P2 Gold Announces Increased Gold, Copper and Silver Recoveries for 2025 PEA Update and Retains Communications Firms

VANCOUVER, BC, Sept. 2, 2025 /CNW/ - P2 Gold Inc. ("P2" or the "Company") (TSXV: PGLD) (OTCQB: PGLDF) reports final gold, silver and copper recoveries for use in its 2025 Preliminary Economic Analysis update ("2025 PEA Update") on its gold-copper Gabbs Project located on the Walker-Lane Trend in Nevada.

The final recoveries for gold, copper and silver from the Phase Three Metallurgical Program ("Phase Three Program") with tail assays incorporated into the calculated head assays were 88% for gold, 63% for silver and 69% for copper (see notes 1 to 4 to Table 1 below). These results far exceed the recoveries used in the May 2024 Preliminary Economic Assessment (the "2024 PEA") on the Gabbs Project (see Table 1 below).

Industry practice is to reduce column test results by a nominal amount for application to a heap leach pad.  Accordingly, the metal recoveries to be used in the 2025 PEA Update have been reduced by a nominal amount from the final Phase Three Program results.  See Table 1 below for a comparison of the metal recoveries for the 2025 PEA based on the Phase Three results to the metal recoveries used in the 2024 PEA.

Table 1: Comparison of the Oxide Leach Recoveries for the 2024 PEA and 2025 PEA⁽¹⁾⁽²⁾

Metal	May 2024 Preliminary Economic Assessment Leach Recoveries^(4)	2025 Preliminary Economic Assessment Leach Recoveries^(3)	Percentage Increase in Leach Recoveries
Gold	78 %	85 %	9 %
Silver	45 %	60 %	33 %
Copper	54 %	67 %	24 %

(1)	Samples were submitted for preparation and multi-element analysis by Kappes, Cassiday & Associates. All samples were analyzed using multi-acid digestion with ICP finish for silver and copper and fire assay with AA finish for gold.
(2)	Recoveries are based are on standard assaying protocols.
(3)	See P2 Gold news releases dated June 16, 2025 and August 11, 2025, available under the Company's profile on SEDAR+ at www.sedarplus.com and on the Company's website at www.p2gold.com.
(4)	See P2 Gold news release dated May 22, 2024, and the Gabbs Technical Report dated May 17, 2024 available under the Company's profile on SEDAR+ at www.sedarplus.com and on the Company's website at www.p2gold.com.

"The increase in oxide gold, copper and silver metal recoveries is expected to markedly improve the economics of the 2025 Preliminary Economic Assessment update currently being finalized," commented Joe Ovsenek, President & CEO of P2.  "The completion of the Phase Three Metallurgical Program is the first step on our road to production."

The Company retained Kappes, Cassiday & Associates ("KCA") in Reno, Nevada to carry out the Phase Three Metallurgical Program, which focused on increasing copper and gold recoveries of the oxide mineralization and providing a marketing sample of the copper-silver SART (sulphidization, acidification, recycling and thickening) concentrate. 

Communications Firms Retained

The Company has retained witan nook Communications ("witan nook") to provide social media management services for a period of six months commencing August 5, 2025 for $2,000 per month, payable on a monthly basis.  witan nook is arm's length to the Company and, to the knowledge of the Company, witan nook and its principals do not have any present equity interest in the Company's securities, directly or indirectly, or any right to acquire any equity interest. They can be reached at 19 Dartmoor Crescent, Bedford, Nova Scotia, [phone], Email: [email protected].

The Company also retained Departures Capital Inc. ("DC") to provide an electronic advertising and marketing campaign for a period of six months at a cost of US$27,500 plus GST pursuant to a service contract dated July 30, 2025.  DC is arm's length to the Company and, to the knowledge of the Company, DC and its principals do not have any present equity interest in the Company's securities, directly or indirectly, or any right to acquire any equity interest. DC can be reached at #1500 - 409 Granville Street, Vancouver, British Columbia, [phone], Email: [email protected].

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 underway, and a water permit is expected in the third 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 recoveries for oxide gold, silver and copper mineralization.  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.

For further information, please contact: Joseph Ovsenek, President & CEO, [phone], P2 Gold Inc., Suite 789, 999 West Hastings Street, Vancouver, BC; Michelle Romero, Executive Vice President, [phone]