Mr. Joseph Ovsenek reports

P2 GOLD INTERSECTS 0.78 G/T GOLD AND 0.29% COPPER OVER 79.25 METERS, INCLUDING 1.28 G/T GOLD AND 0.34% COPPER OVER 21.34 METERS AT THE HEART OF THE LUCKY STRIKE ZONE

P2 Gold Inc. has released results from ten reverse circulation (RC) drill holes (GBR-112 to GBR-121) drilled on the western half of the Lucky Strike zone as part of the infill and expansion drill program at its gold-copper Gabbs project in Nevada. Holes GBR-118 to GBR-121 tested the higher-grading gold-copper core of the zone (see drilling highlights below), which appears to be thickening as drilling extends the high-grade core to the southwest. The remaining RC holes were drilled around the western margin of the Lucky Strike zone.

Also reported are the final four diamond drill holes (GBD-040 to GBD-043), which were drilled along the eastern margin of the Lucky Strike zone. Drill hole GBD-040 was a geotechnical hole testing the pit slope stability of the planned open pit (based on the Gabbs project 2025 preliminary economic assessment), and the other three were designed to test the controls on mineralization at the edge of the zone.

Drilling highlights

Select drill results (see Table 1 below for total drill results) from holes GBR-112 to GBR-121 drilled at the Lucky Strike zone include:

• Hole GBR-118 intersected 0.78 gram per tonne gold and 0.29 per cent copper over 79.25 metres starting 89.92 metres downhole, including 21.34 metres grading 1.28 g/t gold and 0.34 per cent copper starting 92.96 metres downhole, and also intersected 0.13 g/t gold and 0.13 per cent copper over 32.00 metres starting 187.45 metres downhole.
• Hole GBR-119 intersected 0.37 g/t gold and 0.16 per cent copper over 158.50 metres starting 83.82 metres downhole, including 67.06 metres grading 0.49 g/t gold and 0.18 per cent copper starting 96.01 metres downhole.
• Hole GBR-120 intersected 0.47 g/t gold and 0.21 per cent copper over 121.92 metres starting 71.63 metres downhole, including 41.15 metres grading 0.82 g/t gold and 0.29 per cent copper starting 76.20 metres downhole.
• Hole GBR-121 intersected 0.78 g/t gold and 0.20 per cent copper over 67.06 metres starting 73.15 metres downhole, including 42.67 metres grading 1.07 g/t gold and 0.28 per cent copper starting 73.15 metres downhole, and also intersected 0.12 g/t gold and 0.17 per cent copper over 24.38 metres starting 167.64 metres downhole.

Results from the 10 RC holes continue to show that the mineralization 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, with the higher-grade gold and copper 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 100 metres thick, forms a zone with a combined thickness of up to 160 metres.

Drill hole GBR-118, which was drilled from the same pad as diamond drill hole GBD-21 (see news release dated May 20, 2026), intersected one of the longest intervals of high-grade gold and copper grades encountered to date at the Lucky Strike zone. Drill hole GBR-119 intersected the thickest interval of mineralization encountered to date (158 metres) at the Gabbs project. Drill holes GBR-118 through GBR-120 confirm the results in hole GBD-21 and are located at the southwestern limit of drilling at Lucky Strike. Stepout drill holes from this location have been completed, with assays to be reported on receipt.

Since the start of the program in October, 2025, a total of 78 RC drill holes has been drilled, with 24 holes drilled at the Sullivan zone and 54 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.

Additional drilling in the southwest is planned, 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, which remains open.

On completion of the infill and expansion drill program, an updated mineral resource estimate will be prepared for Gabbs, which 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 through 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.

We seek Safe Harbor.