Project 60 statements
The deposit 28
Key takeaway. Management describes P2 Gold's deposit as a copper-gold porphyry system with oxide and sulfide mineralization containing gold, copper, and silver.
Read the full summary
The company reports that the Sullivan zone has approximately doubled from 1.7 million ounces gold equivalent, and that Lucky Strike is expected to eclipse Sullivan with 100 million tons or potentially 150 to 200 million tons. Grades are cited in the 0.5 to 0.6 gold range with 2 to 0.3 copper, though management also notes recent drill results from Lucky Strike of 5 meters at 183 grams. The company says the system has expansion potential to the south and southeast, as well as a gold ledge zone between the deposits that has seen no work.
What was actually said
deposit type
copper gold porphyry system
“What Gabs is a copper gold porefree system.”
Ken McNaughton·
10 Jul 2026·
deposit type
copper gold porfery system
“What Gabs is a copper gold porefree system.”
Joy Lester·
10 Jul 2026·
exploration upside
Sullivan zone expanded to depth and down dip; Lucky Strike expected to eclipse Sullivan with 120-150 million tons; gold ledge zone with no work; expansion potential including carebody to south
“we've expanded it to depth and down dip... Lucky Strike is going to eclipse Sullivan in terms of tonnage where we had 80 90 million tons there as they say 120 to 150 million tons. We've got more exploration to do in between”
Ken McNaughton·
10 Jul 2026·
Show the other 25 statements
exploration upside
Lucky Strike expected to eclipse Sullivan; gold ledge zone between with no work; southern and southeastern extension of Lucky Strike
“I believe S or Lucky Strike is going to eclipse Sullivan in terms of tonnage where we had 80 90 million tons there as they say 120 to 150 million tons.”
Joy Lester·
10 Jul 2026·
exploration upside
recent drill result of 5m at 183 grams meter and a half from Lucky Strike
“We just released a great result of, you know, 5t of 183 grams, meter and a half.”
Joy Lester·
10 Jul 2026·
exploration upside
potential for 150, maybe 200 million tons
“There's potential here for 150, maybe 200 million tons.”
Ken McNaughton·
10 Jul 2026·
exploration upside
Lucky Strike infill drilling grades higher gold than historical drilling
“the grades that we're seeing at Lucky Strike, the infill grades are higher gold than what the historical drilling uh had.”
Joy Lester·
10 Jul 2026·
grade
0.5 to 6 gold range and 2 to 3 copper; also 3 to 4 million ounces of silver
“our average grades are in the 0.5 to 6 gold range. and you know pretty consistent 2 to.3 copper... we'll produce three four million ounces of silver”
Ken McNaughton·
10 Jul 2026·
grade
0.5 to 0.6 gold range, 2 to 0.3 copper, up to a couple of grams for full thickness of zones
“our average grades are in the 0.5 to 6 gold range. and you know pretty consistent 2 to.3 copper”
Joy Lester·
10 Jul 2026·
resource size
150 million tons of ore grade material target in indicated classification; 12-year mine life at 12 million tons a year
“my target is to have 150 million tons of orgrade material in up to indicated classification...That gives us a 12-year mine life at 12 million tons a year.”
Joy Lester·
10 Jul 2026·
resource size
Sullivan zone went from 1.7 million ounces gold equivalent to approximately doubled; Lucky Strike 100 million tons; Sullivan 70-90 million tons
“The Sullivan zone uh was drilled historically...It's gone from um well basically 1.7 million ounces gold equivalent. We think we've we've doubled that”
Joy Lester·
10 Jul 2026·
resource size
Sullivan zone doubled from 1.7 million ounces gold equivalent; Lucky Strike expected up to 100 million tons; Lucky Strike infill grades higher than historical
“basically 1.7 million ounces gold equivalent. We think we've we've doubled that... Lucky Strike, which I think we're going to get up into the 100 million tons... the infill grades are higher gold than what the historical drilling”
Ken McNaughton·
10 Jul 2026·
resource size
three to four million ounces of silver
“we'll produce three four million ounces of silver with the with the operation”
Joy Lester·
10 Jul 2026·
deposit type
gold and copper
“when I speak to gold equivalent, I'm speaking of gold and copper and that's what we have at our Gabbs project.”
