P2 Gold Extends Sullivan Zone Mineralization Downdip and Identifies New Mineralized Unit within Sullivan PEA Pit Shell

P2 Gold Inc. (PGLD) has released assay results from six reverse circulation holes—GBR-131 through GBR-133 and GBR-138 through GBR-140—drilled on the downdip extension of the Sullivan Zone at its Gabbs gold-copper project in Nevada. The company confirmed that the Sullivan Zone remains open at depth and identified a new unit of hanging wall gold-copper mineralization in holes GBR-133 and GBR-140. This new unit is hosted in gabbro interlayered with thin pyroxenite beds and is described as predominantly oxide.

The discovery of this hanging wall unit is significant because it sits in an area previously modeled as waste in the Preliminary Economic Assessment (PEA). Its presence could reduce the Sullivan strip ratio and support the feasibility study currently underway. The six holes were drilled from two pads located 50 meters apart, with all six ending in mineralization. The company noted that true thickness is yet to be determined.

The reported intercepts are as follows:

• GBR-131: 71.63 m @ 0.32 g/t Au, 0.17% Cu from 92.96 m; and 19.81 m @ 0.42 g/t Au, 0.20% Cu from 175.26 m.
• GBR-132: 32.00 m @ 0.40 g/t Au, 0.14% Cu from 117.35 m; and 27.43 m @ 0.10 g/t Au, 0.16% Cu from 158.50 m.
• GBR-133: 70.10 m @ 0.32 g/t Au, 0.18% Cu from 64.01 m; and 59.44 m @ 0.21 g/t Au, 0.14% Cu from 198.12 m.
• GBR-138: 18.29 m @ 0.15 g/t Au, 0.15% Cu from 141.73 m; 13.72 m @ 0.14 g/t Au, 0.05% Cu from 208.79 m; 9.14 m @ 0.45 g/t Au, 0.08% Cu from 234.70 m.
• GBR-139: 65.53 m @ 0.34 g/t Au, 0.19% Cu from 111.25 m; and 77.72 m @ 0.10 g/t Au, 0.19% Cu from 188.98 m.
• GBR-140: 51.82 m @ 0.32 g/t Au, 0.13% Cu from 94.49 m; 54.86 m @ 0.21 g/t Au, 0.11% Cu from 160.02 m; 30.48 m @ 0.15 g/t Au, 0.10% Cu from 228.60 m.

Since October 2025, P2 Gold has drilled 105 RC holes, comprising 40 at Sullivan and 65 at Lucky Strike. Only holes completed by the end of October will be included in the updated Mineral Resource estimate, which is targeted for release later this quarter (Q4 2026). The feasibility study is scheduled for completion in Q1 2027.

P2 Gold Inc. (PGLD) released drill results from its Sullivan project that confirm the deposit continues downdip and remains open, aligning with market expectations. The company is currently in a developer stage, holding an existing Preliminary Economic Assessment (PEA) and a 162 Mt resource, meaning infill and extension holes rarely move the equity unless they materially alter the resource or mine plan.

The most notable new element is a low-grade hanging wall unit discovered inside a PEA waste area. While this could be value-accretive through a lower strip ratio, the finding is currently unquantified, with only two holes drilled and no data available on tonnage, dimensions, or metallurgy.

The results were benchmarked against Sullivan’s best prior intercepts on the same zone. The historical anchor includes GBD-008, drilled on June 18, 2026, which returned 140.21 m @ 0.50 g/t Au, 0.27% Cu, equating to approximately 70 g.m. Another key intercept was GBR-054, drilled on December 16, 2025, returning 85.34 m @ 0.76 g/t Au, or approximately 65 g.m. Several other holes in the January-February 2026 period fell in the 27-53 g.m range.

Today’s best intercept returned approximately 23 g.m at 0.32 g/t Au. This represents roughly one-third of the gram-metres of the anchor intercepts, at approximately 30-40% lower grade.

The stock has re-rated significantly, rising roughly three times over the year from C$0.44 to C$1.36, and is currently near its 52-week high. However, that price appreciation was driven by the Lucky Strike higher-grade corridor and Feasibility Study (FS) progress, not the Sullivan downdip extension. Because the Sullivan resource is already defined and the tested zone differs from the one driving current valuation, the lower grades do not damage the investment thesis.

The news is viewed as incremental and expected, with a small unquantified positive offsetting sub-resource grades. Market attention remains focused on the Q4 2026 Mineral Resource Estimate (MRE) and the Q1 2027 FS, rather than the six Sullivan infill holes.

P2 Gold Inc. (TSXV: PGLD; OTCQB: PGLDF) is advancing its 100%-owned Gabbs gold-copper project, located on the Walker Lane trend in Nye County, Nevada. The property encompasses 827 BLM lode claims and one patented claim, covering approximately 68.9 km2, with access via paved Highway 361 and on-site power and water infrastructure. The company is currently conducting a feasibility study, targeting completion in the first quarter of 2027, following a preliminary economic assessment (PEA) effective October 7, 2025. Construction is targeted for 2029.

The project focuses on gold, copper, and silver. A mineral resource estimate (MRE) released in April 2024 defined 49.8 million tonnes (Mt) of indicated resources grading 0.45 grams per tonne (g/t) gold, 1.36 g/t silver, and 0.27% copper, containing 0.72 million ounces (Moz) of gold and 0.73 g/t gold equivalent (AuEq). Inferred resources total 112.2 Mt at 0.35 g/t gold, 0.84 g/t silver, and 0.23% copper, containing 1.28 moz of gold and 0.63 g/t AuEq. Combined, the total resource stands at 162.0 Mt containing 2.00 moz of gold and 864 million pounds (Mlb) of copper.

Key zones include Sullivan, which is open downdip; Lucky Strike, a higher-grade corridor discovered in 2026 that is open in all directions and potentially larger than Sullivan; and Car Body, a small low-sulphidation epithermal gold zone planned for early cash flow via heap leach. The PEA outlines a 14.2-year mine life with a throughput of 9 million tonnes per year (Mtpy), producing an average of 109,000 ounces of gold and 33 Mlb of copper annually. Preproduction capital is estimated at US$382.7 million, with total production capital at US$571.8 million. The feasibility study targets an increased throughput of 12 Mtpy and annual production of 150,000 ounces of gold and 45-50 Mlb of copper.

Metallurgical testing indicates sulphide flotation recovery rates of approximately 94.5% for gold and 79.9% for copper. Oxide heap leach recovery is estimated at 85% for gold and 67% for copper, with Car Body column tests reaching 95.6% gold recovery at 73 days.

The company’s capital structure, as cited in a presentation, includes 293,417,079 shares outstanding, 6,691,000 options, and 64,922,750 warrants. The warrants consist of 26.47 million and 22.95 million at C$0.30 expiring in 2027, and 15.5 million at C$1.50 expiring in 2028. Fully diluted shares total 365,030,829, with management owning 15.7%.

Prior-period financial data, not disclosed in the current release, shows a first half of 2026 net loss of C$14.9 million with no revenue. Exploration and evaluation spending totaled C$10.65 million, leaving cash at C$16.38 million and working capital at C$14.71 million. Total equity stood at C$14.76 million, with a book value of C$0.05 per share. The company reported an explicit going-concern material uncertainty. A C$11.6 million private placement closed in May 2026 at C$0.75 per unit, including C$1.50 warrants.

Management includes Joe Ovsenek as President and CEO, Ken McNaughton as Chief Exploration Officer and Qualified Person, Michelle Romero as Executive Vice President, and Grant Bond as Chief Financial Officer. The presentation cites analyst coverage from Edison Research and Lord Ashbourne.