P2 Gold: Advancing Nevada’s Gabbs Project Toward High-Value Gold-Copper Production

• The 2025 Preliminary Economic Assessment shows after-tax NPV5 of US$943 million at base metal prices, with a 33.8% IRR and 2.4-year payback period in top-tier Nevada.
• The project targets 174,400 ounces of gold equivalent annually over 14.2 years, positioning it as Nevada's potential fourth-largest gold and third-largest copper producer.
• The operation utilizes established Sulphidization, Acidification, Recycling, and Thickening technology, currently deployed at seven major mines globally.
• With 3.45 million ounces of gold equivalent in resources, all four mineralized zones remain open, offering pathways to increase tonnage and grade.
  Leadership from Pretium Resources, which developed the Brucejack mine, owns 16.2% of the company, demonstrating strong shareholder alignment.
• Current market cap of US$72 million values resources at approximately US$21 per ounce, below peer averages, with key catalysts including 2026 feasibility study initiation, permitting progress, and continued resource expansion in a strong precious metals market.
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Gold markets have reached unprecedented levels as safe-haven demand intensifies amid concerns about the Federal Reserve's independence and geopolitical tensions. With gold trading around $4,500 per ounce near record levels, investors are scrutinizing junior mining companies positioned to capitalize on this commodity supercycle. P2 Gold, a Vancouver-based developer advancing the Gabbs Project in Nevada, represents a compelling opportunity backed by proven management and a clear path to production.

Nevada ranks second globally for mining investment attractiveness according to the Fraser Institute, providing regulatory certainty that contrasts sharply with many international jurisdictions. As institutional investors seek exposure to North American gold-copper projects with near-term production potential, P2 Gold could deliver significant upside if it executes its development plan. Recent concerns about Federal Reserve independence, highlighted by January 2026 DOJ grand jury subpoenas regarding Chair Jay Powell, have intensified safe-haven demand for precious metals.

Company Overview & Project Fundamentals

P2 Gold Inc. trades on the TSX Venture Exchange under PGLD, with additional listings on OTCQB as PGLDF and Frankfurt as 4Z9. The company focuses on its wholly owned Gabbs Project in Nye County, Nevada, approximately 120 kilometers southwest of Fallon. The property comprises 543 lode mining claims covering approximately 45.25 square kilometers.

The management team brings extensive experience from Pretium Resources, where they successfully developed the Brucejack mine in British Columbia. President and CEO Joe Ovsenek, Chief Exploration Officer Ken McNaughton, Executive Vice President Michelle Romero, and CFO Grant Bond collectively guided Pretium through complex metallurgy, project financing, and operational delivery. Pretium was ultimately acquired by Newmont Corporation in 2022 for $3.8 billion. Their combined 16.2% ownership of P2 Gold represents significant insider alignment.

P2 Gold acquired the Gabbs Project in 2021 and has completed approximately 8,500 meters of drilling. The April 2024 mineral resource update reported 1.16 million ounces gold equivalent in the indicated category and 2.29 million ounces inferred. On January 5, 2026, P2 Gold announced its convertible debenture interest payment, demonstrating commitment to meeting financial obligations while advancing development.

2025 Preliminary Economic Assessment

The October 2025 preliminary economic assessment represents a pivotal milestone. Prepared by Kappes, Cassiday & Associates with contributions from P&E Mining Consultants, the study examined a dual-processing approach transitioning from heap leaching in years one through five to combined heap leach and milling for years six through 14.2 

At base case prices of US$2,350/oz gold, US$29/oz silver, and US$4.50/lb copper, the project delivers after-tax NPV5 of US$942.9 million with 33.8% IRR and 2.4-year payback. At October 2025 spot prices (US$3,885/oz gold, US$47.92/oz silver, US$4.81/lb copper), after-tax NPV5 increased to US$2.253 billion with 77.5% IRR and sub-one-year payback as noted by Joe Ovsenek, President and CEO of P2: 

"Even using base case $2,350 gold, $29 silver and $4.50 copper, Gabbs would be a robust producer in Nevada, a top tier mining jurisdiction" 

The project targets annual production of approximately 109,000 ounces of gold and 15,000 tonnes of copper over 14.2 years, totaling 1.55 million ounces gold, 213,000 tonnes copper, and 2.48 million ounces silver.

Preproduction capital costs total US$382.7 million, encompassing US$73.6 million for mining equipment, US$213.1 million for process facilities and heap leach infrastructure, and US$96 million for other costs including contingencies.

SART Technology & Nevada Advantages

The Gabbs Project treats gold-copper mineralization through SART (Sulphidization, Acidification, Recycling, and Thickening) technology. Developed in 1998 and first deployed commercially in 2006, SART enables profitable recovery of both metals while eliminating copper-induced cyanide consumption issues. The process recovers copper as saleable concentrate while regenerating cyanide for continued gold leaching, with copper providing significant by-product credits that reduce all-in sustaining costs.

Seven major operations currently employ SART plants: Newmont's Yanacocha Mine in Peru, Greatland Gold's Telfer Mine in Australia, GoGold Resources' Parral Tailings Project in Mexico, Fortuna's Lindero Mine in Argentina, SSR Mining's Çöpler mine in Turkey, Anglo Asian Mining's Gedabek Mine in Azerbaijan, and Shandong Gold's Zhongkuang Mine in China. This operational track record provides engineering certainty and facilitates equipment procurement and specialist hiring.

The preliminary economic assessment contemplates gold recoveries of 85% and copper recoveries of 67% through heap leaching, with mill recoveries improving to 94.5% for gold and 79.9% for copper. These rates align with industry performance at comparable SART operations.

