P2 Gold Inc.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

P2 Gold Inc. is a precious metals and copper exploration company founded by a management team with a proven track record of discovery and successfully developing exploration projects into mines. P2 is focused on the advance of its BAM gold/copper discovery in BC’s Golden Triangle with an initial Mineral Resource estimate for near-surface gold mineralization open in multiple directions and with significant exploration potential for a gold/copper porphyry system at depth. P2 is also completing a preliminary economic assessment (PEA) on its Gabbs gold/copper Project on the Walker-Lane Trend in Nevada.

Investment Highlights

• Two exploration projects in two Tier-One Mining Jurisdictions: Golden Triangle, BC and Nevada
• Management team owns over 20% of P2 shares: aligned with shareholders
• Gold and Copper Mineral Resources with near-term exploration upside: Porphyry discovery potential at depth
• Favorable terrain and local support for responsible exploration and development

Projects in Hand

BAM Gold-Copper Project, British Columbia

New discovery in the Golden Triangle

• Monarch Gold Zone discovered in 2020 with a maiden Mineral Resource announced in early 2023
• Good infrastructure, with Galore Creek access road less than 2km from property, Highway 37 and Northwest Transmission line 35km (22 miles) east
• Exploration focused on source porphyry for the near-surface mineralization

January 2023 Bam Project, Monarch Gold Zone, Pit Constrained Mineral Resource Estimate

(See news release dated January 24, 2023)

OPPORTUNITY: Advance a gold-copper discovery with favorable terrain near good access to infrastructure.

The BAM property first came to prominence in the 1960s with the discovery of the Jan Copper Zone and again in the 1980s with the discovery of high-grade gold in surface trenches, but has not been systematically explored for large porphyry related copper-gold or a bulk tonnage gold-silver system using modern exploration techniques. The BAM Project is located to the east of the Galore Creek Deposit, south of the Schaft Creek Deposit and southwest of the Red Chris Mine, all of which are large copper-gold porphyry deposits.

STRATEGY: Test for the location of the source porphyry of the Jan Copper Zone and Monarch Gold Zone.

Significant near-surface gold mineralization has now been defined over an area of more than one kilometer by one kilometer at the Monarch Gold Zone, indicating the size potential of the porphyry system. The recent three-dimensional interpretation of the 2022 BAM geophysics survey results align well with drill results to date and surface mapping.

BAM Project 2023 Exploration Program

• Two phase drill program planned for June through September
• 12,000 to 14,000 meters
• Target feeder zones and porphyry system at depth
• Drilling commenced in June with the first phase consisting of approximately 3,000 metres (See news release dated June 15, 2023)
• Weatherproofing main camp structures
• Geophysics Survey
• Natural Source Magneto-telluric
• Permit access road
• Initiate baseline environmental

Gabbs Gold-Copper Project, Nevada

Gold-copper porphyry in the Fairplay Mining District, Walker Lane Trend

• Four known zones of near surface gold-copper and gold mineralization
• Good infrastructure, with highway access and powerline crossing the property
• Preliminary Economic Assessment (PEA) underway
• Additional near surface targets for resource expansion
• Porphyry target at depth

June 2023 Gabbs Project Pit Constrained Mineral Resource Estimate

(See news release dated June 29, 2023)

OPPORTUNITY: Revisit a solid asset with a modern approach

The gold-copper mineralization at three of the known zones, Sullivan, Lucky Strike and Gold Ledge, is hosted within what are interpreted to be sills associated with an alkaline gold/copper porphyry. The gold mineralization at the fourth zone, Car Body, is interpreted to be low-sulphidation epithermal mineralization. Prior to P2’s 2021 drill program, the mineralized zones at Gabbs had not been tested along strike or at depth, and of the 494 holes drilled at Gabbs between 1970 and 2011 by various operators, 180 holes (36%) ended in mineralization. Also, a significant number of holes drilled prior to 2004 were, depending on the focus of the operator, assayed only for gold or only for copper, not both metals. During the low metals price era of the 1980’s/1990’s, prior operators were focused principally on oxide gold and contemplated an open pit heap leach operation for Gabbs.

