P2 Gold: Car Body Zone Metallurgy and Drill Results Support Plans to Accelerate Mining and Cash Flow; Gabbs Project Update

P2 Gold Inc. (PGLD) released data on August 25, 2026, detailing three diamond drill holes from the Car Body Zone of its Gabbs Project in Nevada, alongside oxide column-leach metallurgy results and an updated project schedule.

The company reported the following drill intercepts from Table 5: - GBD-011: 39.62 m at 0.76 g/t Au from 9.14 m, including 13.72 m at 1.62 g/t Au. - GBD-013: 28.19 m at 0.78 g/t Au from 5.33 m, including 4.57 m at 3.08 g/t Au. - GBD-014: 13.72 m at 0.28 g/t Au from 4.57 m.

While the press release narrative attributed the 28.19 m at 0.78 g/t Au interval, including 4.57 m at 3.08 g/t Au, to GBD-014, Table 5 assigns that interval to GBD-013 and lists GBD-014 with only 13.72 m at 0.28 g/t Au. The table is treated as the authoritative source, though the discrepancy highlights a disclosure quality issue.

Metallurgical testing showed Car Body oxide column leach recoveries for gold at 78.3% at seven days, 92.7% at 39 days, and 95.6% at 73 days. P2 Gold stated that Car Body contains no material copper, eliminating the need for a SART plant. The company plans to accelerate cash flow through contract crushing and mining, utilizing a leased portable carbon-in-column plant that could be operational roughly six months after construction begins.

The updated Mineral Resource Estimate has been delayed to Q4 2026, down from prior guidance of Q3. The feasibility study is now expected in Q1 2027, versus the previous Q4 2026 target.

At the Gabbs project overall, 86 reverse circulation holes have been drilled since October 2025, comprising 28 at Sullivan and 58 at Lucky Strike. Lucky Strike remains open in all directions, with the higher-grade core extending southwest, while Sullivan remains open downdip.

P2 Gold Inc. (PGLD) released data that does not materially alter the thesis surrounding its Gabbs project. The company reported a 95.6% gold oxide recovery after 73 days, a result considered strong for heap leach operations. Additionally, the Car Body deposit’s lack of copper simplifies processing and supports early cash-flow generation during construction. The plan to bring cash flow forward from Car Body is viewed as a reasonable engineering approach.

However, the Car Body resource remains small. Reported drill intercepts are at or below the existing Car Body resource grade. The updated Mineral Resource Estimate (MRE) has slipped from Q3 2026 to Q4 2026, and the feasibility study has moved from Q4 2026 to Q1 2027. The company remains a pre-production explorer and developer with no revenue, negative operating cash flow, and a going-concern flag in its latest MD&A.

The stock has already re-rated substantially from C$0.17 to C$1.16, pricing in significant project advancement and Lucky Strike growth. This release delivers a small-zone metallurgical positive and a schedule slip rather than a major discovery result. The metallurgical recovery is a positive, but the drill results are modest and the timeline has slipped.

P2 Gold Inc. (PGLD) is a Vancouver-based mineral exploration and development company focused on the Gabbs Project, located on Nevada’s Walker Lane Trend. The company holds 100% ownership of the gold-copper project in Nye County, Nevada, encompassing a land package of 827 BLM lode claims and one patented claim, totaling approximately 68.9 square kilometres. Infrastructure includes access via paved Highway 361, with power and water available on site. The project targets gold, copper, and silver.

A feasibility study is currently underway, and no reserves have been reported. The 2024 Mineral Resource Estimate includes: - Indicated: 49.8 Mt at 0.45 g/t Au, 1.36 g/t Ag, 0.27% Cu; 0.72 moz Au, 2.17 moz Ag, 297 Mlb Cu. - Inferred: 112.2 Mt at 0.35 g/t Au, 0.84 g/t Ag, 0.23% Cu; 1.28 moz Au, 3.04 moz Ag, 567 Mlb Cu. - Car Body only: 3.2 Mt inferred oxide at 0.93 g/t Au plus 1.1 Mt inferred sulphide at 0.75 g/t Au.

The 2025 Preliminary Economic Assessment (PEA) outlines a base case with an after-tax NPV5% of US$942.9M and an IRR of 33.8%. A spot case scenario projects an after-tax NPV5% of US$2.253B and an IRR of 77.5%. Pre-production capital is estimated at US$382.7M, with a mine life of 14.2 years. The updated feasibility study targets a nominal production rate of 12 Mtpa, yielding 150,000 oz Au and 45-50 Mlb Cu per year.

Management includes Joe Ovsenek as President & CEO, Ken McNaughton as Chief Exploration Officer, Michelle Romero as EVP, and Grant Bond as CFO.