Gabbs Project Feasibility Study: Nominal Production Rate Increased to 12 Million Tonnes per Year and Mill Operations Advanced to Year Three

P2 Gold released an update on its feasibility study for the 100%-owned Gabbs Project in Nevada. The key changes are a 33% increase in the nominal production rate to 12 million tonnes per year (from 9 Mtpa) and advancing the start of mill operations from year six to year three of a multi-decade mine life. The revised concept uses a 14 Mtpa high-capacity heap leach facility for the first two years, then a 7 Mtpa mill running in parallel with a 5–7 Mtpa heap leach operation from year three onward. Targeted annual output is 150,000 ounces of gold and 45–50 million pounds of copper. The feasibility study remains on track for completion in the fourth quarter of 2026, with environmental baseline work and test-well drilling now underway.

This is a genuinely new and positive development that materially improves the project’s previously disclosed base case. In the October 2025 Preliminary Economic Assessment (PEA), the Gabbs plan called for a 9 Mtpa heap leach for the first five years, with mill processing starting only in year six. Pulling the mill forward to year three and boosting overall throughput to 12 Mtpa signals a significant optimization of the mine plan, likely enhancing the net present value, internal rate of return, and early-life cash flow profile beyond what was already an impressive set of metrics (NPV 5% ~US$2.25 billion, IRR 77.5%). The move accelerates gold and copper production, which should shorten the payback period and make the project more financeable. Importantly, the feasibility study is not yet complete; this announcement is a design update, not the final study itself. Nevertheless, the scale of the improvement is substantial enough that it will likely re-rate the stock as the market digests the upward revision to the production profile. No new financing, strategic investment, or game-changing event (such as a takeover or first-time strategic investor) is attached—hence the rating is Material – Positive, not Game Changer.

P2 Gold Inc. is a Nevada‑focused gold‑copper developer. Its flagship is the 100%‑owned Gabbs Project, located in Nye County, Nevada, with excellent infrastructure (paved highway, nearby power, and secured water rights). The project hosts a large, near‑surface oxide‑sulphide deposit currently in the advanced exploration/pre‑feasibility stage.

The October 2025 PEA outlined a 14.2‑year open‑pit mine life producing an average of 109,000 oz Au and 15,000 t Cu per year, with a post‑tax NPV 5% of US$2.253 billion and IRR of 77.5% at spot metal prices. The resource base is substantial: Indicated 49.8 Mt grading 0.45 g/t Au, 1.36 g/t Ag, 0.27% Cu (1.16 Moz AuEq) and Inferred 112.2 Mt at 0.35 g/t Au, 0.84 g/t Ag, 0.23% Cu (2.29 Moz AuEq). All zones remain open, and recent drilling has consistently returned wide intervals of gold-copper mineralization with higher‑grade cores.