Freeport Resources Inc. — Capital/Financing Update 2023

Apr 14, 2023

NEWS RELEASE

April 14, 2023

==> picture [220 x 87] intentionally omitted <==

Freeport Announces Increase in Private Placement

Vancouver, British Columbia – (April 14, 2023) – Freeport Resources Inc. (the “ Company ”) is pleased to announce that it has elected to increase the size of its previously announced nonbrokered private placement (the “ Offering ”) in response to additional market interest.

The Company now intends to offer up to 70,000,000 units (each, a “ Unit ”) for gross proceeds of up to $3,500,000. Each Unit will continue to consist of one common share, and one-half-ofone 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 for a period of eighteen months.

To date, the Company has completed three tranches of the Offering through the issuance of 46,616,333 Units for gross proceeds of $2,330,817 and intends to complete a fourth and final tranche shortly.

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

==> picture [126 x 36] intentionally omitted <==

Web: www.freeportresources.com