P2 Gold is advancing its flagship Gabbs Project located in Nevada, USA, one of the world’s top mining jurisdictions. The project boasts a measured and indicated resource of 1.16 million ounces of AuEq and an inferred resource of 2.29 million ounces of AuEq, containing gold, silver and copper. The recently updated (October 7, 2025) PEA outlines a 14.2-year life-of-mine operation, producing over 1.5 million ounces of gold, 2.5 million ounces of silver, and 213,000 tons of copper. At current price levels, the project is expected to generate 73% of its revenue from gold, 1.5% from silver, and 25.5% from copper.
Figure 1: Map showing the location of PGLD’s Gabbs Project and key mineralized zones
Investment Highlights
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- 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: The PGLD team brings extensive expertise and a proven track record of successfully advancing projects from exploration and development through to production. With 16.9% of the company held by insiders, the interests of management are strongly aligned with those of shareholders.
- Healthy financial position: With $6 million in the treasury from a recent private placement and likely more funds being added in the near future, the firm is poised to execute its development plans for the Gabbs Project.
- We are maintaining coverage with a BUY rating and a positive outlook for the company over the next 12 period with a target price of $0.70 per share.
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3. No part of the Analyst’s compensation was directly or indirectly related to the specific ratings as used by the research Analyst in the Reports.
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