Mr. Gord Friesen reports

FREEPORT ANNOUNCES RENEWAL OF EXPLORATION LICENSE FOR YANDERA COPPER PROJECT

Freeport Resources Inc. has received notification from the Papua New Guinea Mineral Resources Authority (the MRA) of the renewal of exploration licence EL 1335, which covers the concession comprising the Yandera copper project. The renewal was granted with effect from Nov. 20, 2019, for a term of two years ended Nov. 19, 2021.

The company is now in the process of updating the renewal documentation, previously submitted, for the period ended Nov. 19, 2023. Congruent with that, the company will also submit the documentation for the next two-year period commencing Nov. 20, 2023, which will be due before Aug. 19, 2023. The company has been informed by the MRA that it will only be required to conduct one Wardens hearing for both submissions and will do everything it can to facilitate the smooth restoration of the Yandera tenement to active status.

The company is very encouraged to see that the bottlenecks that delayed these renewals in the past are beginning to clear up, allowing projects such as Yandera to be advanced. The government in Papua New Guinea is once again demonstrating its interest in attracting foreign investment and affirming its position as a premier mining jurisdiction.

There was no change in the overall size and scope for the Yandera copper project in connection with the renewal, and the exploration licence allows the company to continue to advance exploration and development activities at the project while further renewals are pending.

About Yandera

The Yandera copper project is one of the largest, undeveloped copper deposits in the world. It 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 Papua New Guinea and is set to become one of the country's most significant copper mines.

About Freeport Resources Inc.

Freeport 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.

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