Mr. Joseph Ovsenek reports

P2 GOLD GABBS PROJECT UPDATE

P2 Gold Inc. has provided an update on activities at its wholly owned gold-copper Gabbs project, located on the Walker Lane trend in Nevada.

Expansion and exploration drilling

A reverse circulation (RC) drill rig was mobilized to site on Oct. 22, 2025, and expansion and infill drilling is under way. To date, 12 RC holes have been completed at the Sullivan zone with 24 holes planned totalling 4,900 metres. When drilling is complete at Sullivan, the RC drill will be moved to the Lucky Strike zone to complete a 47-hole, 10,000-metre infill and expansion drill program. Drill results will be reported as received with initial results expected before year-end.

Geotechnical and metallurgical drilling

A diamond drill rig is currently mobilizing to site. The drill rig is being used to drill geotechnical drill holes to support the feasibility study and to provide metallurgical samples for feasibility metallurgical testing. The diamond drill program is expected to consist of 17 holes totalling 3,500 metres. The initial holes will focus on providing additional metallurgical samples for column leach tests and then pit-slope stability for the proposed Sullivan and Lucky Strike open pits.

Feasibility-level studies

The company has begun the process of awarding contracts in support of the Gabbs project feasibility study and mining plan of operations. Contracts awarded to date include:

• Barr Engineering Co. for a feasibility-level pit-slope stability study for the proposed Sullivan and Lucky Strike open pits;
• Kautz Environmental Consultants Inc. for the completion of a cultural inventory of the proposed Gabbs mine site;
• Aqua Hydrogeologic Consulting for a hydrogeologic model in the area around the proposed open pits and process water rights;
• Western Biological for an expanded biological survey;
• Kappes Cassiday for optimized heap leach and mill processing metallurgical studies;
• Welsh Hagen for leach pad and process facility foundation geotechnical studies.

These studies and the continuing drill program are expected to be completed in the second quarter of 2026. At the end of drilling, an updated mineral resource estimate will be prepared from which an optimized mine plan will be developed. The information from the various field studies will be used in the design of the process and ancillary facilities. Capital and operating costs will be estimated and used to form the basis of the economic analysis of the feasibility study.

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 Gabbs gold-copper 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 through paved Highway 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.

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