2023 CATALYSTS

P2 Gold has retained Kappes Cassiday & Associates of Reno, Nevada and P&E Mining Consultants of Brampton, Ontario to prepare a Preliminary Economic Assessment (PEA) on the Gabbs Project which will evaluate a milling only option, a combination heap leach and milling option and a heap leach only option.

On June 29, 2023, P2 Gold announced positive Gabbs Preliminary Economic Assessment

PEA Highlights

• Open pit, heap leach operation focused predominantly on oxide gold and copper Mineral Resources (Phase One), mining 43.4 million leachable tonnes and 102.3 million waste tonnes
• After-tax net present value (5% discount rate) of US$163.1 million and internal rate of return of 16.7% at US$1,950 gold and $4.50 copper
• Mine life of 11.1 years, with an average processing rate of 11,000 tonnes per day
• LOM gold equivalent production of 837,000 ounces (43.4 million tonnes at 0.54 g/t gold and 0.25% copper) and LOM gold production of 562,100 ounces
• Estimated pre-production capital cost, including contingencies, of US$230.2 million

Management

Management and Directors

Joe Ovsenek, President & Chief Executive Officer, Chairman

Over 25 years of senior management experience in precious metals, building teams and leading growth from early exploration stage to production

Former President and CEO of Pretium Resources Inc.

Prior to Pretium, 15 years in senior management roles for Silver Standard Resources Inc.

Ken McNaughton, Chief Exploration Officer and Director

Over 30 years of global experience developing and leading precious metals mineral exploration programs

Former Chief Exploration Officer of Pretium Resources Inc.

Prior to Pretium, 20 years as Vice President, Exploration at Silver Standard Resources Inc.

Michelle Romero, Executive Vice President and Director

Over 17 years of management experience in precious metals, including community and investor relations, ESG, risk and human resources

Former Executive Vice President, Corporate Affairs and Sustainability of Pretium Resources Inc.

Prior to Pretium, Director, IR of Silver Standard Resources Inc.

Grant Bond, Chief Financial Officer

Over 12 years of professional financial experience. Former Corporate Controller of Pretium Resources Inc.

Marcus Chalk, Director

Neville Dastoor, Director

Olav Langelaar, Director

Ron MacDonald, Director

Tom Yip, Director

News Update

On May 22, 2024, P2 Gold Inc. has released results from a positive updated preliminary economic assessment (2024 PEA) on its wholly owned Gabbs gold-copper project located on the Walker Lane trend in Nevada. The 2024 PEA was prepared by Kappes, Cassiday & Associates (KCA) of Reno, Nev., with mineral resource and geological/mining contributions from P&E Mining Consultants Inc. in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.

A comparison of the 2024 PEA with the September, 2023, preliminary economic assessment is set out after the 2024 PEA description. PEA highlights:

• After-tax net present value (5-per-cent discount rate) of $949.2-million (U.S.) and internal rate of return of 33.5 per cent at $2,414 (U.S.)/ounce gold, $31.48 (U.S.)/oz silver and $4.71 (U.S.)/pound copper (spot metal prices);
• Total projected life-of-mine (LOM) posttax cash flow of $1.7-billion (U.S.) at spot metal prices over 14.2-year mine life;
• Total projected LOM revenue of $5.4-billion (U.S.) at spot metal prices over 14.2-year mine life.
• LOM production of 1,471,000 ounces of gold, 2,058,000 ounces of silver and 190,000 tonnes of copper.
• Estimated preproduction capital cost, including contingencies, of $365.5-million (U.S.) with payback of 1.7 years at spot metal prices.

"We have increased the production profile for Gabbs to nine million tonnes per year while still maintaining a healthy mine life of over 14 years," commented Joe Ovsenek, president and chief executive officer of P2. "Life-of-mine production at Gabbs is now expected to be over 1.4 million ounces of gold and 190,000 tonnes of copper. The 2024 PEA contemplates heap leach processing at nine million tonnes per year as the first phase of operations for the initial five years to reduce upfront capital requirements and project risks. In year six, operations will switch to concurrent heap leach processing at four million tonnes per year and mill processing at five million tonnes per year. Heap leach operations will pay for preproduction capital and a significant portion of mill capital prior to the commencement of mill processing in year six.

"The next steps are to optimize metallurgical recoveries (as metal leaching was continuing when column tests were stopped due to time constraints), renew water well permits and file a mining plan of operations. What's more, Gabbs has considerable mineral resource expansion potential for both oxides and sulphides, which is why we expect Gabbs to be a long-life gold and copper mine."

