Canadian miner Freeport Resources Inc. has repurchased an outstanding 1.5% net smelter returns royalty on its Yandera copper project in Madang province, Papua New Guinea, as it continues discussions with potential strategic partners to advance the development of the deposit.
The company said on Oct. 21 that completing the buyback leaves it with 100% ownership of the project, removing the royalty obligation that arose from its original acquisition of Yandera in 2020.
Freeport said the transaction was part of a strategic review intended to maximise the project’s value and strengthen ongoing discussions with potential joint venture partners, investors and acquirers.
The company considers Yandera significantly undervalued based on historical expenditure, current copper prices and the potential to expand its resources.
“There is strong interest in Yandera from potential strategic partners, driven by record copper prices and continuing announcements by Chinese smelters of curtailed output due to shortages of copper concentrates,” said Nathan Chutas, Freeport’s director and senior vice-president of operations.
The company is seeking partners to advance the project through a definitive feasibility study, a final investment decision and eventual mine development.
Freeport said more than US$200 million had been spent on exploration and development at Yandera since 2005, including about 154,600 metres of drilling, engineering and environmental studies, infrastructure assessments and a 2017 pre-feasibility study.
The historical study estimated open-pit measured and indicated resources of 728 million tonnes grading 0.39% copper equivalent. Freeport cautioned, however, that the estimate is historical and should not be treated as a current resource estimate because sufficient work has not been completed to classify it as current.
The project covers a 245.5-square-kilometre area under Exploration Licence 1335, which is awaiting renewal. Freeport said renewal would allow it to begin work on a definitive feasibility study and advance the project towards a final investment decision.
The company is holding discussions with international strategic investors and prospective development partners amid expectations of growing copper demand linked to the global energy transition.
Yandera is about 95 kilometres southwest of Madang, the provincial capital, and 235 kilometres northwest of Lae, Papua New Guinea’s largest port city and a major industrial centre.
Freeport said the project could support employment and infrastructure development across five provinces, including roads, power generation and other facilities along the Yandera Corridor.
The company also cited community support for the project, pointing to a wardens hearing on the renewal of Exploration Licence 1335 held on March 25, 2026. It said it intended to continue working with communities in the Usino-Bundi district and to develop initiatives addressing employment, education, health, environmental protection and community development.
Separately, Freeport announced plans to extend by two years the expiry dates of 58.53 million share purchase warrants exercisable at 6 Canadian cents each. The proposed extensions, which cover warrants expiring between November 2026 and January 2027, are subject to approval by the TSX Venture Exchange.
Freeport is a Canadian mineral exploration company focused on developing the Yandera copper-gold-molybdenum project in Madang province.
