P2 Gold Sets 12 Million Tonne Per Year Mill for Gabbs Feasibility Study Due Early 2027

• P2 Gold is targeting completion of a feasibility study (FS)  for its Gabbs gold-copper project in Nevada in the first quarter of 2027.
• An updated Mineral Resource Estimate (MRE), incorporating all drilling to date, is targeted for the fourth quarter of 2026.
• The FS will now include a mill processing 12 million tonnes per year from year 3, running alongside heap leaching.
• Estimated milling recoveries for sulfide mineralization are 94.5% for gold and 79.9% for copper, compared with 85% and 67% for heap leaching oxide mineralization.
• P2 Gold plans to file a detailed mining plan of operations with the Bureau of Land Management (BLM) in the first quarter of 2027, while water well drilling and a water rights transfer progress.

Company Overview

P2 Gold (TSXV: PGLD | OTCQB: PGLDF) is a mineral exploration and development company advancing its 100%-owned Gabbs gold-copper project on the Walker Lane Trend in Nevada. The October 2025 Preliminary Economic Assessment (PEA) outlined annual average production of 109,000 ounces of gold and 33 million pounds of copper, processing 9 million tonnes per year over a 14.2-year mine life. The feasibility study (FS) assumes a production rate of at least 12 million tonnes per year and targets average annual production of 150,000 ounces of gold and 45 to 50 million pounds of copper. The project is accessed by paved Highway 361 and has power and water on site.

Drilling Expands Sullivan, Lucky Strike & Car Body Zones

P2 Gold provided an update on the Gabbs Project on September 21, 2026. The infill and expansion drill program, underway since October 2025, has expanded the known mineralization in the Sullivan, Lucky Strike, and Car Body zones. It has also defined a new higher-grade corridor of gold-copper mineralization at Lucky Strike.

The program has completed 96 reverse circulation (RC) exploration holes, 34 at the Sullivan Zone and 62 at the Lucky Strike Zone. It has also completed 39 diamond drill holes for geotechnical, metallurgical, and exploration testing, including 6 in the Car Body Zone.

Two RC drills remain active. One is extending the higher-grade corridor at Lucky Strike to the southwest, and the other is extending the Sullivan Zone down-dip. Lucky Strike remains open in all directions, and Sullivan remains open down-dip. The updated Mineral Resource estimate (MRE) will incorporate all drilling to date and is targeted for the fourth quarter of 2026. RC assay results will continue to be released over the coming months.

Mill Throughput Set at 12 Million Tonnes Per Year From Year 3

Drilling and analysis to date show that the Lucky Strike Zone consists mostly of sulfide mineralization. The company states that Lucky Strike is expected to contribute meaningfully to overall tonnage. The FS will therefore plan for the mill to operate at 12 million tonnes per year when it starts in year 3.

Under the phased processing plan, Car Body gold-silver mineralization will be delivered to the heap leach facility during preproduction, at up to 10,000 tonnes per day. This will begin as soon as reasonably possible after construction starts. In years 1 and 2, the heap leach facility will operate at a rate of 12 to 14 million tonnes per year. From year 3 through the rest of the mine life, the mill will process 12 million tonnes per year of sulfide mineralization. The heap leach facility will run in parallel at a variable rate of up to 4 million tonnes per year. Oxide material sent to the heap leach will be the material that must be mined to reach the sulfide mineralization, and is expected to range from 2 million to 4 million tonnes per year.

The company states that the higher mill throughput, combined with fewer tonnes going to the heap leach, increases recoveries. Estimated recoveries for milling sulfide mineralization are 94.5% for gold and 79.9% for copper. For heap leaching oxide mineralization, the estimates are 85% for gold and 67% for copper.

Metallurgical & Engineering Work Underway

FS-level column and flotation test work is underway for the Sullivan, Lucky Strike and Car Body zones. Twenty-two columns are at various stages of testing for oxide mineralization at Sullivan and Lucky Strike. Flotation test work is in progress, and locked cycle test work is targeted for completion next month. Comminution testing on the Sullivan and Lucky Strike zones is complete. Metallurgical test results are targeted for the fourth quarter of 2026.

Equipment selection is in progress, and a power supply study has started. The company reports that engineering is on track to deliver the FS in the first quarter of 2027.

BLM Mining Plan of Operations Filing Planned for First Quarter of 2027

P2 Gold has selected consultants to complete all baseline needs assessment reports and resources for the Bureau of Land Management (BLM). Because of the planned increase in mill throughput, the company now plans to file a detailed mining plan of operations with the BLM in the first quarter of 2027.

Water Wells & Water Rights Advance

The water well drill rig has completed 3 test wells and 5 monitoring wells. Two more test wells remain, 1 each for the planned Lucky Strike and Sullivan open pits. The wells will establish a regional hydrogeologic model and determine the dewatering needs for mining. Once the remaining test wells are complete, pump tests will measure water flow rates and capacity for each well. All data from the test and monitoring wells will go into a groundwater model to support the mining plan of operations application.

On April 2, 2026, P2 Gold announced a definitive agreement to acquire 2,500 acre-feet per year of water rights. Closing depends on the Nevada Division of Water Rights transferring the points of diversion, places of use, and manner of use of the water rights from irrigation to mining, milling, and dewatering at Gabbs. Approval is anticipated in 3 to 6 months, around the same time as the projected completion of the FS. The company states that the water rights are expected to be enough to support mining at the planned FS.

Next Steps

In the fourth quarter of 2026, P2 Gold is targeting completion of the updated MRE and delivery of metallurgical test results. Locked cycle flotation test work is targeted for completion next month. RC assay results will continue to be released, and 2 more test wells and pump testing remain to be completed.

The Nevada Division of Water Rights' approval of the change of use is anticipated in 3 to 6 months. In the first quarter of 2027, the company is targeting completion of the FS and filing of the detailed mining plan of operations with the BLM.