P2 Gold Inc. provided 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. 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.