P2 Gold Hits High-Grade Gold-Copper, Expands Nevada Project Potential

VANCOUVER, BC – April 08, 2026 – P2 Gold Inc. has announced significant high-grade gold and copper intercepts from its ongoing drill program at the Gabbs Project in Nevada, substantially boosting the potential of its Lucky Strike Zone and reinforcing the project's path toward a production decision. The latest results confirm the presence of a rich mineralized core and suggest the deposit is considerably larger than previously defined, remaining open for expansion in all directions.

Unlocking a High-Grade Core at Lucky Strike

The new assay results, stemming from ten reverse circulation (RC) drill holes, are part of a major Infill and Expansion Drill Program designed to firm up and grow the project's resource base. The highlight came from drill hole GBR-103, which intersected a broad zone of 0.90 grams per tonne (g/t) gold and 0.34% copper over a 48.77-meter interval. Within this section, a particularly high-grade core returned 1.61 g/t gold and 0.49% copper over 21.34 meters.

These results are not isolated. Several other holes confirmed the continuity and strength of the mineralization, including:
* GBR-106: Intersected 0.61 g/t gold and 0.35% copper over a substantial 73.15 meters, including a higher-grade portion of 1.13 g/t gold and 0.63% copper over 21.34 meters.
* GBR-104: Hit 0.57 g/t gold and 0.34% copper over 42.67 meters, which included 1.14 g/t gold and 0.51% copper over 15.24 meters.

According to P2 Gold, this latest round of drilling on the western half of the Lucky Strike Zone appears to have defined a higher-grade core, geologically similar to the one found in the nearby Sullivan Zone. This is a critical development, as it not only validates the company's geological model but also points to significant expansion potential, with this core area remaining open to both the north and south. The total mineralized system at Lucky Strike, combining the main body and the underlying footwall mineralization, now shows a combined thickness of up to 125 meters. The entire zone remains open for expansion, with the current drilling focused on a 700-by-500-meter area that holds the shallowest mineralization. The company noted that based on all available data, the Lucky Strike Zone has the potential to be significantly larger than the Sullivan Zone.

A Strategic Step on the Path to Production

These encouraging drill results are a key component of P2 Gold's systematic strategy to de-risk the Gabbs Project and advance it toward production. The company is in the midst of a 70-hole, 11,500-meter drill program at Lucky Strike, which will feed directly into two crucial upcoming milestones: an updated Mineral Resource estimate expected in the third quarter of 2026, followed by a full feasibility study slated for completion in the fourth quarter of 2026.

The Gabbs Project is already underpinned by a robust Preliminary Economic Assessment (PEA) updated in October 2025. That study outlined a long-life, mid-size mining operation with an average annual output of 109,000 ounces of gold and 15,000 tonnes of copper over a 14.2-year mine life. The PEA projected an impressive after-tax internal rate of return (IRR) of 33.8% and a net present value (NPV) of $298 million, using base-case metal prices of $2,350/oz for gold and $4.50/lb for copper.

P2 Gold's management has been methodically preparing for this next phase of development. In September 2025, the company successfully upsized a private placement to raise $11 million, citing strong investor demand. These funds, combined with proceeds from warrant exercises, are expected to fully finance the project through the completion of the feasibility study. More recently, in March 2026, the company secured a vital agreement for 2,500 acre-feet of water rights per year, a supply that exceeds the project's currently projected needs and provides flexibility for future expansion. These proactive steps in financing and infrastructure demonstrate a clear commitment to the project's planned timeline, which targets the start of construction in 2028 and a first gold pour by the end of that year.

The Dual-Metal Advantage in a Bullish Market

The Gabbs Project's strength is significantly amplified by its status as a polymetallic gold-copper deposit, positioning it to capitalize on powerful concurrent trends in the global commodity markets. The combination of precious and industrial metals provides a natural hedge against price volatility and enhances the project's overall economic resilience.

The outlook for gold remains exceptionally strong. Driven by sustained purchasing from central banks, safe-haven demand amid geopolitical uncertainty, and its role as an inflation hedge, many analysts are forecasting new highs. Projections for 2026-2027 vary, but a consensus is forming around a continued bull market, with some major financial institutions predicting prices could climb towards $5,000 per ounce or higher. With global mine supply growing at a slow pace of 1-2% annually, the supply-demand fundamentals appear firmly in gold's favor.

Simultaneously, copper is at the forefront of a structural demand boom fueled by the global energy transition. Its critical role in electric vehicles, renewable energy infrastructure like solar and wind, and the expansion of power grids is expected to cause demand to surge. Projections indicate global copper demand could nearly double by 2035, while new mine supply struggles to keep pace, creating a potential long-term deficit. This dynamic has led to bullish price forecasts, with many analysts seeing copper trading well above $11,000 per tonne in 2026 and beyond. The Gabbs Project, with its significant endowments of both metals, is therefore poised to benefit from both the stability of gold and the growth story of copper.

De-Risking a Premier Nevada Asset

P2 Gold's recent successes are further bolstered by the project's prime location in Nevada's Walker-Lane Trend, a world-renowned and mining-friendly jurisdiction. Operating in Nevada provides a degree of regulatory certainty and access to a skilled labor force that is invaluable for project development.

Beyond its geological and jurisdictional advantages, the Gabbs Project boasts exceptional existing infrastructure. It is accessible via paved highways, has a powerline crossing the property, and now has secured water rights. These elements are critical differentiators for a development-stage project, as they significantly reduce initial capital expenditure requirements, shorten construction timelines, and lower overall execution risk.

The latest drill results from the Lucky Strike Zone serve as more than just a confirmation of mineralization; they represent a significant step forward in validating the potential for a large-scale, economically robust mining operation. By systematically expanding the resource, securing financing, and locking in critical infrastructure, P2 Gold is methodically transforming the Gabbs Project from a promising exploration asset into a tangible development opportunity on a clear path toward becoming Nevada's next major gold-copper mine. The forthcoming updated resource estimate and feasibility study will be watched closely by the market as the next major catalysts in this evolving story.