P2 Gold Inc.  (TSX-V:PGLD) (OTCQB:PGLDF) reports that its management team has been retained to augment the leadership at Tudor Gold Corp. and; ongoing metallurgical testwork from a sample collected and assayed from the Sullivan Zone at its wholly-owned, gold-copper Gabbs Project  has demonstrated an increase in copper and gold recoveries.

Management Update

P2’s senior management team has been retained by Tudor Gold in support of the advance their flagship gold-copper Treaty Creek Project located roughly 10 kilometers north of the Brucejack Mine in British Columbia’s Golden Triangle. P2’s wholly-owned Gabbs Project in Nevada will continue to be advanced as planned, with senior management and Board owning 23% of the Company’s issued and outstanding shares. Members of P2’s team were instrumental in the discovery, permitting, construction, and operation of the Brucejack Mine while at Pretium Resources Inc. and have the capacity and capability of driving the Treaty Creek Project and Gabbs Project forward concurrently.

2025 Metallurgical Testwork

The Phase Three Metallurgical Program underway at Gabbs is focused on increasing copper, silver and gold recoveries of the oxide mineralization and providing a marketing sample of the copper-silver SART (sulphidization, acidification, recycling and thickening) concentrate.

Results to date indicate far superior kinetics to prior test work, with recoveries for gold, silver and copper exceeding recoveries of prior test work at this stage of the program.  The Phase Three Metallurgical Program is expected to be completed early in the third quarter of this year. The Company has retained Kappes, Cassiday & Associates (“KCA”) in Reno, Nevada to carry out the Phase Three Metallurgical Program.

As reported on April 3, 2025, a 338-kilogram panel sample (the “Panel Sample”), measuring approximately 1 meter by 30 meters, was collected across the exposed oxide mineralization in a 10-meter-deep historic excavation at the Sullivan Zone at Gabbs. In addition, the remaining low, medium, and high-grade samples from drill core used in the previous metallurgical programs were composited into one sample (the “Composited Sample”). The Phase Three Metallurgical Program consists of leach testing approximately 150 kilograms of the Panel Sample in a 20-centimeter diameter column and approximately 20 kilograms of the Composited Sample in a 10-centimeter column. (See news release dated April 3, 2025.)

Preliminary Economic Assessment Economics at Spot Prices

Using existing recoveries (78% for oxide gold mineralization and 54% for oxide copper mineralization) Gabbs has an internal rate of return of 54.9% and net present value at a 5% discount rate of over US$1.6 billion at May 9, 2025 spot metal prices of $3,335 gold, $32.67 silver and $4.30 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.