PGLD P2 Gold Inc

P2 Gold Inc. (“P2” or the “Company”) (TSX-V:PGLD) reports that the 2022 exploration program at its gold-copper BAM Project located in the Golden Triangle in northwest British Columbia is underway.

In late May crews mobilized for site preparation at BAM, clearing snow and caching fuel for the upcoming Z‐Tipper Axis Electromagnetic (“ZTEM”) airborne geophysical survey. Camp construction has begun and is expected to be complete in the coming weeks. While camp construction is underway, crews will be based near Highway 37 approximately 45 kilometers to the southeast of BAM.

A diamond drill is planned to mobilize to BAM in two weeks to commence the 10,000-meter drill program. Drilling will focus on expanding the near-surface epithermal Monarch Gold Zone, first drilled in July 2021, where Hole BAM-003 intersected 2.63 g/t gold over 45.85 meters including 9.2 meters grading 7.30 g/t gold. Drilling will also test the Monarch Gold Zone at depth by targeting the feeder zone for the surface mineralization. The BAM 2022 drill program is expected to continue through the end of September.

The ZTEM airborne geophysical survey is planned to commence mid-June and will target the geological structures underlying the BAM Project, most importantly the potential feeder zone for the near-surface epithermal Monarch Gold Zone.

Quality Assurance

Ken McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Qualified Person, as defined by NI 43-101, responsible for the BAM Project. Mr. McNaughton has reviewed, verified and approved the 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.

For further information, please contact:

Joseph Ovsenek President & CEO(778) 731-1055P2 Gold Inc.Suite 1100, 355 Burrard StreetVancouver, BCV6C 2G8info@p2gold.com(SEDAR filings: P2 Gold Inc.)

Michelle RomeroExecutive Vice President(778) 731-1060

Neither the TSX Venture Exchange (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 BAM 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 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.