On April 29, 2024, P2 Gold Inc. has completed the April, 2024, updated mineral resource estimate for its wholly owned Gabbs project located on the Walker Lane trend in Nevada. The 2024 MRE was prepared by P&E Mining Consultants Inc. ("P&E") in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101").

"As part of the 2024 Preliminary Economic Assessment underway for the Gabbs Project, we have updated the operating costs for both heap leach and mill processing," commented Joe Ovsenek, President and CEO of P2. "These operating costs have been used to update the pit-constrained Mineral Resource for the Gabbs Project. We now have substantially more mineralized material above the cut-off grades for the heap leach and mill. The known zones of mineralization at Gabbs all outcrop and remain open along strike and at depth, with excellent potential for non-outcropping zones of mineralization."

Gabbs Project 2024 Mineral Resource Estimate : The 2024 MRE was prepared by P&E based on four diamond drill holes and 27 reverse circulation drill holes completed by the Company in 2021 and 2022 and 494 drill holes completed by prior Gabbs Project operators between 1970 and 2011.

The main difference between the 2024 MRE and the June 2023 Mineral Resource Estimate (see news release dated September 11, 2023) is the decrease in the oxide cut-off grade to 0.27 g/t gold equivalent from 0.28 g/t gold equivalent and a decrease in the sulphide cut-off grade to 0.36 g/t gold equivalent from 0.44 g/t gold equivalent. As a result, both oxide and sulphide Mineral Resources have increased.

On March 28, 2024, Pursuant to P2 Gold Inc.'s stock option plan, it has granted stock options to directors, officers, employees and consultants of the company to purchase an aggregate of 1.4 million common shares in the capital of the company at an exercise price of eight cents per share, which expire on March 27, 2026. Following this stock option grant, the company has a total of 8,142,583 stock options outstanding representing approximately 6.88 per cent of the outstanding common shares of the company. This stock option grant is subject to acceptance by the TSX Venture Exchange.

On March 25, 2024, The TSX Venture Exchange has accepted P2 Gold Inc. for filing documentation with respect to a non-brokered private placement announced Feb. 13, 2024, and amended on March 1, 2024.

Convertible debenture: $1,665,000

Conversion price: convertible into common shares at seven cents per share of principal outstanding until Jan. 31, 2025 (year 1), and at 10 cents per share from Feb. 1, 2025, until Jan. 31, 2026 (year 2)

Maturity date: Jan. 31, 2026 (The company will have the option to extend the maturity date, subject to exchange approval.)

Detachable warrants: Each detachable warrant will have a term of two years from the date of issuance of the notes and entitle the holder to purchase one common share. The warrants are exercisable at the price of 15 cents.

Interest rate: 7.50 per cent per annum (Any settlement of interest in shares will be subject to exchange approval.)

Number of placees: 36 placees

Total existing insider involvement: 85 debentures ($85,000) (one insider)

On March 25, 2024, P2 Gold Inc. has provided an update on its wholly owned gold-copper Gabbs project located on the Walker-Lane trend in Nevada and confirms the terms of the finder's fee for its convertible debenture unit offering. Gabbs project preliminary economic assessment:

The company is re-evaluating the preliminary economic assessment (PEA) on the Gabbs project, with a new PEA expected to be completed in the second quarter of this year. In re-evaluating the PEA, the company is assessing the benefits of incorporating the lower-grade mineralized material above the cut-off grade for heap leach and mill mineralized material that was not included in the September, 2023, PEA. The 2024 PEA is expected to comprise a heap leach operation and a mill operation starting up after the initial heap leach capital is repaid, with the heap leach and mill operating in tandem for the remainder of the mine life.

"Now that the outstanding project debt has been settled, we can focus on unlocking Gabbs's potential by continuing to advance the project through feasibility," commented Joe Ovsenek, president and chief executive officer of P2. "Existing infrastructure at Gabbs includes paved access, power on the property and historically permitted water wells. The known zones of gold-copper mineralization at Gabbs outcrop at surface and remain open in multiple directions, and the property remains highly prospective for the discovery of new zones of mineralization. We look forward to announcing the results of the 2024 PEA."

