Mr. Joseph Ovsenek reports

P2 GOLD: GABBS PROJECT EXPLORATION UPDATE

P2 Gold Inc. has received the notices of extension for the Sullivan and Lucky Strike zones from the Bureau of Land Management of Nevada to permit drilling at its wholly owned, gold-copper Gabbs project located on the Walker Lane trend in Nevada.

A reverse circulation drill is being mobilized to site and drilling is expected to commence in mid-October.

A 4,500-metre drill program has been planned to expand and upgrade the Sullivan zone inferred mineral resources to the indicated category. The Sullivan zone hosts approximately 60 per cent of the Gabbs project mineral resources. Expansion drilling is targeting up-dip and down-dip extensions of the Sullivan zone and has the potential to increase gold grade. The Sullivan zone, which is the largest of the four zones identified to date on the property, remains open in all directions.

The Gabbs project has an indicated mineral resource of 720,000 ounces of gold, 2.17 million ounces of silver and 297.0 million pounds of copper (49.8 million tonnes grading 0.45 gram per tonne gold, 1.36 g/t silver and 0.27 per cent copper) and an inferred mineral resource of 1.28 million ounces of gold, 3.04 million ounces of silver and 567.1 million pounds of copper (112.2 million tonnes grading 0.35 g/t gold, 0.84 g/t silver and 0.23 per cent copper). (See Gabbs technical report dated May 17, 2024, available under the company's profile on SEDAR+ and on the company's website.)

Qualified person

Ken McNaughton, MASc, PEng, chief exploration officer, 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. A positive preliminary economic assessment has outlined a long-life, mid-size mine at Gabbs with annual average production of 104,000 ounces gold and 13,500 tonnes copper over a 14.2-year mine life. The Gabbs project has excellent infrastructure with access via paved Hwy 361, and power and water on site. Additional metallurgical work is being planned, and a water permit is expected in the fourth quarter of this year. All zones on the property remain open and additional exploration targets, near surface and at depth, are drill ready.

We seek Safe Harbor.