PNG Copper Announces Settlement of Debt and Resignation of Director

Toronto, Ontario–(Newsfile Corp. – March 21, 2022) – PNG Copper Inc. (CSE: PNGC) (“PNG Copper“or the”Company“) is pleased to announce that it has satisfied certain annual obligations under the existing option agreement by issuing Class A common shares in the capital of the company (“Ordinary actions“).

The Company has settled outstanding obligations of CA$277,498.50 with Papuan Minerals Pty Ltd. via the issuance of 4,703,364 Ordinary actions.

The Company also announces the resignation of Chris Cornelius as a director of the Company effective today. The Company would like to thank Mr. Cornelius for his time as a director and wishes him good luck in his future endeavours. Andrew Morris of Brisbane, Australia, has been reappointed Director to replace Mr. Cornelius.

About PNG Copper Inc.

PNG Copper Inc. is a mining exploration company focused on the acquisition, exploration and development of quality mineral properties in Papua New Guinea. The company’s core values ​​are respect for the community, landowners, the environment, and operating a safe workplace for its employees. The Company is also committed to adhering to best practice standards in corporate governance.

For more information, please visit the company’s website at pngcopper.ca or contact:

PNG Copper Inc.
Paul Rokeby, Chief Financial Officer
Tel: +1.705.465.1880

This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including securities in The United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities law and may not be offered or sold in the United States or to, or on behalf of or for the benefit of United States Persons (as defined in Regulation S of the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISTRIBUTION, PUBLISHING, DISTRIBUTING OR BROADCASTING DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR TO THE UNITED STATES

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