P2 Gold Upsizes Financing

• On April 29, 2026, P2 Gold Inc. announced an upsizing of its non-brokered private placement from 10 million units to 15 million units.
• The offering price is set at $0.75 per unit, raising gross proceeds of up to $11,250,000.
• Each unit consists of one common share and one common share purchase warrant exercisable at $1.50 for two years.
• Quaternary Group Limited is the major subscriber, taking 10 million units (approximately 89% of the upsized deal).
• Proceeds are designated for exploration and development at the Gabbs Project in Nevada and general corporate purposes.
• This announcement follows an initial financing announcement on April 22, 2026, which proposed a $7.5 million raise ($10M units) from the same strategic investor.

• The news is categorized as Routine - Positive because it represents an execution follow-up to the April 22 financing announcement rather than a new discovery or unexpected corporate event.
• The upsizing indicates strong demand for the offering, allowing the company to secure more capital ($11.25M vs $7.5M) at the same price point.
• Pricing at $0.75 per unit is at a premium to the recent trading close of approximately $0.70 (April 29 data), which is favorable for existing shareholders compared to dilutive discounts often seen in junior mining financings.
• However, from a risk-averse perspective, this financing does not materially alter the long-term capital structure required for production. The Gabbs Project requires US$382.7 million in pre-production capital; $11.25 million covers only a fraction of this need (approximately 3%).
• The involvement of Quaternary Group Limited as a strategic investor holding ~8.7% post-closing provides validation but does not guarantee project success or future funding rounds at similar terms.

• P2 Gold Inc. is a gold-copper exploration and development company focused on advancing its Gabbs Project in Nye County, Nevada.
• The Gabbs Project is currently at the Preliminary Economic Assessment (PEA) stage, moving toward feasibility.
• Key assets include the Sullivan Zone and Lucky Strike Zone, with an updated PEA (Oct 2025) projecting a 14.2-year mine life producing 109,000 oz Au/year and 15,000 t Cu/year.
• The project benefits from existing infrastructure including paved highway access and power availability in Nevada.