P2 Gold Intersects 0.94 g/t Gold Equivalent Over 112.78 meters testing Sullivan down dip extension

VANCOUVER, April 19, 2022 - P2 Gold Inc. ("P2" or the "Company") (TSX-V:PGLD) reports results from four reverse circulation ("RC") drill holes (GBR-028 to 031) drilled at the Sullivan Zone as part of the initial 2022 Drill Program at its Gabbs Project located on the Walker-Lane Trend in Nevada.

"The Sullivan Zone continues to grow with the latest four holes extending the Sullivan Zone to the south," commented Joe Ovsenek, President and CEO of P2. "We expect to receive the remaining results from the initial 2022 Gabbs drill program in the coming weeks. These results, along with results from recently completed metallurgical testwork, will be incorporated into the Gabbs preliminary economic assessment which we are in the process of kicking off. We are targeting completion of the Gabbs preliminary economic assessment for the fourth quarter of this year."

Select drill results (see Table 1 below for drill results) from holes GBR-028 to GBR-031 drilled at the Sullivan Zone include:

• Hole GBR-030 intersected 0.94 g/t gold equivalent (0.67 g/t gold and 0.27% copper) over 112.78 meters, including 19.81 meters grading 1.70 g/t gold equivalent (1.29 g/t gold and 0.40% copper); and
• Hole GBR-031 intersected 0.85 g/t gold equivalent (0.52 g/t gold and 0.32% copper) over 82.30 meters, including 18.29 meters grading 1.25 g/t gold equivalent (0.85 g/t gold and 0.39% copper).

Drill holes GBR-028 through 031 were designed to test for the downdip extension along the southern flank of the Sullivan Zone. All four holes intersected gold-copper mineralization extending the Sullivan Zone to the south.

Plan maps and sections for drill holes GBR-028 to 031 of the initial 2022 Gabbs drill program are available here.

The initial 2022 Drill Program commenced at the Car Body Zone (see P2 Gold news release dated March 29, 2022) and then moved to the Sullivan and Lucky Strike zones before returning to the Car Body Zone to finish the program. The Lucky Strike RC drill holes and final two RC drill holes drilled at Car Body remain outstanding and will be announced up on receipt.

Table 1: Selected Gabbs Drill Results, April 2022 (GBR-028 to GBR-031)^{(1, 2)}

1. True thickness to be determined.
   
   
2. All samples were submitted for preparation by ALS Global at its facilities in Elko, Nevada, with the analysis completed at ALS Global facilities in Reno, Nevada, and North Vancouver, British Columbia. All samples were analyzed using multi-digestion with ICP finish and fire assay with AA finish for gold. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 20 samples was blank, one in 20 was a standard sample, and one in 20 samples had a sample cut from assay rejects assayed as a field duplicate.
   
   
3. Gold Equivalent and Copper Equivalent calculations were consistent with the Updated Mineral Resource Estimate¹ which used US$1,675 per ounce gold, US$3.80 per pound copper, and gold and copper recoveries of 76% and 48%, respectively, for the oxide mineralization and 94% and 87%, respectively, for the sulphide mineralization.

Quality Assurance

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 Gabbs Project. Mr. McNaughton has reviewed, verified and approved the scientific and technical information in this news release.

About P2 Gold Inc.

P2 Gold 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.

For further information, please contact:

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 for the year ended December 31, 2021, dated March 31, 2022 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.

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¹ See P2 Gold news release dated February 10, 2022 and Technical Report and Updated Mineral Resource Estimate of the Gabbs Gold-Copper Property, Fairplay Mining District, Nye County, Nevada, USA, with an effective date of February 10, 2022 filed on www.sedar.com on March 25, 2022.