P2 Gold 2025 PEA Replace Delivers Robust Economics and Elevated Metallic Manufacturing

P2 Gold Inc. (“P2” or the “Firm”) (TSX-V:PGLD) (OTCQB:PGLDF) reviews outcomes from a optimistic Up to date Preliminary Financial Evaluation (“2025 PEA”) on its wholly-owned gold-copper Gabbs Challenge situated on the Walker-Lane Pattern in Nevada . The 2025 PEA was ready by Kappes, Cassiday & Associates (“KCA”) of Reno, Nevada with Mineral Useful resource and geologicalmining contributions from P&E Mining Consultants Inc. (“P&E”) in accordance with Nationwide Instrument 43-101, Requirements of Disclosure for Mineral Tasks (“NI 43-101”).

2025 PEA Highlights

• After-tax web current worth ( 5% low cost charge ) of US$2.253 billion and inside charge of return of 77.5% at US$3,885 /oz gold, US$47.92 /oz silver and US$4.81 /lb copper (“Spot Case Metallic Costs”) (See spot case to base case comparability in Desk 1)
• After-tax web current worth ( 15% low cost charge ) of US$946.0 million and inside charge of return of 77.5% at Spot Case Metallic Costs (See spot case to base case comparability in Desk 1)
• Whole projected life-of-mine (“LOM”) after-tax money stream of US$3.737 billion at Spot Case Metallic Costs over 14.2-year mine life
• Whole projected LOM income of US$8.152 billion at Spot Case Metallic Costs over 14.2-year mine life
• LOM manufacturing of 1.547 million ounces of gold, 2.481 million ounces of silver and 213,000 tonnes (469.7 million kilos) of copper
• Estimated pre-production capital price, together with contingencies, of US$382.7 million with payback of lower than one 12 months at Spot Case Metallic Costs
• For expediency and comparative functions, the 2025 PEA makes use of the identical mine plan because the Might 2024 Preliminary Financial Evaluation (the “2024 PEA”) based mostly on metallic costs of US$1,950 /oz gold, US$25 /oz silver and US$4.50 /lb copper

2025 PEA Prices Replace

Working and capital prices had been up to date to August 2025 for the 2025 PEA.

• Mining working prices elevated by roughly 1%
• Mining capital prices, preliminary and sustaining, elevated by roughly 7.25%
• Processing working prices elevated by roughly 14%
• Processing capital prices, preliminary and sustaining, elevated by roughly 2%

A comparability of the 2025 PEA to the 2024 PEA is ready out after the 2025 PEA description. The one updates for the 2025 PEA are the up to date working and capital prices and metallic course of recoveries from the Part Three Metallurgical Program. A NI 43-101 Technical Report can be ready and posted on www.p2gold.com and the Firm’s profile on www.sedarplus.com inside 45 days of the date of this information launch.

“Life-of-Mine manufacturing at Gabbs is now anticipated to be roughly 1.55 million ounces of gold and virtually 470 million kilos of copper, a direct results of the development in metallic course of recoveries we have been in a position to obtain for the reason that final PEA,” commented Joe Ovsenek , President and CEO of P2. “Even utilizing base case $2,350 gold, $29 silver and $4.50 copper, Gabbs could be a sturdy producer in Nevada , a prime tier mining jurisdiction. With the PEA up to date and funds from our current capital increase, we’ll now deal with shifting ahead with drilling, allowing and mission feasibility examine.”

The 2025 PEA is preliminary in nature, contains Inferred Mineral Sources which might be thought-about too speculative geologically to have the financial concerns utilized to them that might allow them to be categorized as Mineral Reserves, and there’s no certainty that the 2025 PEA can be realized. Mineral Sources that aren’t Mineral Reserves do not need demonstrated financial viability. The Firm has not outlined any Mineral Reserves on the Gabbs Challenge.

