. The Arau project includes the Elandora licence, which also contains various epithermal and copper-gold porphyry targets.

The company also holds the Tinga Valley project in PNG.

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