Freeport Commences Discussions with Strategic Partners for Yandera Copper Project, One of the World’s Largest Undeveloped Copper Projects

On behalf of Freeport Resources Inc.

Freeport has Commenced Discussions with Strategic Partners to Advance its 100%-Owned Yandera Project.
Copper Prices broke $9,000/t and $4.00/lb in recent days as demand for copper undergoes an unprecedented structural change driven by the global energy transition.
The removal of Cobre Panama’s supply and related decision by Chinese smelters to trim output due to a lack of copper concentrate adds to looming copper deficits.
Proximity to Asia, the world’s largest copper refiner and consumer, positions the Yandera Copper Project as an attractive potential long-term source of copper supply.

Vancouver, Canada, March 19, 2024 – Freeport Resources Inc. (TSXV:FRI) (OTCQB:FEERF) (FSE:4XH) (“Freeport Resources” or the “Company”) is pleased to announce that with the recent Yandera license renewal through 2025, the Company has commenced discussions with several potential strategic partners to advance the Yandera project to Definitive Feasibility Study. Gord Friesen, CEO, noted:

“There is strong interest by strategic partners in Yandera driven by last week’s copper price move above $9,000/t and announcements by Chinese smelters of curtailed output due to shortages of copper concentrates. Yandera is one of the world’s largest undeveloped copper projects and ranks as the largest undeveloped copper project in Asia, the world’s leading copper refiner and consumer. Over USD $200 million has been expended on the project since 2005, culminating in a comprehensive 2017 Pre-Feasibility Study delineating one of the world’s largest undeveloped copper resources.* With the extension of the exploration license through November 2025, timing for discussions is ideal and we are excited to have re-commenced discussions with potential strategic partners to advance the project through Definitive Feasibility Study and development of the mine. We look forward to updating shareholders as discussions progress.”

Yandera – One of the World’s Largest Undeveloped Copper Projects

Freeport Resources’ wholly-owned Yandera Copper Project is located in the highly prolific PNG Orogenic Belt, the same geological arc as some of the world’s largest gold and copper deposits including Grasberg, Frieda River, Porgera, Lihir, Wafi-Golpu and Kainantu. Yandera is a project of strategic national interest in PNG and has the potential to become one of the country’s most significant copper mines. The project’s proximity to Asia, the world’s largest copper refiner and consumer, positions Yandera as an attractive potential long-term source of copper supply.

The renewed license EL 1335 covers a 245.5 square kilometer (“km”) tenement comprising the Yandera Project. Approximately USD $200 million in exploration and development expenditures have been spent on EL 1335 since 2005. Work completed and studies funded to date include approximately 154,600 meters of exploration drilling, the vast majority of which has focused on the Yandera Central deposit, as well as scoping studies, engineering studies, environmental studies, the 2017 Pre-Feasibility Study*, and infrastructure-related studies.

The Preliminary Feasibility Study titled, Independent Technical Report on the Yandera Project – Pre-Feasibility Study*, prepared by Worley Parsons, with an effective date of November 27, 2017, estimated a historical open-pit, Measured and Indicated Resources of 728 million tonnes grading 0.39% copper equivalent.

Freeport Resources has initiated a strategic review process aimed at maximizing the value of the Yandera Copper Project which the Company believes is significantly undervalued based on historical expenditures, current copper prices and the potential for resource expansion.

* Independent Technical Report on the Yandera Project – Pre-Feasibility Study, prepared for Era Resources Inc. and dated effective November 27, 2017. The study was prepared prior to the Company acquiring an interest in the Yandera Project, and is derived from historical estimates which the Company is not treating as current. This information is intended to provide readers with context on historical analysis conducted on the Yandera Project, however the Company cautions that a qualified person has not done sufficient work to classify any historical estimates in respect of the Yandera Project as current and any analysis conducted by previous owners of the Project may rely upon assumptions which are no longer reasonable or accurate in the context of the current market.

Yandera – Feasibility Study

The renewal of EL 1335, through November 19, 2025, allows Freeport Resources to commence work on a Definitive Feasibility Study to advance the Yandera Copper Project toward a Final Investment Decision. Concurrent with the Definitive Feasibility Study program planning, Freeport Resources has begun discussions with key international strategic investors and prospective partners for development of the Yandera Copper Project. Demand for copper is undergoing unprecedented structural change driven by the global energy transition with mined copper supply forecast to enter a deficit position starting as early as 2025 (see Copper Supply and Demand Imbalance Chart below).

Copper Supply and Demand Imbalance Forecast

Freeport Resources Inc

The Definitive Feasibility Study will build on earlier work undertaken with local and regional communities to determine opportunities to achieve mutually beneficial partnerships and sustainable long-term social benefits related to job creation, indigenous advancement, health and wellness, environment, education and community development.

Freeport and the Community

The Yandera Copper Project is 95-km southwest of the capital city of Madang Province and 235-km to the northwest of Lae which is the largest port city in PNG and an important industrial center. As one of the largest undeveloped copper resources* in the world, the Yandera Project has the potential to support communities and create jobs along the Yandera Corridor. The Company anticipates the potential economic influence of the Yandera Copper Project could span 5 provinces and create wealth for generations including, but not limited to, strategic road and highway building, power generation and related infrastructure.

