News Summary
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.
Material Impact
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.
Catalysts
– Post-Spinout Trading: Monitor the trading performance of both GPAC and the newly listed Walhalla Gold Corp. to see how the market values the separated assets.
– Wild Dog Drill Results: The most critical catalyst will be the flow of assay results from the expanded 5,000-metre drill program at the flagship Wild Dog project. A second drill rig was expected to be operational in December 2025; results from this rig testing the Sinivit target at depth and stepping out along the 15 km corridor will be paramount.
– Kesar Project Updates: Continued drill results from the Kesar project, particularly the high-priority Hampore and Fufunambi targets, which are on-trend with K92 Mining’s property.
– Magiabe Porphyry Target: Any updates on groundwork at the Magiabe porphyry target at Wild Dog. The company has guided for a potential maiden drill program in 2026, so news on target definition and permitting will be a key long-term catalyst.
Materiality Conclusion
The news of final court approval for the Walhalla spinout is classified as Routine – Neutral. It represents the successful execution of a previously announced corporate strategy. It does not alter the fundamental valuation drivers of the company’s core assets, which are tied to exploration success in Papua New Guinea. The event was expected and has been priced into the market over the past several months.
