P2 Gold Confirms Gabbs Feasibility Study on Track for Fourth-Quarter 2026 Delivery as Drilling, Water & Permitting Workstreams Advance

• P2 Gold is targeting a feasibility study (FS) for the Gabbs gold-copper project in the fourth quarter of 2026, with all 5 major workstreams - drilling, water well programmes, water rights, metallurgy, and permitting - advancing concurrently as of June 09, 2026
• A total of 69 reverse circulation (RC) holes have been drilled at Gabbs since October 2025 - 45 at the Lucky Strike Zone and 24 at the Sullivan Zone - with a 2nd RC rig targeting mobilisation to the Sullivan Zone in early August 2026 to accelerate infill and down-dip expansion drilling
• Positive RC results at the Lucky Strike Zone have already triggered an expansion of the original drill programme to test open extensions to the north and south; the zone remains open in all directions
• Acquisition of 2,500 acre-feet per year of water rights is pending Nevada Division of Water Rights (NDWR) transfer approval, with the transfer expected in 6 to 12 months; the water rights are expected to be sufficient to support mining operations at the planned FS production rate of 12 million tonnes per year
• Feasibility study-level metallurgical test work is underway across the Sullivan, Lucky Strike, and Car Body zones, with 23 columns at various stages; results are targeted for the third quarter of 2026

Company Overview

P2 Gold (TSX-V: PGLD | OTCQB: PGLDF) is a mineral exploration and development company focused on advancing its 100%-owned gold-copper Gabbs Project on the Walker Lane Trend in Nevada to production. A positive preliminary economic assessment (PEA; effective October 07, 2025; report dated November 20, 2025) has outlined a long-life, mid-size operation 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 advancing at a nominal production rate of 12 million tonnes per year, targeting average annual production of 150,000 ounces of gold and 45 to 50 million pounds of copper per year. The Gabbs Project has access via paved Highway 361, with power and water on site.

Infill & Expansion Drilling

The RC infill drill programme at the Lucky Strike Zone is ongoing. Positive results received to date have prompted P2 Gold to expand the original programme to test open extensions of the zone to the north and south. The Lucky Strike Zone currently remains open in all directions.

Since the programme commenced in October 2025, a total of 69 RC holes have been drilled at Gabbs - 45 at the Lucky Strike Zone and 24 at the Sullivan Zone. A 2nd RC drill rig is targeting mobilisation to site in early August 2026 and will focus on infill and expansion drilling of the Sullivan higher-grade resources down dip.

The diamond drill completed 29 metallurgical and slope stability geotechnical holes and 10 exploration holes before being demobilised from site at the end of May 2026. Assay results for RC and diamond drill holes will continue to be reported over the coming months, with an updated Mineral Resource estimate targeting completion in the third quarter of 2026.

Water Well Drilling

A water well drill rig is on site and has completed a test well and monitoring well at the proposed mine water supply location in the vicinity of a historically permitted water well. The rig will now complete a test well and 2 monitoring wells on the periphery of each of the proposed open pits for the Sullivan and Lucky Strike zones, with the purpose of establishing a regional hydrogeologic model and determining the extent of dewatering requirements for mining operations.

Once all water well and monitoring well drilling is complete, pump tests will be conducted on each of the 3 test wells to determine water flow rates and capacity. All data collected will be incorporated into a groundwater model supporting the Company's mining plan of operations application.

Water Rights Acquisition

On April 02, 2026, P2 Gold announced the signing of a definitive agreement for the acquisition of 2,500 acre-feet per year of water rights, with closing subject to the NDWR transferring the points of diversion, places of use, and manner of use from irrigation to mining, milling, and dewatering for use at Gabbs. An application has since been submitted to the NDWR, with transfer approval anticipated in 6 to 12 months - a timeline that coincides with the projected fourth-quarter 2026 FS completion.

The water rights are expected to be sufficient to support mining operations at the planned FS production rate of nominally 12 million tonnes per year.

Metallurgy

Feasibility study-level column and flotation test work is underway across the Sullivan, Lucky Strike, and Car Body zones, with 23 columns at various stages of the programme. Optimisation of the flotation process flow sheet is nearing completion, with variability tests scheduled to begin shortly thereafter. Comminution testing has been completed on the Sullivan and Lucky Strike Zones. Metallurgical test results are targeted for the third quarter of 2026.

Next Steps

Near-term newsflow from Gabbs will be driven by assay results from the ongoing RC programme and completed diamond drill holes, which will be reported progressively over the coming months. A 2nd RC rig is targeting mobilisation to the Sullivan Zone in early August 2026 to accelerate infill and down-dip expansion drilling, while metallurgical test results across the Sullivan, Lucky Strike, and Car Body zones are targeted for the third quarter of 2026. An updated Mineral Resource estimate is also targeted for completion in the third quarter of 2026.

On the infrastructure and regulatory front, NDWR approval of the water rights transfer is anticipated within 6 to 12 months, coinciding with the fourth-quarter 2026 FS target. A detailed mining plan of operations is targeting filing with the BLM prior to year-end 2026. The Gabbs FS remains on schedule for completion in the fourth quarter of 2026.

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