P2 Gold Announces Board Appointment

VANCOUVER, May 20, 2021 - P2 Gold Inc. ("P2" or the "Company") (TSX-V:PGLD) announces the appointment of Tom Yip, CFO of the Company, to its Board of Directors.

Prior to joining the Company, Mr. Yip most recently served as Executive Vice President and CFO of Pretium Resources. He began his tenure at Pretium in 2011 as a Director and joined the management team in 2015 as financing and construction of the Brucejack Mine commenced. Prior to Pretium, Mr. Yip served as CFO of several miners and explorers, including Silver Standard Resources, International Tower Hill Mines and Echo Bay Mines.

The Company also reports that, pursuant to its Stock Option Plan, it has granted stock options to certain directors, officers, employees and consultants of the Company to purchase an aggregate of 1,745,000 common shares in the capital of the Company at an exercise price of $0.51 per share which expire on May 19, 2023. Following this stock option grant, the Company has a total of 4,579,999 stock options outstanding representing approximately 8.1% 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 western United States and British Columbia.

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Neither 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 properties 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.