P2 Gold Inc. reported results from a positive Updated Preliminary Economic Assessment ("Updated PEA") on its wholly-owned gold-copper Gabbs Project located on the Walker-Lane Trend in Nevada. The Updated PEA was prepared by Kappes, Cassiday & Associates ("KCA") of Reno, Nevada with Mineral Resource and mining contributions from P&E Mining Consultants Inc. ("P&E") in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101"). The CCD tails are treated in a cyanide destruction circuit, filtered, and conveyed to a "dry stack" storage facility.

Opportunities: Low-Grade Stockpile - evaluate alternatives for processing low-grade stockpile; Leased Mining Fleet- evaluate leasing versus purchasing the mining fleet; Contract Mining - evaluate contract mining versus owner fleet; Mine Plan - optimize mine sequencing to increase return on capital and carryout geotechnical drilling to optimize pit slope angles; Stripping - evaluate extent of alluvium in waste to reduce stripping cost; Mineral Resource - expand oxide and sulphide gold and copper mineralization (zones remain open); Metallurgy - complete additional test work to increase recoveries for oxide and sulphide mineralization and evaluate the use of HPGR for potential heap leaching of sulphide mineralization to increase recovery of free gold; Capex - evaluate equipment alternatives to reduce capital costs. Next steps: Additional metallurgical test work will be undertaken next to refine metallurgical recoveries for both the oxide and sulphide mineralization along with an evaluation of the depth of the alluvium and geotechnical drilling. Thereafter, Feasibility level studies will commence and will include an evaluation of contract mining versus an owner fleet (leased or owned), mine plan optimization and equipment alternatives.

Timing of the metallurgical test work, drilling and Feasibility level studies will be dependent on the availability of funds. The June 2023 Updated Mineral Resource Estimate ("2023 MRE") was prepared by P&E based on four diamond drill holes and 27 reverse circulation drill holes completed by the Company in 2021 and 2022 and 494 drill holes completed by prior Gabbs Project operators between 1970 and 2011. The 2023 MRE is restated in this news release to include silver.

The main difference between the 2023 MRE and the February 2022 Mineral Resource Estimate is the decrease in the oxide cutoff grade to 0.28 g/t gold equivalent from 0.35 g/t gold equivalent and an increase in the sulphide cutoff grade to 0.44 g/t gold equivalent from0.36 g/t gold equivalent. As a result, oxide Mineral Resources have increased and sulphide Mineral Resources have decreased. Mineral Gold Silver Copper Gold Eq.

It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council. The Mineral Resource Estimate was prepared for a potential open pit scenario using a constraining pit shell (with 50 degree slopes) at respective 0.28 g/t and 0.44 g/t oxide and sulphide gold equivalent cut-off grades.