Drilling at Gabbs Intersects 2.30 g/t Gold Equivalent Over 48.77 meters and 2.63 g/t Gold Equivalent Over 38.10 meters

VANCOUVER, Nov. 09, 2021 - P2 Gold Inc. ("P2" or the "Company") (TSX-V:PGLD) reports results from the first 12 reverse circulation ("RC") drill holes (GBR-001 to 012) of Phase One drilling at its Gabbs Project located on the Walker-Lane Trend in Nevada.

"As anticipated, the first 12 reverse circulation drill holes support our thesis that the historical drilling understated the width and grade of the gold-copper mineralization at Gabbs. Consistent with the diamond drilling results we recently reported, the mineralization intersected in the first 12 RC drill holes is thicker and higher grade than defined by historical drilling," commented Joe Ovsenek, President and CEO of P2. "There are another 11 RC drill holes from the Sullivan Zone in the lab along with three holes from the Car Body Zone and one hole from the Lucky Strike Zone. We expect to release the results of these holes before year-end."

Select drill results (see Table 1 below for drill results) from holes GBR-001 to GBR-012 include:

• Hole GBD-008 intersected 0.82 g/t gold equivalent (0.56 g/t gold and 0.23% copper) over 163.07 meters, including 25.90 meters grading 1.50 g/t gold equivalent (1.20 g/t gold and 0.26% copper);
• Hole GBD-010 intersected 1.62 g/t gold equivalent (1.19 g/t gold and 0.37% copper) over 103.63 meters, including 48.77 meters grading 2.30 g/t gold equivalent (1.76 g/t gold and 0.46% copper); and
• Hole GBD-012 intersected 1.51 g/t gold equivalent (1.00 g/t gold and 0.44% copper) over 102.11 meters, including 38.10 meters grading 2.63 g/t gold equivalent (1.74 g/t gold and 0.77% copper) and ended in mineralization.
  

The RC program commenced at the northwest extent of the Sullivan Zone, with drill holes GBR-001 to 007 intersecting the footwall lithology where the monzonite host of the high-grade mineralization has been eroded off. However, there are indications it is preserved to the southwest of these holes where there has not been any historical drilling. Future drilling will test for this extension to the mineralization.

Drill holes GBR-008 to 012 intersected the intensely sericite-altered monzonite that hosts the high-grade mineralization, with copper-gold mineralization extending well into the underlying chlorite altered pyroxenites. As also seen in the results of the diamond drilling, the grade and thickness of the mineralization in the RC drill holes increase to the southeast. Drill holes GBR-011 and 012, drilled the furthest to southeast of these drill holes, ended in significant gold-copper mineralization indicating that the Sullivan Zone is thicker than interpreted from the historical drilling. The mineralization intersected in the first 12 RC drill holes is thicker and higher grade than defined by historical drilling and is consistent with the mineralization encountered in the diamond drilling where RC and diamond holes were drilled on the same section.

A plan map and sections for drill holes GBR-001 to 012 of the Gabbs Phase One drill program are available here.

Table 1: Selected Gabbs Drill Results, November 2021 (GBR1-001 to GBR-012)^{(1, 2)}

Quality Assurance

Ken McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Qualified Person ("QP"), as defined by National Instrument 43-101, responsible for the Gabbs Project. Mr. McNaughton has reviewed, verified and approved the scientific and technical information in this news release.

About P2 Gold Inc.

P2 is a mineral exploration and development company focused on advancing precious metals and copper discoveries and acquisitions in the western United States and British Columbia.

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Neither the TSX Venture Exchange (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 the Gabbs Project 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 August 9, 2021 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.

¹ See P2 Gold news release dated February 23, 2021 and Gabbs Project Technical Report filed on www.sedar.com on March 11, 2021.