Cork powdery waste (CW) from agglomerated cork caps manufacturing is commonly transported to waste-to-energy plants, although it could be locally exploited for lightweight building materials. The transformation of CW into a geopolymer formulation to obtain a novel composite formulation suitable for insulating panels is presented in this contribution. The geopolymer mix was based on metakaolin added to NaOH and Na silicate solutions, to which 2.4, 4.8 and 9.1 wt% (calculated upon dry metakaolin) of CW in the form of as-received powdery waste were added. No pre-treatments were performed on CW and no thermal curing was conducted for the alkali-activated product that was consolidated at room temperature to improve product sustainability. The insulating panel presented an apparent density of about 1.521 to 0.990 ± 0.001 g/cm3, combined with a total porosity in the range of 35.61 to 56.22 ± 0.003 % for 2.4 to 9.1 wt% of CW, respectively, and this was dependent upon ageing time. The values of its mechanical properties (compressive strength ranged from 2.5 to 1.5 MPa at 28 and 90 days of curing time, complying with UNI EN 998-2) and thermal insulating properties (thermal conductivity around 0.1146 W/mK) indicated that the highest percentage of CW in the formulations, i.e., 9.1 wt%, was suitable to obtain self-standing insulating panels.