Announcement • Aug 27
P2 Gold Reports Metallurgical And Drill Results For Car Body Zone And Provides Gabbs Project Feasibility Study Update P2 Gold Inc. reported results from three diamond drill holes (GBD-011, GBD-013 and GBD-014) and metallurgical test results for the Car Body Zone at its gold-copper Gabbs Project in Nevada, and provided updates on the Gabbs Project feasibility study underway. Three separate diamond drill holes were completed to provide samples for the Feasibility Study Metallurgical Test Program for the Car Body Zone which included three columns of oxide mineralization, each containing approximately 31.5 kg at a nominal particle size of 6.1 mm. Table 1: Oxide Sample Column Test Leach Results (1)(2) Metal Average Metal Recovery at 7 Days(2) Gold 78.3% Recovery at 39 Days(2) Gold 92.7% Recovery at 73 Days(3) Gold 95.6%. Select drill results from holes GBD-011 and GBD-014 drilled at the Car Body Zone include: Hole GBD-011 intersected 0.76 g/t gold over 39.62 meters starting 9.14 meters downhole, including 13.72 meters grading 1.62 g/t gold starting 13.72 meters downhole; Hole GBD-014 intersected 0.78 g/t gold over 28.19 meters starting 5.33 meters downhole, including 4.57 meters grading 3.08 g/t gold starting 19.81 meters downhole. Since the start of the Gabbs Project Infill and Expansion Drill Program in October 2025, a total of 86 RC drill holes has been drilled, with 28 holes drilled at the Sullivan Zone and 58 holes drilled at the Lucky Strike Zone. Drilling at both Lucky Strike and Sullivan has continued to confirm expectations for mineralization controls. The Sullivan Zone remains open downdip where drilling is underway, while the Lucky Strike Zone remains open in all directions, with drilling focused on the western half of the zone which appears to be thickening as drilling extends the high-grade core of the zone to the southwest. The results from the additional drilling at the Sullivan and Lucky Strike zones will be included in the planned updated Mineral Resource estimate (the "updated MRE") for the Gabbs Project, which is now expected to be announced in the fourth quarter of this year. The updated MRE will form the basis of a feasibility study on placing Gabbs in production, which is now expected to be completed in the first quarter of 2027. Permitting baseline studies are underway to support the Mining Plan of Operations and are proceeding as planned. Permitting continues to be the critical path to production, and the permitting timeline to production remains on track. The Sullivan and Lucky Strike zones contain the bulk of the Gabbs Project Mineral Resources and are interpreted to be sills associated with an alkaline gold-copper porphyry. The current Mineral Resource estimates for the Sullivan and Lucky Strike zones are set out in Tables 2 and 3, respectively. Table 2: Sullivan Zone Mineral Resource Estimate April 2024(1)(2)(3)(4) Mineral Resource Category Indicated Oxide 33.7 Mt 0.46 g/t gold 1.43 g/t silver 0.26% copper 0.502 M oz gold 1.6 M oz silver 196.6 M lbs copper 0.70 g/t Au Eq. 0.763 M oz Au Eq. Inferred Oxide 6.2 Mt 0.37 g/t gold 0.88 g/t silver 0.23% copper 0.073 M oz gold 0.2 M oz silver 31.3 M lbs copper 0.58 g/t Au Eq. 0.114 M oz Au Eq. Indicated Sulphide 16.1 Mt 0.43 g/t gold 1.21 g/t silver 0.28% copper 0.220 M oz gold 0.6 M oz silver 100.4 M lbs copper 0.77 g/t Au Eq. 0.397 M oz Au Eq. Inferred Sulphide 19.9 Mt 0.38 g/t gold 1.19 g/t silver 0.28% copper 0.242 M oz gold 0.8 M oz silver 122.9 M lbs copper 0.72 g/t Au Eq. 0.459 M oz Au Eq. Table 3: Lucky Strike Zone Mineral Resource Estimate April 2024(1) Mineral Resource Category Inferred Oxide 35.9 Mt 0.42 g/t gold 0.99 g/t silver 0.24% copper 0.488 M oz gold 1.1 M oz silver 187.1 M lbs copper 0.64 g/t Au Eq. 0.736 M oz Au Eq. Inferred Sulphide 33.3 Mt 0.33 g/t gold 0.85 g/t silver 0.24% copper 0.352 M oz gold 0.9 M oz silver 177.5 M lbs copper 0.63 g/t Au Eq. 0.670 M oz Au Eq. The Car Body Zone is a low sulphidation epithermal gold deposit with minor silver mineralization that remains open along strike to the east. The Car Body Zone will be included in the planned updated MRE for the Gabbs Project. The current Mineral Resource estimate for the Car Body Zone is set out in Table 4. Table 4: Car Body Zone Mineral Resource Estimate April 2024(1)* Mineral Resource Category Inferred Oxide 3.2 M tonnes 0.93 g/t gold 0.35 g/t silver 0.096 M oz gold Inferred Sulphide 1.1 M tonnes 0.75 g/t gold 0.37 