P2 Gold Expands Lucky Strike Southwest With 121.92 Meters at 0.40 g/t Gold Before Resource Update

• Six of 7 reverse circulation (RC) holes expanded the Lucky Strike Zone at the Gabbs Project to the south and southwest.
• The longest intersection returned 0.40 grams per tonne (g/t) gold and 0.13% copper over 121.92 meters (m) from 71.63 m.
• A second hole returned 0.52 g/t gold and 0.22% copper over 60.96 m, including 18.29 m at 0.71 g/t gold and 0.29% copper.
• Much thicker sections of the main host rock suggest that the zone is thickening to the southwest and remains open in all directions.
• Holes completed by the end of October 2026 will be included in an 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. The project has access via paved Highway 361, with power and water on site.

Lucky Strike Expands to the South & Southwest

P2 Gold drilled 7 reverse circulation (RC) holes along the southern and southwestern margins of the Lucky Strike Zone as part of its Infill and Expansion Drill Program at Gabbs. Two holes tested the southern extension of the zone, and the other 5 tested for extensions to the southwest.

All the holes expanded the zone except one, which was lost due to ground conditions before it reached the targeted higher-grade mineralization. The results confirm that the Lucky Strike Zone is thickening to the south and southwest, and the zone remains open for expansion in all directions.

Intersections Up to 121.92 Meters 

The longest intersection returned 0.40 grams per tonne (g/t) gold and 0.13% copper over 121.92 meters (m) from 71.63 m downhole, followed by 0.15 g/t gold and 0.07% copper over 39.62 m from 193.55 m. That hole ended in mineralization. True thickness for every intersection in the program is still to be determined.

A second hole returned 0.52 g/t gold and 0.22% copper over 60.96 m from 59.44 m, including 18.29 m at 0.71 g/t gold and 0.29% copper from 74.68 m. Deeper in the same hole, it intersected 0.16 g/t gold and 0.09% copper over 67.06 m from 120.40 m in footwall mineralization, which lies below the main mineralized body.

A third hole returned 0.35 g/t gold and 0.15% copper over 16.76 m from 50.29 m and 0.39 g/t gold and 0.11% copper over 96.01 m from 77.72 m. Below those intervals, it intersected 88.39 m of footwall mineralization at 0.19 g/t gold and 0.07% copper from 173.74 m.

Southern Extension & Southwestern Holes

On the southern extension, the completed hole returned 0.24 g/t gold and 0.06% copper over 12.19 m from 141.73 m, then 0.34 g/t gold and 0.15% copper over 85.34 m from 169.16 m. It ended in mineralization.

Farther southwest, 2 holes returned 0.28 g/t gold and 0.09% copper over 42.67 m from 83.82 m, and 0.28 g/t gold and 0.13% copper over 74.68 m from 70.10 m. The second of these also intersected 32.00 m of footwall mineralization at 0.13 g/t gold and 0.18% copper from 161.54 m. Both holes ended in mineralization.

Higher-Grade Corridor Turns Toward the Southwest

Gold-copper mineralization at Lucky Strike lies within and below a tabular unit of quartz monzonite, a coarse-grained igneous rock, which forms the main mineralized body. Pyroxenite, a dark igneous rock, underlies the monzonite. The higher-grade gold and copper are hosted within the monzonite in a north-south trending corridor.

Recent drilling intersected much thicker sections of monzonite. This suggests the unit is thickening to the southwest and the higher-grade corridor is turning toward that direction.

Mineralization in the monzonite is gold-dominant and grades into copper-gold mineralization in the footwall. At Lucky Strike, the monzonite ranges in thickness to more than 150 m. The deeper pyroxenite footwall mineralization ranges from 20 m to 60 m thick, forming a zone with a combined thickness of more than 200 m.

Drill Program Status & Resource Timing

Since the program started in October 2025, P2 Gold has drilled 114 RC holes, 43 at the Sullivan Zone and 71 at the Lucky Strike Zone. The program at Sullivan is complete for 2026, and drilling continues at Lucky Strike.

Holes completed by the end of October 2026 will be included in the updated mineral resource estimate (MRE) for Gabbs.

Next Steps

The updated MRE is targeted for completion later in the fourth quarter of 2026. It will form the basis of an FS on placing Gabbs in production, which is expected to be completed in the first quarter of 2027.

The FS uses a nominal production rate of 12 million tonnes (t) or more per year, targeting average annual production of 150,000 ounces (oz) of gold and 45 to 50 million pounds (lb) of copper. A preliminary economic assessment, effective October 7, 2025, outlined average annual production of 109,000 oz of gold and 33 million lb of copper from 9 million t per year over a 14.2-year mine life.

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