P2 Gold Extends Gold-Copper Mineralization along the Southwest Margin of the Lucky Strike Zone

P2 Gold Inc. (PGLD) has released assay results from seven reverse-circulation holes drilled on the southern and southwest margins of the Lucky Strike Zone at its Gabbs gold-copper project in Nye County, Nevada. The drilling program targeted the southern extension with holes GBR-130 and GBR-134, while the remaining five holes tested the southwest extension.

The results, reported as downhole lengths with no true width or cutoff stated, include the following intercepts:

• GBR-135: 121.92 m @ 0.40 g/t Au and 0.13% Cu from 71.63 m; and 39.62 m @ 0.15 g/t Au and 0.07% Cu from 193.55 m; hole ended in mineralisation
• GBR-137: 60.96 m @ 0.52 g/t Au and 0.22% Cu from 59.44 m, including 18.29 m @ 0.71 g/t Au and 0.29% Cu from 74.68 m; footwall 67.06 m @ 0.16 g/t Au and 0.09% Cu from 120.40 m; ended in mineralisation
• GBR-136: 16.76 m @ 0.35 g/t Au and 0.15% Cu from 50.29 m; 96.01 m @ 0.39 g/t Au and 0.11% Cu from 77.72 m; footwall 88.39 m @ 0.19 g/t Au and 0.07% Cu from 173.74 m
• GBR-130: 12.19 m @ 0.24 g/t Au and 0.06% Cu from 141.73 m; 85.34 m @ 0.34 g/t Au and 0.15% Cu from 169.16 m
• GBR-145: 74.68 m @ 0.28 g/t Au and 0.13% Cu from 70.10 m; footwall 32.00 m @ 0.13 g/t Au and 0.18% Cu from 161.54 m
• GBR-144: 42.67 m @ 0.28 g/t Au and 0.09% Cu from 83.82 m
• GBR-134: lost due to ground conditions before reaching the targeted higher-grade mineralisation

Since October 2025, a total of 114 reverse-circulation holes have been drilled, comprising 43 at the Sullivan deposit and 71 at the Lucky Strike Zone. The Sullivan RC programme is now complete for 2026. Holes completed by the end of October will feed an updated Mineral Resource estimate targeted for later in Q4 2026, which underpins a feasibility study now guided to Q1 2027.

P2 Gold Inc. (PGLD) is a pre-economic-stage developer with a defined 162 Mt resource containing 2.0 moz Au, 5.21 moz Ag, and 864 Mlb Cu. The company completed a preliminary economic assessment (PEA) in October 2025 and is currently conducting a feasibility study. With a market capitalization of C$349M, the company’s materiality is measured against its resource and study outcomes rather than the probability of new discoveries.

Recent drilling results marginally change the deposit model by adding tonnage at the southwest and southern margins, supporting the interpretation that the system is larger and thicker than the April 2024 model. In a 12 Mtpa mill scenario, these incremental tonnes at roughly resource grade extend mine life or fill the mill capacity. However, the core investment thesis remains unchanged, resting on three key milestones: the Q4 2026 updated mineral resource estimate (MRE), Q4 2026 metallurgical results, and the Q1 2027 feasibility study targeting 150 koz Au and 45-50 Mlb Cu per year. This release serves as an input to the first of those milestones and is mildly grade-dilutive.

The stock has already repriced from C$0.34 to C$1.53 and back to C$1.19 on the Lucky Strike campaign, the throughput increase to 12 Mtpa, and strategic financing. It is now priced for the resource update and study to deliver, rather than for additional margin step-outs. A batch of holes averaging 0.37 g/t Au and 0.14% Cu across the southwest margin does not advance that narrative. The market’s revealed expectation has faded since 1 October, with the stock declining 22% from C$1.53 to C$1.19 ahead of the MRE.

