New Gold-Copper Unit at Sullivan Could Lower P2 Gold's Strip Ratio for Feasibility

• P2 Gold's 6 new reverse circulation (RC) holes all intersected the down-dip extension of the Sullivan Zone, which remains open at depth.
• One hole returned 0.32 grams per tonne (g/t) gold and 0.18% copper over 70.10 meters (m) from 64.01 m downhole.
• Two holes intersected a new hangingwall gold-copper unit that appears to be in ground the preliminary economic assessment (PEA) modeled as waste.
• The unit has the potential to reduce the Sullivan Zone strip ratio and add to the economics of the feasibility study (FS) underway.
• Only holes completed by the end of October 2026 will be included in the updated mineral resource estimate (MRE), targeted for later in the fourth quarter of 2026.

Company Overview

P2 Gold (TSXV: PGLD | OTCQB: PGLDF) is a mineral exploration and development company advancing its gold-copper Gabbs Project on the Walker Lane Trend in Nevada, where work to support a feasibility study (FS) is underway. A preliminary economic assessment (PEA) with an effective date of October 7, 2025, outlined a mine at Gabbs producing an annual average of 109,000 ounces (oz) of gold and 33 million pounds (lb) of copper. The PEA mine would process 9 million tonnes per year over a 14.2-year mine life. The FS is advancing on a nominal production rate of 12 million tonnes per year, targeting average annual production of 150,000 oz of gold and 45 to 50 million lb of copper. Gabbs has access via paved Highway 361, with power and water on site, and all zones on the property remain open.

Sullivan Zone Extends Down-Dip

The latest 6 reverse circulation (RC) holes, drilled from 2 pads 50 meters (m) apart, all intersected the down-dip extension of the Sullivan Zone, which remains open at depth. Every hole ended in mineralization, and the true thickness of the intervals is yet to be determined. The holes bring the Infill and Expansion Drill Program to 105 RC holes since it began in October 2025, with 40 at the Sullivan Zone and 65 at the Lucky Strike Zone.

One hole returned 0.32 grams per tonne (g/t) gold and 0.18% copper over 70.10 m from 64.01 m downhole, and 0.21 g/t gold and 0.14% copper over 59.44 m from 198.12 m downhole. A second hole returned 0.32 g/t gold and 0.13% copper over 51.82 m from 94.49 m downhole, and 0.21 g/t gold and 0.11% copper over 54.86 m from 160.02 m. A third interval in that hole returned 0.15 g/t gold and 0.10% copper over 30.48 m from 228.60 m downhole.

Results from the other 4 holes included 0.32 g/t gold and 0.17% copper over 71.63 m from 92.96 m downhole, and 0.34 g/t gold and 0.19% copper over 65.53 m from 111.25 m. Another hole returned 0.40 g/t gold and 0.14% copper over 32.00 m from 117.35 m. Shorter intervals returned 0.42 g/t gold and 0.20% copper over 19.81 m from 175.26 m, and 0.45 g/t gold and 0.08% copper over 9.14 m from 234.70 m downhole.

New Hangingwall Unit Inside the PEA Pit Outline

Two of the holes intersected a new unit of gold-copper mineralization in the hangingwall, the rock lying above a mineralized zone. The unit is interpreted as a tabular body hosted in gabbro, a dark, coarse-grained igneous rock, interlayered with thin beds of pyroxenite, a related dark igneous rock. Its mineralization is predominantly oxide, the form that develops when weathering alters the original minerals.

The unit appears to be in an area of the Sullivan Zone that the PEA modeled as waste. On that basis, it has the potential to reduce the strip ratio for the Sullivan Zone, the ratio of waste rock to ore mined, and to add to the economics of the FS now underway.

Sampling & Quality Control

Samples were prepared by ALS Global at its facilities in Reno, Nevada, and analyzed at ALS Global facilities in Reno and in North Vancouver, British Columbia. All samples were analyzed by multi-digestion with an inductively coupled plasma finish, and for gold by fire assay with an atomic absorption finish. Samples above 10 parts per million gold were fire assayed with a gravimetric finish. One in every 20 samples was a blank, 1 in 20 was a standard, and 1 in 20 was a field duplicate cut from assay rejects.

Chief Exploration Officer of P2 Gold, Ken McNaughton, M.A.Sc., P.Eng., is the Qualified Person under NI 43-101 for the Gabbs Project and has reviewed, verified, and approved the scientific and technical information.

Next Steps

The Infill and Expansion Drill Program is expected to continue through the rest of 2026. Only holes completed by the end of October 2026 will be included in the updated mineral resource estimate (MRE) for Gabbs, targeted for completion later in the fourth quarter of 2026.

The updated MRE will form the basis of the FS on placing Gabbs in production, which is expected to be completed in the first quarter of 2027.

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