P2 Gold Inc. reports the initial Mineral Resource Estimate (‘MRE') for the near-surface gold mineralization drilled to date at the Monarch Gold Zone, a newly-discovered deposit at its BAM Project. The gold-copper BAM Project is located in the Golden Triangle of northwest British Columbia. BAM Project, Monarch Gold Zone Mineral Resource Estimate The initial Monarch MRE comprises 520,000 ounces of gold in an Inferred Mineral Resource at a grade of 0.59 g/t. The pit-constrained Mineral Resource Estimate starts at surface and continues to a depth of 190 metres over a strike length of 1,250 metres, with the Monarch Gold Zone open to expansion by drilling to the northeast and southwest.

2023 BAM Exploration Program: The focus of the 2022 BAM Drill Program was to attempt to define the limits of the epithermal surface mineralization at the Monarch Gold Zone and provide geologic information to aid in the interpretation of the airborne and ground geophysical surveys. This interpretation of the geophysical surveys is essential to the discovery of the higher-grade feeder systems for the near-surface epithermal gold mineralization and any associated porphyry mineralization at depth. During 2023, crews are expected to mobilize to BAM in mid-May with the first drill mobilized to site in early to mid-June.

A three-dimensional geophysics interpretation of the BAM Project, incorporating the results of the natural source magneto-telluric (NSMT) geophysical survey and the Z-Tipper Axis Electromagnetic (ZTEM) airborne geophysical survey is expected to be completed shortly. This interpretation will be compiled with the available drill data and surface mapping to develop targets for the 2023 BAM Exploration Program to test for the feeder zones and the porphyry system at depth.