Mr. Joseph Ovsenek reports

P2 GOLD INTERSECTS 0.62 G/T GOLD AND 0.22% COPPER OVER 118.87 METERS, INCLUDING 44.20 METERS GRADING 1.12 G/T GOLD AND 0.33% COPPER AT THE HEART OF THE LUCKY STRIKE ZONE

P2 Gold Inc. has released results from eight reverse circulation (RC) drill holes (GBR-122 to GBR-129) 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-122 to GBR-129 tested the southwestern extension of the higher-grading gold-copper corridor within the zone (see drilling highlights below). The quartz monzonite intrusive, which hosts the higher-grade mineralization, appears to be thickening to the southwest.

Drilling highlights

Select drill results (see Table 1 below for total drill results) from holes GBR-122 to GBR-129 drilled at the Lucky Strike zone include:

• Hole GBR-124 intersected 0.62 gram per tonne gold and 0.22 per cent copper over 118.87 metres starting 54.86 metres downhole, including 44.20 metres grading 1.12 g/t gold and 0.33 per cent copper starting 68.58 metres downhole;
• Hole GBR-129 intersected 0.69 g/t gold and 0.22 per cent copper over 129.54 metres starting 108.20 metres downhole, including 24.38 metres grading 1.12 g/t gold and 0.38 per cent copper starting 134.11 metres downhole with the hole ending in monzonite mineralization.

Drill holes GBR-124 to GBR-129 were drilled from the same pad, which is located at the southwest limit of drilling at Lucky Strike. This drill pad is located 125 metres to the southwest of the drill pad for diamond drill hole GBD-021. These holes extend the higher-grade gold-copper corridor at Lucky Strike to the southwest, where it remains open. Diamond drill hole GBD-021 intersected one of the longest intervals of high-grade gold and copper grade encountered to date at the Lucky Strike zone (see news release dated May 20, 2026, "P2 Gold Intersects 183.0 g/t Gold and 4.0 per cent Copper Over 1.52 Meters within a Longer Mineralized Interval at the Lucky Strike Zone").

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 92 RC drill holes have been drilled, with 32 holes drilled at the Sullivan zone and 60 holes drilled at the Lucky Strike zone.

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, the company expects to prepare an updated mineral resource estimate for Gabbs in the fourth quarter of 2026, which will form the basis of a feasibility study on placing Gabbs in production.

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 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 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 SEDAR+.

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