P2 Gold Inc.  (TSX-V: PGLD) (OTCQB: PGLDF) reports results from an additional 11 reverse circulation drill holes (GBR-056 to 066) drilled at the Sullivan Zone as part of the Infill and Expansion Drill Program at its Gabbs Project located on the Walker-Lane Trend in Nevada. The Infill and Expansion Drill Program is focused on defining the margins (to the east and downdip) of the Sullivan Zone, which remains open to the east and downdip to the southwest. Results from drilling to date continue to confirm the Mineral Resource model for the Sullivan Zone.

Drilling Highlights

Select drill results (see Table 1 below for drill results) from holes GBR-056 to GBR-066 drilled at the Sullivan Zone include:

• Hole GBR-062 intersected 0.54 g/t gold and 0.36% copper over 50.29 meters starting 32.00 meters downhole, including 12.19 meters grading 1.20 g/t gold and 0.45% copper starting 33.53 meters downhole and also intersected 0.13 g/t gold and 0.25% copper over 19.81 meters starting 82.30 meters downhole;
• Hole GBR-064 intersected 0.29 g/t gold and 0.07% copper over 47.24 meters from surface, 0.51 g/t gold and 0.39% copper over 59.44 meters from 47.24 meters downhole, including 13.72 meters grading 0.91 g/t gold and 0.31% copper starting 48.77 meters downhole and also intersected 0.10 g/t gold and 0.18% copper over 42.67 meters starting 106.68 meters downhole; and
• Hole GBR-066 intersected 0.69 g/t gold and 0.31% copper over 76.20 meters from 56.39 meters downhole, including 15.24 meters grading 1.26 g/t gold and 0.59% copper starting 77.72 meters downhole and also intersected 0.20 g/t gold and 0.30% copper over 57.91 meters starting 132.59 meters downhole.

The main body of Sullivan Zone mineralization is localized within and below a tabular unit of quartz monzonite underlain by pyroxenite. This mineralization is gold dominant and gives way to copper-gold mineralization in the footwall of the main mineralized body. This deeper footwall mineralization ranges in thickness from 20 meters to 60 meters and with the main mineralized body ranging up to 115 meters thick forms a continuous zone with a combined thickness of up to 175 meters thick.

Drill holes GBR-56 to 060 were designed to infill and test the up-dip extension of the Sullivan Zone along the southeast extremity of the zone. All of the holes intersected gold-copper mineralization within the Sullivan Zone pit shell planned to be mined under the Gabbs Project 2025 Preliminary Economic Assessment (see P2’s news release dated October 7, 2025). Hole GBR-056 successfully intersected the faulted offset of the Sullivan Zone footwall mineralization.

Drill holes GBR-061 to 064 were designed to infill and test the up-dip extension of the Sullivan Zone along its eastern flank. Drill holes GBR-062 to 064 intersected gold-copper mineralization where expected in the main body and footwall, with GBR-064 also intersecting gold dominant mineralization in the hanging wall. Drill hole GBR-061 intersected the faulted offset of the Sullivan Zone footwall mineralization, though without significant values. Further work is required to assess the potential of the faulted offset of the footwall mineralization.

Drill holes GBR-065 and 066 were designed to infill and test the down-dip extension of the Sullivan Zone in the center of the zone. Both holes encountered wide intersections of the gold-copper mineralization in the main body and footwall, with GBR-065 also intersecting gold dominant mineralization in the hanging wall. Additional work is planned to follow up on the gold dominant mineralization intersected in the hanging wall of drill holes GBR-064 and 065.

A total of 39 RC drill holes have been drilled to date, with 24 holes drilled at the Sullivan Zone. The RC drill is currently working at the Lucky Strike Zone where 15 holes have been drilled to date.  The diamond drill has completed eight metallurgical and slope stability geotechnical holes to date.  Assays will continue to be reported over the coming months.

On completion of the Infill and Expansion Drill Program, an updated Mineral Resource estimate will be prepared for Gabbs, which is expected to be completed in mid-2026. The updated Mineral Resource estimate 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.

Plan maps and sections for drill holes GBR-056 to 066 of the Gabbs Expansion and Infill Drill Program are available here.

Table 1: Selected Gabbs Drill Results, January 2026 (GBR-056 to GBR-066)^{(1, 2)}

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, where work to support a feasibility study is underway. A positive preliminary economic assessment has outlined a long-life, mid-size mine at Gabbs with annual average production of 109,000 ounces gold, 15,000 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 work is being planned, and a water permit is expected in the first quarter of this year. All zones on the property remain open and additional exploration targets, near surface and at depth, are drill ready.