Freeport to Extend Term of Share Purchase Warrants

Vancouver, British Columbia – (January 10, 2022)Freeport Resources Inc. (the“Company”) is pleased to announce that it will extend the term of an aggregate of 33,513,398 share purchase warrants exerciseable at a price of $0.10 (the “$0.10 Warrants”) and 6,921,084 share purchase warrants exerciseable at a price of $0.40 (the “$0.40 Warrants”). The $0.10 Warrants were previously scheduled to expire on June 4, 2022, and will now expire on June 4, 2025, and the $0.40 Warrants were previously scheduled to expire on February 10, 2022, and will now expire on August 10, 2025.

The $0.10 Warrants and the $0.40 Warrants were previously issued in connection with non brokered private placements conducted by the Company, and not in compensation for anyservices provided to the Company. Completion of the extension remains subject to theapproval of the TSX Venture Exchange and will not take effective until such time as approvalhas been received.

Certain directors of the Company have ownership and control of 800,000 of the $0.10 Warrants currently scheduled to expire on June 4, 2022. These directors recused themselves from all discussions, deliberations and approvals concerning the extension of the Warrants. As a result of their ownership of the Warrants, that portion of the extension is considered to be a relatedpartytransaction as defined under Multilateral Instrument 61-101 and TSX Venture Exchange Policy 5.9. The related-party portion of the extension is, however, exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 and Policy 5.9, as the fair market value of the Warrants held by the directors do not exceed twenty-five percent of the market capitalization of the Company at the relevant time.

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 gord@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. Web: www.freeportresources.com 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