P2 Gold Intersects 0.62 g/t Gold and 0.22% Copper Over 118.87 Meters, Including 44.20 Meters grading 1.12 g/t gold and 0.33% Copper at the Heart of the Lucky Strike Zone

P2 Gold Inc. (PGLD) reported eight reverse-circulation holes, GBR-122 to GBR-129, all drilled from one pad at the southwest limit of the Lucky Strike Zone, about 125 m southwest of the GBD-021 pad. The release says the holes tested the southwest extension of the higher-grade gold-copper corridor hosted in quartz monzonite.

Headline intercepts include: - GBR-124: 118.87 m at 0.62 g/t Au and 0.22% Cu from 54.86 m, including 44.20 m at 1.12 g/t Au and 0.33% Cu. - GBR-129: 129.54 m at 0.69 g/t Au and 0.22% Cu from 108.20 m, including 24.38 m at 1.12 g/t Au and 0.38% Cu; hole ended in monzonite mineralization.

Other holes include broad but lower-grade zones such as GBR-126 with 161.54 m at 0.36 g/t Au and 0.14% Cu, and GBR-127 with 167.64 m at 0.31 g/t Au and 0.18% Cu. GBR-125 was lost in a fault zone after only 15.24 m at 0.36 g/t Au and 0.10% Cu.

The company says monzonite is thickening to the southwest and the combined mineralized zone can exceed 200 m thickness. True thickness is stated as to be determined.

P2 Gold Inc. (PGLD) is currently a development-stage asset holding a 2024 mineral resource estimate and a positive 2025 preliminary economic assessment (PEA), but it has no reserves and has not completed a feasibility study. The company is not a producer, reports no revenue, and is recording ongoing losses accompanied by a going-concern caution.

The company’s market capitalization stands at approximately C$337M, compared to a PEA after-tax net present value (NPV) of US$943M in the base case and US$2.25B in the spot case. However, the PEA remains preliminary, and the stock has already re-rated strongly from about C$0.23 to C$1.21.

The recent release serves as incremental confirmation of the western Lucky Strike footprint. It does not represent a new zone, a high-grade bonanza repeat, or a resource-definition outcome on its own. Compared with the May 2026 GBD-021 result, GBR-129 is longer but lower grade. This is consistent with bulk-tonnage growth rather than a failure to extend the system, though it does not clear a materially higher bar.

Because the market has already priced in substantial drilling success, this type of in-line-to-moderately-positive step-out is considered routine news flow.

P2 Gold Inc. (PGLD) is a Canadian junior explorer and developer focused on its 100%-owned Gabbs gold-copper project, located on the Walker Lane Trend in Nevada. The company is currently in the advanced exploration stage, having released a mineral resource estimate in April 2024 and working toward a 2025 Preliminary Economic Assessment (PEA), with feasibility studies underway.

The existing resource estimate includes an Indicated category of 49.8 million tonnes grading 0.45 g/t gold, 1.36 g/t silver, and 0.27% copper, containing approximately 0.72 million ounces of gold. The Inferred category comprises 112.2 million tonnes grading 0.35 g/t gold, 0.84 g/t silver, and 0.23% copper, containing approximately 1.28 million ounces of gold. The PEA base case projects an after-tax net present value (NPV) of US$943 million at a 5% discount rate and an internal rate of return (IRR) of 33.8%. Under a spot case scenario, the NPV rises to US$2.25 billion with an IRR of 77.5%.

Drilling remains ongoing for infill and expansion, as the project remains open in multiple directions. Financially, the company reported no operating revenue and a net loss of C$14.9 million for the six months ended June 30, 2026, accompanied by a going-concern qualification. Cash on hand as of June 30, 2026, stood at C$16.4 million.