Mr. Joseph Ovsenek reports

P2 GOLD: GABBS GEOTECHNICAL DRILLING CONFIRMS LUCKY STRIKE ZONE REMAINS OPEN IN ALL DIRECTIONS

P2 Gold Inc. has released results from three diamond drill holes (GBD-018, GBD-022 and GBD-039) drilled at the Lucky Strike zone as part of the pit-slope stability geotechnical drill program at its Gabbs project, located on the Walker Lane trend in Nevada. All three drill holes were drilled at the margins of the planned open pit (based on the preliminary economic assessment), and all three drill holes intersected gold-copper mineralization, highlighting that the Lucky Strike zone remains open in all directions and continues to grow in size.

Initial infill and expansion drill plans for the Lucky Strike zone contemplated 14,900 metres of drilling. With the discovery of the higher-grade core of gold-copper mineralization in the western half of the Lucky Strike zone, an additional 15,000 metres of reverse circulation (RC) drilling is now planned, initially targeting this higher-grade core area to the north and the south. The planned drilling is in keeping with the company's primary focus on the shallower mineralization in the western half of the Lucky Strike zone. Once the western half of the Lucky Strike zone is well defined, the focus of drilling will then switch to expanding the mineralization to the northeast and southeast. The results of the additional planned drilling at the Lucky Strike zone, which remains open in all directions, are intended to be included in the Gabbs project feasibility study mineral resource estimate.

Drilling highlights

Select drill results (see Table 1 below for drill results) from holes GBD-018, GBD-022 and GBD-039 drilled at the Lucky Strike zone include:

• Hole GBD-022 intersected 0.44 gram per tonne gold and 0.36 per cent copper over 25.91 metres from 144.78 metres downhole, including 16.76 metres grading 0.54 gram per tonne gold and 0.43 per cent copper starting 147.83 metres downhole and also intersected 0.12 gram per tonne gold and 0.21 per cent copper over 22.86 metres starting 170.69 metres downhole.
• Hole GBD-039 intersected 0.50 gram per tonne gold and 0.20 per cent copper over 123.44 metres starting 166.12 metres downhole, including 16.76 metres grading 0.90 gram per tonne gold and 0.30 per cent copper starting 239.27 metres downhole.

The available drill data also confirm that the ore controls at Lucky Strike are the same as at the Sullivan zone, where mineralization is localized within and below a tabular unit of quartz monzonite underlain by pyroxenite. As with Sullivan, the higher-grade gold and copper at Lucky Strike is at the core of the zone. This mineralization is gold dominant and gives way to copper-gold mineralization in the footwall of the main mineralized body. At Lucky Strike, the deeper footwall mineralization ranges in thickness from 20 metres to 60 metres and, with the main mineralized body ranging up to 75 metres thick, forms a zone with a combined thickness of up to 125 metres. Numerous quartz-filled structures that outcrop and cut across the Lucky Strike zone were exploited historically as narrow, high-grade pits and shallow workings.

Since the start of the program in October, 2025, a total of 72 RC drill holes have been drilled, with 24 holes drilled at the Sullivan zone and 48 holes drilled at the Lucky Strike zone. The diamond drill completed 29 metallurgical and slope stability geotechnical holes and 10 exploration holes prior to being demobilized from site at the end of May.

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 the third quarter of 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 of 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 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 as well as 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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