P2 Gold Announces Board and Management Appointments

VANCOUVER, Jan. 28, 2021 - P2 Gold Inc. ("P2" or the "Company") (TSX-V:PGLD) announces the appointment of Michelle Romero to its Board of Directors and as Executive Vice President and the appointment of Ken McNaughton as Chief Exploration Officer.

Ms. Romero was most recently Executive Vice President, Corporate Affairs and Sustainability at Pretium Resources Inc., where she had served in various roles since joining the company in 2011, shortly after its founding to advance the Brucejack Project. As Executive Vice President, Corporate Affairs and Sustainability, Ms. Romero was responsible for a wide range of activities including community and investor relations and risk management.

Mr. McNaughton was Chief Exploration Officer at Pretium from the company's founding until he retired in late September 2020. Mr. McNaughton was appointed to P2's Board of Directors in November 2020. Prior to Pretium, Mr. McNaughton was Vice President, Exploration at Silver Standard Resources Inc. for 20 years, and he oversaw all exploration activities of the company including the exploration program for the Snowfield Project and the 2009 program when bonanza-grade drilling results established Brucejack as a high-grade gold discovery.

Grant of Options

The Company also reports that, pursuant to its Stock Option Plan, it has granted stock options to an officer and certain consultants of the Company to purchase an aggregate of 175,000 common shares in the capital of the Company at an exercise price of $0.52 per share which expire on January 27, 2023. Following this stock option grant, the Company has a total of 2,834,999 stock options outstanding representing approximately 9.6% of the outstanding common shares of the Company. This stock option grant is subject to acceptance by the TSX Venture Exchange.

About P2 Gold Inc.

P2 is a mineral exploration and development company focused on advancing precious metals discoveries and acquisitions in the Pacific Northwest.

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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 the Silver Reef Property, BAM Property, Todd Creek Property, Stockade Property and Lost Cabin Property 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. 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. See "Risk Factors" in the Company's annual information form dated October 21, 2020 filed on SEDAR at www.sedar.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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.