P2 Gold Inc. (TSX-V: PGLD) (OTCQB: PGLDF) reports that it has paid US$100,000 to Waterton Nevada Splitter, LLC, an affiliate of Waterton Precious Metals Fund II Cayman, LP, in respect of the final payment due to Splitter relating to the acquisition of the gold-copper Gabbs Project (see P2 news releases of February 13, 2024 and March 3, 2024).

“We have now fulfilled all of our obligations to Waterton in respect of the acquisition of Gabbs, and with the payment from the sale of the Ball Creek Claims, we are funded through the coming year and into the next,” commented Joe Ovsenek, President and CEO of P2.  “What’s more, with the increase in metal prices, under 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), Gabbs has an internal rate of return of 43.3% and net present value at a 5% discount rate of US$1.2 billion at today’s spot metal prices of $2,909 gold, $32 silver and $4.22 copper.  We look forward to providing further updates as we advance Gabbs.”

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 commencing shortly, 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.