Mr. Gord Friesen reports

FREEPORT 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 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 March 25, 2026, at Yandera, with all principal landowners, tribes and clans present. The meeting was conducted by senior Mineral Resources Authority mining warden Kopi Wapa. The communities and landowners turned out in significant numbers in support of the renewal of EL 1335 and advancement of the Yandera copper project. Also in attendance were Vincent Kumura (the member of Parliament for the Usino-Bundi district) and representatives from the Madang governor's office and the Usino-Bundi district office.

The Yandera copper project EL 1335 is administered by the MRA under the Mining Act of 1992 of PNG. Renewals of exploration licences are two-year terms. The Wardens hearing was for the renewal of EL 1335 for the term ending Nov. 19, 2027. PNG's Mining Advisory Council considers Freeport Resources' application for renewal of the Yandera copper exploration licence, together with the Warden report, before making a recommendation to the Mining Minister.

Dr. Nathan Chutas, senior vice-president, operations, director and qualified person of Freeport Resources, stated: "We are very grateful for the support shown by the Landowner Association, the Madang provincial government, our local member of Parliament, the Honorable Vincent Kumura, the Usino Bundi District Development Authority and the many members of the local community who attended the Wardens public hearing on for the renewal of EL 1335. We would also like to thank the leadership of the Mineral Resources Authority of PNG for their efficiencies in processing the application for renewal of Yandera copper exploration licence."

Community relations

Freeport Resources actively seeks opportunities to advance social initiatives with the goal of aiding communities within the remote Usino Bundi district of Madang province. In conjunction with the Wardens hearing, the company has implemented a program to deliver medical supplies in support of local health care systems with the first shipment arriving at the time of the Wardens hearing. Freeport Resources is also in discussions with a local foundation in the Usino Bundi district, which helps with health care services and educational support, to collaborate on near-term priorities, most notably the provision of medical supplies to support health care centers in local communities.

Background

The Yandera copper project is located 95 kilometres 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 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 Resources 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

Over $200-million (U.S.) in exploration and development expenditures have been completed to date on Freeport Resources' wholly owned Yandera copper project, including a 2017 prefeasibility study, prepared by Worley Parsons*. Using current prices, the estimated historical measured and indicated resource is 727 million tonnes grading 0.45 per cent copper equivalent. The Yandera copper project is strategically located within the Bismarck intrusive complex of PNG within the Papuan fold belt, which is host to premier orebodies such as Grasberg, Ok Tedi, Porgera, Hidden Valley, Wafi-Golpu and Frieda River. It is hosted within a 245-square-kilometre tenement package in Madang province.

* 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 company would need to conduct an exploration program, including twinning of historical drill holes, to verify any historical estimates as current mineral resources. The company is not aware of any more recent mineral resource estimate for the Yandera copper project.

Qualified person

Dr. 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 its 100-per-cent-owned 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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