P2 Gold Announces First Drill Results from Infill and Expansion Drilling at Gabbs

P2 Gold announced the first assay results from its ongoing infill and expansion reverse circulation (RC) drill program at the Sullivan Zone of its flagship Gabbs Project in Nevada. The release covers the first six holes of a larger program.

Key intercepts include: - GBR-051: 38.1 metres grading 0.96 g/t gold - GBR-054: 85.34 metres grading 0.76 g/t gold - GBR-053: 67.06 metres grading 0.58 g/t gold - GBR-055: 54.86 metres grading 0.58 g/t gold

All holes intersected gold mineralization, with several intercepts returning grades significantly above the project's average resource grade. The drill has now moved to the Lucky Strike Zone to continue exploration. The company anticipates an updated Mineral Resource estimate by mid-2026 and a feasibility study in the fourth quarter of 2026.

This news is a positive and expected step in the company's systematic de-risking of the Gabbs project. The results are not game-changing on their own, but they are crucial in the context of the company's progress over the last year.

• Confirmation of Thesis: The drill program was initiated in October 2025 with the stated goals of expanding the Sullivan Zone's mineral resources and upgrading Inferred resources to the Indicated category. These initial results, with long intercepts and grades often exceeding the current resource average (0.35-0.45 g/t Au), support this objective. This builds confidence in the geological model presented in the highly positive October 2025 Preliminary Economic Assessment (PEA).
• Execution Track Record: This news reinforces management's track record of delivering on its promises. In 2025, the company announced significantly improved metallurgical recoveries, delivered a robust PEA, completed a crucial upsized C$11 million financing to fund the project to feasibility, and promptly commenced the promised drill program. These results are the first tangible output from that program and are positive.
• Market Reaction: The stock price has risen from C$0.05 to over C$0.50 in the last year, largely driven by the metallurgical success, the strong PEA economics, and the successful financing. These drill results should provide fundamental support for the recent share price appreciation and reinforce positive investor sentiment.

While classified as "Routine - Positive" because these are expected operational results, they are an essential part of the value-creation process. The results successfully move the project forward on its stated timeline towards a feasibility study, reducing the geological risk associated with the large Inferred resource that underpins the PEA.

P2 Gold Inc. is a junior mining company focused on advancing its 100%-owned Gabbs gold-copper project, located on the Walker-Lane Trend in Nevada, a top-tier mining jurisdiction. The Gabbs project is at the advanced exploration and development stage. A 2025 PEA outlines a potential long-life (14.2 years), mid-sized mine with robust economics, projecting an after-tax NPV (5%) of US$942.9 million and an IRR of 33.8% at base case metal prices ($2,350/oz Au, $4.50/lb Cu). The project benefits from existing infrastructure, including access via a paved highway and power/water on site.