P2 Gold Intersects 0.78 g/t Gold and 0.29% Copper Over 79.25 Meters, Including 1.28 g/t Gold and 0.34% Copper over 21.34 meters at the Heart of the Lucky Strike Zone

VANCOUVER, BC, Aug. 12, 2026 /CNW/ -- P2 Gold Inc. ("P2" or the "Company") (TSXV: PGLD) (OTCQB: PGLDF) reports results from ten reverse circulation ("RC") drill holes (GBR-112 to GBR-121) drilled on the western half of the Lucky Strike Zone as part of the Infill and Expansion Drill Program at its gold-copper Gabbs Project in Nevada.  Holes GBR-118 to 121 tested the higher-grading gold-copper core of the Zone (see Drilling Highlights below), which appears to be thickening as drilling extends the high-grade core to the southwest. The remaining RC holes were drilled around the western margin of the Lucky Strike Zone. 

Also reported are the final four diamond drill holes (GBD-040 to GBD-043) which were drilled along the eastern margin of the Lucky Strike Zone. Drill hole GBD-040 was a geotechnical hole testing the pit slope stability of the planned open pit (based on the Gabbs Project 2025 Preliminary Economic Assessment^*), and the other three designed to test the controls on mineralization at the edge of the zone. 

Drilling Highlights

Select drill results (see Table 1 below for total drill results) from holes GBR-112 to GBR-121 drilled at the Lucky Strike Zone include:

• Hole GBR-118 intersected 0.78 g/t gold and 0.29% copper over 79.25 meters starting 89.92 meters downhole, including 21.34 meters grading 1.28 g/t gold and 0.34% copper starting 92.96 meters downhole and also intersected 0.13 g/t gold and 0.13% copper over 32.00 meters starting 187.45 meters downhole;
  
  
• Hole GBR-119 intersected 0.37 g/t gold and 0.16% copper over 158.50 meters starting 83.82 meters downhole, including 67.06 meters grading 0.49 g/t gold and 0.18% copper starting 96.01 meters downhole;
  
  
• Hole GBR-120 intersected 0.47 g/t gold and 0.21% copper over 121.92 meters starting 71.63 meters downhole, including 41.15 meters grading 0.82 g/t gold and 0.29% copper starting 76.20 meters downhole;
  
  
• Hole GBR-121 intersected 0.78 g/t gold and 0.20% copper over 67.06 meters starting 73.15 meters downhole, including 42.67 meters grading 1.07 g/t gold and 0.28% copper starting 73.15 meters downhole and also intersected 0.12 g/t gold and 0.17% copper over 24.38 meters starting 167.64 meters downhole;

Results from the ten RC holes continue to show that the mineralization controls at Lucky Strike are the same as at the Sullivan Zone where mineralization is localized within and below a tabular unit of quartz monzonite underlain by pyroxenite, with the higher-grade gold and copper at the core of the zone.  This mineralization is gold dominant and gives way to copper-gold mineralization in the footwall of the main mineralized body.  At Lucky Strike, the deeper footwall mineralization ranges in thickness from 20 meters to 60 meters and with the main mineralized body ranging up to 100 meters thick, forms a zone with a combined thickness of up to 160 meters. 

Drill hole GBR-118, which was drilled from the same pad as diamond drill hole GBD-21 (see news release dated May 20, 2026, P2 Gold Intersects 183.0 g/t Gold and 4.0% Copper Over 1.52 Meters within a Longer Mineralized Interval at the Lucky Strike Zone), intersected one of the longest intervals of high-grade gold and copper grade encountered to date at the Lucky Strike Zone. Drill hole GBR-119 intersected the thickest interval of mineralization encountered to date (158 meters⁽¹⁾) at the Gabbs Project. Drill holes GBR-118 through GBR-120 confirm the results in hole GBD-21 and are located at the southwest limit of drilling at Lucky Strike.  Step-out drill holes from this location have been completed, with assays to be reported on receipt.

Since the start of the Program in October 2025, a total of 78 RC drill holes has been drilled, with 24 holes drilled at the Sullivan Zone and 54 holes drilled at the Lucky Strike Zone.  The diamond drill completed 29 metallurgical and slope stability geotechnical holes and 10 exploration holes prior to being demobilized from site at the end of May.

Additional drilling in the southwest is planned, in keeping with the Company's primary focus on the shallower mineralization in the western half of the Lucky Strike Zone.  Once the western half of the Lucky Strike Zone is well defined, the focus of drilling will then switch to expanding the mineralization to the northeast and southeast, which remains open. 

On completion of the Infill and Expansion Drill Program, an updated Mineral Resource estimate will be prepared for Gabbs which will form the basis of a feasibility study on placing Gabbs in production, which is expected to be completed in the fourth quarter of 2026.

Table 1: Selected Gabbs Drill Results, August 2026 (GBR-112 to GBR- 121 and GBD-040 to GBD-043)^{(1, 2)}

Qualified Person                                                                     

Ken McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Qualified Person, as defined by National Instrument 43-101, responsible for the Gabbs Project.  Mr. McNaughton has reviewed, verified, and approved the scientific and technical information in this news release.

About P2 Gold Inc.

P2 Gold is a mineral exploration and development company focused on advancing its gold-copper Gabbs Project on the Walker Lane Trend in Nevada, where work to support a feasibility study is underway.  A positive preliminary economic assessment (see footnote below) has outlined a long-life, mid-size mine at Gabbs with annual average production of 109,000 ounces gold and 33 million pounds copper, processing 9 million tonnes per year over a 14.2-year mine life.  The feasibility study is advancing using a nominal production rate of 12 million tonnes per year targeting average annual production of 150,000 ounces gold and 45 to 50 million pounds of copper per year.  The Gabbs Project has excellent infrastructure with access via paved Hwy 361, and power and water on site.  All zones on the property remain open and an infill and expansion drill program is underway. On completion of drilling, an updated Mineral Resource estimate will be prepared for Gabbs, which is expected to be completed in the third quarter.

^*Please see NI 43-101 Technical Report, "Preliminary Economic Assessment Gabbs Heap Leach and Mill Project" Nye County, Nevada, USA; Effect date of October 7, 2025, Report date November 20, 2025 available on the Company's web site www.p2gold.com and SEDAR+.

Neither the TSX Venture Exchange (the "Exchange") nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, information with respect to the Company's expectations, strategies and plans for the Gabbs Project including the Company's planned expenditures and exploration and development activities.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made as well as the other assumptions disclosed in this news release.  Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information and risks associated with mineral exploration, including the risk that actual results and timing of exploration and development will be different from those expected by management. See "Risk Factors" in the Company's annual information form for the year ended December 31, 2025, dated March 19, 2026 filed on SEDAR+ at www.sedarplus.com for a discussion of these risks.

The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.

Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.

SOURCE P2 Gold Inc.

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