P2 Gold Inc. (TSX-V:PGLD) (OTCQB:PGLDF) reports results from a positive Updated Preliminary Economic Assessment on its wholly-owned gold-copper Gabbs Project located on the Walker-Lane Trend in Nevada. The 2025 PEA was prepared by Kappes, Cassiday & Associates of Reno, Nevada with Mineral Resource and geological/mining contributions from P&E Mining Consultants Inc. in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects.

2025 PEA Highlights

• After-tax net present value (5% discount rate) of US$2.253 billion and internal rate of return of 77.5% at US$3,885/oz gold, US$47.92/oz silver and US$4.81/lb copper (“Spot Case Metal Prices”) (See spot case to base case comparison in Table 1)
• After-tax net present value (15% discount rate) of US$946.0 million and internal rate of return of 77.5% at Spot Case Metal Prices (See spot case to base case comparison in Table 1)
• Total projected life-of-mine after-tax cash flow of US$3.737 billion at Spot Case Metal Prices over 14.2-year mine life
• Total projected LOM revenue of US$8.152 billion at Spot Case Metal Prices over 14.2-year mine life
• LOM production of 1.547 million ounces of gold, 2.481 million ounces of silver and 213,000 tonnes (469.7 million pounds) of copper
• Estimated pre-production capital cost, including contingencies, of US$382.7 million with payback of less than one year at Spot Case Metal Prices
• For expediency and comparative purposes, the 2025 PEA uses the same mine plan as the May 2024 Preliminary Economic Assessment (the “2024 PEA”) based on metal prices of US$1,950/oz gold, US$25/oz silver and US$4.50/lb copper

2025 PEA Costs Update

Operating and capital costs were updated to August 2025 for the 2025 PEA.

• Mining operating costs increased by approximately 1%
• Mining capital costs, initial and sustaining, increased by approximately 7.25%
• Processing operating costs increased by approximately 14%
• Processing capital costs, initial and sustaining, increased by approximately 2%

A comparison of the 2025 PEA to the 2024 PEA is set out after the 2025 PEA description. The only updates for the 2025 PEA are the updated operating and capital costs and metal process recoveries from the Phase Three Metallurgical Program. A NI 43-101 Technical Report will be prepared and posted on www.p2gold.com and the Company’s profile on www.sedarplus.com within 45 days of the date of this news release.

“Life-of-Mine production at Gabbs is now expected to be approximately 1.55 million ounces of gold and almost 470 million pounds of copper, a direct result of the improvement in metal process recoveries we’ve been able to achieve since the last PEA,” commented Joe Ovsenek, President and CEO of P2. “Even using base case $2,350 gold, $29 silver and $4.50 copper, Gabbs would be a robust producer in Nevada, a top tier mining jurisdiction. With the PEA updated and funds from our recent capital raise, we will now focus on moving forward with drilling, permitting and project feasibility study.”

The 2025 PEA is preliminary in nature, includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the 2025 PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Company has not defined any Mineral Reserves on the Gabbs Project.

Economic Sensitivities

Table 1:  Gabbs Project 2025 PEA Economics

(1)          As of October 3, 2025
(2)          NCF means net cash flow; NPV means net present value; IRR means internal rate of return.
(3)          Calculated with preproduction capital, excluding mill and heap leach sustaining capital

Capital and Operating Costs

Table 2:  Gabbs Project 2025 PEA Capital Costs

(1)           Sum differs due to rounding

Table 3:  Gabbs Project 2025 PEA Operating Costs and AISC

(1)           Including rehandle material
(2)          Net of silver and copper credits

Projected Mining and Production

Table 4:  Gabbs Project 2025 PEA Projected Processing and Metal Production Summary

(1)           Ox/S means oxide mineralization/sulphide mineralization
(2)          Nominal tonnes
(3)          Sums may differ due to rounding

Table 5:  Gabbs Project 2025 PEA Other Mine Production Parameters

Mining and Processing

Mining

The open pit waste and mineralized material will be mined by standard open-pit mining methods using a combination leased and owned mining fleet of 136-tonne haul trucks and 15.3 m³ hydraulic shovels, fine crushed using a system incorporating a gyratory crusher, cone crushers and high-pressure grinding rolls (HPGR).

Processing

Heap Leach

The Gabbs mineralized material is estimated to contain an average of 0.24% copper based on the mine plan used for the 2025 PEA.  A portion of this copper is cyanide soluble and is expected to be extracted in the heap leach circuit. The cyanide soluble copper has an effect on the cyanide consumption. A SART (sulphidization, acidification, recycling and thickening) plant that releases cyanide associated with the copper cyanide complex, allowing it to be recycled back to the leach process as free cyanide is included. The resulting copper precipitate will be sold, bringing additional revenue to the project.

