P2 Gold Inc.  (TSX-V: PGLD) (OTCQB: PGLDF) reports positive test results from the metallurgical program for its gold-copper Gabbs Project located on the Walker-Lane Trend in Nevada.

After 115 days of leaching, the metal recoveries of the Phase 3 Metallurgical Program are far exceeding the recoveries used in the May 2024 Preliminary Economic Assessment on the Gabbs Project. See Table 1 below for a comparison of the Phase Three results at 115 days to the Phase Three results at 58 days and the recoveries used in the 2024 Preliminary Economic Assessment.

Table 1: Comparison of Oxide Sample Column Test Leach Results⁽¹⁾⁽²⁾

“The Phase Three Metallurgical Program was established with a target of improving the leach kinetics and overall extraction by adding cyanide during agglomeration and by increasing the cyanide concentration in the leach solutions,” commented Joe Ovsenek, President & CEO of P2. “Recoveries and leach kinetics have significantly improved with 98% of the gold, 90% of the silver and 85% of the copper recovered in the first 58 days of leaching.”

The Phase Three Metallurgical Program ended at 115 days of leaching with copper and silver recoveries continuing to increase. Final metallurgical recoveries will be announced upon completion of final analysis.

The Company retained Kappes, Cassiday & Associates (“KCA”) in Reno, Nevada to carry out the Phase Three Metallurgical Program, which is focused on increasing copper and gold recoveries of the oxide mineralization and providing a marketing sample of the copper-silver SART (sulphidization, acidification, recycling and thickening) concentrate.

2025 Preliminary Economic Assessment Update

Following completion of the Phase Three Metallurgical Program, the Company plans to update the May 2024 Preliminary Economic Assessment using, among other things, the updated recoveries for gold, copper and silver.

Using existing recoveries (78% for oxide gold mineralization, 45% for oxide silver mineralization and 54% for oxide copper mineralization) Gabbs has an internal rate of return of 56.5% and net present value at a 5% discount rate of over US$1.6 billion at August 7, 2025 spot metal prices of $3,391 gold, $38.06 silver and $4.35 copper. (See the Company’s preliminary economic assessment announced on May 22, 2024 and described in the Gabbs Technical Report dated May 17, 2024 available under the Company’s profile on SEDAR+ at www.sedarplus.com.)

Qualified Person

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.

About P2 Gold Inc.

P2 Gold is a mineral exploration and development company focused on advancing its gold-copper Gabbs Project on the Walker Lane Trend in Nevada. A positive preliminary economic assessment has outlined a long-life, mid-size mine at Gabbs with annual average production of 104,000 ounces gold and 13,500 tonnes copper over a 14.2-year mine life. The Gabbs Project has excellent infrastructure with access via paved Hwy 361, and power and water on site. Additional metallurgical testing is underway, and a water permit is expected in the second quarter of this year. All zones on the property remain open and additional exploration targets, near surface and at depth, are drill ready.