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PGLD.V ·

P2 Gold Announces Option Grants

Share Capital & Compensation

May 20, 2022 News Release 22-12

P2 Gold Announces Option Grants

Vancouver, British Columbia, May 20 , 2022; P2 Gold Inc. (“P2” or the “Company”) (TSX -V:PGLD)

reports that pursuant to its Stock Option Plan, it has granted stock options to directors, officers ,

employees and consultants of the Company to purchase an aggregate of 975,000 common shares in

the capital of the Company at an exercise price of $0. 47 per share, which expire on May 16 , 2024.

Following this stock option grant, the Company has a total of 6,499,166 stock options outstanding

representing approximately 9.1% of the outstanding common shares of the Company. This stock option

grant is subject to acceptance by the TSX Venture Exchange (the “Exchange”).

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:

Joseph Ovsenek

President & CEO

(778) 731-1055

P2 Gold Inc.

Suite 1100, 355 Burrard Street

Vancouver, BC

V6C 2G8

[email protected]

(SEDAR filings: P2 Gold Inc.)

Michelle Romero

Executive Vice President

(778) 731-1060

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 for ward-looking terminology such as “may”, “will”,

“expect”, “anticipate”, “believe”, “continue”, “propose”, “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 exploration projects including the Company’s planned expenditures and exploration activities and

the estimation of mineral resources.

2 | P a g e

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, intention s, activities, results,

performance or achievements expressed or implied by such forward -looking information. See “Risk

Factors” in the Company’s annual information form 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.