Mr. Joseph Ovsenek reports

P2 GOLD ANNOUNCES POSITIVE SULLIVAN ZONE SAMPLE ASSAY RESULTS FROM GABBS PROJECT; COMMENCES FURTHER METALLURGICAL TESTWORK

A sample has been collected and assayed from the Sullivan zone at P2 Gold Inc.'s wholly owned, gold-copper Gabbs project, located on the Walker Lane trend in Nevada, and a phase 3 metallurgical program is under way. The company has retained Kappes, Cassiday & Associates (KCA) in Reno, Nev., to carry out the phase 3 metallurgical program.

Sullivan zone sample collection and assay results

A 338-kilogram panel sample, measuring approximately one metre by 30 metres, was collected across the exposed oxide mineralization in a 10-metre-deep historic excavation at the Sullivan zone at Gabbs.

In addition, the remaining low-, medium- and high-grade samples from drill core used in the previous metallurgical programs were composited into one sample. Representative cuts from the panel and composite samples have been assayed in duplicate prior to starting the program. See the attached table for assay results.

"The assay results of the sample collected at the Sullivan zone support our enthusiasm and conviction for continuing to advance the Gabbs project forward toward production," commented Joe Ovsenek, president and chief executive officer of P2. "Moreover, based on the results of our prior test work, we expect the next phase of our metallurgical program to deliver a meaningful increase in copper recoveries, as well as an increase in gold recoveries, a direct boost to the project's bottom line. We look forward to providing further updates on our metallurgical program as we advance Gabbs."

Using existing recoveries (78 per cent for oxide gold mineralization and 54 per cent for oxide copper mineralization), Gabbs has an internal rate of return of 50.1 per cent and net present value at a discount rate of 5 per cent of over $1.4-billion (U.S.) at April 1 spot metal prices of $3,132 for gold, $33.97 for silver and $4.39 for copper. (See the company's preliminary economic assessment announced on May 22, 2024, and described in the Gabbs technical report dated May 17, 2024, available under the company's profile on SEDAR+.)

2025 metallurgical test work

The phase 3 metallurgical program now under way is focused on increasing copper and gold recoveries of the oxide mineralization and providing a marketing sample of the copper-silver SART (sulphidization, acidification, recycling and thickening) concentrate.

The phase 3 program consists of leach testing approximately 150 kilograms of the panel sample in a 20-centimetre diameter column and approximately 20 kilograms of the composited sample in a 10-centimetre column. Initial results from the phase 3 metallurgical program are expected early in the third quarter of this year.

Prior metallurgical programs

The phase 1 metallurgical program included testing for the potential recoveries of copper and gold from oxide mineralization by sequential leach using heap leach or conventional milling. The test work showed that gold and copper can be recovered by both process options, with extractions averaging 97.2 per cent for gold and 95.2 per cent for copper when the sample is ground to 100 microns. (See P2's news release of Aug. 4, 2021.)

The phase 2 metallurgical program, also conducted by KCA, was focused on determining the preferred extraction process for the Gabbs mineralization. Based on the results of that program, KCA proposed that the oxide material be heap leached and gold recovered as a salable dore and cyanide soluble copper produced as a salable copper sulphide concentrate. Column test leach results ranged up to 89 per cent for gold and 62 per cent for copper. The average extraction for the three column tests was 82 per cent for gold and 50 per cent for copper. (See P2's news release of May 13, 2022.)

Qualified person

Ken McNaughton, MASc, PEng, 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. A positive preliminary economic assessment has outlined a long-life, mid-size mine at Gabbs with annual average production of 104,000 ounces gold and 13,500 tonnes copper over a 14.2-year mine life. The Gabbs project has excellent infrastructure with access via paved Highway 361, and power and water on site. Additional metallurgical testing is under way and a water permit is expected in the second quarter of this year. All zones on the property remain open and additional exploration targets, near surface and at depth, are drill ready.

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