P2 Gold Targets Roughly 3 Million Gold Ounces for Resource Behind 2027 Feasibility

• P2 Gold is targeting roughly 3 million ounces (Moz) of gold in the updated mineral resource estimate (MRE) for Gabbs.
• The copper target is 1 to 1.5 billion pounds (lb). 
• The MRE is due before Christmas 2026 and will form the basis of a feasibility study (FS) expected in the first quarter of 2027.
• The April 2024 MRE held 0.72 Moz of gold indicated and 1.28 Moz of inferred.
• Only drill holes completed by the end of October 2026 count toward the update. 

P2 Gold (TSXV: PGLD | OTCQB: PGLDF) is targeting roughly 3 million ounces (Moz) of gold and 1 to 1.5 billion pounds (lb) of copper in the updated mineral resource estimate (MRE) for its Gabbs project in Nevada. The MRE is expected before Christmas 2026 and will form the basis of the feasibility study (FS) on placing Gabbs in production, expected in the first quarter of 2027. 

Resource Target Ahead of the Updated Estimate 

The gold target compares with 0.72 Moz of indicated gold and 1.28 Moz of inferred gold in the April 2024 MRE. That estimate contained 297.0 million lb of indicated copper and 567.1 million lb of inferred copper. Indicated tonnage was 49.8 million tonnes (t) at 0.45 grams per tonne (g/t) gold and 0.27% copper, and Inferred tonnage was 112.2 million t at 0.35 g/t gold and 0.23% copper. Management's own tally of the 2 categories together is 2 Moz of gold and 864 million lb of copper. 

President and Chief Executive Officer of P2 Gold, Joe Ovsenek, puts numbers on the update due before Christmas:  

"And our target is roughly 3 million ounces of gold. So, a nice bump up in the ounces of gold and a billion to a billion and a half pounds of copper." 

The update will likely define 170 to 200 million tons of mineralization, by management's estimate, with potential for another 100 to 200 million tons as drilling continues.

Gabbs on the Walker Lane Trend 

Gabbs sits on the Walker Lane Trend in Nevada, 150 miles from Reno, with access by paved Highway 361 and power and water on site. A mine on the property's southern border produced in the 1980s and into the 1990s, and a small open-pit operation on its southwest border is mining today.

An engineering study for a grid connection is in progress. P2 Gold plans to tie into an active 120-kilovolt transmission line at the southern-border mine with a spur line of maybe 6 to 7 miles. Water rights from a dairy farm to the north are being transferred for mining, milling, and dewatering. Approval is expected later in the fourth quarter of 2026 or, more likely, in the first quarter of 2027.

Feasibility Plan & Development Timeline

The FS uses a nominal rate of 12 million t per year and targets average annual production of 150,000 ounces (oz) of gold and 45 to 50 million lb of copper. The preliminary economic assessment (PEA), effective October 7, 2025, outlined production of 109,000 oz of gold and 33 million lb of copper per year from 9 million t per year over a 14.2-year mine life.

Ovsenek ties the larger mill to drilling that ran ahead of the estimate: 

"Because we've seen a growth, we haven't come up with the resource estimate yet, but we need to be proactive, and we're seeing that we have a lot more mineralization. And with that, what we've decided is we'll up the size of our mill."  

The mill will treat sulfide. The oxide layer above it will undergo heap leaching, a process that recovers metal by trickling a solution through stacked ore, and will be mined in parallel with the mill. Management sees a combined 12 to 14 million tons a year over the mine life as more realistic than a potential peak of about 16 million tons a year. Detailed engineering starts later in the fourth quarter of 2026. P2 Gold aims to complete detailed engineering and secure construction financing by the end of 2027. It could be permitted by then if things line up, and plans to start construction in 2028, targeting commercial production in 2029 after a 1-year build.  

The Year-End Estimate Against Management's Targets

The year-end estimate will form the basis of an FS that already assumes a larger mill. 

P2 Gold set the mill at 12 million t per year before the estimate was complete, and the update is the first published measure of the tonnage behind that decision.

The FS targets a mine life of at least 12 years, and management sees potential for twice that on near-surface mineralization alone. Drilling is expected to continue through the remainder of the year, but only holes completed by the end of October 2026 count toward the update. The release before Christmas 2026 will set gold, copper, and tonnage figures against targets of roughly 3 Moz, 1 to 1.5 billion lb, and 170 to 200 million tons.

Drilling & Exploration Beyond the Target 

A total of 105 reverse circulation (RC) holes had been drilled at Gabbs since October 2025 by October 14, 2026, with 40 at the Sullivan Zone and 65 at the Lucky Strike Zone. The latest 6 RC holes at Sullivan all intersected the zone's down-dip extension, its continuation deeper along the slope of the zone, which remains open at depth, including 0.32 g/t gold and 0.18% copper over 70.10 meters (m) from 64.01 m downhole. Two of those holes cut a new hangingwall gold-copper unit in an area that appears to have been modeled as waste in the PEA. The hangingwall is the rock lying above a mineralized zone.

Lucky Strike is open in all directions, and a higher-grade corridor discovered there in 2026 is open to the north and south. The Gold Ledge and Southwest areas carry potential at depth for a source porphyry, the body of intrusive rock that porphyry mineralization originates from, and need a plan of operations before drilling. The company's resource target of more than 5 Moz of gold equivalent is conceptual.

Beyond the zones being drilled, Ovsenek turns to where their mineralization came from:

"But the big potential is, where did this porphyry mineralization come from? Usually, there's a source porphyry where the mineralizations come from, and when you get into one of those, you are into a long-life, large mine. And so there's potential for that on our property."

P2 Gold plans to start looking for that source once Gabbs is generating cash flow.

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