P2 Gold's Gabbs Geotechnical Drilling Extends Sullivan Zone Down Dip, Keeping Feasibility Study on Track

• All five geotechnical drill holes at the Sullivan Zone intersected gold-copper mineralisation, confirming the zone remains open for expansion at depth
• The Sullivan Zone mineralised body reaches a combined thickness of up to 175 metres when including the footwall zone
• A 7,500-metre drill programme targeting down-dip expansion at Sullivan has been planned for inclusion in the feasibility (FS) study mineral resource estimate
• Since October 2025, the broader drill programme has completed 70 reverse circulation holes and 39 diamond drill holes across the Sullivan and Lucky Strike zones
• An updated mineral resource estimate is targeting completion in the third quarter of 2026, with a feasibility study expected in the fourth 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. A preliminary economic assessment, with an effective date of 7 October 2025, outlined a long-life, mid-size open pit mine at Gabbs with average annual production of 109,000 ounces gold and 33 million pounds copper, processing 9 million tonnes per year over a 14.2-year mine life. The feasibility study (FS) is being advanced at a nominal 12 million tonnes per year production rate, targeting average annual production of 150,000 ounces gold and 45 to 50 million pounds copper per year. The Gabbs Project benefits from paved highway access via Highway 361, with power and water already on site.

Sullivan Zone Confirmed Open at Depth

P2 Gold has reported results from five geotechnical diamond drill holes completed at the Sullivan Zone as part of the Pit Slope Stability Geotech Drill Programme at the Gabbs Project in Nevada. All five holes were drilled at the margins of the planned open pit, and all five intersected gold-copper mineralisation, confirming that the Sullivan Zone remains open for expansion down dip and continues to grow in size.

At the Sullivan Zone, mineralisation is hosted within and below a tabular unit of quartz monzonite underlain by pyroxenite. Higher-grade gold and copper occur at the core of the zone, with gold-dominant mineralisation transitioning to copper-gold mineralisation deeper in the footwall. The main mineralised body reaches up to 125 metres thick, and when combined with the deeper footwall zone, which ranges from 20 metres to 60 metres thick, the total combined thickness reaches up to 175 metres.

Programme Scale & Progress

Since the drill programme commenced in October 2025, a total of 70 reverse circulation holes have been completed across both the Sullivan and Lucky Strike zones, 24 at Sullivan and 46 at Lucky Strike. 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.

The Expansion and Infill Reverse Circulation Drill Programme is ongoing. An additional 15,000 metres in 65 holes have been planned to test relatively shallow mineralisation along the western half of Lucky Strike, and 7,500 metres in 27 holes have been planned to test the down-dip expansion target at Sullivan, with results from both programmes intended for inclusion in the FS mineral resource estimate.

Next Steps

On completion of the Infill and Expansion Drill Programme, P2 Gold will prepare an updated mineral resource estimate for Gabbs, targeting completion in the third quarter of 2026. That updated estimate will form the basis of a FS on placing Gabbs into production, which is expected to be completed in the fourth quarter of 2026.

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