On March 14, 2024, P2 Gold Inc. has closed the second tranche of the non-brokered private placement of convertible debenture units at $1,000 per unit for gross proceeds of $1,665,000, previously announced on Feb. 13, 2024, and March 5, 2024. The Second Tranche consisted of 303 Units for gross proceeds of $303,000.

Each Unit consists of one convertible debenture (a "Convertible Debenture") with a principal amount of $1,000 and 12,500 Share purchase warrants (the "Warrants").

On February 13, 2024, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on Dec. 21, 2023, and Dec. 27, 2023.

Number of shares: 6.25 million shares

Purchase price: eight cents per share

Warrants: 6.25 million share purchase warrants to purchase 6.25 million shares

Warrant exercise price: 15 cents for a two-year period subject to an acceleration expiry clause

Number of placees: 24 placees

Total existing insider involvement: 1,122,500 (two insiders)

On February 13, 2024, P2 Gold Inc., subject to TSX Venture Exchange approval, has reached an agreement to settle the outstanding debt related to the acquisition of the Gabbs project and intends to complete a concurrent non-brokered private placement of convertible debenture units for up to $1.7-million.

Debt settlement: In settling the debt, P2 has entered into a termination agreement with Waterton Nevada Splitter LLC, an affiliate of Waterton Precious Metals Fund II Cayman LP, pursuant to which P2 will issue or pay to Splitter: (a) $1-million (U.S.) and 5,231,869 common shares in the capital of the company, following exchange approval of the termination agreement and offering; (b) $125,000 (U.S.) on or before Jan. 31, 2025; and (c) $125,000 (U.S.) on or before Jan. 31, 2026.

"The team at Waterton has been very supportive as we have worked to advance Gabbs," commented Joe Ovsenek, president and chief executive officer of P2. "The removal of the debt overhang on Gabbs will allow us to continue to move the project forward, and to pull back on the sale of a royalty in the short term. Without the time constraints associated with the debt payments, we can assess the best options for financing Gabbs going forward as we optimize mine development."

On February 02, 2024, P2 Gold Inc. has closed the first tranche of its non-brokered private placement of units consisting of 6.25 million units in the capital of the company at a price of eight cents per unit for gross proceeds of $500,000. The proceeds of the private placement will be used to finance engineering expenditures and for general corporate purposes.

On December 27, 2023, P2 Gold Inc. intends to increase the size of its previously announced non-brokered private placement to up to 15.7 million units from 6.5 million units at a price of eight cents per unit for gross proceeds of up to approximately $1,256,000.

The offering will close on completion of documentation and is conditional upon receipt of all necessary regulatory approvals, including the approval of the exchange. The proceeds of the offering will be used to finance exploration and engineering expenditures and for general corporate purposes.

On December 21, 2023, P2 Gold Inc. intends to complete a non-brokered private placement of up to 6.5 million units at a price of eight cents per unit for gross proceeds of up to $520,000.

The offering will close on completion of documentation and is conditional upon receipt of all necessary regulatory approvals, including the approval of the exchange. The proceeds of the offering will be used to finance exploration and engineering expenditures and for general corporate purposes.

On December 20, 2023, Following the completion of the 2023 BAM exploration program, a review of all work completed on the project to date was undertaken by company geologists and a leading expert in porphyry mineralization. The review, which included an analysis of all geological mapping, geophysics, sampling and drilling data, suggests that the gold mineralization at the Monarch gold zone is related to an intrusive distal to the zone and interpreted by the company to be located to the north of the zone.

An area of particular interest for the potential source of the Monarch gold zone mineralization is the More Creek zone located approximately five kilometres east of Arctic Lake, and approximately eight kilometres northeast of the Monarch gold zone. The More Creek zone is defined by a strong gold/copper soil anomaly measuring one kilometre by one kilometre, open to the west, and within which numerous rock grab samples returned values ranging from 0.1 to 0.6 gram per tonne gold and 0.2 per cent to 0.4 per cent copper.

On October 23, 2023, P2 Gold Inc. has filed a National Instrument 43-101, Standards of Disclosure for Mineral Projects, technical report, entitled, "NI 43-101 Technical Report, Preliminary Economic Assessment, Gabbs Heap Leach and Mill Project, Nye County, Nevada, USA," with an effective date of Sept. 7, 2023. The Gabbs technical report is available under the company's profile on SEDAR+ and on the company's website.

