P2 Gold arranges $7.5-million placement with Quaternary

Apr 22, 2026

2026-04-22 11:23 ET – News Release

Mr. Joseph Ovsenek reports

P2 GOLD ANNOUNCES FINANCING BY STRATEGIC INVESTOR

P2 Gold Inc. intends to complete a non-brokered private placement of 10 million units at a price of 75 cents per unit for gross proceeds of $7.5-million to The Quaternary Group Ltd.

Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share in the capital of the company at an exercise price of $1.50 per common share for a period of two years after the date of issue.

The offering will close on completion of documentation and is conditional upon receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The proceeds of the offering will be used to finance exploration and development expenditures at the Gabbs project in Nevada and for general corporate purposes.

P2 is pleased to announce the increase in holdings by Quaternary Group and values its investment as a strong vote of confidence in its Gabbs project.

All securities issued pursuant to the offering will be subject to a four-month hold period.

Required early warning report disclosure

Pursuant to the terms of the offering and upon closing of the offering, Quaternary Group will have acquired an aggregate of 10 million units at a price of 75 cents per unit. Each unit comprises one share and one warrant.

Immediately prior to the closing of the offering, Quaternary Group owned 15 million shares of P2 and 15 million purchase warrants, representing approximately 5.7 per cent of the outstanding common shares on a non-diluted basis and 11.4 per cent on a diluted basis.

On completion of the offering, Quaternary Group will hold a total of 25 million common shares and 25 million share purchase warrants representing approximately 8.7 per cent of the outstanding common shares on a non-diluted basis and 16.0 per cent of the outstanding common shares on a diluted basis.

The P2 shares and warrants are held by Quaternary Group for investment purposes. Quaternary Group has no current plan or future intentions which relate to, or would result in, any of the items listed in items 5(a) to 5(k) of the early warning report. However, depending on market conditions, general economic and industry conditions, trading prices of the company’s securities, the company’s business, financial condition and prospects, and/or other relevant factors, Quaternary Group may develop such plans or intentions in the future and, at such time, may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the shares or other securities of the company.

As required by National Instrument 62-103 — The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the acquisition of securities, an early warning report will be filed by Quaternary Group. For further information or to obtain a copy of the early warning report, please see P2’s profile on SEDAR+.

About P2 Gold Inc.

P2 Gold is a mineral exploration and development company focused on advancing its gold-copper Gabbs project on the Walker Lane trend in Nevada, where work to support a feasibility study is under way. A positive preliminary economic assessment has outlined a long-life, mid-size mine at Gabbs with annual average production of 109,000 ounces gold and 15,000 tonnes copper over a 14.2-year mine life. The Gabbs project has excellent infrastructure with access via paved Hwy 361, and power and water on site. All zones on the property remain open and an infill and expansion drill program is under way. On completion of drilling, an updated mineral resource estimate will be prepared for Gabbs, which is expected to be completed in the third quarter.

We seek Safe Harbor.

https://www.p2gold.com/