Mr. Joseph Ovsenek reports

P2 GOLD EXTENDS GOLD-COPPER MINERALIZATION ALONG THE SOUTHWEST MARGIN OF THE LUCKY STRIKE ZONE

P2 Gold Inc. has released results from seven reverse circulation (RC) drill holes (GBR-130, GBR-134 to GBR-137, GBR-144 and GBR-145) drilled along the southern and southwestern margins of the Lucky Strike zone as part of the infill and expansion drill program at its gold-copper Gabbs project in Nevada. Drill holes GBR-130 and GBR-134 tested the southern extension of the Lucky Strike zone with the remaining holes testing for extensions of the zone to the southwest. All of the holes successfully expanded the zone other than hole GBR-134, which was lost due to ground conditions before intersecting the targeted higher-grade mineralization. These results confirm that the Lucky Strike zone is thickening to the south and southwest and remains open for expansion in all directions.

Drilling highlights

Select drill results (see Table 1 below for total drill results) from holes GBR-130, GBR-134 to GBR-137, GBR-144 and GBR-145 drilled at the Lucky Strike zone include:

• Hole GBR-135 intersected 0.40 gram per tonne gold and 0.13 per cent copper over 121.92 metres starting 71.63 metres downhole and 0.15 g/t gold and 0.07 per cent copper over 39.62 metres starting 193.55 metres downhole and ended in mineralization.
• Hole GBR-137 intersected 0.52 g/t gold and 0.22 per cent copper over 60.96 metres starting 59.44 metres downhole, including 18.29 metres grading 0.71 g/t gold and 0.29 per cent copper starting 74.68 metres downhole and also intersected 0.16 g/t gold and 0.09 per cent copper over 67.06 metres starting 120.40 metres downhole and ended in mineralization.

The gold-copper mineralization at Lucky Strike is localized within and below a tabular unit of quartz monzonite (the main mineralized body) underlain by pyroxenite, with the higher-grade gold and copper hosted within the monzonite in a north-south-trending corridor. Recent drilling has intersected much thicker sections of monzonite, suggesting the unit is thickening to the southwest as well as the higher-grade corridor turning toward that direction. Mineralization hosted in the monzonite is gold dominant and gives way to copper-gold mineralization in the footwall of the main mineralized body. At Lucky Strike, the monzonite ranges in thickness in excess of 150 metres and the deeper pyroxenite footwall mineralization ranges in thickness from 20 metres to 60 metres, which forms a zone with a combined thickness greater than 200 metres.

Since the start of the program in October, 2025, a total of 114 RC drill holes has been drilled, with 43 holes drilled at the Sullivan zone and 71 holes drilled at the Lucky Strike zone.

The infill and expansion drill program at the Sullivan zone has been completed for 2026, with drilling continuing at the Lucky Strike zone. Drill holes completed by the end of October will be included in the updated mineral resource estimate for Gabbs, which is targeted for completion later this quarter. 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 first quarter of 2027.

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 plus 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 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 fourth quarter.

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