Freeport Resources Announces Results from Optimization Study at its Large- Scale Yandera Copper Project, Papua New Guinea
1
Freeport Resources Announces Results from Optimization Study at its Large-
Scale Yandera Copper Project, Papua New Guinea
• The Optimization Study was conducted to provide additional analyses, including alternative
production scenarios and updated commodity pricing models, to advance discussions with
prospective strategic partners.
• The two-phase Optimization Study aims to evaluate the potential of a high-grade development
option for the Yandera Copper Project under an initial reduced-scale mining scenario that could
offer improved financial returns with lower upfront capital investment.
• Yandera Copper’s 2017 Pre-Feasibility Study* calculated a historical post-tax NPV (10%)
of US$1,038 million based on copper prices of $3.35/lb, $10.00/lb molybdenum and
$1,400.00/oz gold. Copper prices have since reached $5.49/lb, molybdenum has tripled to
$30.29/lb and gold more than doubled to $3,348/oz.
Vancouver, British Columbia, September 9, 2025 - Freeport Resources Inc. (TSXV: FRI) (OTCQB: FEERF)
(FSE: 4XH) (“Freeport Resources” or the “Company“) announces results from the comprehensive Project
Optimization and Value -Add Study (the “ Optimization Study ”) which evaluated potential options to
enhance economic viability, technical performance, and long -term sustainability of the Yandera Copper
Project. The two-part Optimization Study was prepared by Practara (Pty) Ltd. (“Practara“), a South African-
based consultancy renowned for its expertise in mineral economics and mining studies.
“As one of the largest undeveloped copper-gold projects in the world, Yandera’s scale and proximity to key
Asian markets creates opportunities to secure strategic partnerships and long -term offtake agreements
with the potential to support project financing efforts and provide early revenue. The Optimization Study
was conducted over the past year to provide additional analyses, including alternative production
scenarios and updated commodity pricing models, to advance discussions with prospective strategic
partners. Freeport continues to prioritize engagement with key copper consumers in China, South Korea,
India and Japan to leverage potential offtake -linked financing structures and move Yandera Copper
through to feasibility study and a final investment decision,” commented Mr. Gord Freisen, Chief Executive
Officer, of Freeport Resources.
Over US$200 million in exploration and development expenditures have been completed to date on
Freeport Resources’ wholly -owned Yandera Copper Project including a 2017 Pre -Feasibility Study,
prepared by WorleyParsons, which estimated historical Measured and Indicated Resources of 727 million
2
tonnes grading 0.39% copper equivalent*. The Yandera Copper Project is strategically located within the
Bismarck Intrusive Complex of Papua New Guinea (“PNG“), host to premier ore bodies such as Grasberg,
Ok Tedi, Porgera, Hidden Valley, Wafi-Golpu and Frieda River. It is hosted within a 245 -square kilometre
tenement package, in Madang Province.
Study Background
Practara conducted a two -part desktop study of the two historical technical reports prepared in
accordance with Canadian Securities Administrators’ National Instrument 43 -101 (“ NI 43 -101”) -
Standards of Disclosure for Mineral Projects , available for review on the Company’s website
(www.freeportresources.com):
• NI 43 -101 Preliminary Feasibility Study titled, Independent Technical Report on the Yandera
Project - Pre-Feasibility Study*, prepared by WorleyParsons, with an effective date of November
27, 2017.
• NI 43 -101 Technical Report - Updated Resource Estimate Yandera Copper Project Papua New
Guinea, prepared by SRK Consulting, with an effective date of December 15, 2016.
The Optimization Study is not considered a technical report within the meaning prescribed by NI 43-101.
Phase 1 Optimization Study
Practara’s Phase 1, high -level Optimization Study of the Yandera Copper Project included scenarios
modelled to evaluate selective mining at reduced throughput rates and higher feed grades. High-grading
presents a trade -off between early cash flow and total project value, offering potential benefits under
various CAPEX scenarios. Based on the findings and conclusions of the Phase 1 Optimization Study it was
decided to complete a Phase 2 Concept Study to investigate the economic potential of mining high-grade
material at reduced throughputs from the original 33Mtpa outlined in the 2017 Pre-Feasibility Study*.
