PNG Copper Inc. reported that following the completion of drillhole DOD005 on section 10040N at the Doriri nickel-palladium-platinum prospect on June 15, 2022, drilling moved to Section 10025N which includes drillholes DOD006 and DOD007. Drilling results from Section 10025N will test the continuity of mineralization in Costean III, consisting of nickel-chlorite+rhythmically interlayered magnetite+sulphides, to ~50 m depth. Previous channel sampling of Costean III returned a 7.0 m interval averaging 0.78% Ni, 1011 ppb Pd and 92 ppb Pt.

Drillhole DOD006 with a dip of -45o, the first hole on Section 10025N, was collared on June 17, 2022 and completed on June 21, 2022, with a final depth of 30.75 m. Mineralization was intersected from 11.55 m to 27.00 m (15.45 m downhole width). Core from the mineralized interval has been logged, photographed and sampled ready for dispatch. Drillhole DOD007 with a dip of -70o, the second hole on Section 10025N, was collared on June 22, 2022 and is presently at 29.20 m depth.

It is drilling below drillhole DOD006. The Doriri lode was intersected at 17.70 m depth and the hole remains in mineralization. The final drillhole in the present program, DOD008, will be completed on Section 10000N.

It is expected to be collared by week's end. Core samples from DOD005 were dispatched to Australian Laboratory Services, Townsville, Australia, for analysis on June 25, 2022. Gold, platinum and palladium analyses will be completed by standard 30 gm lead collection Fire Assay followed by Inductively Coupled Plasma Mass Spectrometry.

Nickel assaying (including copper and silver) will involve a four-acid digest including hydrofluoric, nitric, perchloric and hydrochloric acids in Teflon tubes. Analyses will be completed by Inductively Coupled Plasma Optical (Atomic) Emission Spectrometry. Doriri is a low temperature accumulation of nickel, palladium and platinum located in the mafic and ultramafic rocks of the Mt Suckling massif in southeastern Papua New Guinea.

There is no other documented mineral occurrence with a similar geology. Temperatures of formation of nickel-rich chlorite, rhythmically interlayered with magnetite in the deposit, are in the range 100-220oC, classifying it as an epithermal deposit. The mineralization has an average width of 10-15m and has been previously mapped over a strike length of 520m.

It remains open ended in both directions. Mineralization crops out at the surface and remains open at depth.