P2 Gold Update

VANCOUVER, Dec. 20, 2023 - P2 Gold Inc. ("P2" or the "Company") (TSXV: PGLD) (OTCQB: PGLDF) provides an update on its activities.

BAM Project Update

Following the completion of the 2023 BAM Exploration Program, a review of all work completed on the project to date was undertaken by Company geologists and a leading expert in porphyry mineralization. The review, which included an analysis of all geological mapping, geophysics, sampling and drilling data, suggests that the gold mineralization at the Monarch Gold Zone is related to an intrusive distal to the zone and interpreted by the Company to be located to the north of the zone.

An area of particular interest for the potential source of the Monarch Gold Zone mineralization is the More Creek Zone located approximately five kilometers east of Arctic Lake, and approximately eight kilometers northeast of the Monarch Gold Zone. The More Creek Zone is defined by a strong gold/copper soil anomaly measuring one-by-one kilometers, is open to the west, and within which numerous rock grab samples returned values ranging from 0.1 to 0.6 gpt gold and 0.2% to 0.4% copper.

As the source of the Monarch Gold Zone mineralization is interpreted by the Company to be located to the north of the zone, future exploration work at the BAM Project will focus on the northern part of the BAM Project comprising the Ball Creek Claims, wholly owned by the Company. Accordingly, the Company has discontinued the option on the claims that comprise the southern portion of the project. The BAM Project is now comprised of the Ball Creek Claims that cover approximately 19,000 hectares.

An updated plan map of the BAM Project is available here.

Gabbs Project

Plans continue to advance the Gabbs Project to feasibility stage. Locations for the previously permitted water wells have been identified, which the Company is preparing to re-permit. In addition, the Company is determining the parameters for a final round of metallurgical testing, assessing the depth of the alluvium covering the Sullivan Zone to reduce stripping costs and continuing to pursue the sale of a royalty on the Gabbs Project.

Option Grants

The Company has granted stock options, pursuant to its Stock Option Plan, to directors, officers, employees and consultants of the Company to purchase an aggregate of 1,075,000 common shares in the capital of the Company at an exercise price of $0.13 per share, which expire on December 20, 2025. Following this stock option grant, the Company has a total of 8,394,383 stock options outstanding representing approximately 7.9% of the outstanding common shares of the Company. This stock option grant is subject to acceptance by the TSX Venture Exchange (the "Exchange")

Quality Assurance

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

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.

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.

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 and 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, 2022, dated March 16, 2023 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.

SOURCE P2 Gold Inc.