P2 Gold Inc.

Thank you everyone for sticking around for Wednesday morning to hear about P2 Gold and our Gabbs project. I will be making forward-looking statements throughout this presentation. So at P2 Gold, we have a feasibility study underway, and we expect to get the results completed and announced in the first quarter of 2027, so just a few months away. Target for that feasibility study, 150,000 ounces of gold, 50 million pounds of copper per year with a minimum twelve-year mine life. And plans are to have Gabbs in production in 2029, less than three years from now.

So this is our team. We’ve worked together for quite a while, and we know what it takes to build a mine.

If you take a look at the left-hand side of the slide, as I mentioned, we’re in Nevada. You can see Reno. We’re a two-hour drive on pavement from Reno down into that… You can see that dashed square. And then if we look at the right-hand side of the slide, you see the inset blown up. And there’s our Gabbs project in the top right. Hawthorne, 45 minutes away on the left. That’s where we have our office. All of pavement right to the project, great logistics.

If you look at the Gabbs project, you can see on our southern boundary the Paradise Peak Mine. That’s a mine from the eighties and nineties on care and maintenance now. But the benefit to us from that is that there’s a 120 kV line that comes right into site, pretty much on our property boundary, and we expect to tie into that transmission line for production.

So I’ve told you our plans. I’ve walked you through management as well as where we’re located. Now, I’m gonna take you along our road to production in 2029. First stop on that road was our PEA back in October 2025. Take a look at the table on the right-hand side. We ran the spot numbers from a couple of weeks ago, $3.2 billion NPV5. You look at the base case back in October of 2025, hard to believe, $2,350 gold, $4.50 copper, and still robust at a billion NPV5 and a nice rate of return.

Now, just spend a couple minutes on the PEA because that really sets us up as how we were moving forward. Now, for the project, we’re taking a phased approach to production. So to start off, 9 million tons per year heap leach operation for the first five years. We then have a mill come online in year six at 5 million tons per year, and the heap leach keeps going at 4 million tons per year, giving us a fourteen-year mine life. Average annual production over that fourteen years, 109,000 ounces of gold and 33 million pounds of copper.

Now, copper is a significant contributor to our cash flow, but it’s still a by-product. So we treat it as a by-product. So as copper approaches $6, our cash costs go negative. So all in sustaining costs at our recent spot prices for the project were just over $1,200 per ounce of gold. So very much a low margin, pardon me, high margin project. CapEx $382 million, and we don’t expect that to change all that much as we move forward.

So since we completed the PEA, we’ve been doing a lot of infill drilling. We have to take our inferred resources up to measured and indicated, but we’ve also been expanding the resource, and we’re coming up with a lot more sulfide mineralization. So we’re sticking with that phased approach to production. But now, first two years will be heap leach, 12 to 14 million tons per year. We expect to produce during those two years somewhere between 250,000, 300,000 ounces of gold and 60 to 80 million pounds of copper. So we expect to generate a significant amount of revenue in those first two years.

Should be able to pay off our initial CapEx, which we think is gonna be in that $400 million range, and then fund the construction of a mill, which will have come online in year three at 12 million tons per year. From then on, the mine plan’s focusing on the sulfide and feeding the mill. So the oxide to the heap leach will just be whatever’s released as we’re mining to feed the mill, and we expect that to be in the 2 to 4 million tons a year. We still need to get our updated resource so that we can define our mine plan, but that’s roughly what we’re thinking at this point in time.

Quick look at recoveries. On the heap leach, we have a SART plant in the process, so we can recover the oxide copper, recycle the cyanide. And so gold recoveries are 85%, copper recovery is 67%. Down on the mill, we have some excellent recoveries. Free gold at Gabbs, on the float plant with leaching tails, 94.5% gold for recovery and 79.9% copper. So that’s how we’re getting to our 150,000 ounce of gold, 50 million pound of copper, and average annual production as a target. And again, our minimum mine life, we’re targeting that twelve years.

Taking a look at SART plants, these were first developed in the late nineties, and that’s what really allows Gabbs to really perform well and provide those great economics. So they were developed in the late nineties, first came in to use in mid-2000s, and then now they’ve become an everyday part of a plant wherever you’re dealing with oxide copper in a gold circuit. So you see Kinross has a couple planned. Hudbay’s got one in its circuit. BHP and Lundin are looking one Newmont’s had one for years down at Yanacocha. So they are just a common everyday occurrence, and we expect to have great recoveries out of our plant to really make that gold copper oxide plant work in the first two years.

