P2 Gold Advances Gabbs Feasibility With Bigger 2026 Plan

• P2 God is advancing a feasibility study on its Gabbs gold-copper project in Nevada, targeting completion in the fourth quarter of 2026.
• The April 2024 mineral resource estimate for Gabbs totals 1.16 million ounces of gold equivalent Indicated and 2.29 million ounces of gold equivalent Inferred.
• The 2025 preliminary economic assessment reported an after-tax net present value, discounted at 5%, of $942.9 million and an after-tax internal rate of return of 33.8% at base-case metal prices.
• The 2026 feasibility study concept targets average annual production of 150,000 ounces of gold and 50 million pounds of copper, above the preliminary economic assessment's average of 109,000 ounces of gold and 33 million pounds of copper.
• P2 Gold reported a market capitalization of US$140 million as of June 30, 2026, with management and the board holding 15.1% ownership.

Why Gabbs Matters Now

P2 Gold (TSX-V: PGLD | OTCQB: PGLDF) is a Vancouver-based mineral exploration and development company advancing the Gabbs gold-copper project in Nye County, Nevada, along the Walker Lane Trend, 150 miles from Reno. The company published a preliminary economic assessment for Gabbs on October 7, 2025, and is now completing a feasibility study intended to convert that assessment into a construction-ready mine plan. The company's July 2026 corporate presentation lays out the gap between the 2025 assessment and the feasibility study concept now under evaluation, including higher first-phase heap-leach throughput and an earlier mill start date.

Inside the Gabbs Land Package

P2 Gold holds Gabbs through 827 lode mining claims administered by the United States Bureau of Land Management, plus one patented claim, covering approximately 68.9 square kilometers. The property hosts 4 known zones, Sullivan, Lucky Strike, and Gold Ledge (gold, copper, and silver porphyry mineralization), and Car Body (gold and silver low sulphidation epithermal mineralization), all outcropping at surface and remaining open for expansion.

The April 2024 estimate reports an Indicated category of 49.8 million tonnes grading 0.45 grams per tonne gold, 1.36 grams per tonne silver, and 0.27% copper, equivalent to 1.16 million ounces of gold equivalent. The Inferred category totals 112.2 million tonnes grading 0.35 grams per tonne gold, 0.84 grams per tonne silver, and 0.23% copper, equivalent to 2.29 million ounces of gold equivalent. Management and the board hold 15.1% ownership, and leadership includes President and Chief Executive Officer Joe Ovsenek, Chief Exploration Officer Ken McNaughton, Executive Vice President Michelle Romero, and Chief Financial Officer Grant Bond.

From PEA to Feasibility: What's Changing

The 2025 preliminary economic assessment modeled heap-leach processing at 9 million tonnes per year for the first 5 years, followed by a 5-million-tonne-per-year mill starting in Year 6, with a 150-day leach cycle. That base case generated net revenue of $5.594 billion, after-tax net cash flow of $1.713 billion, an after-tax internal rate of return of 33.8%, and payback in 2.4 years across a 14.2-year mine life. At discount rates of 5%, 10%, and 15%, the base case reported after-tax net present values of $942.9 million, $530.1 million, and $298.0 million, respectively. Under spot metal prices as of October 3, 2025, the same assessment reported after-tax net present values of $2.253 billion, $1.429 billion, and $946.0 million at those same discount rates, alongside a 77.5% after-tax internal rate of return, a scenario output rather than a revised base case.

The feasibility study concept increases heap-leach throughput to 14 million tonnes per year for the first 2 years, followed by a 5-million-tonne-per-year heap leach operation and a 7-million-tonne-per-year mill starting in Year 3, with a shorter target leach cycle of 110 to 120 days. The presentation does not disclose updated net present value, internal rate of return, or capital cost figures reflecting this revised production schedule.

Where the Upside & the Costs Are Coming From

The company identifies 6 opportunities for project enhancement: evaluating the Car Body Zone during construction, optimizing mine sequencing, expanding the resource at Sullivan and Lucky Strike, and reducing capital cost through improved leach kinetics, alluvium evaluation, and contract mining assessment. Total preproduction capital in the 2025 study was $382.7 million, and total production capital, including the mill, was $571.8 million; no updated feasibility-level capital cost has been disclosed.

The 2026 work program includes filing a draft mining plan of operations in the first quarter, geotechnical, infill, and expansion drilling, and a Phase Four metallurgical program, with a mineral resource update targeted for the third quarter and feasibility study completion for the fourth quarter. The company reports a higher-grade corridor identified at the Lucky Strike zone, while the Sullivan zone remains open downdip. As of March 31, 2026, the company held cash, prepaids, and receivables of $10,784,738, supplemented by an $11,625,000 financing on May 25, 2026.

How P2 Gold Stacks Up Against Its Peers

P2 Gold compares its Gabbs resource, at a gold equivalent grade of 0.73 grams per tonne Indicated, against United States peers as of June 2, 2026: Dakota Gold at $786 million market capitalization and 0.45 grams per tonne, Liberty Gold at $656 million and 0.32 grams per tonne, US Gold at $260 million and 0.71 grams per tonne, and Roxmore at $199 million and 0.65 grams per tonne, against P2 Gold's own $147 million. The presentation contains no direct executive quotations; figures are cited as Source: P2 Gold Corporate Presentation, July 2026.

The Investment Thesis for P2 Gold

• Gabbs carries a defined resource of 1.16 million ounces of gold equivalent Indicated and 2.29 million ounces Inferred, providing a base for the feasibility study.
• The 2025 assessment reported a base-case after-tax net present value of $942.9 million at a 5% discount rate and a 33.8% internal rate of return, benchmarks for comparing the feasibility study.
• The feasibility concept targets 150,000 ounces of gold and 50 million pounds of copper annually, without a published updated capital cost.
• Sullivan and Lucky Strike remain open, with a higher-grade corridor at Lucky Strike not yet reflected in a resource update.
• Management and the board hold 15.1% ownership, aligning insiders with feasibility and financing outcomes.
• P2 Gold's $147 million market capitalization sits below comparably graded peers cited in its own presentation.

Taken together, these points frame Gabbs as a resource-stage asset where the disclosed economics already clear typical development-stage return thresholds, while the pending feasibility study, resource update, and capital cost disclosure represent the catalysts that would let investors test whether the larger production profile improves or erodes the project's existing value case.

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