Court Approval Received and Effective Date Set for Walhalla 1:1 Spinout
GPAC Bets Big on PNG High-Grade Gold as Australian Asset Spins Off
Great Pacific Gold Corp. (GPAC) announced on December 8, 2025, that it has received the final order from the Supreme Court of British Columbia approving the statutory plan of arrangement for the spinout of its wholly-owned subsidiary, Walhalla Gold Corp.
The spinout will become effective on December 15, 2025. GPAC shareholders of record as of December 12, 2025, will receive one common share of Walhalla Gold Corp. for each common share of GPAC held. Following the spinout, GPAC will continue to focus on its portfolio of gold and copper projects in Papua New Guinea (PNG), including the flagship Wild Dog project.
This news is the final administrative step required to complete the spinout of the Walhalla Gold Project, a corporate reorganization that has been in progress since it was first announced in May 2025 and approved by shareholders on November 27, 2025. As such, the court approval is an expected and procedural event. It does not introduce new information regarding the company's assets or financial condition.
The market has had ample time to digest the strategic rationale behind separating the Australian asset (Walhalla) from the core PNG projects. The primary impact of the spinout is the creation of two distinct, publicly traded entities. This allows investors to separately value the high-grade PNG exploration portfolio (GPAC) and the Australian historical goldfield project (Walhalla).
While the spinout is a material corporate action, this specific news release is routine. It simply confirms the timeline for completion. The value proposition for GPAC shareholders is now split between two stocks, which may or may not be beneficial depending on how the market receives each entity. The immediate impact on GPAC's share price should be neutral, as this event was fully anticipated. The key drivers for GPAC's valuation remain the ongoing exploration results from its PNG projects.
Great Pacific Gold Corp. is a Canadian-based gold-copper exploration company. Following a strategic pivot in 2024-2025, the company's primary focus is now on its portfolio of projects in Papua New Guinea.
The company's flagship asset is the Wild Dog Project in East New Britain, PNG. This is a brownfield project covering a 15 km long epithermal structural corridor with historical small-scale oxide mining. GPAC's exploration has returned numerous high-grade gold and copper intercepts, including a bonanza-grade hit of 8.4 metres at 49.9 g/t AuEq. The project also hosts the large-scale Magiabe porphyry copper-gold target.
The company is in the final stages of spinning out its Walhalla Gold Project in Victoria, Australia, into a separate publicly traded company, Walhalla Gold Corp., to allow GPAC to focus exclusively on its PNG assets.