Mr. Gord Friesen reports

FREEPORT RESOURCES PROVIDES UPDATE ON WARDENS HEARING ON RENEWAL OF EXPLORATION LICENSE FOR YANDERA COPPER PROJECT

Freeport Resources Inc. has provided an update on the Wardens hearing process for the renewal of exploration licence EL 1335, which covers the 245.5-square-kilometre concession comprising the Yandera copper project, located in Papua New Guinea.

The Wardens hearing for EL 1335, which is a mandatory part of the renewal process for all exploration licences for PNG, took place on May 29, 2023, at Yandera, with all principal landowners present. The meeting was conducted by senior Mineral Resources Authority (MRA) mining warden Kopi Wapa. The communities and landowners were supportive of the renewal of EL 1335 and look forward to the advancement of the Yandera copper project.

The Yandera copper project is within EL 1335, which is administered by the MRA under the Mining Act of 1992 of PNG. Renewals of exploration licences are two-year terms. This Wardens hearing was for the renewal of EL 1335 for the term ending on Nov. 19, 2023, as well as the application for a renewal extending the term of EL 1335 through Nov. 19, 2025.

The Yandera copper project is located 95 kilometres southwest of the capital city of Madang province and 235 kilometres to the northwest of Lae, which is the largest port city in PNG and an important industrial centre. As one of the largest undeveloped copper reserves* 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 five provinces and create wealth for generations, including, but not limited to, strategic road and highway building, power generation, and related infrastructure.

Freeport is committed to the responsible development of the Yandera copper project, ensuring that all activities are conducted in a safe, ethical and environmentally sustainable manner.

About the Yandera copper project

The Yandera copper project is located in the highly prolific PNG orogenic belt in 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.

A preliminary feasibility study titled "Independent Technical Report on the Yandera Project -- Pre-Feasibility Study*," prepared by Worley Parsons, with an effective date of Nov. 27, 2017, estimated a historical measured and indicated resource of 728 million tonnes grading 0.39 per cent copper equivalent.

* "Independent Technical Report on the Yandera Project -- Pre-Feasibility 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.

Qualified person

Dr. Nathan Chutas, PhD, CPG, senior vice-president of operations for Freeport, 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 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 Asia Pacific region, covering approximately 245.5 square kilometres.

We seek Safe Harbor.