Joe Ovsenek·
27 Apr 2026·
exploration upside
3 to 3 and 1/2 million oz of gold and a billion to a billion and a half pounds of copper, north of 5 million oz on an equivalent basis
“We're looking to get that up to about 3 to 3 and 1/2 million oz of gold and a billion to a billion and a half pounds of copper.”
Joe Ovsenek·
27 Apr 2026·
resource size
about 3 and 1/2 million oz gold equivalent gold and copper. 2 million oz gold, 864 million lbs of copper
“Our current mineral resource, about 3 and 1/2 million oz gold equivalent gold and copper. 2 million oz gold, 864 million lbs of copper.”
Joe Ovsenek·
27 Apr 2026·
exploration upside
infill and expansion drill program, 25-30 thousand meters, mineralization consistent with expected or better
“Started out about 15,000 meters planned. I think we're going to probably end up closer to 25, maybe 30. It's going very well.”
Joe Ovsenek·
03 Mar 2026·
deposit type
oxide and sulfide mineralization, gold, copper, silver
“mining the oxide mineralization gold, copper, silver oxide”
Joe Ovsenek·
23 Feb 2026·
exploration upside
targeting 3 to three and a half million ounces of gold and billion billion and a half pounds of copper
“we're looking to increase that number where we're targeting 3 to three and a half million ounces of gold and billion billion and a half pounds of copper.”
Joe Ovsenek·
23 Feb 2026·
resource size
life of mine production: 1.55 million ounces of gold, 213,000 tons of copper, about 2 and a 2 million ounces of silver over 14.2 years
“over that 14.2ear 2-year life of mine. We're currently comp contemplating producing 1.55 million ounces of gold, 213,000 tons of copper, and about two 2 and a2 million ounces of silver.”
Joe Ovsenek·
23 Feb 2026·
resource size
3.12 million ounces gold equivalent, made up roughly 2 million ounces gold and just under 900 million pounds of copper
“We have roughly 3 12 million ounces gold equivalent. That's made up roughly 2 million ounces gold and just under 900 million pounds of copper.”
Joe Ovsenek·
23 Feb 2026·
deposit type
porphyry type mineralization
“the mineralization is at at at gabs is quite consistent. It's porefree type mineralization.”
Unknown speaker·
12 Jan 2026·
exploration upside
expansion drilling being done alongside infill drilling
“We're also looking at some expansion drilling as part of that.”
Unknown speaker·
12 Jan 2026·
resource size
roughly 1.2 million ounces of gold equivalent in the indicated category, about another two and a quarter inferred
“we have about roughly 1.2 million ounces of gold equivalent in the um indicated category. The rest is inferred about another two and a quarter.”
Unknown speaker·
12 Jan 2026·
deposit type
oxide mineralization with copper mixed in
“The top the upper part of the or body is oxide mineralization and traditionally what you do is you heat bleach that that gold mineralization. Unfortunately when you have copper mixed in with the gold”
Joe Ovsenek·
29 Dec 2025·
exploration upside
near surface mineralization is probably closer to four to 5 million ounces of gold equivalent and not three and a half
“We feel near surface mineralization is probably closer to four to 5 million ounces of gold equivalent and not three and a half.”
Joe Ovsenek·
29 Dec 2025·
resource size
1.16 million ounces of indicated gold equivalent and a further 2.29 million ounces of inferred gold equivalent
“We have 1.16 million ounces of indicated gold re uh gold equivalent and a further 2.29 million ounces of inferred gold equivalent.”
Joe Ovsenek·
29 Dec 2025·
resource size
roughly 2 million ounces of gold and just under 900 million pounds of copper
“And this is made up of roughly 2 million ounces of gold and just under 900 million pounds of copper.”
Joe Ovsenek·
29 Dec 2025·
Jurisdiction 19
Key takeaway. P2 Gold's projects are located in Nevada, United States — management describes the area as west-central Nevada, about a two-hour drive on pavement from Reno (Feb 2026), and specifically mentions Gabbs (Jul 2026).