Financial Sensitivities

Desk 1:  Gabbs Challenge 2025 PEA Economics

(1)          As of October 3, 2025
(2)          NCF means web money stream; NPV means web current worth; IRR means inside charge of return.
(3)          Calculated with preproduction capital, excluding mill and heap leach sustaining capital

Capital and Working Prices

Desk 2:  Gabbs Challenge 2025 PEA Capital Prices

(1)           Sum differs as a consequence of rounding

Desk 3:  Gabbs Challenge 2025 PEA Working Prices and AISC

(1)           Together with rehandle materials
(2)          Web of silver and copper credit

Projected Mining and Manufacturing

Desk 4:  Gabbs Challenge 2025 PEA Projected Processing and Metallic Manufacturing Abstract

(1)           Ox/S means oxide mineralization/sulphide mineralization
(2)          Nominal tonnes
(3)          Sums could differ as a consequence of rounding

Desk 5:  Gabbs Challenge 2025 PEA Different Mine Manufacturing Parameters

Mining and Processing

Mining

The open pit waste and mineralized materials can be mined by commonplace open-pit mining strategies utilizing a mix leased and owned mining fleet of 136-tonne haul vehicles and 15.3 m ³ hydraulic shovels, superb crushed utilizing a system incorporating a gyratory crusher, cone crushers and high-pressure grinding rolls (HPGR).

Processing

Heap Leach

The Gabbs mineralized materials is estimated to comprise a median of 0.24% copper based mostly on the mine plan used for the 2025 PEA.  A portion of this copper is cyanide soluble and is anticipated to be extracted within the heap leach circuit. The cyanide soluble copper has an impact on the cyanide consumption. A SART (sulphidization, acidification, recycling and thickening) plant that releases cyanide related to the copper cyanide complicated, permitting it to be recycled again to the leach course of as free cyanide is included. The ensuing copper precipitate can be bought, bringing further income to the mission.

After the crushing circuit, the mineralized materials can be agglomerated with cement and conveyor stacked on the heap leach pad in 8-meter lifts then single-stage leached with a dilute cyanide resolution. The gold and copper bearing resolution can be collected within the pregnant resolution pond and pumped to the SART plant. Pregnant resolution can be acidified with sulphuric acid, then copper can be precipitated as sulphides by the addition of sodium hydrosulphide. The precipitate can be thickened and filtered to provide a copper filter cake for cargo to a smelter. The barren resolution from the SART plant can be processed in a carbon adsorption-desorption-recovery (ADR) plant to get well gold. The gold can be periodically stripped from the carbon utilizing a desorption course of. The gold can be plated on chrome steel cathodes, eliminated by washing, filtered, dried after which smelted to provide a doré bar. For the primary 5 years, the heap leach circuit will function at a charge of 9 million tonnes each year, in years six by 14 the heap leach circuit will function at a charge of 4 million tonnes each year.

Mill

The ROM feed materials to the mill will use the identical crushing circuit because the heap leach amenities. The mill feed can be crushed to P80 6.3 mm, (1/4″) in a three-stage crushing circuit, with the third-stage an HPGR.  The milled sulphide product can be handled in a flotation plant to provide a copper focus appropriate on the market. The flotation tailings can be thickened, then direct cyanide leached to dissolve gold, silver and copper. The leached solids can be washed in a CCD circuit to take away the dissolved metals and cyanide. The dissolved copper and silver can be recovered from the CCD overflow resolution in a SART plant as a copper/silver sulphide precipitate. Regenerated sodium cyanide from the SART plant can be recycled to the leach circuit. Gold within the SART plant barren resolution can be recovered in an ADR plant and refined to provide doré bars. The CCD tails are handled in a cyanide destruction circuit, filtered, and conveyed to a “dry stack” storage facility.

Alternatives

• Leach Cycle – full research to optimize the leach cycle time because the 2025 PEA contemplates 150-day leach cycle, whereas leach kinetics improved considerably with 98% of the gold, 90.1% of the silver and 85.1% of the copper recovered in lower than 58 days underneath the Part Three Metallurgical Program – a discount within the leach cycle time will scale back the capex by lowering the scale of the heap leach facility and quantity and dimension of associated gear
• Metallurgy – full further check work to guage recoveries for sulphide gold mineralization and consider the usage of HPGR for potential heap leaching of sulphide mineralization to extend restoration of free gold – if sulphide gold recoveries are sufficiently excessive, the mill facility might not be required, lowering general capex
• Mine Plan – optimize mine sequencing to extend return on capital and carryout geotechnical drilling to optimize pit wall slope angles
• Waste Stripping – consider extent of alluvium in waste to cut back stripping price
• Contract Mining – consider contract mining versus proprietor fleet
• Mineral Useful resource – broaden oxide and sulphide gold and copper mineralization (zones stay open)
• Capex – consider gear options to cut back capital prices

Subsequent Steps

Growth and infill drilling can be undertaken subsequent to broaden the prevailing Mineral Useful resource and convert Inferred Mineral Sources into Indicated Mineral Sources in addition to geotechnical drilling to refine pit wall angles and floor situations for manufacturing amenities.  Concurrently, further metallurgical research can be undertaken to guage the restoration of sulphide gold by heap leaching in addition to rock attribute research to help the submitting of a mining plan of operations. Thereafter, Feasibility-level research will begin and can embrace an analysis of contract mining versus an proprietor fleet (leased or owned), mine plan optimization and gear options.

