P2 Gold: Gabbs Project Exploration Update

Executive Summary

• P2 Gold received BLM Notices of Extension for the Sullivan and Lucky Strike zones, allowing drilling to commence at the Gabbs Project in Nevada.
• A 4,500‑meter reverse‑circulation drill program will target updip and downdip extensions of the Sullivan Zone, aiming to upgrade its Inferred Mineral Resources to the Indicated category and potentially increase gold grades.
• The Sullivan Zone contains ~60 % of the project’s total mineral resources; successful expansion could materially enhance the project's resource base and economics.

Key Details

• Regulatory Approval: Notices of Extension issued by the Nevada Bureau of Land Management for both the Sullivan and Lucky Strike zones.
• Drilling Schedule: Reverse‑circulation drill mobilized; drilling expected to start mid‑October 2025.
• Program Scope: Approximately 4,500 m of core drilling planned.
• Objective: Expand and upgrade the Sullivan Zone’s Inferred Mineral Resources to Indicated status; test updip and downdip extensions; seek higher gold grades.
• Current Resource Estimate (Gabbs Project):
• Indicated: 0.72 M oz Au, 2.17 M oz Ag, 297 M lb Cu (49.8 Mt @ 0.45 g/t Au, 1.36 g/t Ag, 0.27 % Cu).
• Inferred: 1.28 M oz Au, 3.04 M oz Ag, 567 M lb Cu (112.2 Mt @ 0.35 g/t Au, 0.84 g/t Ag, 0.23 % Cu).
• Qualified Person: Ken McNaughton, Chief Exploration Officer, has reviewed and approved the technical information per NI 43‑101.
• Future Work: Additional metallurgical testing planned; water permit anticipated in Q4 2025; other zones remain open and drill‑ready.

Notable Quotes

(No direct quotes were provided in the release.)