P2 Gold & Car Body Metallurgy Supports Plans to Accelerate Mining & Cash Flow at Gabbs

• P2 Gold reported an average gold recovery of 95.6% after 73 days from column leach testing of oxide mineralization at the Car Body Zone.
• Car Body does not contain material amounts of copper mineralization, eliminating the need for a sulphidization, acidification, recycling, and thickening plant to treat solution from Car Body mineralization.
• P2 Gold's current plans contemplate contract crushing and mining and a leased portable carbon-in-column plant to accelerate mining and cash flow from Car Body during Gabbs construction.
• The company states Gabbs could conceivably generate cash flow from Car Body operations roughly 6 months after project construction begins.
• The updated Gabbs mineral resource estimate (MRE) is expected in the fourth quarter of 2026, with the feasibility study expected to be completed in the first quarter of 2027. 

Company Overview

P2 Gold Inc. (TSXV: PGLD | OTCQB: PGLDF) is a mineral exploration and development company advancing its 100% owned gold-copper Gabbs Project on the Walker Lane Trend in Nevada, where work to support a feasibility study (FS) is underway. A positive Preliminary Economic Assessment (PEA) completed in October 2025 outlined a long-life, mid-size mine at Gabbs with average annual production of 109,000 ounces of gold and 33 million pounds of copper, processing 9 million tonnes per year over a 14.2-year mine life. The FS is progressing with a nominal production rate of 12 million tonnes per year, targeting an average annual production of 150,000 ounces of gold and 45 to 50 million pounds of copper. P2 Gold also holds the BAM Property in British Columbia's Golden Triangle, where a new gold discovery is open along strike and at depth.

Car Body Metallurgy Supports Accelerated Mining & Cash Flow Plans

P2 Gold Inc. reported metallurgical test results and results from 3 diamond drill holes at the Car Body Zone of its gold-copper Gabbs Project in Nevada, alongside an update on the feasibility study (FS) underway for the project.

The FS metallurgical test program included 3 columns of Car Body oxide mineralization, each containing approximately 31.5 kilograms at a nominal particle size of 6.1 millimeters. Average gold recovery reached 78.3% after 7 days, 92.7% after 39 days, and 95.6% after 73 days. P2 Gold states that the results demonstrate positive leach kinetics. Car Body does not contain material amounts of copper mineralization, eliminating the need for a sulphidization, acidification, recycling and thickening (SART) plant to treat solution from Car Body mineralization.

P2 Gold's current plans contemplate contract crushing and mining together with a leased portable carbon-in-column plant. Under the proposed approach, Car Body mineralization would be stacked and irrigated once sufficient liner has been placed at the planned Gabbs heap leach facility. The company states that Gabbs could conceivably generate cash flow from Car Body operations roughly 6 months after project construction begins. The FS will include a discussion of accelerating mining and cash flow from the Car Body Zone.

Car Body Drilling Returns Gold Intercepts

P2 Gold completed 3 diamond drill holes at Car Body to provide samples for the feasibility study metallurgical test program. One hole intersected 39.62 meters grading 0.76 grams per tonne gold from 9.14 meters downhole, including 13.72 meters grading 1.62 grams per tonne gold from 13.72 meters downhole. A second hole intersected 28.19 meters grading 0.78 grams per tonne gold from 5.33 meters downhole, including 4.57 meters grading 3.08 grams per tonne gold from 19.81 meters downhole. True thicknesses remain to be determined.

Car Body is a low-sulphidation epithermal gold deposit with minor silver mineralization that remains open along strike to the east. Its April 2024 mineral resource estimate (MRE) contains 3.2 million tonnes of inferred oxide mineralization grading 0.93 grams per tonne gold, for 0.096 million ounces of gold, and 1.1 million tonnes of inferred sulfide mineralization grading 0.75 grams per tonne gold, for 0.027 million ounces of gold. P2 Gold plans to include Car Body in the updated Gabbs MRE.

Gabbs Resource, Feasibility & Permitting Update

Since beginning the Gabbs infill and expansion drill program in October 2025, P2 Gold has completed 86 reverse circulation drill holes, comprising 28 holes at Sullivan and 58 at Lucky Strike. Sullivan remains open downdip, where drilling is underway, while Lucky Strike remains open in all directions. Drilling at Lucky Strike is focused on the western half of the zone, which P2 Gold says appears to be thickening as drilling extends the high-grade core southwest.

The company is advancing the FS using a nominal production rate of 12 million tonnes per year and is targeting average annual production of 150,000 ounces of gold and 45 to 50 million pounds of copper. P2 Gold states that permitting baseline studies to support the Mining Plan of Operations are underway and proceeding as planned, with permitting remaining the critical path to production.

What Comes Next

P2 Gold is continuing drilling at Sullivan and Lucky Strike, with results from the additional drilling planned for inclusion in the updated Gabbs mineral resource estimate targeted for the fourth quarter of 2026. The updated MRE will form the basis of the FS, which is targeted for completion in the first quarter of 2027. The FS will also include P2 Gold's plans for accelerating mining and cash flow from the Car Body Zone. Permitting baseline studies will continue in support of the Mining Plan of Operations, with the company stating that its permitting timeline to production remains on track.

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