Mr. Gord Friesen reports

FREEPORT CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT

Freeport Resources Inc. has closed the second tranche of its non-brokered private placement offering for gross proceeds of $787,761. In connection with completion of the second tranche of the offering, the company has issued 15,755,217 units 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 25 cents until April 29, 2026.

In connection with completion of first tranche of the offering, the company paid finders' fees of $14,000 and issued 280,000 share purchase warrants to certain arm's-length parties that assisted in introducing subscribers to the offering.

All securities issued under the offering are subject to restrictions on resale until Aug. 30, 2024, in accordance with applicable securities laws.

The company has received an extension of the deadline for completion of the offering from the TSX Venture Exchange and anticipates completing a final tranche of the offering before May 15, 2024.

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 kilometres.

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