Mr. Joseph Ovsenek reports

P2 GOLD CLOSES FINANCING

P2 Gold Inc. has closed its non-brokered private placement, previously announced on April 22, 2026, and upsized on April 28, 2026, and May 13, 2026, for 15.5 million units at a price of 75 cents per unit for gross proceeds of $11,625,000. The Quaternary Group Ltd. is subscribing for 10 million units.

Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share in the capital of the company at an exercise price of $1.50 per common share for a period of two years after the date of issue.

The proceeds of the offering will be used to finance exploration and development expenditures at the Gabbs project in Nevada and for general corporate purposes.

All securities issued pursuant to the offering are subject to a four-month hold period expiring Sept. 26, 2026. The company did not pay any finders' fees in respect of the offering.

Insiders of the company subscribed for 300,000 units. The issuance of units to insiders is considered a related-party transaction subject to Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that the participation in the offering by the insiders will not exceed 25 per cent of the fair market value of the company's market capitalization. A material change report in connection with the offering will be filed fewer than 21 days before the closing of the offering. This shorter period is reasonable and necessary in the circumstances as the company wishes to complete the offering in a timely manner.

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 and 33 million pounds copper, processing nine 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 million to 50 million pounds of copper per year. The Gabbs project has excellent infrastructure with access by paved Highway 361, and power and water on site. All zones on the property remain open, and an infill and expansion drill program is under way. On completion of drilling, an updated mineral resource estimate will be prepared for Gabbs, which is expected to be completed in the third quarter.

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