Looking at our resource, this was the resource we had from April 2024 when it fed into our PEA from October 2025. 2 million ounces of gold in all categories, 864 million pounds of copper. As we look ahead to our updated mineral resource, which we wanna get out in the fourth quarter of this year, our target is roughly 3 million ounces of gold and a billion to a billion and a half pounds of copper.

Now, in order to meet that timeline of having our resource out in Q4, we’re gonna have to cut off our drilling. We could keep drilling for another two years and keep on expanding and growing the resource. But we’re gonna cut things off for the feasibility study, at least, at the end of October. We may keep drilling after that, but data up to the end of October is what’s gonna feed into the mineral resource estimate targeted for later in the quarter and will form the basis for our feasibility study in the first quarter of 2027.

If you take a look at the left-hand side of the slide, here’s a shot of our property. You see in the upper part of the mineral deposits, you have Sullivan and Lucky Strike. Historically, that’s where most of the work was done at Sullivan on this property. Lucky Strike was relatively new and always the poor cousin. We’ve really had some nice surprises with our infill and expansion drill program. I’ll talk a bit more about that as we move on. It’s really the mine, Sullivan and Lucky Strike. For the feasibility study, we’re expecting to see somewhere between 150, 180 million tons of mineralization coming out of those pits on both of those zones.

Down in the bottom of the slide, you can see Carbody. In terms of tonnage, it’s only a couple million tons, really insignificant to Sullivan and Lucky Strike. Nice thing about it, it’s low sulfidation epithermal gold deposit, leaches incredibly well, 90% in less than two weeks, and the oxide’s running around a gram. So I’ll talk a little bit more about that later. How can we maximize the benefit of Carbody, so it’s not just overshadowed by Sullivan and Lucky Strike?

I mentioned nice surprises coming out of Lucky Strike. Well, here’s a plan view of the Lucky Strike zone as we know it today. You can see our drilling from this year’s program. That’s the red dots, and our drill holes from there. All our focus this year has been on the western side of Lucky Strike ’cause that’s where the mineralization’s shallower, less stripping going on. And I should point out that we’re expecting strip on the whole mine to be sub two to one end of the day once we get our feasibility study out.

But anyways, as I mentioned, Lucky Strike was the poor cousin here to Sullivan. But as Ken’s been drilling off the western side, he’s discovered this higher grade corridor that runs through the center zone to the west. And so really, Lucky Strike is turning out to be identical to the Sullivan deposit. Same controls on mineralization, same high-grade corridor. The thing about Lucky Strike is it remains open in all directions. And you can see that green arrow, that’s where we would like to chase Lucky Strike.

And so here we have a long section through that higher grade zone at Lucky Strike. And you can see the left is to the southwest, and you can see there the zone is thickening as we push it to the southwest. Now, we’re not gonna be able to bring more mineralization from here into our resource estimate, but it really does lend itself to further exploration and really growing the deposit and the life of the mine.

Quick look at the feasibility study. We got a bunch of aspects going on. Let’s just say everything is progressing well, and we expect to be able to meet that target of Q1 2027 to release our feasibility study. This came out of the PEA, a number of opportunities in order to enhance the PEA economics, which are already excellent. And the one I’m gonna talk about here is accelerating cash flow from Carbody.

So as I mentioned, low sulfidation epithermal gold leaches incredibly well. So what we’re looking at, and we’re working with KCA, our lead engineers on the feasibility study, is how can we stick to a one-year build for the mine and yet bring Carbody on into production sooner? If we can sequence the scheduling right, what we’d like to get done is get our heap leach facility in, get enough liner down for a couple years quickly, get the ponds in, and our carbon columns in. If we can do that in the first six months, we believe we can bring a contractor in to mine, crush, and stack the ore from Carbody and potentially get 50,000 ounces of gold with great leach characteristics at about, riding around a gram onto that heap pad while we’re still pre-production on the mine itself, which will really enhance our cash flow and the economics of the project. So a work in progress, but we’re working with the engineers to make it happen.

