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P2 Gold is a junior exploration and development company focused on precious metals and copper. Established in 2020, the company is led by a management team with prior track records in exploration, financing, and project development. Its key asset is the Gabbs Project in Nevada, which is 100 % owned by P2 Gold. The company is pursuing a pathway toward production, backed by a recent Preliminary Economic Assessment (PEA).

1. A management team with over 25 years of collective experience and a track record across acquisition, exploration, financing, and operations.
2. The 100% ownership of the Gabbs gold-copper project advancing toward development via a positive PEA.
3. Alignment of management with shareholders — the team reportedly owns more than 20% of P2’s shares.

The Gabbs Project: Core Value Driver

Since P2 Gold is not yet producing, the Gabbs Project is the single primary value driver. Key features and considerations:

Project Location & Geology

• Gabbs is located in Nevada, along the Walker Lane trend, which hosts multiple significant mineral projects.
• The deposit is a gold-copper system, meaning that the project’s economics may derive from both metals.

Economic Study & Project Metrics

• An updated PEA was completed in May 2024.
• Commentary suggests that Gabbs could support a 14.2-year mine life, produce ~104,000 oz Au/year, and 13,500 tonnes of Cu annually.
• Metallurgical recoveries were reported at ~88% for gold, ~82% for silver, and ~67% for copper.
• The PEA indicates an attractive IRR under current precious metal prices.

Industry & Macro Tailwinds

Gold Market Dynamics

• Gold has surged above US$3,400/oz in 2025, supported by central bank buying, macro uncertainty, and inflation concerns.
• Central banks purchased over 400 tonnes of gold in Q1 2025, with US$38 billion in ETF inflows adding institutional support.
• A strong gold price environment creates leverage for junior developers like P2 Gold.

Copper / Critical Metals Component

• As a gold-copper project, Gabbs provides exposure to copper, a key metal for electrification, EVs, and renewable energy infrastructure.

Sector Sentiment

• Junior mining equities are volatile, often moving with sentiment and capital flows. P2’s valuation will track both its project news and broader market appetite.

Recent Developments & Catalysts

• The updated PEA highlights strong IRR potential, with integration of SART technology to improve recoveries and reduce costs.
• In 2024, P2 Gold and Eskay Mining terminated a merger plan but agreed to continue collaboration under an exploration services agreement.
• Ongoing investor outreach, drill results, metallurgical updates, permitting milestones, and financing announcements remain key drivers of share price.

Valuation & Investment Thesis

Valuation is speculative, but investors can frame it through:

1. NAV / DCF Modeling: Based on PEA assumptions, applying appropriate risk discounts.
2. Peer Comparisons: Benchmarking against junior gold-copper developers in Nevada and similar jurisdictions.
3. Upside Optionality: Exploration success, cost improvements, or higher metals prices could materially re-rate valuation.
4. Risk Discount: Must account for dilution, execution, and permitting uncertainties.

Thesis: P2 Gold provides leveraged exposure to gold and copper via Gabbs. If management executes and market conditions hold, upside could be meaningful — but risks are significant.

Key Catalysts to Watch

1. Drill and exploration results.
2. Metallurgical testing and recovery improvements.
3. Updated cost and capital estimates.
4. Permitting and regulatory approvals.
5. Financing strategies and potential partnerships.
6. Gold and copper market conditions.

Conclusion

P2 Gold offers speculative exposure to Nevada’s next potential gold-copper mine. Strengths include a favorable jurisdiction, strong commodity leverage, and insider alignment. Risks include dilution, execution hurdles, and commodity volatility. For investors with high risk tolerance, P2 Gold may represent an asymmetric bet on rising gold and copper prices. As with all juniors, portfolio allocation should be modest, and monitoring of catalysts is essential.