Freeport Resources Reports PNG Government in Support of Yandera Copper Project and Closes Final Tranche of $3.5 Million Private Placement

Core Viewpoint - The Government of Papua New Guinea has expressed support for the Yandera Copper Project, which is one of the largest undeveloped copper projects globally, indicating a commitment to regional economic development through this project [1][3]. Group 1: Government Support and Economic Impact - Meetings between Freeport Resources and PNG government officials highlighted the potential regional benefits of the Yandera Copper Project, emphasizing the company's commitment to local communities and advancing the project towards a Feasibility Study and Final Investment Decision [2]. - PNG's Prime Minister, James Marape, reiterated support for the Yandera Copper Project during the PNG Investment Week, focusing on securing benefits for local communities and advancing the country's economy through strategic mineral projects [3]. - The Yandera Copper Project is expected to create jobs and support communities across five provinces, contributing to infrastructure development such as roads and power generation [4]. Group 2: Project Economics and Feasibility - The historical Pre-Feasibility Study indicates the Yandera Copper Project could produce 100,000 tonnes of copper annually over a 20-year mine life, with a post-tax NPV (10%) of approximately US$1,038 million based on specific commodity prices [5]. - With rising prices for copper, gold, and molybdenum, Freeport Resources anticipates a significant re-rate in the project's value, which could enhance revenues and cash flow [6][7]. - The company is in discussions to advance the Yandera Copper Project towards a Feasibility Study and Final Investment Decision, leveraging the improved market conditions for key commodities [6]. Group 3: Financial Developments - Freeport Resources has closed a final tranche of a non-brokered private placement, raising approximately $1,073,499.96 through the issuance of 35,783,332 units at $0.03 per unit, which will be used for the Yandera Copper Project's development and general working capital [9][10]. - The total offering raised gross proceeds of $3,511,849.89, indicating strong investor interest and support for the project [10]. - The company has granted 15,000,000 incentive stock options to directors, officers, and consultants, which are exercisable at $0.06 until January 12, 2031, aligning management incentives with shareholder interests [13].