The Gabbs technical report was prepared by Carl E. Defilippi, RM, SME, of Kappes, Cassiday & Associates, of Reno, Nev., Eugene Puritch, PEng, FEC, CET, Andrew Bradfield, PEng, William Stone, PhD, PGeo, Jarita Barry, PGeo, David Burga, PGeo, and Kirk Rodgers, PEng, of P&E Mining Consultants Inc., of Brampton, Ont., and Douglas Willis, CPG, of Welsh Hagen Associates, of Reno, Nev., each of whom is a qualified person as defined by NI 43-101 and independent of the company.

On September 11, 2023, P2 Gold Inc. has released results from a positive updated preliminary economic assessment on its wholly owned gold-copper Gabbs project located on the Walker Lane trend in Nevada. The updated PEA was prepared by Kappes, Cassiday & Associates (KCA) of Reno, Nev., with mineral resource and mining contributions from P&E Mining Consultants Inc. in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. An NI 43-101 technical report will be prepared and posted on P2 Gold's website and the company's profile on SEDAR+ within 45 days of the date of this news release. PEA highlights:

• After-tax net present value (5-per-cent discount rate) of $292.2-million (U.S.) and internal rate of return of 17 per cent at $1,918 (U.S.)/ounce gold, $23.01 (U.S.)/oz silver and $3.73 (U.S.)/pound copper (spot metal prices);
• Total projected life-of-mine (LOM) revenue of $3.43-billion (U.S.) at spot metal prices over 13.4-year mine life;
• LOM gold equivalent production of 1.86 million ounces (79.1 million tonnes at 0.54 gram per tonne gold, 1.28 g/t silver and 0.27 per cent copper) at spot metal prices, with LOM production of 1,206,000 ounces of gold, 1,742,000 ounces of silver and 327 million pounds of copper;
• Average annual gold equivalent production of 139,000 ounces at spot metal prices;
• Estimated preproduction capital cost, including contingencies, of $277.7-million (U.S.) with payback of three years at spot metal prices.

On September 08, 2023, P2 Gold Inc. has received the results from the two drill holes completed during the 2023 exploration program at its gold-copper BAM project located in the Golden Triangle of Northwestern British Columbia and an updated preliminary economic assessment on its Gabbs project in Nevada is nearing completion.

On August 14, 2023, P2 Gold Inc. has filed a National Instrument 43-101 -- Standards of Disclosure for Mineral Projects technical report entitled "NI 43-101 Technical Report, Preliminary Economic Assessment Gabbs Project, Nye County, Nevada, USA," with an effective date of June 29, 2023. The Gabbs technical report is available under the company's profile on SEDAR and on the company's website.

On July 21, 2023, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on April 17, 2023.

Number of shares: 6,397,000 flow-through (FT) units; 3,611,927 non-flow-through (NFT) units

Purchase price: 32 cents per FT unit; 27 cents per NFT unit

Warrants: 10,008,927 share purchase warrants to purchase 10,008,927 shares

Warrant purchase price: 40 cents for two years from the date of issuance, subject to accelerated expiry

Number of placees: 36 placees

July 14, 2023, P2 Gold Inc. Completes the First Two Drill Holes, and the 2023 Mapping and Sampling Program at BAM project

June 29, 2023, P2 Gold Announces Positive Gabbs Preliminary Economic Assessment

https://www.p2gold.com/news/-p2-gold-announces-positive-gabbs-preliminary-economic-assessment

June 15, 2023, P2 Gold Kicks Off Drilling at BAM

https://www.p2gold.com/news/p2-gold-kicks-off-drilling-at-bam

May 31, 2023, P2 Gold Closes Second Tranche of Non-Flow-Through Financing. The Second Tranche consisted of 785,632 Units for gross proceeds of approximately $212,000.

https://www.p2gold.com/news/p2-gold-closes-second-tranche-of-non-flow-through-financing

May 25, 2023, P2 Gold Announces Option Grants

https://www.p2gold.com/news/p2-gold-announces-option-grants-20230525

May 8, 2023, P2 Gold Extends BAM Option Term

https://www.p2gold.com/news/p2-gold-extends-bam-option-term

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