Read the full summary
On permitting, the company reports that a Preliminary Assessment is in place and it is working on two permits for the Sullivan and Lucky Strike deposits, which must be kept at least a mile apart (Jul 2026). A mining plan of operations has been filed, meetings with the BLM are underway, and background studies are in progress (Mar 2026); management is working toward an environmental permit by end of 2027 or early 2028 (Apr 2026). Separately, management notes that well water on the property was permitted in the early 90s and a permit for water has been filed (Dec 2025).
What was actually said
country
United States
“Here I am in Nevada with P2 Gold at their Gabs project.”
Ken McNaughton·
10 Jul 2026·
permit status
PA in place; working on two permits for Sullivan and Lucky Strike
“You've got a PA in place and there's a bit of work going on there...we're working on two permits. One is for Sullivan, the other one is for Lucky Strike.”
Joy Lester·
10 Jul 2026·
permit status
Preliminary Assessment in place; working on two permits for Sullivan and Lucky Strike which must be kept a mile apart
“You've got a PA in place and there's a bit of work going on there... working on two permits. One is for Sullivan, the other one is for Lucky Strike. And in order to have two permits, we have to keep them at least a mile apart.”
Ken McNaughton·
10 Jul 2026·
Show the other 16 statements
permit status
two permits required to keep Sullivan and Lucky Strike at least a mile apart
“we're working on two permits. One is for Sullivan, the other one is for Lucky Strike. And in order to have two permits, we have to keep them at least a mile apart.”
Joy Lester·
10 Jul 2026·
region
Nevada, Gabbs
“Here I am in Nevada with P2 Gold at their Gabs project... Right here we are pretty much bang smack in the middle of the uh GAPS property.”
Ken McNaughton·
10 Jul 2026·
country
Nevada
“uh we're advancing our Gabbs project in Nevada through the feasibility.”
Joe Ovsenek·
27 Apr 2026·
permit status
working toward environmental permit end of year 2027 or early 2028
“Um we're going to push hard to get it in 2027 so we can break ground in 2027.”
Joe Ovsenek·
27 Apr 2026·
region
west-central Nevada
“uh west-central Nevada. If you look at the little small map up in the upper left corner, you can see Reno.”
Joe Ovsenek·
27 Apr 2026·
country
United States
“our Gabs project in Nevada”
Joe Ovsenek·
03 Mar 2026·
permit status
mining plan of operations filed, meetings with BLM underway, background studies in progress
“We filed our management uh our mining plan of operations. Um, I've had some meetings with the BLM, Bureau of Land Management in down in Nevada and and that's coming along well”
Joe Ovsenek·
03 Mar 2026·
region
Nevada
“our Gabs project in Nevada”
Joe Ovsenek·
03 Mar 2026·
country
United States
“our focus is on advancing our GAPS project in Nevada”
Joe Ovsenek·
23 Feb 2026·
region
West Central Nevada, about 2-hour drive on pavement from Reno
“Gabs, it's located in West Central Nevada. We're about a 2-hour drive on pavement from Reno.”
Joe Ovsenek·
23 Feb 2026·
country
United States
“we're focused on advancing our GADs project in Nevada to production.”
Joseph Ovsenek·
12 Jan 2026·
country
Nevada
“we're focused on advancing our GADs project in Nevada to production.”
Unknown speaker·
12 Jan 2026·
permit status
working on mining plan of operations then environmental permit
“we're working on our mining plan of operations. That's the first step in permitting. We go from there. Once we have that in hand, we go to our environmental permit.”
Unknown speaker·
12 Jan 2026·
region
Nevada
“we're focused on advancing our GADs project in Nevada to production.”
Joseph Ovsenek·
12 Jan 2026·
country
Nevada
“P2 Gold's Gab projects located in Nevada”
Joe Ovsenek·
29 Dec 2025·
permit status
well water was permitted on the property in the early 90s and we filed for a permit for water as well
“well water was permitted on the property in the early 90s and we filed for a permit for water as well.”
Joe Ovsenek·
29 Dec 2025·
Technical risk 13
Key takeaway. Management acknowledges that the environmental permit is on the critical path for production (April 2026).
