Freeport Surrenders Star Mountains Tenement

Web: www.freeportresources.com

NEWS RELEASE September 21, 2022

Freeport Surrenders Star Mountains Tenement

Vancouver, British Columbia – (September 21, 2022) – Freeport Resources Inc. (the

“Company”) announces that it will not be proceeding with a further renewal of Exploration

License Number EL 1312, previously granted by the Papua New Guinea Minister of Mining.

The license represents the key tenement within the Star Mountains Property, and it will be

allowed to lapse in accordance with its existing terms.

Earlier in the year the Company had closed down the Star Mountains work camp and has

elected not to proceed with a renewal in order to allow it to focus resources towards the

advancement of the Yandera Copper Project, also located in Papua New Guinea, and in light

of current market conditions in the natural resource sector.

About Freeport Resources Inc.

Freeport Resources Inc. is a copper-centric resource company based in Vancouver, BC. It is

focused on the development of its copper and gold projects principally located in Papua New

Guinea.

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

(236) 334-1660 or [email protected]

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