Freeport Resources reports PNG Government in Support of Yandera Copper Project and closes Final Tranche of $3.5 Million Private Placement
Freeport Resources reports PNG Government in Support of
Yandera Copper Project and closes Final Tranche of $3.5 Million Private Placement
PNG’s Prime Minister, the Hon. James Marape, expressed his support of the Yandera Copper
Project, a naƟonally important project promising long-term value for the country.
The Yandera Copper Pre-Feasibility Study* demonstrates the project's potenƟal as a large-scale,
open-pit copper mining opera Ɵon with annual producƟon of 100,000 tonnes of copper over a
20-year LOM.
Freeport Resources is in discussions to advance Yandera Copper, one of the largest undeveloped
copper projects in the world, to Feasibility Study and Final Investment Decision.
Materially higher copper, gold and molybdenum prices could result in higher revenues,
posiƟvely impact cash flow, and support the potenƟal for a significant value re-rate.
Vancouver, BriƟsh Columbia, January 12, 2026 - Freeport Resources Inc. (TSXV: FRI) (OTCQB: FEERF) (FSE:
4XH) (“Freeport Resources” or the “ Company“) today announced that the Government of Papua New
Guinea (“PNG”) has expressed support of the Yandera Copper Project, one of the largest undeveloped
copper projects in the world.
MeeƟngs with PNG Government
Dr. Nathan Chutas, Senior Vice President Opera Ɵons, Freeport Resources, and Tobias Kulang Thomas,
Senior Advisor, recently met with the Honourable Vincent Kumara, newly elected Member of Parliament
for Usino- Bundi in Madang Province, to discuss poten Ɵal regional benefits of the large -scale Yandera
Copper Project. Freeport Resources is commi Ʃed to strengthening the Company’s relaƟonship with the
Government of PNG and local communiƟes while working to advance the Yandera Copper Project toward
a Feasibility Study and Final Investment Decision.
The Company also notes PNG’s Prime Minister, the Honourable James Marape, in his opening address at
PNG Investment Week in December 2025, expressed his support of Yandera Copper and commitment to
securing greater benefits for the local people of Usino-Bundi to ensure the region’s economic
development. The Government of PNG is focused on advancing the country’s economy through the
development of strategically important mineral and mining projects such as Yandera Copper and ensuring
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greater benefits and local par ƟcipaƟon in PNG's resource sector which significantly contributes to the
naƟon's GDP and exports.
“We appreciate the ongoing support of the Government of Papua New Guinea,” said Mr. Gord Friesen,
Chief Execu Ɵve Officer, of Freeport Resources. “The historical Pre -Feasibility Study* for the Yandera
Copper Project provides strong economics of the project's poten Ɵal as a large -scale, open-pit copper
mining operaƟon with annual producƟon of 100,000 tonnes of copper over a 20-year life of mine. Yandera
Copper is recognized as a naƟonally important project, promising long-term value for the country of PNG
and its people. We look forward to con Ɵnuing our collabora Ɵon and posi Ɵve dialogue with the PNG
Government and local communi Ɵes, as we work to advance Yandera Copper toward a Feasibility Study
and Final Investment Decision.”
Freeport Resources conƟnues to make progress on key acƟviƟes related to advancing regulatory approvals
under the ExploraƟon License EL1335 renewal process. The MRA has scheduled the Warden’s Hearing for
the renewal of the EL1335, and preparaƟons for this meeƟng are now underway. EL1335 covers the 245.5
square kilometer concession comprising the Yandera Copper Project. The Yandera Copper Project has the
potenƟal to support communi Ɵes and create jobs throughout the region. The Company an Ɵcipates the
potenƟal economic influence of the Yandera Copper Project could span 5 provinces and create wealth for
generaƟons including, but not limited to, strategic road and highway building, power genera Ɵon and
related infrastructure.
Significant Value Rerate AnƟcipated
The Yandera Copper Project has a 2017 Pre-Feasibility Study* by Worley Parsons based on 588 drillholes
totaling 180,367 metres, resulƟng in the calculaƟon of historical Measured and Indicated Resources of 727
million tonnes of copper grading 0.39% copper equivalent. The Pre-Feasibility Study* calculated a
historical post-tax NPV (10%) of US$1,038 million based on US$3.35 per pound copper, US$1,400.00 per
ounce gold, and US$10.00 per pound molybdenum.
