P2 Gold Gabbs Project Update: Feasibility Study on Track
P2 delays its feasibility study to Q1 2027 while increasing throughput to 12 Mtpa and confirming resource growth through drilling.
P2 Gold Inc. (PGLD) issued an operational update regarding its 100%-owned Gabbs Project in Nevada, announcing that the Feasibility Study is now targeted for completion in Q1 2027, a slight delay from the previously targeted Q4 2026. The updated production plan features a heap leach facility operating at 12–14 million tonnes/year in Years 1-2, followed by a mill facility operating at 12 million tonnes/year in parallel with a variable heap leach (up to 4 million tonnes/year) from Year 3 onward. Mill throughput capacity has been increased to 12 million tonnes per year starting in Year 3 of operations.
Metallurgical recovery rates are reported at 94.5% gold and 79.9% copper for the mill, and 85% gold and 67% copper for heap leaching. Updated Mineral Resource estimates are expected in Q4 2026, incorporating 96 RC and 39 diamond drill holes completed since October 2025.
Regarding regulatory progress, a water rights agreement for 2,500 acre-feet/year was signed in April 2026, with NDWR approval expected in 3-6 months. BLM baseline assessment consultants have been selected, with a detailed mining plan of operations expected to be filed in Q1 2027.
P2 Gold Inc. (PGLD) released a routine positive update confirming that the Gabbs Project is advancing toward production, though the timeline for the Feasibility Study has shifted modestly to Q1 2027. The company plans to increase mill throughput to 12 Mtpa and accelerate the start of mill operations to Year 3, a change from the previously planned Year 6. These adjustments are expected to materially improve the project's cash flow profile and economics.
The updated resource estimate, scheduled for Q4 2026, will serve as the critical next step to validate the increased throughput and support the feasibility study. This news aligns with previous expectations regarding drilling progress and metallurgical results, providing incremental confirmation rather than unexpected market-moving information.
P2 Gold Inc. (PGLD) is a Canadian exploration and development company focused on the Gabbs Project in Nye County, Nevada. The project is a gold-copper porphyry system located on the Walker Lane Trend and comprises four zones: Sullivan, Lucky Strike, Gold Ledge, and Car Body.
The project is currently in the feasibility study phase, targeting a 14.2-year mine life. A 2025 preliminary economic assessment (PEA) indicated a strong economic profile with an after-tax net present value (NPV) of $2.253 billion at a 5% discount rate and an internal rate of return (IRR) of 77.5% under spot metal prices.
The company holds 827 BLM lode mining claims covering approximately 68.9 square kilometers. No royalties are currently on production, though the company has the right to acquire a 2% net smelter return (NSR) for $6.5 million.