Great Pacific Gold Appoints Alex Heath as Chief Financial Officer

Rhea-AI Summary

Great Pacific Gold Corp. (OTCQX: FSXLF) has appointed Alex Heath as its new Chief Financial Officer, effective immediately. Heath brings over 20 years of experience in finance, investment banking, corporate development, and investor relations. The current CFO, Jonathan Richards, will remain for two months to ensure a smooth transition and complete Q2 2025 regulatory filings.

Heath's appointment follows the company's recent successful equity financing of $16.9 million, which will fund drilling programs at the Wild Dog Project in Papua New Guinea. As part of his compensation package, Heath received 500,000 stock options at $0.45 per share and 250,000 restricted share units with a two-year vesting schedule.

Positive

• Successfully raised $16.9 million in recent equity financing
• Appointment of experienced CFO with over 20 years in finance and mining
• Company is fully funded to advance drilling program at Wild Dog Project

Negative

• Potential dilution from new stock options and RSUs issued to new CFO

Vancouver, British Columbia--(Newsfile Corp. - July 9, 2025) - Great Pacific Gold Corp. (TSXV: GPAC) (OTCQX: FSXLF) (FSE: V3H) ("Great Pacific", "GPAC" or the "Company") announces the appointment of Alex Heath as Chief Financial Officer ("CFO"), effective immediately. Jonathan Richards, Great Pacific Gold's current CFO, and his firm Redfern Consulting will remain engaged by Great Pacific for the next two months to complete the Q2 2025 regulatory filings and ensure a smooth transition.

Mr. Heath is a mining executive and director with more than twenty years of experience in finance, investment banking, corporate development, and investor relations. Based in Vancouver, he has held senior leadership roles with several Discovery Group companies, including serving as Interim CFO and SVP of Corporate Development at Defense Metals Corp. and President & CEO of Prospector Metals Corp. Mr. Heath is currently the Chair of the Audit Committee at Asante Gold and is also the co-founder of Chestnut Creek Capital Corp., an integrated agribusiness investment platform operating premium pineapple plantations in Costa Rica. Earlier in his career, Mr. Heath was an investment banker at Salman Partners Inc., advising on capital markets and M&A transactions. He also held corporate development and investor relations roles at Great Panther Mining Limited and Seaspan Corporation. Alex holds a Bachelor of Commerce with Honours from the University of British Columbia, is a CFA charterholder, and has completed the Directors Education Program at the University of Toronto's Rotman School of Management.

"With our successful equity financing closed last week raising $16.9 million, the Company is now fully cashed up to continue advancing our drilling program at our large scale, high-grade Wild Dog Project in Papua New Guinea. As our operations and exploration activity expands, it was time to bring in a full time CFO and finance team and I am looking forward to working with Alex to create the leading gold-copper development company in Papua New Guinea," stated Greg McCunn, CEO. "I would like to thank Jonathan for his years of hard work in founding the Company and getting it to the point where it is today."

In conjunction with the appointment, the Company has issued 500,000 stock options and 250,000 restricted share units (RSU's). The restricted share units will vest as follows: 50% will vest one year from the date of grant and the remaining 50% will vest two years from the date of grant. In addition, the options will be exercisable at $0.45 per share for a period of five years from the date of grant.

On behalf of Great Pacific Gold:
Greg McCunn
Chief Executive Officer and Director

For further information visit gpacgold.com or contact:
Investor Relations
Phone +1-778-262-2331
Email: info@gpacgold.com

About Great Pacific Gold

Great Pacific Gold has a portfolio of exploration-stage projects in Papua New Guinea ("PNG"). The Company is focused on developing gold-copper resources from its highly prospective land packages. Its core projects include:

• Wild Dog Project: located in the East New Britain province of PNG, the Wild Dog Project is a brownfield exploration project with a history of small-scale gold mining. The Wild Dog Project contains numerous epithermal, and porphyry hydrothermal-magmatic targets evidenced by previous exploration and operations. The Company completed a road refurbishment in August 2024 and baseline environmental work in Q4 2024. In Q1 2025, the Company began preparing for a drilling program with camp and infrastructure being established, airborne geophysics (MobileMT) survey completed and a geological team in place. A first phase of diamond drilling is underway on the property.
• Kesar Project: located in the Eastern Highlands province of PNG and contiguous with the mine tenements of K92 Mining Inc. ("K92"), the Kesar Project is a greenfield exploration project with several high-priority targets near 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.
• Arau Project: located in the Eastern Highlands province of PNG, the Arau Project contains the highly prospective Mt. Victor exploration target with potential for a high sulphidation epithermal gold-base metal deposit. A Phase 1 Reverse Circulation drilling program was completed at Mt. 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.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Great Pacific Gold cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Great Pacific Gold's limited operating history, its exploration and development activities on its mineral properties and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Great Pacific Gold does not undertake to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258196

FAQ

Who is the new CFO of Great Pacific Gold (OTCQX: FSXLF)?

Alex Heath has been appointed as the new CFO of Great Pacific Gold, bringing over 20 years of experience in finance, investment banking, corporate development, and investor relations.

How much did Great Pacific Gold (FSXLF) raise in their recent equity financing?

Great Pacific Gold recently raised $16.9 million through an equity financing to advance their drilling program at the Wild Dog Project in Papua New Guinea.

What compensation package was offered to Great Pacific Gold's new CFO?

The new CFO received 500,000 stock options exercisable at $0.45 per share for five years and 250,000 restricted share units with a two-year vesting schedule.

What is Great Pacific Gold's (FSXLF) main project focus?

Great Pacific Gold's main focus is the Wild Dog Project in Papua New Guinea, which they describe as a large-scale, high-grade project.

Who will handle Great Pacific Gold's Q2 2025 regulatory filings?

Jonathan Richards, the outgoing CFO, and Redfern Consulting will remain engaged for two months to complete the Q2 2025 regulatory filings and ensure a smooth transition.