Mr. Joseph Ovsenek reports

P2 GOLD ANNOUNCES FIRST DRILL RESULTS FROM INFILL AND EXPANSION DRILLING AT GABBS

P2 Gold Inc. has released results from the first six reverse circulation (RC) drill holes (GBR-050 to 055) drilled at the Sullivan zone as part of the infill and expansion drill program at its Gabbs project located on the Walker-Lane trend in Nevada.

Drilling highlights

Select drill results (see Table 1 for drill results) from holes GBR-050 to GBR-055 drilled at the Sullivan zone include:

• Hole GBR-051 intersected 0.96 gram per tonne gold and 0.32 per cent copper over 38.10 metres starting 4.57 metres from surface, including 12.19 metres grading 2.37 g/t gold and 0.37 per cent copper starting 7.62 metres from surface;
• Hole GBR-053 intersected 0.58 g/t gold and 0.35 per cent copper over 67.06 metres from surface, including 28.96 metres grading 0.94 g/t gold and 0.40 per cent copper starting 4.57 metres from surface;
• Hole GBR-054 intersected 0.76 g/t gold and 0.29 per cent copper over 85.34 metres from surface, including 30.48 metres grading 1.63 g/t gold and 0.50 per cent copper starting 33.53 metres from surface.

Drill holes GBR-50 to 055 were designed to test the up-dip extension of the Sullivan zone along its northeast flank. All of the holes intersected gold-copper mineralization at or near surface and confirmed the continuity and grade of the zone. As had been previously observed in P2's 2021 and 2022 drilling, the main body of Sullivan mineralization is localized within and below a tabular unit of quartz monzonite underlain by pyroxenite. This mineralization is gold dominant and gives way to copper-gold mineralization in the footwall of the main mineralized body. This deeper footwall mineralization (FM) ranges in thickness from 20 metres to 60 metres and with the main mineralized body forms a continuous zone ranging up to 175 metres thick.

A total of 24 holes have been drilled at the Sullivan zone since mid-October, and the drill has been moved to the Lucky Strike zone where eight holes have been drilled to date. Assays will continue to be reported in the New Year.

On completion of the infill and expansion drill program, an updated mineral resource estimate will be prepared for Gabbs, which is expected to be completed in mid-2026. The updated mineral resource estimate 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.

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, where work to support a feasibility study is under way. A positive preliminary economic assessment has outlined a long-life, mid-size mine at Gabbs with annual average production of 109,000 ounces gold, 15,000 tonnes copper over a 14.2-year mine life. The Gabbs project has excellent infrastructure with access via paved Hwy 361, and power and water on site. Additional metallurgical work is being planned, and a water permit is expected in the fourth 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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