g/t silver 0.027 M oz gold. As the metallurgical results from the Car Body Zone demonstrate positive leach kinetics and the Car Body Zone does not contain material amounts of copper mineralization (eliminating the need for the use of a SART plant to treat solution from Car Body mineralization), planning is underway to bring forward cash flow from Car Body Zone gold production to the construction phase of the Gabbs Project. Current plans contemplate the use of contract crushing and mining as well as a leased portable carbon-in-column plant to allow the stacking and irrigating of Car Body Zone mineralization as soon as sufficient liner has been placed at the planned heap leach facility for the Project. Conceivably, the Gabbs Project could generate cash flow from Car Body Zone operations in roughly six months from the commencement of Project construction. The Feasibility Study will include a discussion on accelerating mining and cash flow from the Car Body Zone. Table 5: Selected Gabbs Drill Results, August 2026 (GBD-011, GBD-013 and GBD-014)(1, 2) Hole GBD-011 N4291328/E415618 -60/315 9.14 m to 48.77 m interval 39.62 m 0.76 g/t gold Incl 13.72 m to 27.43 m interval 13.72 m 1.62 g/t gold Hole GBD-013 N4291401/E416084 -60/315 5.33 m to 33.53 m interval 28.19 m 0.78 g/t gold incl 19.81 m to 24.38 m interval 4.57 m 3.08 g/t gold Hole GBD-014 N4291389/E415976 -60/315 4.57 m to 18.29 m interval 13.72 m 0.28 g/t gold. All samples were submitted for preparation by ALS Global at its facilities in Reno, Nevada, with the analysis completed at ALS Global facilities in Reno, Nevada, and North Vancouver, British Columbia. All samples were analyzed using multi-digestion with ICP finish and fire assay with AA finish for gold. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 20 samples was blank, one in 20 was a standard sample, and one in 20 samples had a sample cut from assay rejects assayed as a field duplicate. Ken McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Qualified Person, as defined by National Instrument 43-101, responsible for the Gabbs Project. Mr. McNaughton has reviewed, verified, and approved the scientific and technical information in this news release. Recent Insider Transactions Derivative • Aug 14
Chairman exercised options to buy CA$2.8m worth of stock. On the 12th of August, Joseph Ovsenek exercised options to buy 3m shares at a strike price of around CA$0.10, costing a total of CA$250k. This transaction amounted to 15% of their direct individual holding at the time of the trade. Joseph currently holds 17.17m shares (0.06156472763666479 of the company). Company insiders have collectively bought CA$1.6m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Aug 13
P2 Gold Reports Drilling Results At the Lucky Strike Zone of the Gabbs Project P2 Gold Inc. reported results from ten reverse circulation ("RC") drill holes (GBR-112 to GBR-121) drilled on the western half of the Lucky Strike Zone as part of the Infill and Expansion Drill Program at its gold-copper Gabbs Project in Nevada. Holes GBR-118 to 121 tested the higher-grading gold-copper core of the Zone, which appears to be thickening as drilling extends the high-grade core to the southwest. The remaining RC holes were drilled around the western margin of the Lucky Strike Zone. Also reported are the final four diamond drill holes (GBD-040 to GBD-043) which were drilled along the eastern margin of the Lucky Strike Zone. Drill hole GBD-040 was a geotechnical hole testing the pit slope stability of the planned open pit (based on the Gabbs Project 2025 Preliminary Economic Assessment*), and the other three designed to test the controls on mineralization at the edge of the zone. Select drill results (see Table 1 below for total drill results) from holes GBR-112 to GBR-121 drilled at the Lucky Strike Zone include: Hole GBR-118 intersected 0.78 g/t gold and 0.29% copper over 79.25 meters starting 89.92 meters downhole, including 21.34 meters grading 1.28 g/t gold and 0.34% copper starting 92.96 meters downhole and also intersected 0.13 g/t gold and 0.13% copper over 32.00 meters starting 187.45 meters downhole; Hole GBR-119 intersected 0.37 g/t gold and 0.16% copper over 158.50 meters starting 83.82 meters downhole, including 67.06 meters grading 0.49 g/t gold and 0.18% copper starting 96.01 meters downhole; Hole GBR-120 intersected 0.47 g/t gold and 0.21% copper over 121.92 meters starting 71.63 meters downhole, including 41.15 