So permitting. That critical path for us is permitting, as for most. We filed the draft mining plan of operations in January with the BLM. Our land is BLM land. We have one patent. We’ve got most of the baselines completed now or well underway. What we’re waiting on are air, noise, visuals. And the delay there, it’s not really a delay. We’re waiting on that final equipment selection coming out of our increase in throughput for the mill up to 12 million tons a year. Once we have that nailed down, we’ll complete those baselines. We believe we’re on track for submitting our final MPO to the BLM in the first quarter of the coming year. So not far off, a few months, and that will kick off our NEPA process. I’ll speak a little more to the timelines of things for production down in a few minutes.

Just throw in a quick view of the property. Here we are. We’re standing on Lucky Strike, looking to the north where our facilities will go in, and you can see it’s just a beautiful place to build a mine, flat ground, gently sloping. Not only is there a lot of room to build your tailings facility, build your heap leach facility, but also a lot of room for laydown during construction to really make that construction profile hit the schedule. So great place to build a mine is what I like to say.

Here’s our schedule, what we see as our road to production for Gabbs. Q1 ’27, big quarter for us. Not only are we filing the mining plan of operations and announcing the results of our feasibility study, but we expect to close on our water rights. We have an agreement to acquire water rights, 2,500 acre feet, and we expect to close that in the first quarter ’27. We believe that’s sufficient water for our milling and heap leach operation.

Permitting, as I say, critical path. If all the ducks line up and we can hit the targets, we feel we have the chance of getting Gabbs through feasibility and through our permitting process by the end of ’27. So working on the assumption that we’re gonna hit that ’27 target for permitting, we wanna have our detailed engineering completed and our construction financing organized for the end of ’27, so we can hit the ground running beginning of ’28, get going on construction and, as I mentioned, if all works well, start getting that ore from Carbody on plastic halfway through ’28, commercial production in ’29.

So we put together a quick slide showing some peers. It’s a little dated. Liberty came out with their feasibility study before Beaver Creek. So their CapEx has shot up. Their market cap has shot up. But again, it just shows how as we move forward and de-risk the project at Gabbs, we expect to re-rate, and we expect a good multiple coming out of as we approach our feasibility study in just a few months. Catalysts, big one in Q4, mineral resource estimate update, big one in Q1 ’27, feasibility study.

So here’s our capital table. You can see 365 million shares outstanding, fully diluted. Management owns just over 15% of the company. Our major shareholder is Quaternary Capital. The rest is essentially retail holdings. We have 10 million cash at this point in time, enough to get us through our feasibility study. We will need cash to close on our water acquisition.

And just a quick note on financing. As we look ahead to construction, we feel our construction capital cost is gonna be somewhere in the range of 400 million. And the nice thing that we’ve noticed as we’ve brought the project along is the way copper is really coming to the fore of late. We’re getting a lot of inbounds about our copper concentrates we’re gonna be producing, SART concentrate as well as float concentrate. So we feel the way to put this together, first piece of the capital stack for construction, will be to look for a copper prepay. We should get our lock cycle test results out in another month to six weeks. Once we have those in hand, we’re gonna be looking and seeing what the market is for a copper prepay, see if we can come up with a significant chunk of cash there.

And if we can do that, that will allow us to move forward to production. We think we can get to production with, say, 400 million shares outstanding, not a lot more dilution, and at the worst case, maybe 450. So really, we’ve got a nice line of sight on construction and financing, and we can see production not far off, less than three years from now. So that, in a nutshell, is P2 Gold and our Gabbs project. A couple minutes for questions if anyone has any.

Great. Do we have any questions for Joe? Well, we’ve got a couple of minutes left, so Joe, I might throw you one. Your presentation outlined that you’re looking to effectively, it looks like, self-fund the mill through development of the heap leach in year two. So is there any option or thought to actually bringing forward development of that mill?

We’ve looked at it, and from what we’ve seen is just because of the CapEx, we’re looking probably another $400 million CapEx for the mill. When we put that right up front, we just don’t get as good a return. So we’ve looked at it because the recoveries for the oxide through the mill are actually better than the heap leach. It’s just that extra hit of capital up front really impacts on the economics.

Okay. But it is an option.

Yeah.

Any last questions for Joe? If not, please join me in thanking Joe for your presentation. Cheers.

Thank you very much. [audience applauding]