P2 Gold Provides Update on BAM Project

VANCOUVER, Dec. 24, 2021 - P2 Gold Inc. ("P2" or the "Company") (TSX-V:PGLD) reports on planned 2022 activities at its gold-copper BAM Project, located in the Golden Triangle in northwest British Columbia and status of the Todd Creek and Natlan option agreements.

BAM 2022 Exploration Program

With the closing of the financings (see P2 news release of December 23, 2021), the BAM 2022 Exploration Program is fully funded. The program is planned to commence with a Z‐Tipper Axis Electromagnetic ("ZTEM") airborne geophysical survey late spring 2022 in an effort to identify the source of the surface epithermal mineralization encountered in the BAM 2021 Exploration Program.

The program is also expected to include 8,000 to 10,000 meters of diamond drilling to expand on the surface epithermal mineralization encountered in 2021 and test for the feeder system of the surface epithermal mineralization and its interpreted alkaline porphyry source.

Todd Creek and Natlan

The Company has terminated the option agreements for the Todd Creek and Natlan properties located in northwest BC.

Qualified Person

Ken McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Qualified Person, as defined by National Instrument 43-101, responsible for the BAM Project exploration program.

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 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 BAM 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.