Mr. Gord Friesen reports

PNG MINERAL RESOURCES AUTHORITY TO CONDUCT TECHNICAL SITE VISIT AT FREEPORT'S YANDERA COPPER PROJECT

The Mineral Resources Authority (MRA) of Papua New Guinea (PNG) is scheduled to conduct a technical site visit for the renewal of exploration licence (EL) 1335, which covers the 245.5-square-kilometre concession comprising Freeport Resources Inc.'s wholly owned Yandera copper project.

Representatives of MRA and the company are scheduled to carry out compliance and inspection activities during the five-day technical site visit to begin Sept. 25 and conclude Sept. 29, 2023. The technical site visit is part of the EL 1335 renewal process and follows the successful completion of the on-site MRA wardens hearing, which took place on May 29, 2023, with principal landowners present and supportive of the company's renewal application. The company expects the MRA and mining advisory council to conclude their review shortly after the site visit, and anticipates EL 1335 will be recommended for renewal to the minister for mining, which would render the status of the permit current.

The company's main objectives for Yandera EL 1335 are working toward advancement of a definitive feasibility study to follow the 2017 prefeasibility study and continued exploration of prospective targets within the broader licence area.

Background

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. The technical site visit is for the renewal of EL 1335 for the term ending Nov. 19, 2023.

Freeport Resources acquired the Yandera copper project in 2021. Approximately $200-million (U.S.) in exploration and development expenditures have been committed to EL 1335 since 2005. Work completed and studies financed to date include approximately 154,600 metres of exploration drilling, the vast majority of which has focused on the Yandera Central deposit, scoping studies, engineering studies, environmental studies, a National Instrument 43-101 prefeasibility study and a number of other infrastructure-related studies.

Freeport Resources remains focused on moving the Yandera copper project toward decisions regarding final economics and project financing, as well as plans for a wider exploration program of several targets within the largely underexplored land package. The company 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.

The Yandera copper project is located 95 kilometres southwest of the capital city of Madang, and 235 km 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 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 five provinces and create wealth for generations, including, but not limited to, strategic road and highway building, power generation and related infrastructure.

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 resources of 728 million tonnes grading 0.39 per cent copper equivalent.

Note: The independent technical report on the Yandera project -- prefeasibility study, was 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 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 Asia-Pacific region, covering approximately 245.5 square kilometres.

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