The landowners and communities of Yandera are stakeholders in the Yandera Project. The overwhelming community support that the Company received at the Warden’s Hearing held during the summer of 2023, demonstrated the level of commitment the people of Yandera have for the project. Freeport is also firmly committed to advancing the project and continuing support of the community. The Company expects to continue to develop initiatives to be an active and visible presence in the Community.

Qualified Person

Dr. Nathan Chutas, PhD, CPG, Senior Vice-President of Operations for Freeport Resources, is a qualified person for the purposes of National Instrument 43-101. Dr. Chutas has reviewed and approved the technical content in this announcement.

About Freeport Resources Inc.

Freeport Resources is a Canadian mineral exploration company with a primary focus on advancing the development of the Yandera copper-gold-molybdenum project, located in Madang Province, Papua New Guinea. The Yandera project is one of the largest undeveloped copper-gold deposits in the world covering approximately 245.5 square kilometers.

Please visit www.freeportresources.com or contact the email address below for more information.

On behalf of the Board,

FREEPORT RESOURCES INC.

Gord Friesen, Chief Executive Officer
T. (236) 334-1660
E. [email protected]
www.freeportresources.com

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

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule”, “intends” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

Disclaimer

QUICK LINKS TO PREFERRED BROKERAGES

Disclosure:

1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector.

2) The Article was issued on behalf of and sponsored by, FreePort Resources Inc. Market Jar Media Inc. has or expects to receive from FreePort Resources Inc.’s Digital Marketing Agency of Record (Native Ads Inc.) two hundred thirteen thousand and three hundred sixty US dollars for a duration of up to twelve (12) months or until budget exhaustion as dictated by FreePort Resources Inc.

3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. Market Jar has not independently verified or otherwise investigated all such information. None of Market Jar or any of their respective affiliates, guarantee the accuracy or completeness of any such information. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy.

4) The Article does not constitute investment advice. All investments carry risk and each reader is encouraged to consult with his or her individual financial professional. Any action a reader takes as a result of the information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.'s terms of use and full legal disclaimer as set forth here. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on PressReach.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on PressReach.com.

5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article.

6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding FreePort Resources Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to FreePort Resources Inc.’s industry; (b) market opportunity; (c) FreePort Resources Inc.’s business plans and strategies; (d) services that FreePort Resources Inc. intends to offer; (e) FreePort Resources Inc.’s milestone projections and targets; (f) FreePort Resources Inc.’s expectations regarding receipt of approval for regulatory applications; (g) FreePort Resources Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) FreePort Resources Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute FreePort Resources Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) FreePort Resources Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) the accuracy of budgeted costs and expenditures; (e) FreePort Resources Inc.’s ability to attract and retain skilled personnel; (f) political and regulatory stability; (g) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (h) changes in applicable legislation; (i) stability in financial and capital markets; and (j) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of FreePort Resources Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) FreePort Resources Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact FreePort Resources Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing FreePort Resources Inc.’s business operations (e) FreePort Resources Inc. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, FreePort Resources Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does FreePort Resources Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither FreePort Resources Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of FreePort Resources Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of FreePort Resources Inc. or such entities and are not necessarily indicative of future performance of FreePort Resources Inc. or such entities.

8) The technical information contained in articles and videos produced for this campaign has been reviewed and approved by Dr. Nathan Chutas, PhD, CPG, Senior Vice-President of Operations at Freeport Resources Inc. as the Qualified Person for the Company as defined in National Instrument 43-101.

9) Investing is risky. The information provided in this article should not be considered as a substitute for professional financial consultation. Users should be aware that investing in any form carries inherent risks, and as such, there is a possibility of losing some or all of their investment. The value of investments can fluctuate significantly within a short period, and investors must understand that past performance is not indicative of future results. Additionally, users should exercise caution as transactions involving investments may be irreversible, even in cases of fraud or accidental actions. It is crucial to acknowledge that rapidly evolving laws and technical issues can have adverse effects on the usability, transferability, exchangeability, and value of investments. Furthermore, users must be cognizant of potential security risks associated with their investment activities. Individuals are strongly encouraged to conduct thorough research, seek professional advice, and carefully evaluate their risk tolerance before engaging in any investment endeavors. Market Jar Media Inc. is neither an investment adviser nor a broker-dealer. The information presented on the website is provided for informative purposes only and is not to be treated as a recommendation to make any specific investment. No such information on PressReach.com constitutes advice or a recommendation.

PressReach

SEARCH FOR AN ARTICLE

PressReach

PressReach

Freeport Commences Discussions with Strategic Partners for Yandera Copper Project, One of the World’s Largest Undeveloped Copper Projects

About Freeport Resources Inc.

FREEPORT RESOURCES INC.

QUICK LINKS TO PREFERRED BROKERAGES

More News From This Company

Freeport Resources Inc.

Company News

Don't Hestitate! Get The Corporate Presentation Now

PLUS

PressReach

About Freeport Resources Inc.

FREEPORT RESOURCES INC.

Get Money Saving Tips

QUICK LINKS TO PREFERRED BROKERAGES

More News From This Company

Freeport Resources Inc.

Company News

Don't Hestitate! Get The Corporate Presentation Now

PLUS

Get Money
Saving Tips