Freeport Resources Inc. — Capital/Financing Update 2020

May 1, 2020

NEWS RELEASE

May 1, 2020

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Freeport Announces Share Consolidation, Private Placement and Appointments

Vancouver, British Columbia – (May 1, 2020) – Freeport Resources Inc. (TSX-V: FRI) (“ Freeport ”, or the “ Company ”) announces that its board of directors has approved a consolidation (the “ Consolidation ”) of the Company’s common share capital on a five-for-one basis. Freeport currently has 16,831,232 common shares outstanding. Following completion of the Consolidation, it is expected to have approximately 3,366,246 shares outstanding. Freeport will provide further details regarding the Consolidation, including the effective date, as soon as they become available.

In connection with completion of the Consolidation, Freeport intends to offer up to 40,000,000 postConsolidation units (each, a “ Unit ”) by way of a non-brokered private placement (the “ Placement ”). The Units will be offered at a post-Consolidation price of $0.075 per Unit for gross proceeds of up to $3,000,000. Each Unit will consist of one post-Consolidation common share of the Company and one share purchase warrant entitling the holder to acquire an additional post-Consolidation common share at a price of $0.10 for a period of twenty-four months. In connection with the completion of the Placement, Freeport may pay finders’ fees to eligible parties who assisted in introducing subscribers to the Company.

Freeport intends to use the net proceeds of the Placement to conduct due diligence on potential acquisition opportunities in the natural resources sector, retire existing debts and payables, for general working capital purposes and to ensure compliance with the continued listing requirements of the TSX venture Exchange. 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 Consolidation and the Placement remains subject to approval of the TSX Venture Exchange. Completion of the Placement is subject to completion of the Consolidation.

Freeport also announces that Gordon Friesen has been appointed as a Director and Chief Executive Officer, William Elston has been appointed as a Director, and Scott Davis has been appointed as Chief Financial Officer. Messrs. Friesen, Elston and Davis fill vacancies created by the resignations of Brenda Clark and Martin MacKinnon, who have both resigned to focus on other ventures. The board of directors thanks Ms. Clark and Mr. MacKinnon for their many years of service to Freeport.

Outgoing Chief Executive Officer Brenda Clark stated, “After twenty-five years as CEO, I have decided to pass the torch. Freeport's team has recently been strengthened with several excellent new board members. My father, William George Clark, founded Freeport in 1981, and would be very pleased to see his legacy continue in the hands of such a strong team. I wish them every possible success.”

Following the resignations of Ms. Clark and Mr. MacKinnon, the board of directors of the Company consists of Gordon Friesen, William Elston, Scott Davis and Allan Glowach.

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Web: www.freeportresources.com

About Freeport

Freeport is a Canadian junior exploration company with a diverse portfolio of properties -- the Red Rose Mine (a past producer of tungsten-gold-copper), Spanish Mountain Gold (adjacent to a proposed open-pit gold mine), and the Q (a large, well-known fluorspar deposit), all located in British Columbia. The Hutton Garnet Beaches in Labrador, eastern Canada, has a positive NI43-101 Prefeasibility (2004), and a 5000 tonne bulk sample released from environmental assessment. Please visit www.freeportresources.com or contact us for more information.

On behalf of the Board,

Freeport Resources Inc.

Gord Friesen, Chief Executive Officer (604) 889-1241 gordf888@hotmail.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 a review of potential strategic acquisition opportunities, 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.

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Web: www.freeportresources.com