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PNG Copper Inc. Announces Settlement of Debt and Director Resignation

Toronto, Ontario--(Newsfile Corp. - March 21, 2022) - PNG Copper Inc. (CSE: PNGC) ("PNG Copper" or the "Company") is pleased to announce that it has completed certain annual obligations under the existing Option Agreement by issuance of Class A common shares in the capital of the Company ("Common Shares").

The Company settled outstanding obligations of CAD$277,498.50 with Papuan Minerals Pty Ltd. through the issuance of 4,703,364 Common Shares.

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 serving as a director and wishes him well in his future endeavours. Andrew Morris of Brisbane, Australia, has been reappointed a director to replace Mr. Cornelius.

About PNG Copper Inc.

PNG Copper Inc. is a mineral exploration company focused on acquiring, exploring, and developing quality mineral properties in Papua New Guinea. The Company's core values are respect for the Community, the Landowners, the environment and operating a safe workplace for its employees. The Company is also committed to best practice standards of Corporate Governance.

For further 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 news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the 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 laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under 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. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117546