The results are classified as routine because the September anchor is not embedded in the current price, as the stock round-tripped through it. The best hole still carries roughly 55% of the anchor's gram-metres rather than "well under half," and the release extends and thickens the zone with six of seven holes mineralised. Nothing in the thesis is damaged. However, five of six holes are below Indicated resource grade on both metals, the batch is roughly 17% weaker on AuEq than the immediately preceding southwest batch, and this is the last material batch before the resource cut-off. Consequently, the dilution flows directly into the number the market is waiting on, representing ordinary-to-modestly-disappointing news flow.

P2 Gold Inc. (TSXV: PGLD; OTCQB: PGLDF) is a Vancouver-based exploration and development company whose sole material asset is the 100%-owned Gabbs gold-copper-silver project on the Walker Lane trend in Nye County, Nevada. The property is located approximately 150 miles from Reno and is accessible by paved Highway 361, with on-site power and water infrastructure. The land package comprises 827 BLM lode mining claims plus one patented claim, covering roughly 68.9 km². There is no royalty on production, though the company holds an option to acquire a 2% NSR at any time for US$6.5M.

According to a resource estimate prepared by P&E Mining Consultants in April 2024, the project contains an Indicated resource of 49.8 Mt @ 0.45 g/t Au, 1.36 g/t Ag, 0.27% Cu, equating to 0.72 moz Au, 2.17 moz Ag, 297 Mlb Cu, and 0.73 g/t AuEq. The Inferred resource stands at 112.2 Mt @ 0.35 g/t Au, 0.84 g/t Ag, 0.23% Cu, representing 1.28 moz Au, 3.04 moz Ag, 567 Mlb Cu, and 0.63 g/t AuEq. The total resource of 162.0 Mt contains 2.00 moz Au, 5.21 moz Ag, and 864.1 Mlb Cu. Key zones include Lucky Strike, which is the current focus and the larger of the two on drilling; Sullivan, which is open down-dip; and Car Body, a small, higher-grade, low-sulphidation epithermal zone with no copper that is planned as an early cash-flow heap leach. Gold Ledge and Southwest remain earlier-stage targets, with a stated exploration target of 5 moz-plus AuEq.

A preliminary economic assessment (PEA) filed in November 2025, effective 7 October 2025, outlined a 14.2-year mine life at 9 Mtpa producing an average 109 koz Au and 33 Mlb Cu per year. This scenario required pre-production capital of US$382.7M and total production capital of US$571.8M. The company has since raised the study case to a nominal 12 Mtpa, utilizing a mill from Year 3 in parallel with a 2-4 Mtpa heap leach. This updated scenario targets 150 koz Au and 45-50 Mlb Cu per year, with the feasibility study now guided to Q1 2027. Phased metallurgical recoveries used to date include sulphide flotation at 94.5% Au and 79.9% Cu, and oxide heap leach at 85% Au and 67% Cu, with a SART plant contemplated for oxide copper.

Financial results for the six months to 30 June 2026 showed no revenue and a net loss of C$14.88M, including C$6.84M in the quarter. This loss was driven by C$10.65M of exploration and evaluation spend, C$1.64M of G&A, and a C$2.93M fair-value loss on convertible debenture settlement. Operating cash outflow was C$10.35M for the half. The company reported cash of C$16.38M, working capital of C$14.71M, total assets of C$17.13M, total liabilities of C$2.37M, and total equity of C$14.76M, with no debt. A placement in May 2026 raised C$11.625M gross, consisting of 15.5M units at C$0.75, with half-warrants at C$1.50. Management explicitly flags material uncertainty over going concern.

According to a company presentation from August 2026, the capital structure includes 293,417,079 shares outstanding. There are 6,691,000 options at C$0.06-0.71 and 64,922,750 warrants, comprising 26,473,750 at C$0.30 expiring September 2027, 22,949,000 at C$0.30 expiring September 2027, and 15,500,000 at C$1.50 expiring May 2028. Fully diluted shares total 365,030,829. Management ownership stands at 15.7%. The Quaternary Group holds roughly 8.7% basic and 16.0% diluted after the strategic placement.