Gabbs Project Mineral Resources Increased Significantly

VANCOUVER - P2 Gold Inc. reported the completion of the 2022 Updated Mineral Resource Estimate (2022 MRE) for the Gabbs Project located on the Walker-Lane Trend in Nevada. The 2022 MRE is the first update to the Mineral Resource estimate for Gabbs since the Company acquired the Project in 2021. Gold-equivalent Mineral Resources at Gabbs have been upgraded and increased significantly as a result of the 2021 drill program, metallurgical test work and increased understanding of the geologic controls on the gold-copper mineralization.

Indicated Mineral Resource of 1.12 million ounces of gold equivalent or 0.65 million ounces of gold and 266.7 million pounds of copper (43.4 million tonnes grading 0.47 g/t gold and 0.28% copper), including oxide Indicated Mineral Resource of 576,000 ounces of gold equivalent or 0.39 million ounces of gold and 127.9 million pounds of copper (20.1 million tonnes grading 0.61 g/t gold and 0.29% copper). Inferred Mineral Resource of 1.64 million ounces of gold equivalent or 0.88 million ounces of gold and 376.1 million pounds of copper (69.9 million tonnes grading 0.39 g/t gold and 0.24% copper)

Prior to the 2022 MRE, the Gabbs Project had an Inferred Mineral Resource (2021 MRE) of 1.84 million ounces of gold equivalent or 1.26 million ounces of gold and 422.3 million pounds of copper (73.1 million tonnes grading 0.54 g/t gold and 0.26% copper).

The Mineral Resource Estimate was prepared for a potential open pit scenario using a constraining pit shell (with 50 degree slopes) at respective 0.35 g/t and 0.36 g/t oxide and sulphide gold equivalent cut-off grades. The gold equivalent cut-off grades were derived from US$1,675/oz gold, US$3.80/lb copper, US$2.14/tonne mining cost, and US$13.81 and $17.34/tonne respective oxide and sulphide processing costs; US$0.68/tonne G&A cost, 76% and 94% respective Au oxide and sulphide process recoveries; and 48% and 87% respective Cu oxide and sulphide process recoveries.

Oxide Mineral Resources at Gabbs now consist of Indicated Mineral Resources of 576,000 ounces of gold equivalent (20.1 million tonnes grading 0.61 g/t gold and 0.29% copper) and Inferred Mineral Resources of 260,000 ounces of gold equivalent (9.9 million tonnes grading 0.61 g/t gold and 0.19% copper).