P2 Gold changes Gabbs payment terms


VANCOUVER, British Columbia, April 28, 2022 (GLOBE NEWSWIRE) — P2 Gold Inc. (“P2” or the “Company”) (TSX-V: PGLD) represents that it has entered into an amending agreement (the “Amending Agreement”) with an affiliate of Borealis Mining Company, LLC (“Waterton”), a Indirect, a wholly owned subsidiary of Waterton Precious Metals Fund II Cayman, LP amending payment terms for the acquisition of the Gabbs Project located on Walker-Lane Trend in the Fairplay Mining District of Nye County, Nevada. (See the Company’s press releases dated February 23, 2021, announcing the acquisition of the Gabbs Project, and May 5, 2021, announcing the modification of the terms of the acquisition of the Gabbs Project).

Under the terms of the amending agreement, P2 Gold will now pay Waterton (a) US$500,000 on May 31, 2022, (b) if the Company completes an equity financing in the second half of 2022, US$500,000 US on December 31, 2022 and (c) US$8 million or US$8.5 million on May 14, 2023 (depending on whether US$500,000 is paid on December 31, 2022), provided that if the Company announces the results of a Preliminary Economic Assessment by May 14, 2023, all outstanding payments will be due no earlier than 60 days after the announcement of these results and May 14, 2023, and if the Company sells an interest in the Gabbs Project at any time, including including, without limitation, a royalty or stream, the proceeds of such sale shall be paid to Waterton up to the amount outstanding. The other terms and conditions relating to the acquisition of the Gabbs project remain unchanged.

“We appreciate Waterton’s support in changing the payment terms for the acquisition of the Gabbs project,” commented Joe Ovsenek, President and CEO of P2. “A preliminary economic assessment on bringing Gabbs into production is expected to be completed in the fourth quarter of this year. Once we have the results of the preliminary economic assessment in hand, we plan to sell a royalty or stream on the Gabbs project, which would fund the payments due to Waterton to complete the purchase of Gabbs.

About P2 Gold Inc.

P2 Gold is a mining exploration and development company focused on advancing the discovery and acquisition of precious metals and copper in the western United States and British Columbia.

For more information, please contact:

Joseph Ovsenek
President and CEO
(778) 731-1055

P2 Gold Inc.
355 Burrard Street, Suite 1100
Vancouver, BC
V6C 2G8
(SEDAR filings: P2 Gold Inc.)

Michael Romero
Executive 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 fall within the safe harbors created by such laws. “Forward-looking information” includes statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or their negative or negative form. other variants. this or comparable terminology. Such forward-looking information includes, but is not limited to, information regarding the Company’s expectations, strategies and plans for the Gabbs Project, including the Company’s planned exploration expenditures and activities.

Forward-looking information is not a guarantee of future performance and is based on a number of management estimates and assumptions as of the date the statements are made. In addition, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors that may cause the Company’s actual plans, intentions, activities, results, performance or achievements to differ materially from any plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See “Risk Factors” in the Company’s Annual Information Form for the fiscal year ended December 31, 2021, 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 undertakes no obligation to publicly release any revisions to the forward-looking information contained in this press release to reflect events or circumstances after the date hereof.


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