Phase 2 Concept Study
The Phase 2 Concept Study for the Yandera Copper Project focused on evaluating and defining the
economic potential of a high-grade option. The Concept Study included Open Pit Optimization modelling
to determine the economic pit shell associated with increasing the cut off to 0.40% copper and using the
resulting pit shell to create a high-level mining schedule. This mining schedule detailed the tonnages and
grades expected to be mined on a n annual basis and could be used to evaluate CAPEX and OPEX
alternatives as the Company continues discussions with strategic investors toward advancing the Yandera
Copper Project through to feasibility study and a final investment decision.
The Phase 2 Concept Study integrates the potential for updated geological interpretations, new open pit
optimization results, and high-level mine scheduling to assess the viability of increasing the copper cut-off
grade and selectively mining higher -grade zones. In turn, this work directly informed the potential
refinement of processing plant designs, alternative capital and operating cost scenarios, and infrastructure
requirements suitable for an initial reduced throughput operation. In addition, the study incorporated
detailed financial modelling, sensitivity analyses on copper price and cut -off grade, and assessments of
various funding strategies to determine their impact on project NPV and IRR.
3
Conclusions of the Optimization Study
The Yandera Copper Project exhibits the typical characteristics of a large, low -grade copper porphyry
system, where the ultimate value is most likely to be unlocked through large -scale, long-life operations
benefiting from economies of scale, as set -out in the 2017 Pre -Feasibility Study*. However, a ph ased
development approach, as outlined in the Optimi zation Study, commencing with a high -grade, lower-
throughput operation, offers potential to manage upfront capital exposure, generate early cash flows, and
position the Project for future expansion. This concept supports further evaluation of a potentially de -
risked development pathway that remains flexible to evolving market conditions and financing options.
Conclusions enumerated in the Optimization Study include the following:
“The Yandera Phase 2 Concept Study evaluates an executable development pathway for the Project. By
focusing on a phased development approach, development will allow for early cash flow generation, with
the flexibility to expand operations as market conditions strengthen and project fundamentals mature.
In summary, the Phase 2 Concept Study has established a value -accretive development pathway for the
Yandera Project. By progressing targeted de-risking activities—including comprehensive geo-metallurgical
test work, detailed engineering, and securing a rob ust financial structure—the Project is well -positioned
to contribute meaningfully to the global supply of copper, a commodity critical to enabling the world’s
energy transition and future decarbonization efforts.”
Several additional areas of potential optimization have been identified to pursue going forward, including
improved recoveries through further metallurgical test work. High -level findings from the Optimization
Study, which will be used in the Company’s ongoing discussions with potential strategic partners, include:
• Higher Copper Prices and Market Upside
The global energy transition and electrification trends continue to drive long-term demand growth
for copper. Yandera Copper’s 2017 Pre -Feasibility Study* calculated a historical post -tax NPV
(10%) of US$1,038 million based on copper prices of $3.35/lb, $ 10.00/lb molybdenum, and
$1,400.00/oz gold. Since this time, copper prices have reached record highs at $5.49/lb,
molybdenum has tripled to $30.29/lb and gold more than doubled to $3,348/oz.
• Process Optimization and Grade Control Strategies
The study concluded that significant upside potential exists through improved grade control
strategies and the strategic application of ore sorting technologies. Early investment in geo -
metallurgical test work was recommended to determine more precise run of mine (ROM) feed
management and potentially allow for economic recovery of lower -grade material through pre-
concentration. This approach was evaluated to determine possible improvements in plant feed
grades, reduced processing costs, and enhancements to overall project margins.
• Optimized Debt Structuring and Blended Finance
The Optimization Study evaluated opportunities to improve financial returns through optimal debt
structuring of the $930 million CAPEX calculated in the 2017 Pre -Feasibility Study*. Blended
4
finance approaches, combining commercial debt with concessional funding from Development
Finance Institutions (DFIs), were modelled with a view to reduce the weighted average cost of
capital while managing repayment risks. Recommendations included early e ngagement with
potential lenders and equity partners to secure competitive financing terms and alignment with
evolving Environmental, Social, and Governance (ESG) requirements.
* 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 s ufficient 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. The Company would need to conduct an exploration program,
including twinning of historical drill holes in order to verify any historical estimates as current mineral
resources. The Company is not aware of any more recent mineral resource estimate for the Yandera Copper
Project.
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.
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
5
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 stateme nts and information other than
as required by applicable laws, rules and regulations.