Mr. Joseph Ovsenek reports

P2 GOLD SIGNS DEFINITIVE WATER RIGHTS AGREEMENT FOR THE GABBS PROJECT

P2 Gold Inc.'s wholly owned subsidiary, P2 Gabbs Inc., has entered into a definitive agreement dated April 1, 2026, with an arm's-length private vendor to acquire water rights in the Gabbs basin of Nevada.

Pursuant to the definitive agreement, P2 will acquire 2,500 acre-feet per year of water rights. The closing of the acquisition is subject to the Nevada Division of Water Resources (NDWR) 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. The water rights exceed the current projected process water requirements for the Gabbs project and ensure upside capacity in anticipation of potential project expansion.

The key terms of the definitive agreement remain unchanged from those outlined in P2's news release dated March 25, 2026.

The anticipated time frame for NDWR approval of the transfer of the water rights to P2 is six to 12 months, coinciding with the projected completion of the Gabbs feasibility study at the end of the fourth quarter.

Total makeup water requirements for the process facilities at Gabbs have been estimated at 215 cubic metres per hour (approximately 1,500 acre-feet per year) at a processing rate of nine million tonnes per year. See the technical report entitled "NI 43-101 Technical Report, Preliminary Economic Assessment, Gabbs Heap Leach and Mill Project, Nye County, Nevada, USA," with an effective date of Oct. 7, 2025. The Gabbs technical report is available under the company's profile on SEDAR+ and on the company's website.

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 15,000 tonnes copper over a 14.2-year mine life. The Gabbs project has excellent infrastructure with access by 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.

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