P2 Gold: Gabbs Project Exploration Update

VANCOUVER, BC, Oct. 2, 2025 /CNW/ - P2 Gold Inc. ("P2" or the "Company") (TSXV: PGLD) (OTCQB: PGLDF) reports that it has received the Notices of Extension for the Sullivan and Lucky Strike Zones from the Bureau of Land Management of Nevada to permit drilling at its wholly-owned, gold-copper Gabbs Project located on the Walker-Lane Trend in Nevada.

A reverse circulation drill is being mobilized to site and drilling is expected to commence in mid-October.

A 4,500-meter drill program has been planned to expand and upgrade the Sullivan Zone Inferred Mineral Resources to the Indicated category.  The Sullivan Zone hosts approximately 60% of the Gabbs Project Mineral Resources.  Expansion drilling is targeting updip and downdip extensions of the Sullivan Zone and has the potential to increase gold grade.  The Sullivan Zone, which is the largest of the four zones identified to date on the property, remains open in all directions.

The Gabbs Project has an Indicated Mineral Resource of 0.72 million ounces of gold, 2.17 million ounces of silver and 297.0 million pounds of copper (49.8 million tonnes grading 0.45 g/t gold, 1.36 g/t silver and 0.27% copper) and an Inferred Mineral Resource of 1.28 million ounces of gold, 3.04 million ounces of silver and 567.1 million pounds of copper (112.2 million tonnes grading 0.35 g/t gold, 0.84 g/t silver and 0.23% copper). (See Gabbs Technical Report dated May 17, 2024 available under the Company's profile on SEDAR+ and on the Company's website at www.p2gold.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 work is being planned, and a water permit is expected in the fourth 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 its 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, including without limitation, the estimated internal rate of return and net present value at a 5% discount rate of the Gabbs Project, 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, including without limitation, the estimates and assumptions contained in the Gabbs Technical Report dated May 17, 2024, 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.