Mr. Joseph Ovsenek reports

P2 GOLD KICKS OFF DRILLING AT BAM

P2 Gold Inc. has commenced drilling at its Bam gold-copper project located in the Golden Triangle of northwest British Columbia. The 2023 Bam project drill program builds on the three prior years of exploration and is targeting the porphyry system interpreted to be feeding the surface mineralization at the Monarch gold zone and the Jan copper zone.

Exploration crews mobilized to Bam in mid-May and quickly established the camp and began field evaluation of drill targets identified from the 2022 geophysical surveys. For 2023, drilling is expected to be completed in two phases, with the first phase consisting of approximately 3,000 metres and the second phase contingent of first-phase results.

"We believe we are on the cusp of a major discovery at Bam," commented Ken McNaughton, chief exploration officer of P2. "Geology, geophysics and surface evaluation are all pointing to significant porphyry-related mineralization underlying the Monarch gold and Jan copper zones and indicating potential for additional porphyry-related mineralization elsewhere on the property. This is the summer where we believe all of our prior exploration work comes together to drive discovery."

The Bam 2022 exploration program consisted of 13,962 metres of drilling, completed primarily at the Monarch gold zone, which greatly enhanced understanding of the geology at Bam and resulted in an initial mineral resource for the Monarch gold zone (see news release dated Jan. 25, 2023). The drilling also expanded the Monarch gold zone to over one kilometre by 1.2 kilometres in area, with the zone remaining open in multiple directions. Petrographic and TerraSpec analysis completed in the off season has confirmed field observations that alteration emanates out from the middle of the Monarch gold zone toward the edges and increases with depth.

The 2022 program also included a natural-source magnetotelluric (NSMT) geophysical survey and a Z-tipper axis electromagnetic (ZTEM) airborne geophysical survey. Three-dimensional inversions of the electrical conductivity models of the NSMT survey data and ZTEM survey data were combined using joint inversion modelling to provide a three-dimensional geophysical model of the Bam project. The three-dimensional inversion model gives a subsurface view of the conductivity/resistivity with an estimated accuracy down to a depth of roughly sea level (approximately 1,400 metres below surface at the Monarch gold zone).

The three-dimensional geophysical model was completed independently of the geological interpretation of the Bam project. Compilation of the geophysical model with the 2022 drill results shows a strong correlation with surface mineralization and geological interpretation at depth. It also shows that both the Monarch gold zone and Jan copper zone overlie zones of high conductivity sitting approximately 500 metres below surface. These conductive zones are interpreted to be the mineralized cupola overlying a copper-gold porphyry and will be the target of the first two drill holes of this year's drill program.

Results from the 2023 Bam drill program will be reported on receipt.

Silver Reef update

The company has agreed with the vendor of the Silver Reef property to defer the cash payment and share issuance due on June 12, 2023, under the option agreement dated June 12, 2020, as amended by an amending agreement dated June 20, 2022, to June 10, 2024. Under the agreement, the company has the right to acquire up to a 100-per-cent interest in the Silver Reef property located in northwest British Columbia.

P2 Gold engages the services of Global One Media

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Global One Media does not have any interest, directly or indirectly, in the company or its securities, or any right or intent to acquire such an interest. Global One Media may provide additional services in the future.

About P2 Gold Inc.

P2 Gold is a mineral exploration and development company focused on advancing precious metal and copper discoveries and acquisitions in the western United States and British Columbia.

We seek Safe Harbor.