◆ P2 Gold (“PGLD”, or “Company”) is advancing its flagship gold and copper
Gabb's Project in mining-friendly Nevada, USA, which boasts a project NPV
of US$1.429 billion at a 10% discount rate using spot commodity prices.
The Company delivered a 470% shareholder return since our initial research
report, dated November 28th, 2024.
◆ Strongly improved PEA: The updated 2025 PEA has dramatically improved
economics due to increased metallurgical recoveries, adding +74koz Au,
+423koz Ag, + 23kt Cu production over the life of mine (LOM) and a higher
commodity price environment, which is set to persist.
◆ Robust underlying resource: The Gabbs Project boasts 1.2 million AuEq in
the indicated and over 2.1 million AuEq in the inferred category (2024 PEA).
This resource underpins the PEA with a 14.2-year LOM and remains highly
leveraged to the gold price.
◆ Experienced Management Team:
