Bonum pretium

P2 Gold owns 100% of the Gabbs property in Nevada, where past exploration has identified a resource of 2.0Moz Au and 3.5Moz AuE in an area with paved highway access and power lines crossing the property on otherwise low-utility land within 45 minutes of services in the town of Hawthorne. The Gabbs Project was the subject of a preliminary economic assessment (PEA) in May 2024, which calculated an NPV5 for the project of US$550m. However, this was updated in October 2025, with metallurgical improvements alone responsible for increasing the NPV5 of the project by 12.4%, or US$68m. Once increased base case metals prices were also taken into account (albeit only US$2,350/oz Au, US$29.00/oz Ag and US$4.50/lb Cu and therefore still materially b...