Freeport Resources Inc. — Capital/Financing Update 2023

Mar 1, 2023

NEWS RELEASE

February 28, 2023

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Freeport Announces Closing of Second Tranche of Private Placement

Vancouver, British Columbia – (February 28, 2023) – Freeport Resources Inc. (the “ Company ”) is pleased to announce that it has closed a second tranche of its non-brokered private placement offering (the “ Offering ”) for gross proceeds of $633,000. In connection with completion of the second tranche of the Offering, the Company has issued 12,660,000 units (each, a “ Unit ”) at a price of $0.05 per Unit. Each Unit consists of one common share, and onehalf-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 $0.10 until August 28, 2024.

In connection with completion of second tranche of the Offering, the Company paid finders’ fees of $43,840 and issued 384,000 Units to certain arms-length parties who assisted in introducing subscribers to the Offering.

All securities issued under the Offering are subject to restrictions on resale until July 1, 2023 in accordance with applicable securities laws.

The Company intends to close a third and final tranche of the Offering for gross proceeds of up to $949,183 by mid-March.

About Freeport Resources Inc.

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.

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

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”, “intends” and similar words or expressions identify forward-looking statements 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

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Web: www.freeportresources.com

factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance

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Web: www.freeportresources.com