meters grading 0.82 g/t gold and 0.29% copper starting 76.20 meters downhole; Hole GBR-121 intersected 0.78 g/t gold and 0.20% copper over 67.06 meters starting 73.15 meters downhole, including 42.67 meters grading 1.07 g/t gold and 0.28% copper starting 73.15 meters downhole and also intersected 0.12 g/t gold and 0.17% copper over 24.38 meters starting 167.64 meters downhole. Results from the ten RC holes continue to show that the mineralization controls at Lucky Strike are the same as at the Sullivan Zone where mineralization is localized within and below a tabular unit of quartz monzonite underlain by pyroxenite, with the higher-grade gold and copper at the core of the zone. This mineralization is gold dominant and gives way to copper-gold mineralization in the footwall of the main mineralized body. At Lucky Strike, the deeper footwall mineralization ranges in thickness from 20 meters to 60 meters and with the main mineralized body ranging up to 100 meters thick, forms a zone with a combined thickness of up to 160 meters. Drill hole GBR-118, which was drilled from the same pad as diamond drill hole GBD-21, intersected one of the longest intervals of high-grade gold and copper grade encountered to date at the Lucky Strike Zone. Drill hole GBR-119 intersected the thickest interval of mineralization encountered to date (158 meters(1)) at the Gabbs Project. Drill holes GBR-118 through GBR-120 confirm the results in hole GBD-21 and are located at the southwest limit of drilling at Lucky Strike. Step-out drill holes from this location have been completed, with assays to be reported on receipt. Since the start of the Program in October 2025, a total of 78 RC drill holes has been drilled, with 24 holes drilled at the Sullivan Zone and 54 holes drilled at the Lucky Strike Zone. The diamond drill completed 29 metallurgical and slope stability geotechnical holes and 10 exploration holes prior to being demobilized from site at the end of May. Additional drilling in the southwest is planned, in keeping with the Company's primary focus on the shallower mineralization in the western half of the Lucky Strike Zone. Once the western half of the Lucky Strike Zone is well defined, the focus of drilling will then switch to expanding the mineralization to the northeast and southeast, which remains open. On completion of the Infill and Expansion Drill Program, an updated Mineral Resource estimate will be prepared for Gabbs which will form the basis of a feasibility study on placing Gabbs in production, which is expected to be completed in the fourth quarter of 2026. Table 1: Selected Gabbs Drill Results, August 2026 (GBR-112 to GBR- 121 and GBD-040 to GBD-043)(1, 2) GBR-112(3) N4293728/-60/45 80.77 132.59 51.82 0.38 0.18 incl 82.30 106.68 24.38 0.37 0.27 GBR-113(3) N4293728/-60/135 71.63 106.68 35.05 0.42 0.23 incl 85.34< /span> 97.54 12.19 0.63 0.34 GBR-114 N4294071/-90/0 9.14 94.49 85.34 0.27 0.24 incl 9.14 19.81 10.67 0.53 0.28 GBR-115 N4294197/-90/0 50.29 79.25 28.96 0.23 0.29 GBR-116 N4294197/-60/135 62.48 109.73 47.24 0.20 0.14 incl 62.48 73.15 10.67 0.43 0.16 GBR-117 N4294077/-55/45 10.67 19.81 9.14 0.83 0.51 33.53 146.30 112.78 0.25 0.25 incl 76.20 94.49 18.29 0.21 0.33 GBR-118 N4293704/-65/45 89.92 169.16 79.25 0.78 0.29 Incl 92.96 114.30 21.34 1.28 0.34 FM 187.45 219.46 32.00 0.13 0.13 GBR-119(3) N4293704/-65/135 83.82 242.32 158.50 0.37 0.16 Incl 96.01 163.07 67.06 0.49 0.18 GBR-120 N4293704/-55/225 71.63 193.55 121.92 0.47 0.21 Incl 76.20 117.35 41.15 0.82 0.29 GBR-121 N4293704/-55/315 73.15 140.21 67.06 0.78 0.20 Incl 73.15 115.82 42.67 1.07 0.28 FM 167.64 192.02 24.38 0.12 0.17 GBD-040 N4293874/-80/90 138.68 141.73 3.05 3.70 0.33 GBD-041 N4293874/-60/315 NSV GBD-042 N4293873/-60/225 166.12 184.40 18.29 0.37 0.18 GBD-043 N4293963/-55/45 Lost Hole E415179 (1) True thickness to be determined (2) All samples were submitted for preparation by ALS Global at its facilities in Reno, Nevada, with the analysis completed at ALS Global facilities in Reno, Nevada, and North Vancouver, British Columbia. All samples were analyzed using multi-digestion with ICP finish and fire assay with AA finish for gold. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 20 samples was blank, one in 20 was a standard sample, and one in 20 samples had a sample cut from assay rejects assayed as a field duplicate (3) Drill hole ended in mineralization (4) FM means footwall mineralization (5) NSV means no significant values. 
