P2 Gold Gabbs Update

P2 Gold Gabbs Update

VANCOUVER, BC

,

March 25, 2024

/CNW/ -

P2 Gold Inc.

("P2" or the "Company") (TSXV: PGLD)

(OTCQB: PGLDF) provides an update on its wholly-owned gold-copper Gabbs Project located on

the Walker-Lane Trend in

Nevada

and confirms the terms of the finder's fee for its convertible

debenture unit offering

Gabbs Project Preliminary Economic Assessment

The Company is re-evaluating the preliminary economic assessment ("PEA") on the Gabbs Project,

with a new PEA expected to be completed in the second quarter of this year. In re-evaluating the

PEA, the Company is assessing the benefits of incorporating the lower grade mineralized material

above the cutoff grade for heap leach and mill mineralized material that was not included in the

September 2023

PEA. The 2024 PEA is expected to comprise a heap leach operation and a mill

operation starting up after the initial heap leach capital is repaid, with the heap leach and mill

operating in tandem for the remainder of the mine life.

"Now that the outstanding project debt has been settled, we can focus on unlocking

Gabbs'

potential

by continuing to advance the project through feasibility," commented

Joe Ovsenek

, President and

CEO of P2. "Existing infrastructure at

Gabbs

includes paved access, power on the property and

historically permitted water wells. The known zones of gold-copper mineralization at

Gabbs

outcrop

at surface and remain open in multiple directions, and the property remains highly prospective for the

discovery of new zones of mineralization. We look forward to announcing the results of the 2024

PEA."

Convertible Debenture Unit Offering

On

March 14, 2024

, the Company closed the second and final tranche of a non-brokered private

placement of convertible debenture units (the "Units") at

$1,000

per Unit, for gross proceeds of

$1,665,000

(the "Offering"), previously announced on

February 13, 2024

and

March 5

, 2024. In

connection with the Offering, the Company paid finder's fees of an aggregate of

$71,040

and issued

an aggregate of 916,875 warrants (the "Finder's Warrants") to an arm's length finder, representing

6% of the proceeds raised from subscriptions by, and 6% of the Units issued to, certain placees.

Each Finder's Warrant entitles the holder thereof to acquire one common share in the capital of the

Company (a "Share") at an exercise price of

$0.07

, for a period of 24 months (the "Expiry Time"),

provided that, if after the later of four months from the date of issue and conversion, the closing

price of the Shares on the Exchange is equal to or greater than

$0.30

for a period of 10 consecutive

trading days at any time prior to the Expiry Time, the Company will have the right to accelerate the

Expiry Time by giving notice to the holder of the Finder's Warrants by news release or other form of

notice permitted by the certificate representing the Finder's Warrants that the Finder's Warrants will

expire at

4:30 p.m.

(

Vancouver

time) on a date that is not less than 15 days from the date notice is

given.

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 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

.

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 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,

including without limitation, risks associated with mineral exploration, including the risk that actual

results and timing of exploration and development will be different from those expected by

management. See "Risk Factors" in the Company's annual information form dated

March 16, 2023

filed on SEDAR+ at

www.sedarplus.ca

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.

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For further information:

Joseph Ovsenek, President & CEO, (778) 731-1055; Michelle Romero,

Executive Vice President, (778) 731-1060; P2 Gold Inc., Suite 789, 999 West Hastings Street,

Vancouver, BC, V6C 2W2, [email protected] (SEDAR+ filings: P2 Gold Inc.)

CO: P2 Gold Inc.

CNW 05:00e 25-MAR-24