P2 Gold closes $11.62-million private placement

P2 Gold has closed a non-brokered private placement for gross proceeds of $11,625,000. The offering consisted of 15.5 million units at $0.75 per unit; each unit includes one common share and one warrant with a $1.50 exercise price and two‑year term. Major subscriber Quaternary Group Ltd. took down 10 million units, while insiders subscribed for 300,000 units. Proceeds will fund exploration/development at the Gabbs gold‑copper project in Nevada and general corporate purposes. No finders’ fees were paid. Securities are subject to a four‑month hold expiring Sept. 26, 2026.

The closing is the expected culmination of a series of financing announcements that began on April 22 (initial $7.5M from Quaternary), were upsized twice (April 29 and May 13), and finally closed. The market had ample time to digest the terms; the price on closing day ($0.83) was only modestly above the unit price ($0.75), indicating no surprise. The deal’s structure – notably the $0.75 issue price vs. $0.20 a share just seven months earlier – reflects the company’s higher share price and a vote of confidence from a strategic investor. However, closing a previously announced and upsized placement is routine and adds no new fundamental information. The most impactful news in the recent sequence remains the May 11 feasibility study update (ramping production rate and advancing mill construction), which triggered a jump in the stock. Hence, this closing does not alter the investment thesis; the positive signal was already embedded.

P2 Gold is a junior explorer/developer focused on the 100%‑owned Gabbs gold‑copper project in Nye County, Nevada – a top‑tier mining jurisdiction with paved highway access, power, and now water rights. Gabbs hosts a large porphyry‑related system with oxide and sulphide mineralization. The 2025 Updated PEA outlines a 14.2‑year open‑pit, heap‑leach‑plus‑mill operation with LOM production of 1.55 Moz gold, 213 kt copper, and 2.48 Moz silver. Highlights: after‑tax NPV (5%) US$2.253 billion, IRR 77.5%, payback <1 year (spot metal prices). Pre‑production capex is US$382.7 million. Current resources: Indicated – 0.72 Moz Au, 2.17 Moz Ag, 297 Mlb Cu; Inferred – 1.28 Moz Au, 3.04 Moz Ag, 567 Mlb Cu; all zones remain open. The company is executing a multi‑phase drill program to upgrade inferred resources and expand the newly discovered Lucky Strike Zone (which may be larger than Sullivan). An updated Mineral Resource estimate is due Q3 2026, feeding a feasibility study targeted for Q4 2026.