Nevada's status as a premier mining jurisdiction significantly enhances project value. The Fraser Institute's 2024 Survey ranked Nevada second globally for investment attractiveness, reflecting favorable taxation, clear regulatory frameworks, and established infrastructure. The state hosts North America's largest gold operations, creating deep pools of experienced workers and specialized contractors. This ecosystem reduces both capital and operating costs while minimizing workforce development challenges.

The Gabbs Project benefits from direct Highway 361 access, providing year-round transportation. An existing powerline crosses the property, potentially reducing power infrastructure capital costs. Proximity to communities like Fallon and Hawthorne provides access to skilled labor within reasonable commuting distance. The company expects its water permit in Q4 2025, enabling subsequent Bureau of Land Management permitting.

Resource Expansion & Optimization

The April 2024 mineral resource comprises 49.8 million tonnes grading 0.45 g/t gold, 1.36 g/t silver, and 0.27% copper (indicated), plus 112.2 million tonnes grading 0.35 g/t gold, 0.84 g/t silver, and 0.23% copper (inferred). All four mineralized zones outcrop at surface and remain open along strike and at depth.

The Sullivan, Lucky Strike, and Gold Ledge zones display porphyry-style gold-copper-silver mineralization, while Car Body represents low-sulphidation epithermal gold-silver mineralization. This geological diversity suggests multiple exploration models and target types within property boundaries.

Company drilling between 2021 and 2024 consisted primarily of angled holes designed to intersect mineralization at depth, returning higher grades than many historical vertical holes. Many historical holes were not assayed for both gold and copper, creating opportunities to better define the resource through systematic infill drilling and core reassaying.

P2 Gold plans expansion and infill drilling programs to convert inferred resources to indicated category and test mineralized extensions. In December 2025, the company announced first drill results from infill and expansion drilling at Gabbs. Geotechnical drilling will optimize pit slope angles, potentially reducing stripping ratios and improving economics. Additional metallurgical testing will investigate heap leaching of sulphide gold mineralization.

Phase Three metallurgy demonstrated that 98% of gold and 85% of copper recover in the first 58 days of leaching, substantially faster than the 150-day cycle used in economic modeling. Implementing shorter cycles could increase annual throughput, reduce working capital requirements, and improve project returns.

Market Position & Valuation

This valuation disparity may reflect earlier development stages and dual-metal focus versus pure gold exposure. However, robust preliminary economics at base case prices combined with Nevada's tier-one jurisdiction suggest the discount may present an opportunity for investors accepting near-term execution risk.

Copper by-product credits provide differentiation, contributing approximately 38% of total gold equivalent production at base case prices. This positions P2 Gold to benefit from copper demand fundamentals driven by electrification trends and renewable energy infrastructure development.

Development Timeline & Capital Requirements

P2 Gold's development timeline through 2029 includes completing water permits, commencing expansion drilling, conducting geotechnical studies, and preparing the mining plan of operations. The 2026 work program contemplates initiating the feasibility study, which will refine capital costs, optimize mine sequencing, and finalize processing flowsheets. Feasibility studies typically require 12 to 18 months and several million dollars.

Permitting extends through 2027-2028 with concurrent detailed engineering. Construction spans 2028-2029, with initial production commencing in 2029. This four-year pathway aligns with industry norms for similar Nevada projects.

Investors should anticipate additional equity or debt offerings in 2026 to fund feasibility work, which typically causes short-term price pressure but provides necessary development capital. Future financing timing and structure will significantly influence shareholder dilution and return potential.

Investment Thesis for P2 Gold 

• P2 Gold offers exposure to a Nevada gold-copper development in a strong precious metals market.
• The company benefits from a stable, mining-friendly jurisdiction and proven SART technology for efficient processing.
• Managed by an experienced team with aligned ownership, ensuring shareholder interests are prioritized.
• The project shows resource expansion potential, providing upside for long-term growth.
• Macro tailwinds include gold trading near $4,500/oz and heightened safe-haven demand due to Federal Reserve independence concerns.
• Recent market events, including DOJ grand jury subpoenas to the Fed, have increased uncertainty and reinforced gold’s store-of-value appeal.
• Key development risks include permitting delays, capital cost inflation, metallurgical performance variability, and the need for substantial financing.
• The four-year development timeline means near-term value depends on achieving milestones such as feasibility study completion, permitting approvals, and project financing, rather than immediate cash flow.

P2 Gold offers a compelling opportunity to invest in a high-quality Nevada gold-copper development with strong economics, proven technology, and significant upside potential. The Gabbs Project targets 174,400 ounces of gold equivalent annually over 14.2 years, supported by robust after-tax NPV and IRR metrics, while employing globally proven SART technology for efficient dual-metal recovery. Experienced management with aligned ownership, combined with all four mineralized zones remaining open for expansion, enhances growth prospects. Macro tailwinds, including gold near $4,500/oz and heightened safe-haven demand, further support project economics. While development-stage risks such as permitting, capital requirements, and a four-year path to production exist, near-term value depends on successful milestone execution, positioning P2 Gold as a strategically attractive investment in a premier mining jurisdiction.

TL;DR

P2 Gold advances Nevada's Gabbs Project with US$943 million after-tax NPV5 at base prices and US$2.25 billion at spot prices. The project targets 174,400 ounces of gold equivalent annually over 14.2 years using proven SART technology. Experienced Pretium Resources management owns 16.2% of shares. All four mineralized zones remain open for expansion in Nevada's tier-one jurisdiction. Current market cap of US$72 million values resources at approximately US$21 per ounce, below peer averages. Development risks include four-year production timeline, capital requirements for feasibility studies, and permitting uncertainties. Gold trading near $4,500 per ounce enhances project economics while Federal Reserve independence concerns support safe-haven demand.

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