Mr. Joseph Ovsenek reports

P2 GOLD EXTENDS SULLIVAN ZONE MINERALIZATION DOWNDIP AND IDENTIFIES NEW MINERALIZED UNIT WITHIN SULLIVAN PEA PIT SHELL

P2 Gold Inc. has released results from six reverse circulation (RC) drill holes (GBR-131 to GBR-133 and GBR-138 to GBR-140) drilled on the downdip extension of the Sullivan zone as part of the infill and expansion drill program at its gold-copper Gabbs project in Nevada. Drill holes GBR-133 and GBR-140 intersected a new unit of hangingwall gold-copper mineralization, which is generally hosted within gabbro interlayered with thin beds of pyroxenite and predominantly oxide mineralization. This new unit of hangingwall mineralization appears to be in an area of the Sullivan zone modelled as waste in the preliminary economic assessment (PEA) (see P2's news release dated Oct. 7, 2025).

Drilling highlights

Select drill results (see Table 1 below for total drill results) from holes GBR-131 to GBR-133 and GBR-138 to GBR-140 drilled at the Sullivan zone include:

• Hole GBR-133 intersected 0.32 gram per tonne gold and 0.18 per cent copper over 70.10 metres starting 64.01 metres downhole and 59.44 metres grading 0.21 g/t gold and 0.14 per cent copper starting 198.12 metres downhole.
• Hole GBR-140 intersected 0.32 g/t gold and 0.13 per cent copper over 51.82 metres starting 94.49 metres downhole and 54.86 metres grading 0.21 g/t gold and 0.11 per cent copper starting 160.02 metres downhole and 30.48 metres grading 0.15 g/t gold and 0.10 per cent copper starting 228.60 metres downhole.

The newly identified hangingwall unit intersected by drill holes GBR-133 and GBR-140 is interpreted to be a tabular body of gold-copper mineralization hosted in gabbro with thin interbeds of pyroxenite. As noted above, the hangingwall mineralization appears to be in an area modelled as waste in the PEA and accordingly has the potential to reduce the strip ratio for the Sullivan zone and concomitantly add to the economics in the feasibility study currently under way.

Drill holes GBR-131 to GBR-133 and GBR-138 to GBR-140 were drilled from two drill pads 50 metres apart testing the gold-copper mineralization downdip at the Sullivan zone. All holes intersected the downdip extension of the Sullivan zone, which remains open at depth.

Since the start of the program in October, 2025, a total of 105 RC drill holes have been drilled, with 40 holes drilled at the Sullivan zone and 65 holes drilled at the Lucky Strike zone.

The infill and expansion drill program is expected to continue through the remainder of the year; however, only 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 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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