With materially stronger copper, gold and molybdenum prices, Freeport Resources anƟcipates a significant
re-rate of Yandera Copper’s value could be reflected in the proposed Feasibility Study. Furthermore,
according to the 2025 Op ƟmizaƟon Study conducted by Practara (Pty) Ltd., a South African -based
consultancy renowned for its exper Ɵse in mineral economics and mining studies, copper, gold and
molybdenum prices above those used in the 2017 Yandera Copper Pre-Feasibility Study* could result in
higher revenues and posiƟvely impact cash flow.
* 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. The Company would need to conduct an exploration
program, including twinning of historical drill holes in order to verify any historical estimates as current
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mineral resources. The Company is not aware of any more recent mineral resource estimate for the
Yandera Copper Project.
Closing of Final Tranche of $3.5 Million Private Placement
Freeport Resources is also pleased to announce that the Company has closed the final tranche of its non-
brokered private placement through the issuance of 35,783,332 units (each, a “Unit”) at a price of $0.03
per Unit for aggregate gross proceeds of approximately $1,073,499.96 (the “ Final Tranche”). Each Unit
consists of one common share of the Company, and one-half-of-one share purchase warrant (each whole
warrant, a “Warrant”). Each Warrant enƟtles the holder to acquire an addiƟonal common share at a price
of $0.06 for a period of twelve months following issuance.
The Final Tranche formed part of a larger offering by the Company (the “ Offering”) which totaled
117,061,663 Units for gross proceeds of $3,511,849.89 . The Company an Ɵcipates uƟlizing the proceeds
from the Offering for the conƟnued development of the Yandera Copper Project and for general working
capital purposes.
In connecƟon with comple Ɵon of the Offering, the Company paid finders’ fees of $ 11,925 to an arms-
length party who assisted in introducing a subscriber to the Offering. The Company also confirms that it
previously issued 2,106,700 Warrants to Daniel Fox-Davies, the sole owner of IStar Capital Ltd., who also
assisted with the Offering. All securiƟes issued in connecƟon with the Offering are subject to restricƟons
on resale for a period of four-months-and-one-day in accordance with applicable securiƟes laws.
Insiders of the Company subscribed for a total of 1,225,000 Units under the Offering. The participation of
insiders in the Offering constitutes a “related party transaction”, within the meaning of TSX-V Policy 5.9
and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI
61-101”). The Company has relied on the exemptions from the formal valuation and minority shareholder
approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of
the related party participation in the Offering as neither the fair market value (as determined under MI
61-101) of the subject matter of, nor the fair market value of the consideration for, the Offering, insofar
as it involved the insiders, exceeded 25% of the Company's market capitalization (as determined under
MI 61-101). The Company did not file a material change report in respect of the related party transaction
at least 21 days before the closing of the Offering because insider participation had not been confirmed
until shortly prior to closing of the Offering, and the shorter period was necessary in order to permit the
Company to close the Offering in a timeframe consistent with usual market practice for transactions of
this nature.
Incentive Stock Option Grant
The Company also announces that it has granted an aggregate of 15,000,000 incenƟve stock opƟons (the
“OpƟons”) to certain directors, officers and consultants to the Company in accordance with its omnibus
incenƟve plan. The OpƟons vest immediately and are exercisable at a price of $0.0 6 unƟl January 12,
2031.
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.
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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.
Examples of such statements include, but are not limited to, statements with respect to the development of the Yandera Copper
Project and the use of proceeds from the Offering. The material factors and assumptions used to develop the forward - looking
information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their
involvement with the Company; the Company’s ability to secure additional financing on reasonable terms; the competitive
conditions of the sector in which the Company operates; and laws and any amendments thereto applicable to the Company.
Many uncertainties and 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, including, without limitation, risks relating to the future business plans of the Company; risks related to the
exploration and development of the Yandera Copper Project; risks that the Company will not be able to retain its key personnel;
and risks that the Company will not be able to secure financing on reasonable terms or at all. 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.