After the crushing circuit, the mineralized material will be agglomerated with cement and conveyor stacked on the heap leach pad in 8-meter lifts then single-stage leached with a dilute cyanide solution. The gold and copper bearing solution will be collected in the pregnant solution pond and pumped to the SART plant. Pregnant solution will be acidified with sulphuric acid, then copper will be precipitated as sulphides by the addition of sodium hydrosulphide. The precipitate will be thickened and filtered to produce a copper filter cake for shipment to a smelter. The barren solution from the SART plant will be processed in a carbon adsorption-desorption-recovery (ADR) plant to recover gold. The gold will be periodically stripped from the carbon using a desorption process. The gold will be plated on stainless steel cathodes, removed by washing, filtered, dried and then smelted to produce a doré bar. For the first five years, the heap leach circuit will operate at a rate of nine million tonnes per annum, in years six through 14 the heap leach circuit will operate at a rate of four million tonnes per annum.

Mill

The ROM feed material to the mill will use the same crushing circuit as the heap leach facilities. The mill feed will be crushed to P80 6.3 mm, (1/4″) in a three-stage crushing circuit, with the third-stage an HPGR.  The milled sulphide product will be treated in a flotation plant to produce a copper concentrate suitable for sale. The flotation tailings will be thickened, then direct cyanide leached to dissolve gold, silver and copper. The leached solids will be washed in a CCD circuit to remove the dissolved metals and cyanide. The dissolved copper and silver will be recovered from the CCD overflow solution in a SART plant as a copper/silver sulphide precipitate. Regenerated sodium cyanide from the SART plant will be recycled to the leach circuit. Gold in the SART plant barren solution will be recovered in an ADR plant and refined to produce doré bars. The CCD tails are treated in a cyanide destruction circuit, filtered, and conveyed to a “dry stack” storage facility.

Opportunities

• Leach Cycle – complete studies to optimize the leach cycle time as the 2025 PEA contemplates 150-day leach cycle, while leach kinetics improved significantly with 98% of the gold, 90.1% of the silver and 85.1% of the copper recovered in less than 58 days under the Phase Three Metallurgical Program – a reduction in the leach cycle time will reduce the capex by reducing the size of the heap leach facility and amount and size of related equipment
• Metallurgy – complete additional test work to evaluate recoveries for sulphide gold mineralization and evaluate the use of HPGR for potential heap leaching of sulphide mineralization to increase recovery of free gold – if sulphide gold recoveries are sufficiently high, the mill facility may not be required, reducing overall capex
• Mine Plan – optimize mine sequencing to increase return on capital and carryout geotechnical drilling to optimize pit wall slope angles
• Waste Stripping – evaluate extent of alluvium in waste to reduce stripping cost
• Contract Mining – evaluate contract mining versus owner fleet
• Mineral Resource – expand oxide and sulphide gold and copper mineralization (zones remain open)
• Capex – evaluate equipment alternatives to reduce capital costs

Next Steps

Expansion and infill drilling will be undertaken next to expand the existing Mineral Resource and convert Inferred Mineral Resources into Indicated Mineral Resources as well as geotechnical drilling to refine pit wall angles and ground conditions for production facilities.  Concurrently, additional metallurgical studies will be undertaken to evaluate the recovery of sulphide gold through heap leaching as well as rock characteristic studies to support the filing of a mining plan of operations. Thereafter, Feasibility-level studies will commence and will include an evaluation of contract mining versus an owner fleet (leased or owned), mine plan optimization and equipment alternatives.

2025 PEA Comparison to the 2024 PEA

The 2025 PEA is based on the same mine plan and process flow sheet as the 2024 PEA.  For the 2025 PEA, capital and operating costs were updated to August 2025.  In addition, metal process recoveries were increased for the 2025 PEA based on the results of the Phase Three Metallurgical Program (see news release dated September 2, 2025).

Economic sensitivities for the 2025 PEA are compared to those for the 2024 PEA at 2024 Base Case metal prices (US$1,950/oz gold, US$25.00/oz silver and US$4.50/lb copper) and Spot Case Metal prices, in Table 6 below.

Table 6:  Gabbs Project Comparison of 2025 PEA to 2024 PEA Economics

(1)           As of October 3, 2025
(2)          NCF means net cash flow; NPV means net present value; IRR means internal rate of return.

Qualified Persons

The 2025 PEA was prepared by Carl E. Defilippi, RM SME and Caleb Cook, P.E. of KCA and Eugene Puritch, P.Eng., FEC, CET, and Andrew Bradfield, P.Eng. of P&E Mining Consultants Inc. of Brampton, Ontario, each of whom is a “Qualified Person” as defined by NI 43-101 and independent of the Company and has reviewed and approved of the technical content relating to the 2025 PEA in this news release.

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 precious metals and copper discoveries and acquisitions in the western United States and British Columbia.