2025 PEA Comparability to the 2024 PEA

The 2025 PEA is predicated on the identical mine plan and course of stream sheet because the 2024 PEA.  For the 2025 PEA, capital and working prices had been up to date to August 2025.  As well as, metallic course of recoveries had been elevated for the 2025 PEA based mostly on the outcomes of the Part Three Metallurgical Program ( see information launch dated September 2, 2025 ).

Financial sensitivities for the 2025 PEA are in comparison with these for the 2024 PEA at 2024 Base Case metallic costs ( US$1,950 /oz gold, US$25.00 /oz silver and US$4.50 /lb copper) and Spot Case Metallic costs, in Desk 6 beneath.

Desk 6:  Gabbs Challenge Comparability of 2025 PEA to 2024 PEA Economics

(1)           As of October 3, 2025
(2)          NCF means web money stream; NPV means web current worth; IRR means inside charge of return.

Certified Individuals

The 2025 PEA was ready by Carl E. Defilippi , RM SME and Caleb Prepare dinner, P.E. of KCA and Eugene Puritch , P.Eng., FEC, CET, and Andrew Bradfield , P.Eng. of P&E Mining Consultants Inc. (“P&E”) of Brampton, Ontario , every of whom is a “Certified Individual” as outlined by NI 43-101 and unbiased of the Firm and has reviewed and accepted of the technical content material referring to the 2025 PEA on this information launch.

Ken McNaughton , M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Certified Individual, as outlined by Nationwide Instrument 43-101, answerable for the Gabbs Challenge.  Mr. McNaughton has reviewed, verified, and accepted the scientific and technical info on this information launch.

About P2 Gold Inc.

P2 Gold is a mineral exploration and growth firm targeted on advancing treasured metals and copper discoveries and acquisitions within the western United States and British Columbia .

Neither the TSX Enterprise Change (the “Change”) nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the Change) accepts accountability for the adequacy or accuracy of this launch.

Ahead Wanting Data

This press launch accommodates “forward-looking info” inside the which means of relevant securities legal guidelines that’s meant to be lined by the protected harbours created by these legal guidelines. “Ahead-looking info” contains statements that use forward-looking terminology resembling “could”, “will”, “anticipate”, “anticipate”, “consider”, “proceed”, “potential” or the destructive thereof or different variations thereof or comparable terminology. Such forward-looking info contains, with out limitation, info with respect to the Firm’s expectations, methods and plans for the Gabbs Challenge together with the Firm’s deliberate expenditures and exploration actions.

Ahead-looking info is just not a assure of future efficiency and is predicated upon quite a few estimates and assumptions of administration on the date the statements are made, together with with out limitation, the estimated inside charge of return and web current worth at 5%, 10% and 15% low cost charges of the Gabbs Challenge, in addition to the opposite assumptions disclosed on this information launch.  Moreover, such forward-looking info includes quite a lot of recognized and unknown dangers, uncertainties and different elements which can trigger the precise plans, intentions, actions, outcomes, efficiency or achievements of the Firm to be materially completely different from any future plans, intentions, actions, outcomes, efficiency or achievements expressed or implied by such forward-looking info, together with with out limitation, the estimates and assumptions contained within the Gabbs Technical Report dated Might 17, 2024 , and dangers related to mineral exploration, together with the chance that precise outcomes and timing of exploration and growth can be completely different from these anticipated by administration.  See “Threat Components” within the Firm’s annual info type for the 12 months ended December 31, 2024 , dated March 21, 2025 filed on SEDAR+ at www.sedarplus.com for a dialogue of those dangers.

The Firm cautions that there may be no assurance that forward-looking info will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such info. Accordingly, buyers shouldn’t place undue reliance on forward-looking info.

Besides as required by legislation, the Firm doesn’t assume any obligation to launch publicly any revisions to forward-looking info contained on this press launch to replicate occasions or circumstances after the date hereof.

SOURCE P2 Gold Inc.

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