P2 Gold Gabbs Project Update: Feasibility Study on Track

Executive Summary

• P2 Gold provided a comprehensive progress update on its Gabbs Project feasibility study, which is now targeted for completion in the fourth quarter of 2026.
• Infill and expansion reverse circulation (RC) drilling is actively underway at the Lucky Strike and Sullivan zones, with a second drill rig scheduled to mobilize in August 2026 to target higher-grade resources down dip.
• The company has signed a definitive agreement for 2,500 acre-feet/year of water rights, is advancing hydrogeological modeling and metallurgical test work, and has selected consultants for BLM baseline permitting assessments.

Key Details

• Feasibility Study Timeline: Targeted for completion in Q4 2026, coinciding with the anticipated regulatory approval of water rights.
• Drilling Program (Lucky Strike & Sullivan Zones): RC infill and expansion drilling is ongoing. The program has been expanded to test open extensions to the north and south, as the Lucky Strike Zone remains open in all directions. A second RC rig will mobilize in early August 2026 to focus on infill and expansion drilling of the Sullivan higher-grade resources down dip.
• Drilling Progress & Metrics: Since October 2025, 69 RC drill holes have been completed (24 at Sullivan, 45 at Lucky Strike). A diamond drill rig completed 29 metallurgical and slope stability geotechnical holes plus 10 exploration holes before demobilizing at the end of May. Assay results will be reported over the coming months.
• Water Well & Hydrogeology: A water well rig is on site and has completed a test well and monitoring well near a historically permitted location. The rig will now complete a test well and two monitoring wells on the periphery of the proposed Sullivan and Lucky Strike open pits to establish a regional hydrogeologic model and determine dewatering requirements. Pump tests will follow on the three test wells, with data feeding into a groundwater model for the mining plan application.
• Water Rights Acquisition: Definitive agreement signed April 2, 2026 for 2,500 acre-feet/year. Closing is subject to Nevada Division of Water Rights (NDWR) approval to transfer points of diversion, places of use, and manner of use from irrigation to mining/milling/dewatering. Application filed; approval anticipated in 6-12 months. Rights are sufficient to support the planned FS production rate of nominally 12 million tonnes per year.
• Metallurgical Testing: Feasibility-level column and flotation test work is underway for the Sullivan, Lucky Strike, and Car Body zones. Twenty-three columns are at various stages. Flotation process flow sheet optimization is nearing completion, with variability tests starting shortly. Comminution testing is complete for Sullivan and Lucky Strike. Results are anticipated in Q3 2026.
• Permitting & Regulatory: Consultants selected to complete all Bureau of Land Management (BLM) baseline needs assessment reports and resources. A detailed mining plan of operations is expected to be filed with the BLM prior to yearend 2026.
• Production & Resource Targets: The Preliminary Economic Assessment (PEA) outlined a 14.2-year mine life at 9 million tonnes per year (tpa) producing 109,000 oz Au and 33M lbs Cu. The feasibility study is advancing at a nominal 12M tpa, targeting average annual production of 150,000 oz Au and 45-50M lbs Cu. An updated Mineral Resource estimate is expected in Q3 2026 following drilling completion.