Hello @drvval
BLDO2 controls the 5 V boost circuit.
When M5Core2 v1.1 is powered on, code in M5Unified library checks whether there is external 5 V power available (from M5Bus or Grove port).
If yes, the boost circuit is turned off, and M5Core2 is running from external power.
If no, the boost circuit is turned on (and consumes power) and M5Core2 is running from battery or USB.
Note: why, when running from USB or battery, turning the boost circuit off manually prevents ESP32 from waking up from deep sleep is not entirely clear to me.
In order to go lower you could try to power M5Core2 via 5V on the M5Bus or Grove port. And without USB connection.
(Testing gets a bit tedious this way, as one constantly needs to switch between USB for programming and external power for testing.)
Using external power via M5Bus (but without PIR connected) my M5Core2 v1.1 in deep sleep only consumes about 2.9 mA.
Thanks
Felix