P2 Gold (TSXV:PGLD) - Proven Team Pushes Towards 2028 Production

P2 Gold Inc. – 2025 Review & 2026 Outlook

Key Concepts:

• Feasibility Study: A detailed analysis determining the viability of a mining project, including technical, economic, and environmental aspects.
• PA (Preliminary Assessment): An initial, high-level evaluation of a mineral project, less detailed than a feasibility study.
• Infill Drilling: Drilling conducted to increase the confidence in resource estimates by filling gaps between existing drill holes.
• Expansion Drilling: Drilling conducted to delineate the extent of a mineral deposit and potentially increase the resource base.
• Metallurgy: The study of the behavior of metals during extraction and processing.
• Heap Leaching: A mining process used to extract metals from ore using a chemical solution.
• Flotation: A process used to separate minerals from gangue (waste rock) by exploiting differences in their surface properties.
• Capex (Capital Expenditure): Funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, and equipment.
• BLM (Bureau of Land Management): A US federal agency responsible for managing public lands.
• Gold Equivalent (AuEq): A measure used to express the value of different metals in terms of the equivalent amount of gold.

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I. 2025 Performance & Key Achievements

P2 Gold Inc. experienced significant growth in 2025, with the stock price increasing from $0.06 to $0.73. Joe Olsen, President and CEO, attributes this success to several key achievements. The initial catalyst was the release of updated metallurgical results in early September, followed by an updated Preliminary Assessment (PA) in early October. These results demonstrated the robustness of the GABS project in Nevada, attracting investor attention. A successful financing round in the fall of 2025 provided the capital necessary to accelerate project development. Specifically, the company raised funds allowing for the immediate commencement of drilling programs in mid-October.

II. Team & Corporate Structure

The company benefits from a seasoned management team with a long history of collaboration. Key personnel include:

• Joe Olsen: President & CEO
• Ken McNaughton: Head of Exploration and Development (20+ years experience with Olsen)
• Michelle Romero: External Affairs
• Grant Bond: CFO

The team has a proven track record, having previously worked together at Silver Standard Resources (now SSR Mining) and Predium Resources. Olsen highlighted the team’s collective experience in taking projects from discovery to production, citing Predium Resources’ success in bringing a project to production in under eight years.

A significant corporate restructuring occurred in 2025 with the complete sell-down of Waterton Precious Metals’ 23 million share position, removing a previous overhang on the stock. Additionally, the company has sufficient cash to cover a convertible debenture due in late January, with expectations of conversion. Management currently holds approximately 16.5% of the company, demonstrating significant personal investment.

III. Asset Acquisition & Historical Data

P2 Gold acquired the GABS project from Waterton Precious Metals, consisting of approximately 300 claims and associated historical data. Since the acquisition, the company has added approximately 200 additional claims to expand the project area. The initial acquisition was funded primarily by Ken McNaughton and Joe Olsen, with subsequent payments made over time.

IV. Exploration & Resource Development (2026 Focus)

A primary focus for 2026 is converting the existing inferred resource of approximately 2.25 million gold equivalent ounces into indicated resources. This will be achieved through a 15,000-meter (potentially expanded) Reverse Circulation (RC) drilling program, initiated in mid-October 2025 and expected to continue through April 2026. Geotechnical drilling with a diamond drill began in November 2025. The goal is to generate an updated resource estimate to support mine planning and the ongoing feasibility study.

The mineralization at GABS is described as “consistent, porphyry-type mineralization,” with predictable grade distribution. Recent drill results, released in mid-December 2025, have confirmed the consistency of previous drilling.

V. Feasibility Study & Permitting Pathway

The company is prioritizing the completion of the feasibility study in 2026. In parallel, they are initiating the Mining Plan of Operations, the first step in the permitting process. The critical path item is expected to be obtaining the environmental permit from the Bureau of Land Management (BLM). Olsen expressed optimism that, with favorable conditions, gold could be poured by 2028 – a timeline significantly faster than the typical 15-16 year permitting process.

VI. Metallurgical Considerations & Economic Optimization

Initial metallurgical testing indicated a processing route involving heap leaching for the oxide mineralization and milling for the sulfide mineralization. However, current metal prices (gold, copper, and silver) have significantly increased since the initial PA was completed. Olsen noted that, based on current spot prices, the initial capital expenditure could be recouped within 5-6 months of production. This allows for the potential to accelerate the mill construction, increasing overall gold recovery and improving project economics. Further metallurgical testing is underway to optimize the process, particularly focusing on flotation recovery and sulfide recovery.

VII. Capital Management & Funding Strategy

The funds raised in the fall of 2025 are expected to be sufficient to complete the feasibility study. Future funding requirements for capital expenditures will be evaluated based on maximizing return on investment. Olsen emphasized a willingness to accept higher financing costs if it allows for faster project development and earlier production.

VIII. Past Successes & Execution Credibility

Olsen and McNaughton previously collaborated on successful projects at Silver Standard Resources and Predium Resources. At Silver Standard, they grew the company from a $50 million market cap to $2 billion. At Predium Resources, they successfully brought a discovery to production in under eight years, a timeframe considered rapid in the industry. Olsen attributes this success to setting aggressive targets and relentlessly pursuing their achievement. He believes this execution-focused mindset is transferable to the GABS project.

Notable Quote:

“Set tough targets and work towards them. That’s been our secret to our success.” – Joe Olsen, President & CEO, P2 Gold Inc.

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Conclusion:

P2 Gold Inc. is positioned for significant advancement in 2026. The company has a strong management team, a robust project in GABS, and a clear pathway to production. The focus on converting inferred resources to indicated, completing the feasibility study, and securing permits, coupled with a proactive approach to capital management and a commitment to aggressive execution, suggests a high probability of achieving their goal of pouring gold by 2028. The current favorable metal price environment further enhances the project’s economic viability and potential for rapid development.