Freeport Announces Private Placement

VANCOUVER, Jan. 9, 2023 - Freeport Resources Inc. (the "Company") announces that it will offer up to 60,000,000 units (each, a "Unit") by way of a non-brokered private placement, at a price of $0.05 per Unit, for gross proceeds of up to $3,000,000. Each "Unit" will consist of one common share, and one-half-of-one common share purchase warrant (each whole warrant, a "Warrant"). Each "Warrant" is exercisable to acquire an additional common share of the Company, at a price of $0.10, for a period of eighteen months.

The proceeds of the placement will be used for general working capital purposes. In connection with completion of the placement, the Company may pay finders' fees to eligible parties that assisted in introducing subscribers to the Company. All securities to be issued in connection with the placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. Completion of the placement remains subject to approval of the TSX Venture Exchange.

Freeport Resources Inc. is a copper-centric resource company based in Vancouver, BC. It is focused on the development of its Yandera copper project located in Papua New Guinea.

Freeport's principal asset is its 100% owned, Yandera copper project located in PNG. The Project was previously held by the Sentient Private Equity Fund, a US$2.7 billion specialist mining PE fund. Sentient spent approximately USD $200+ million in engineering and feasibility studies but was forced to sell when the portfolio had to be liquidated. The project is held under a 2-year renewable exploration license which has expired but was renewed eight consecutive times previously. The elections in Papua New Guinea in the summer of 2022 resulted in several new appointments in the Mining Ministry. The bottlenecks that have existed for the past two years, primarily as a result of the pandemic and other political concerns are opening up and, as per recent discussions with the Government, the Company is hopeful that the license will be renewed in the first half of 2023.

Recent advances in new copper catalyst technologies have opened an entirely new, low-cost processing route which could potentially be applied to Yandera and other large yet lower grade sulphide copper deposits. These technologies, which allow for the treatment of lower grade sulphide ores as oxides via a standard SX/EW circuit, are currently employed and being tested at various copper projects in both North and South America by Jetti Resources and Rio Tinto's Nuton Venture. The technology is a potential game-changer for lower-grade copper sulphide deposits. The Company is currently evaluating these technologies to determine if they are applicable to the Yandera project. If they prove to be viable, this could greatly enhance the feasibility of Yandera by significantly reducing the CAPEX and OPEX required to transition the project to production.

Please refer to the links below:

Jetti Resources
www.jettiresources.com

Rio Tinto's Nuton Venture
https://im-mining.com/2022/10/14/rio-tintos-nuton-ready-to-leverage-its-leaching-rd-legacy

Please visit www.freeportresources.com or contact the email address below for more information.

Dr. Nathan Chutas, Ph.D., CPG, Senior Vice-President of Operations for the Company, is a qualified person for the purposes of National Instrument 43-101. Dr. Chutas has reviewed and approved the technical content in this news release.

On behalf of the Board,
Freeport Resources Inc.
Gord Friesen, Chief Executive Officer
(236) 334-1660 or gord@freeportresources.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to completion of the Consolidation, and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

SOURCE Freeport Resources Inc.