Freeport Commences Internal Project Optimization Review for Yandera Copper Project, One of the World’s Largest Undeveloped Copper Projects and Announces Private Placement
1
Freeport Commences Internal Project Optimization Review for Yandera Copper Project, One
of the World’s Largest Undeveloped Copper Projects and Announces Private Placement
• While Freeport Continues Discussions with Strategic Partners to Advance its 100%-Owned
Yandera Project, it has commenced an Internal Project Optimization Review.
• The Review will Seek to Optimize the Project’s Economics, Including via possible use of New
Breakthough Direct Sulphide Leaching Technologies to achieve significant Capex/Opex
reductions.
• Copper Prices broke $9,000/t ($4.00/lb) in recent weeks as demand for copper undergoes an
unprecedented structural change driven by the global energy transition.
• 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, April 4, 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 an internal project optimization review while
discussions continue with potential strategic partners to advance the Yandera Copper Project to Definitive
Feasibility Study.
“There have been a number of new breakthrough advances in low -cost, direct sulphide leaching
technologies since the Yandera Pre-Feasibility Study was completed in 2017. These new technologies allow
for direct sulphide leaching at the mine site to produce a final copper cathode product, thereby eliminating
the need for a costly concentrator and its attendant operating and transportation costs. The potential
capital, operating and transportat ion cost savings are significant and could further strengthen the
project’s economics and attractiveness to potential strategic partners ,” commented Mr. Gord Friesen,
Chief Executive Officer, Freeport Resources.
“While there already exists strong interest by strategic partners in Yandera driven by copper price’s move
above $9,000/t onne and announcements by Chinese smelters of curtailed output due to shortages of
copper concentrates, further improvements in the project’s economics would be a win-win for all parties,
including shareholders. Yandera is one of the world’s largest undeveloped copper project s 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-
2
Feasibility Study delineating one of the world’s largest undeveloped copper resources.* With the extension
of the exploration license through November 2025, timing for this internal optimization review is ideal .
We are excited to have re-commenced work on the project in parallel with ongoing discussions involving
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,” concluded Mr. Friesen.
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
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 2017 Pre-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.
The internal project optimization review is part of Freeport Resources’ ongoing 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. The Company’s internal project optimization review will be led by Dr. Nathan Chutas, Senior
Vice-President of Operations, who helped manage the 2017 Pre-Feasibility Study.
* 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 suf ficient 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
3
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 Mine Supply vs Demand
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.
4
Private Placement
The Company also announces that it will conduct a non -brokered private placement (the “ Offering”) of
up to 100,000,000 units (each, a “Unit”) at a price of $0.05 per Unit for gross proceeds of up to $5,000,000.
Each Unit will consist of one common share of the Company and one-half-of-one share purchase warrant
(each whole warrant, a “Warrant”). Each Warrant will entitle the holder to acquire an additional common
share at a price of $0.25 for a period of twenty-four months.
Proceeds from the Offering are expected to be used to continue development of the Yandera Copper
Project, to advance the project optimization review, and for general working capital purposes.
In connection with completion of the Offering, the Company may pay finders’ fees to eligible third parties
who have assisted in introducing subscribers to the Offering. All securities issued in connection with the
Offering will be subject to resale restrictions for a period of four-months-and-one-day following issuance,
in accordance with application securities laws. Completion of the Offering remains subject to the approval
of the TSX Venture Exchange.
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.
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.
5
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.