Waterton Files Early Warning Report in respect of P2 Gold Inc.

TORONTO, Oct. 6, 2025 /CNW/ - Waterton Nevada Splitter, LLC ("Waterton Splitter") announced today that it disposed of 3,000,000 common shares (the "Common Shares") of P2 Gold Inc. ("P2") on October 3, 2025 through the facilities of the TSX Venture Exchange. These Common Shares represent approximately 1.43% of the outstanding Common Shares. The consideration received by Waterton Splitter for such Common Shares was Cdn. $765,600, being an average price of approximately Cdn.$0.2552 per Common Share.

Immediately prior to giving effect to the disposition described above, Waterton Splitter and its affiliate, Waterton Precious Metals Fund II Cayman, LP ("Waterton Precious Metals" and together with Waterton Splitter, "Waterton"), owned and exercised control or direction over 23,552,403 Common Shares, representing approximately 11.20% of the issued and outstanding Common Shares. Immediately after giving effect to the disposition described above, Waterton now owns and exercises control or direction over 20,552,403 Common Shares, representing approximately 9.78% of the issued and outstanding Common Shares. As a result, Waterton ceased to be an insider of P2.

Waterton has no current plan or future intentions which relate to, or would result in, acquiring additional securities of P2 or disposing of securities of P2. Depending on market conditions, Waterton's view of P2's prospects, other investment opportunities and other factors considered relevant by Waterton, Waterton may acquire additional securities of P2 from time to time in the future, in the open market or pursuant to privately negotiated transactions, or may sell all or a portion of its securities of P2.

An early warning report will be filed by Waterton Splitter in accordance with applicable securities laws. For further information or to obtain a copy of the early warning report, please see P2's profile on SEDAR+ at www.sedarplus.ca or contact Richard Wells, Chief Financial Officer of Waterton Global Resource Management, Inc., at 416-504-3507.

The head office address of Waterton Splitter is 2000 Vasser Street, Reno, Nevada, USA, 89510 and Waterton Global Resource Management, Inc. is 2 Bloor Street East, Suite 1530, Toronto, ON M4W 1AB. 

The head office address of P2 is 789-999 West Hastings Street, Vancouver, BC V6C 2W2.

SOURCE Waterton Nevada Splitter, LLC