Company Announcements

VANCOUVER, BC , Feb. 4, 2026 /CNW/ - P2 Gold Inc. ("P2" or the "Company") (TSXV: PGLD) (OTCQB: PGLDF) reports results from the final seven reverse circulation ("RC") drill holes (GBR-067 to 073) initially planned for 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 at Sullivan, which comprised 4,120 meters in 24 drill holes, was focused on defining the margins of the Sullivan Zone, which remains open to the east and downdip to the southwest. On completion of the drilling underway at the Lucky Strike Zone, the RC drill is expected to return to the Sullivan Zone for additional drilling to extend the zone down dip. Results from drilling to date continue to confirm the Mineral Resource model for the Sullivan Zone.

"We are pleased with the results of drilling initially planned for Sullivan, which delivered as expected with consistent gold-copper mineralization," commented Joe Ovsenek, President and CEO of P2. "Accordingly, we plan to return the drill to the Sullivan Zone to expand the down dip mineralization as we continue to test the boundaries of the zone. A significant number of warrants have been exercised, and we believe we have the funds on hand to complete the Gabbs feasibility study, targeted for completion in the fourth quarter of this year. In an unpredictable environment of fluctuating metals prices, Gabbs remains robust with a net present value at a 5% discount rate of US$3.2 billion and an internal rate of return of 105% based on the Gabbs Project preliminary economic assessment (see news release dated October 7, 2026) at spot metal prices of US$4,674, gold, US$80.55 silver and US$6.03 copper."

Drilling Highlights

Select drill results (see Table 1 below for drill results) from holes GBR-067 to GBR-073 drilled at the Sullivan Zone include:

• Hole GBR-068 intersected 0.43 g/t gold and 0.19% copper over 71.63 meters from 25.91 meters downhole and also intersected 0.25 g/t gold and 0.20% copper over 38.10 meters starting 97.54 meters downhole;
• Hole GBR-069 intersected 0.55 g/t gold and 0.34% copper over 60.96 meters starting 28.96 meters downhole, including 12.19 meters grading 1.25 g/t gold and 0.46% copper starting 35.05 meters downhole and also intersected 0.11 g/t gold and 0.18% copper over 33.53 meters starting 89.92 meters downhole;
• Hole GBR-073 intersected 0.41 g/t gold and 0.23% copper over 70.10 meters from 74.68 meters downhole, including 13.72 meters grading 0.71 g/t gold and 0.25% copper starting 83.82 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.

Since the start of the Program in October 2025, a total of 44 RC drill holes have been drilled, with 24 holes drilled at the Sullivan Zone. The RC drill is currently working at the Lucky Strike Zone where 20 holes have been drilled. The diamond drill has completed 13 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-067 to 073 of the Gabbs Expansion and Infill Drill Program are available here.

Table 1: Selected Gabbs Drill Results, January 2026 (GBR-067 to GBR-073)^{(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.

Neither the TSX Venture Exchange (the "Exchange") nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, information with respect to the Company's expectations, strategies and plans for the Gabbs Project including the Company's planned expenditures and exploration activities.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made as well as the other assumptions disclosed in this news release. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information and risks associated with mineral exploration, including the risk that actual results and timing of exploration and development will be different from those expected by management. See "Risk Factors" in the Company's annual information form for the year ended December 31, 2024, dated March 21, 2025 filed on SEDAR+ at www.sedarplus.com for a discussion of these risks.

The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.

Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.

SOURCE P2 Gold Inc.