Freeport Resources Inc. — Share Issue/Capital Change 2020

May 9, 2020

NEWS RELEASE

May 8, 2020

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

Freeport Confirms Effective Date for Share Consolidation

Vancouver, British Columbia – (May 8, 2020) – Freeport Resources Inc. (TSX-V: FRI) (“ Freeport ”, or the “ Company ”) announces that effective at the close of business on May 12, 2020 it will consolidate its common share capital on a five-for-one basis (the “ Consolidation ”). Effective at the opening of markets on May 13, 2020, the common shares of the Company will commence trading on a post-Consolidation basis under the existing ticker symbol “FRI”.

The Consolidation is intended to facilitate a non-brokered private placement being completed by the Company, and as announced on May 1, 2020. 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.

No fractional shares will be issued in connection with the Consolidation. Shareholders who would otherwise be entitled to receive a fraction of a common share will be rounded to the nearest whole number of common shares and no cash consideration will be paid in respect of fractional shares. Registered holders of common shares of the Company will receive a letter of transmittal from Computershare Investor Services Inc. with instructions on how to exchange existing share certificates for new post-Consolidation share certificates.

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 NI 43-101 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 (236) 334-1660 or 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 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.

==> picture [127 x 35] intentionally omitted <==

Web: www.freeportresources.com