Mr. Gord Friesen reports

FREEPORT ANNOUNCES CLOSING OF FINAL TRANCHE OF PRIVATE PLACEMENT

Freeport Resources Inc. has closed a fourth and final tranche of its non-brokered private placement offering for gross proceeds of $633,455.70. In connection with completion of the final tranche of the offering, the company has issued 12,669,114 unit at a price of five cents per unit. Each unit consists of one common share, and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire an additional common share of the company at a price of 10 cents until Oct. 26, 2023.

In connection with completion of the final tranche of the offering, the company paid finders' fees of $400.00 and issued 4,000 units to an arm's-length party who assisted in introducing subscribers to the offering.

All securities issued under the offering are subject to restrictions on resale until Aug. 27, 2023, in accordance with applicable securities laws.

In aggregate, the company has completed four tranches of the offering through the issuance of 59,285,447 units for total gross proceeds of $2,964,272.35.

The company plans to use the proceeds of this financing to continue to advance its Yandera copper project in Papua New Guinea, as well as for general working capital purposes. Recent advances in new copper catalyst technologies have opened an entirely new, low-cost processing route for Yandera and other large yet lower-grade sulphide copper deposits. These technologies are potentially game-changing and the company will continue to evaluate these technologies to determine if they are applicable to the Yandera project.

In addition, the company will continue to seek out, identify and acquire large undervalued copper projects globally.

About the Yandera copper project

The Yandera project is one of the largest, undervalued and undeveloped copper deposits in the world. A prefeasibility study completed by Worley Parsons in 2017 shows a total historical resource of 959 million tonnes of copper equivalent grading 0.37 per cent, including measured and indicated historical resources of 728 million tonnes, grading 0.39 per cent equivalent.*

* Independent technical report on the Yandera project -- Prefeasibility study, prepared for Era Resources Inc. and dated effective Nov. 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.

The technical information contained on this website has been reviewed and approved by Nathan Chutas, a qualified person for the purposes of National Instrument 43-101.

About Freeport Resources Inc.

Freeport Resources is a copper-centric resource company based in Vancouver, B.C. It is focused on the development of its Yandera copper project located in Papua New Guinea.

We seek Safe Harbor.