P2 Gold: Geotechnical Drilling Confirms Lucky Strike Zone Remains Open in All Directions at Gabbs

• Three geotechnical diamond drill holes at the margins of the planned open pit at the Lucky Strike Zone all intersected gold-copper mineralisation, indicating the zone extends beyond current pit design limits in all directions.
• The strongest intersection returned a higher-grade interval of 16.76 metres grading 0.90 grams per tonne gold and 0.30% copper, within a broader zone extending over more than 120 metres.
• The two remaining intersections also returned gold-copper mineralisation, consistent with the broader zone.
• An additional 15,000 metres of reverse circulation drilling has been added, initially targeting the higher-grade western core of the zone to the north and south.
• An updated Mineral Resource estimate incorporating the new drilling is expected in the third quarter of 2026, feeding into a feasibility study targeted for completion in the fourth quarter of 2026.

Company Overview

P2 Gold (TSXV: PGLD | OTCQB: PGLDF) is a mineral exploration and development company advancing its Gabbs gold-copper project on the Walker Lane Trend in Nevada. A preliminary economic assessment effective October 2025 outlined a long-life, mid-size mine 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. A feasibility study now underway targets a larger production profile of 150,000 ounces of gold and 45 to 50 million pounds of copper per year, on a nominal 12 million tonnes per year processing rate. The project has access via paved Highway 361, with power and water on site, and all zones remain open, with an infill and expansion drill program in progress.

Drilling Results Extend Beyond Planned Pit Limits

P2 Gold Inc. has reported results from three diamond drill holes completed at the Lucky Strike Zone of its Gabbs Project on the Walker Lane Trend in Nevada. The holes were drilled as part of a Pit Slope Stability Geotechnical Drill Program and were collared at the margins of the open pit outlined in the project's preliminary economic assessment. All three holes intersected gold-copper mineralisation at those margins, indicating the Lucky Strike Zone extends beyond the current pit design in every direction and continues to grow in size.

The strongest hole returned a broad zone of gold-copper mineralisation over more than 120 metres, including a higher-grade interval of 16.76 metres grading 0.90 grams per tonne gold and 0.30% copper. The remaining two holes also returned gold-copper mineralisation consistent with grades already established across the zone.

Initial plans for the Lucky Strike Zone called for 14,900 metres of drilling. Following the identification of a higher-grade core in the western half of the zone, the company has added a further 15,000 metres of reverse circulation drilling, directed first at extending this core to the north and south, then to the northeast and southeast. Results are intended for inclusion in the Mineral Resource estimate underpinning the Gabbs feasibility study.

Geological Context: Ore Controls Consistent With Sullivan Zone

The available drill data confirms that ore controls at Lucky Strike match those already established at the Sullivan Zone, where mineralisation sits within and below a tabular unit of quartz monzonite underlain by pyroxenite. As at Sullivan, the higher-grade gold and copper mineralisation occupies the core of the zone, which is gold dominant, and grades into copper-gold mineralisation in the footwall.

This footwall mineralisation ranges from 20 to 60 metres thick, while the main mineralised body reaches up to 75 metres thick, together forming a combined thickness of up to 125 metres. Quartz-filled structures cutting across the zone were worked historically as narrow, high-grade pits and shallow workings.

Program Status

Since the drill program began in October 2025, P2 Gold has completed 72 reverse circulation holes, with 24 at the Sullivan Zone and 48 at the Lucky Strike Zone. The diamond rig completed a further 29 metallurgical and slope stability geotechnical holes and 10 exploration holes before demobilising from site at the end of May.

Ken McNaughton, Chief Exploration Officer of P2 Gold, is the Qualified Person under National Instrument 43-101 responsible for the Gabbs Project and has reviewed, verified and approved the technical information disclosed in the release.

Next Steps

With the geotechnical holes confirming the Lucky Strike Zone remains open in all directions, near-term drilling will concentrate on the higher-grade western core, extending it to the north and south before expanding to the northeast and southeast. Results are intended for direct inclusion in the next Mineral Resource estimate, expected in the third quarter of 2026.

That estimate will form the resource basis for the feasibility study, targeted for completion in the fourth quarter of 2026 on 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.

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