Read the full summary
Metallurgical work has increased recoveries, with the company reporting heap-leach recovery rates of 85% gold and 67% copper, and mill recovery rates of 94.5% gold and 79.9% copper (February 2026). The company says SART (SAR) technology enables extraction of both gold and copper, produces good concentrates, and allows recycling of cyanide to keep costs down (July 2026; December 2025). Key assumptions include a 12-year mine life requiring at least 150 million tons of indicated ore, with Lucky Strike assumed to reach 100 million tons and Sullivan 70–90 million tons (July 2026); the company is studying whether to increase the processing rate from 9 million to 12 million tons per year, and under a higher metal-price environment is considering moving mill production start from year 6 to year 3 (February–April 2026).
What was actually said
key assumption
lucky strike will reach 100 million tons, Sullivan 70-90 million tons, gold ledge between them with exploration potential
“We've got Sullivan with 70, 80, 90 million tons. We've got Lucky Strike, which I think we're going to get up into the 100 million tons.”
Joy Lester·
10 Jul 2026·
key assumption
150 million tons minimum of ore-grade material to indicated classification to support 12-year mine life at 12 million tons per year
“my target is to have 150 million tons of orgrade material in up to indicated classification... That gives us a 12-year mine life at 12 million tons a year.”
Ken McNaughton·
10 Jul 2026·
metallurgy
SART technology allows extraction of both gold and copper; able to produce Dory concentrates
“with the advent of Sart technology, we're able to extract both the gold and the copper and produce a very viable mine.”
Joy Lester·
10 Jul 2026·
Show the other 10 statements
metallurgy
SART technology enables extraction of both gold and copper; recoveries increased through metallurgical work; produces great concentrates
“with the advent of Sart technology, we're able to extract both the gold and the copper... we've been able to increase our recoveries. We produce great concentrates.”
Ken McNaughton·
10 Jul 2026·
recovery rate
metallurgy improvements have increased recoveries
“our metallurgy, we've been able to increase our recoveries.”
Joy Lester·
10 Jul 2026·
key assumption
9 million ton per year production processing rate, looking to increase to 12 million tons per year
“We've designed our PEA around a 9 million ton per year production processing rate. We're looking at increasing that up to 12 million tons per year.”
Joe Ovsenek·
27 Apr 2026·
stated risk
environmental permit is critical path for production
“The critical uh critical path for production for us is the environmental permit.”
Joe Ovsenek·
27 Apr 2026·
key assumption
trade-off studies underway to determine optimum tonnage to process
“we're running a bunch of trade-off studies. Okay, what's the optimum or optimal uh tonnage that we should be processing?”
Joe Ovsenek·
03 Mar 2026·
key assumption
moving mill production start from year 6 to year 3 under higher metal price environment
“As part of the feasibility study, one of the things we're looking at is moving this uh start of mill production, year six, moving that up to year three.”
Joe Ovsenek·
23 Feb 2026·
key assumption
considering increasing production rate from 9 million tons to 12 million tons per year
“we're thinking, why don't we expand our production rate from 9 million tons a year, let's add another third onto that, go up to 12 million tons a year.”
Joe Ovsenek·
23 Feb 2026·
recovery rate
heap leach: 85% gold, 67% copper; mill: 94.5% gold recovery, 79.9% copper recovery
“We're at 85% gold, 67% copper. We have a feasibility study metallurgical program going on right now. We think we can bump up these oxide recoveries somewhat. Uh they're getting close to to top end, but we think there's a little room for improvement there. And then on the mill side, you know, we're 94.5% gold recovery, 79.9% copper recovery.”
Joe Ovsenek·
23 Feb 2026·
metallurgy
updated metallurgy released early September, updated PA released early October
“first off getting our updated metallurgy out sort of set the stage for advancing the company. So we got that out early September. Early October we had our updated PA out bringing in those updated metallurgical results”
Joseph Ovsenek·
12 Jan 2026·
key assumption
SAR process allows you to recover the copper and you get a payable for it and recycle the cyanide to keep your cost down
“The big gamecher for gabs occurred in the late 90s early 2000s with the development of the SAR process which allows you to recover the copper and you get a payable for it and recycle the cyanide to keep your cost down.”
Joe Ovsenek·
29 Dec 2025·
Economics 36 statements
Economics 29
Key takeaway. P2 Gold management describes a project that could be developed in stages, starting with a heap leach operation at 9 million tons per year before potentially increasing to 12 million tons per year.
