P2 Gold's 2026 Catalyst Calendar: What to Watch Quarter by Quarter

• P2 Gold Inc. has acquired 2,500 acre-feet per year of water rights in the Gabbs Basin of Nevada for US$10.625 million, exceeding the 1,500 acre-feet per year required at current process design.
• Nevada Division of Water Resources (NDWR) approval of the transfer is expected within six to twelve months, coinciding with the projected feasibility study (FS) completion at the end of the fourth quarter.
• The 2026 workplan runs concurrent workstreams including infill and expansion drilling targeting north of 25,000 metres, Phase 4 metallurgical testing, geotechnical drilling, environmental baseline studies, a Mining Plan of Operations filing, water permitting, and the FS itself.
• Management is evaluating whether the feasibility study will be based on 9 million tonnes per year or 12 million tonnes per year, with ongoing trade-off studies aimed at optimising production.
• The October 2025 preliminary economic assessment (PEA) outlines an after-tax net present value at a 5% discount rate (NPV5%) of US$942.9 million and an after-tax internal rate of return (IRR) of 33.8% at a base-case gold price of US$2,350 per ounce, with US$382.7 million in preproduction capital.

Gabbs Project 2026 Overview

P2 Gold Inc. is advancing its gold-copper Gabbs Project in Nevada through a 2026 programme running concurrent workstreams, all targeting a feasibility study (FS) completion in the fourth quarter. The water rights acquisition is the most recent milestone in that sequence. The acquired volume ensures upside capacity in anticipation of potential project expansion.

Project Location & Economics

The Gabbs Project, located on Nevada's Walker Lane Trend and accessible via paved Highway 361 with a transmission line crossing the property, is modelled in the October 2025 PEA with a 14.2-year mine life, averaging 109,000 ounces of gold and 15,000 tonnes of copper annually, equivalent to roughly 174,400 gold-equivalent ounces per year. At base-case prices the project delivers an after-tax net present value at a 5% discount rate (NPV5%) of US$942.9 million, an after-tax internal rate of return (IRR) of 33.8%, and a 2.4-year payback.

The April 2024 MRE outlines 1.16 million ounces of gold-equivalent in the indicated category and 2.29 million ounces in the inferred category across four mineralised zones: Sullivan, Lucky Strike, Gold Ledge, and Car Body, all of which remain open, with an updated MRE expected in the third quarter of 2026 upon completion of drilling. 

P2 Gold's market capitalization was approximately US$111.2 million with 225,176,600 shares outstanding and recent TSXV trading at $0.67. The company also settled US$503,357.63 in shareholder working-capital loans through the issuance of 671,143 shares at a deemed $0.75 per share, pending TSXV approval.

Water Rights: Terms & Timeline

P2 Gabbs Inc. will acquire rights to 2,500 acre-feet per year of water rights in the Gabbs Basin for US$4,250 per acre-foot per year, for a total of US$10.625 million. The acquisition remains subject to a definitive agreement and TSX Venture Exchange approval. Payment is structured in two tranches: US$100,000 payable upon signing of the definitive agreement, and US$10.525 million payable within 30 days following the Nevada Division of Water Resources (NDWR) approving the transfer.

If approval has not been obtained by each anniversary of the definitive payment, an additional US$100,000 per year is payable to the vendor until approval is received. The anticipated time frame for NDWR approval of the transfer of the water rights to P2 is 6 to 12 months, coinciding with the projected completion of the Gabbs feasibility study at the end of the fourth quarter.

Workstreams Initiated

In the first quarter of 2026, the Draft Mining Plan of Operations was filed with the Bureau of Land Management. Infill and expansion drilling commenced early in the year, with the programme expanded from an initial target of 15,000 metres to north of 25,000 metres. Geotechnical drilling and a metallurgical programme are ongoing concurrently. Phase 4 metallurgical testing and environmental baseline studies are also underway.

Data Gathering & a Processing Rate Decision

The infill and expansion drilling programme is projected to conclude in the second quarter of 2026. An updated mineral resource estimate (MRE) is expected in the third quarter, prior to the target completion of the FS.

The company is evaluating whether to increase the processing rate from 9 million tonnes per year to 12 million tonnes per year for the FS. Based on the October 2025 PEA assumptions at 9 million tonnes per year, the project returned an after-tax NPV5% of US$942.9 million and an after-tax IRR of 33.8%, with US$382.7 million in preproduction capital.

President and Chief Executive Officer of P2 Gold, Joseph Ovsenek, outlined the case for a higher throughput scenario:

"We've got some studies underway now. On the mining side we can look to increase from 9 million tonnes to 12 million tonnes a year because we'd like to get closer to 150,000 ounces of gold a year and 45 million 50 million pounds of copper a year."

Phase 4 metallurgical testing is scheduled for completion in the third quarter of 2026. Environmental baseline studies are running in parallel, with the company engaging local consulting firms familiar with the area and commencing baseline work ahead of the Mining Plan of Operations being finalised. 

Feasibility Study Completion

The FS is targeted for completion in the fourth quarter of 2026. It will incorporate the updated MRE, Phase 4 metallurgical results, geotechnical drilling data for pit slope optimisation, an updated mine plan, and revised capital cost estimates. Areas under evaluation include equipment alternatives, contract versus owner-fleet mining, and waste stripping optimisation through alluvium assessment.

What to Watch

Management is evaluating what production rate to focus on for the FS. The third-quarter MRE update and the fourth-quarter FS completion are the primary scheduled milestones for the remainder of 2026. The FS will evaluate equipment alternatives to reduce capital costs.

Water rights approval is expected to coincide with FS completion. Beyond 2026, the planned schedule targets detailed engineering in 2027, environmental permitting through 2028, and a production start in 2029, subject to availability of financing and permitting.

FAQs (AI-Generated)

‍