Freeport Resources closes $3.5 million placement, gets PNG support

Freeport Resources Inc. (TSXV: FRI) completed the final tranche of a $3.5 million private placement and announced Papua New Guinea government support for its Yandera Copper Project, according to a company statement.

The company closed the final tranche by issuing 35.8 million units at $0.03 per unit for gross proceeds of approximately $1.1 million. The complete offering totaled 117.1 million units for gross proceeds of $3.5 million. Each unit consists of one common share and one-half warrant, with each full warrant exercisable at $0.06 for 12 months.

Papua New Guinea Prime Minister James Marape expressed support for the Yandera Copper Project during PNG Investment Week in December 2025, describing it as nationally important for long-term value creation. Company representatives met with Vincent Kumara, Member of Parliament for Usino-Bundi in Madang Province, to discuss regional benefits.

The Yandera project covers 245.5 square kilometers in Madang Province. A 2017 pre-feasibility study calculated historical measured and indicated resources of 727 million tonnes grading 0.39% copper equivalent, with potential annual production of 100,000 tonnes of copper over a 20-year mine life.

The 2017 study showed a post-tax net present value of $1.038 billion based on $3.35 per pound copper, $1,400 per ounce gold, and $10 per pound molybdenum prices. A 2025 optimization study by Practara suggested higher commodity prices could improve project economics.

Freeport Resources plans to use the placement proceeds for continued project development and working capital. The company also granted 15 million stock options to directors, officers and consultants, exercisable at $0.06 until January 2031.

The company continues regulatory work for the renewal of Exploration License EL1335, with a scheduled Warden's Hearing as part of the approval process.

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