Mr. Joseph Ovsenek reports

P2 GOLD UPDATE

P2 Gold Inc. has provided an update on its activities.

BAM project update

Following the completion of the 2023 BAM exploration program, a review of all work completed on the project to date was undertaken by company geologists and a leading expert in porphyry mineralization. The review, which included an analysis of all geological mapping, geophysics, sampling and drilling data, suggests that the gold mineralization at the Monarch gold zone is related to an intrusive distal to the zone and interpreted by the company to be located to the north of the zone.

An area of particular interest for the potential source of the Monarch gold zone mineralization is the More Creek zone located approximately five kilometres east of Arctic Lake, and approximately eight kilometres northeast of the Monarch gold zone. The More Creek zone is defined by a strong gold/copper soil anomaly measuring one kilometre by one kilometre, open to the west, and within which numerous rock grab samples returned values ranging from 0.1 to 0.6 gram per tonne gold and 0.2 per cent to 0.4 per cent copper.

As the source of the Monarch gold zone mineralization is interpreted by the company to be located to the north of the zone, future exploration work at the BAM project will focus on the northern part of the BAM project comprising the Ball Creek claims, wholly owned by the company. Accordingly, the company has discontinued the option on the claims that comprise the southern portion of the project. The BAM project now comprises the Ball Creek claims that cover approximately 19,000 hectares.

Gabbs project

Plans continue to advance the Gabbs project to feasibility stage. Locations for the previously permitted water wells have been identified, which the company is preparing to repermit. In addition, the company is determining the parameters for a final round of metallurgical testing, assessing the depth of the alluvium covering the Sullivan zone to reduce stripping costs and continuing to pursue the sale of a royalty on the Gabbs project.

Option grants

The company has granted stock options, pursuant to its stock option plan, to directors, officers, employees and consultants of the company to purchase an aggregate of 1,075,000 common shares in the capital of the company at an exercise price of 13 cents per share, which expire on Dec. 20, 2025. Following this stock option grant, the company has a total of 8,394,383 stock options outstanding representing approximately 7.9 per cent of the outstanding common shares of the company. This stock option grant is subject to acceptance by the TSX Venture Exchange.

Quality assurance

Ken McNaughton, MASc, PEng, chief exploration officer, P2, is the qualified person, as defined by National Instrument 43-101, responsible for the BAM project and 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 precious metals and copper discoveries and acquisitions in the western United States and British Columbia.

We seek Safe Harbor.