Mr. Joseph Ovsenek reports

P2 GOLD GABBS PROJECT UPDATE: FEASIBILITY STUDY ON TRACK

P2 Gold Inc. has provided an update on the activities under way at its 100-per-cent-owned Gabbs gold-copper project located on the Walker Lane trend in Nevada. A feasibility study for placing the Gabbs project in production is targeted for completion in the first quarter of 2027.

Gabbs updated mineral resource estimate on track for Q4 2026

The infill and expansion drill program under way at Gabbs since October, 2025, has been successful in expanding the known mineralization at the Sullivan, Lucky Strike and Car Body zones and defining a new higher-grade corridor of gold-copper mineralization at Lucky Strike. A total of 96 reverse circulation (RC) exploration drill holes have been completed as part of the program, with 34 holes drilled at the Sullivan zone and 62 holes drilled at the Lucky Strike zone. A total of 39 diamond drill holes have been completed for geotechnical and metallurgical testing and exploration, including six holes at the Car Body zone.

Two RC drills continue working at Gabbs. One drill is focused on extending the higher-grade corridor of gold-copper mineralization at the Lucky Strike zone to the southwest. The other drill is focused on extending the gold-copper mineralization at the Sullivan zone downdip. The Lucky Strike zone currently remains open in all directions while the Sullivan zone remains open downdip. The updated mineral resource estimate will incorporate all drilling to date and is expected to be completed in the fourth quarter of 2026. Assay results for the RC drill holes will continue to be reported over the coming months.

Phased production approach; mill facility throughput increase

Drilling and analysis completed to date indicates that the gold-copper mineralization at the Lucky Strike zone is predominantly sulphide mineralization and is expected to contribute meaningfully to the increase in overall tonnage. Accordingly, the feasibility study will now proceed with plans for the mill facility on start up in Year 3 to operate at a rate of 12 million tonnes per year.

Using a phased processing approach, operations at Gabbs are now contemplated to proceed as follows:

• Preproduction: Car Body gold-silver mineralization delivered to the heap-leach facility at a rate of up to 10,000 tonnes per day starting as soon as reasonably possible following commencement of construction;
• Years 1 and 2 of operations: heap-leach facility operating at a rate of 12 million to 14 million tonnes per year;
• Year 3 of operations through remaining mine life, mill facility operating at a rate of 12 million tonnes per year in parallel with a heap-leach facility operating at a variable rate of up to four million tonnes per year; mining will prioritize delivering 12 million tonnes of sulphide mineralization per year to the mill from Year 3 through the remaining mine life; oxide mineralization delivered to the heap-leach facility will consist of what is required to be mined to access the sulphide mineralization and is expected to vary from two million to four million tonnes per year.

The increase in mill throughput and decrease in tonnes to the heap-leach facility has the advantage of increased recoveries associated with milling of sulphide mineralization over heap-leaching oxide mineralization. Recoveries for milling the sulphide mineralization are estimated to be 94.5 per cent for gold and 79.9 per cent for copper --- a significant increase in recoveries over those associated with heap leaching the oxide mineralization, which are estimated to be 85 per cent for gold and 67 per cent for copper (see news release dated Oct. 7, 2025: "P2 Gold 2025 PEA Update Delivers Strong Economics and Increased Metal Production").

Metallurgy

Feasibility-study-level column and flotation test work is under way for the Sullivan, Lucky Strike and Car Body zones. Twenty-two columns are at various stages in the program for the oxide mineralization at the Sullivan and Lucky Strike zones. Flotation test work is under way, with locked-cycle test work expected to be completed next month. Comminution testing has been completed on the Sullivan and Lucky Strike zones. Metallurgical test results are anticipated in the fourth quarter.

Engineering

Equipment selection is proceeding and a power supply study has been initiated. Engineering is on track for the delivery of the feasibility study in the first quarter of 2027.

Permitting

Consultants have now been selected to complete all Bureau of Land Management (BLM) baseline needs assessment reports and baseline needs assessment resources. With the planned increase in mill throughput, the company now expects to file a detailed mining plan of operations with the BLM in the first quarter of 2027.

Water well drill program

The water well drill rig has completed three test wells and five monitoring wells to date, with two additional test wells remaining to be completed (one additional test well for each of the planned Lucky Strike and Sullivan open pits). These wells are being completed to establish a regional hydrogeologic model and to determine the extent of dewatering requirements for mining operations.

Once the remaining test wells have been completed, pump tests will be conducted on each of the test wells to determine water flow rates and capacity. All of the data collected from the test wells and monitoring wells will be incorporated into a groundwater model in support of the company's mining plan of operations application.

Water rights update

On April 2, 2026, the company announced the signing of a definitive agreement for the acquisition of 2,500 acre-feet per year of water rights, with closing subject to the Nevada Division of Water Rights transferring the points of diversion, places of use, and manner of use of the water rights from irrigation to mining, milling and dewatering for use at the Gabbs project. Approval of the change of use is anticipated to occur in three to six months, coinciding with the projected completion of the Gabbs feasibility study. The water rights are expected to be sufficient to support mining operations at Gabbs at the planned feasibility study production rate.

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 (see footnote below) 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 production rate of a minimum 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 fourth quarter.

Note: Please see NI 43-101 technical report, "Preliminary Economic Assessment Gabbs Heap Leach and Mill Project, Nye County, Nevada, USA" (effective date of Oct. 7, 2025, report date of Nov. 20, 2025), available on the company's website and on SEDAR+.

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