Freeport Commences Discussions with Strategic Partners for Yandera Copper Project, One of the World’s Largest Undeveloped Copper Projects
1
Freeport Commences Discussions with Strategic Partners for
Yandera Copper Project, One of the World’s Largest Undeveloped Copper Projects
• Freeport has Commenced Discussions with Strategic Partners to Advance its 100%-Owned
Yandera Project.
• Copper Prices broke $9,000/t and $4.00/lb in recent days as demand for copper undergoes an
unprecedented structural change driven by the global energy transition.
• The removal of Cobre Panama’s supply and related decision by Chinese smelters to trim output
due to a lack of copper concentrate adds to looming copper deficits.
• Proximity to Asia, the world’s largest copper refiner and consumer, positions the Yandera Copper
Project as an attractive potential long-term source of copper supply.
Vancouver, Canada, March 19, 2024 - Freeport Resources Inc. (TSXV: FRI) (OTCQB: FEERF ) (FSE: 4XH )
(“Freeport Resources” or the “Company”) is pleased to announce that with the recent Yandera license
renewal through 2025, the Company has commenced discussions with several potential strategic partners
to advance the Yandera project to Definitive Feasibility Study. Gord Friesen, CEO, noted:
“There is strong interest by strategic partners in Yandera driven by last week’s copper price move above
$9,000/t and announcements by Chinese smelters of curtailed output due to shortages of copper
concentrates. Yandera is one of the world’s largest undeveloped copper projects and ranks as the largest
undeveloped copper project in Asia, the world’s leading copper refiner and consumer. Over USD $200
million has been expended on the project since 2005, culminating in a comprehensive 2017 Pre-Feasibility
Study delineating one of the world’s largest undeveloped copper resources.* With the extension of the
exploration license through November 2025, timing for discussions is ideal and we are excited to have re-
commenced discussions with potential strategic partners to advance the project thr ough Definitive
Feasibility Study and development of the mine. We look forward to updating shareholders as discussions
progress.”
Yandera – One of the World’s Largest Undeveloped Copper Projects
Freeport Resources’ wholly-owned Yandera Copper Project is located in the highly prolific PNG Orogenic
Belt, the same geological arc as some of the world's largest gold and copper deposits including Grasberg,
Frieda River, Porgera, Lihir, Wafi- Golpu and Kainantu. Yandera is a project of strategic national interest
in PNG and has the potential to become one of the country's most significant copper mines. The project’s
2
proximity to Asia, the world’s largest copper refiner and consumer, positions Yandera as an attractive
potential long-term source of copper supply.
The renewed license EL 1335 covers a 245.5 square kilometer (“km”) tenement comprising the Yandera
Project. Approximately USD $200 million in exploration and development expenditures have been spent
on EL 1335 since 2005. Work completed and studies funded to date include approximately 154,600
meters of exploration drilling, the vast majority of which has focused on the Yandera Central deposit, as
well as scoping studies, engineering studies, environmental studies, the 2017 Pre-Feasibility Study*, and
infrastructure-related studies.
The Preliminary Feasibility Study titled, Independent Technical Report on the Yandera Project - Pre-
Feasibility Study*, prepared by Worley Parsons, with an effective date of November 27, 2017, estimated
a historical open -pit, Measured and Indicated Resources of 728 million tonnes grading 0.39% copper
equivalent.
Freeport Resources has initiated a strategic review process aimed at maximizing the value of the Yandera
Copper Project which the Company believes is significantly undervalued based on historical
expenditures, current copper prices and the potential for resource expansion.
* Independent Technical Report on the Yandera Project – Pre-Feasibility Study, prepared for Era Resources Inc. and
dated effective November 27, 2017. The study was prepared prior to the Company acquiring an interest in the
Yandera Project, and is derived from historical estimates which the Company is not treating as current. This
information is intended to provide readers with context on historical analysis conducted on the Yandera Project,
however the Company cautions that a qualified person has not done sufficient work to classify any historical
estimates in respect of the Yandera Project as current and any analysis conducted by previous owners of the
Project may rely upon assumptions which are no longer reasonable or accurate in the context of the current
market.
Yandera – Feasibility Study
The renewal of EL 1335, through November 19, 2025, allows Freeport Resources to commence work on a
Definitive Feasibility Study to advance the Yandera Copper Project toward a Final Investment Decision.
Concurrent with the Definitive Feasibility Study program planning, Freeport Resources has begun
discussions with key international strategic investors and prospective partners for development of the
Yandera Copper Project. Demand for copper is undergoing unprecedented structural change driven by
the global energy transition with mined copper supply forecast to enter a deficit position starting as early
as 2025 (see Copper Supply and Demand Imbalance Chart below).
Copper Supply and Demand Imbalance Forecast
3
The Definitive Feasibility Study will build on earlier work undertaken with local and regional communities
to determine opportunities to achieve mutually beneficial partnerships and sustainable long- term social
benefits related to job creation, indigenous advancement, health and wellness, environment, educatio n
and community development.
Freeport and the Community
The Yandera Copper Project is 95-km southwest of the capital city of Madang Province and 235-km to the
northwest of Lae which is the largest port city in PNG and an important industrial center. As one of the
largest undeveloped copper resources* in the wo rld, the Yandera Project has the potential to support
communities and create jobs along the Yandera Corridor. The Company anticipates the potential
economic influence of the Yandera Copper Project could span 5 provinces and create wealth for
generations including, but not limited to, strategic road and highway building, power generation and
related infrastructure.
The landowners and communities of Yandera are stakeholders in the Yandera Project. The overwhelming
community support that the Company received at the Warden’s Hearing held during the summer of 2023,
demonstrated the level of commitment the people of Yandera have for the project. Freeport is also firmly
committed to advancing the project and continuing support of the community. The Company expects
to continue to develop initiatives to be an active and visible presence in the Community.
Qualified Person
Dr. Nathan Chutas, PhD, CPG, Senior Vice -President of Operations for Freeport Resources, is a qualified
person for the purposes of National Instrument 43 -101. Dr. Chutas has reviewed and approved the
technical content in this announcement.
4
About Freeport Resources Inc.
Freeport Resources is a Canadian mineral exploration company with a primary focus on advancing the
development of the Yandera copper-gold-molybdenum project, located in Madang Province, Papua New
Guinea. The Yandera project is one of the largest undeveloped copper-gold deposits in the world covering
approximately 245.5 square kilometers.
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
T. (236) 334-1660
www.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 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.