Read the full summary
In a February 2026 preliminary assessment, the company reported $382.7 million initial capex for the heap leach and $571.8 million in sustaining capital over a 14.2-year mine life. The base case used gold at $2,350, copper at $450, and silver at $29, yielding a 33.8% IRR and an NPV15 of $298 million; at spot prices roughly $1,000 higher, management says IRR rises to 77.5% and NPV15 to $775.5 million. In a later April 2026 interview, management cited NPV15 of about $1.5 billion, NPV5 of over $3 billion, and rates of return above 100% at spot prices, with average production of 109,000 ounces of gold and 33 million pounds of copper per year.
What was actually said
capex
two to three years of oxide heap leach operation before transition to sulfide
“we're going to get two three years of nothing but oxide and then we can stage our development.”
Joy Lester·
10 Jul 2026·
capex
ability to stage development rather than build massive project up front
“we can stage our development. So that's going to really improve our our economics and allow us rather than having to build a massive um project up front.”
Joy Lester·
10 Jul 2026·
operating cost
low-cost heap leach operation
“we can start with a lowcost heat leech operation.”
Ken McNaughton·
10 Jul 2026·
Show the other 26 statements
operating cost
110,000 to 150,000 ounces of gold production on average
“by increasing the throughput from 9 million tons a year to 12 million tons a year just by virtue of more tons, our production goes from 110ish,000 ounces of gold on average to 150,000 ounces”
Joy Lester·
10 Jul 2026·
price assumption
targeting production of 100 to 150 ounces per year
“You're moving towards you know somewhere between 100 150 ounces per year... by by increasing the just by increasing the throughput from 9 million tons a year to 12 million tons a year... our production goes from 110ish,000 ounces of gold on average to 150,000 ounces”
Ken McNaughton·
10 Jul 2026·
price assumption
12 million tons per year throughput; initial 9 million tons increased to 12 million tons
“We chose 9 million tons because of the re 9 million tons a year because of the resource. We now feel uh 12 million tons a year.”
Joy Lester·
10 Jul 2026·
irr
rate of returns over 100%
“If you look at spot at spot prices right now, our rate of returns over 100%.”
Joe Ovsenek·
27 Apr 2026·
npv
NPV5 is 3 billion plus. NPV15 is around 1.5 billion
“Our NPV5 is 3 billion plus. Our NPV15 is around 1.5 billion.”
Joe Ovsenek·
27 Apr 2026·
operating cost
109,000 oz of gold on average over 14-year mine life plus 33 million lbs of copper being produced
“Well, first off, we've got good production. 109,000 oz of gold on average over 14-year mine life plus 33 million lbs of copper being produced.”
Joe Ovsenek·
27 Apr 2026·
payback
payback almost the same as US Gold peer
“you can see that our paybacks actually a bit quicker, almost the same.”
Joe Ovsenek·
27 Apr 2026·
price assumption
spot prices
“If you look at spot at spot prices right now, our rate of returns over 100%.”
Joe Ovsenek·
27 Apr 2026·
key assumption
studies underway to increase from 9 million tons per year to 12 million tons per year
“we've got some studies underway now on the mining side where we can look to increase that from 9 million tons a year to 12 million tons a year”
Joe Ovsenek·
03 Mar 2026·
key assumption
target of closer to 150,000 ounces of gold a year and 45 million 50 million pounds of copper a year
“we'd like to get closer to 150,000 ounces of gold a year and 45 million 50 million pounds of copper a year.”
Joe Ovsenek·
03 Mar 2026·
price assumption
preliminary assessment announced October, 9 million tons per year producing roughly 110,000 ounces of gold a year, 33 million pounds of copper over 14 years on average
“It was a 9 million ton per year mine producing roughly 110,000 ounces of gold a year, 33 million pounds of copper over 14 years on average.”
Joe Ovsenek·
03 Mar 2026·
capex
$382.7 million initial capex for heap leach at 9 million tons a year
“$382.7 million our initial capex to uh construct the mine. That's the heat bleach at 9 million tons a year.”
Joe Ovsenek·
23 Feb 2026·
capex
$571.8 million sustaining capital costs over 14.2 year mine life
“life of mine production [clears throat] sustaining capital costs. So those are all the costs you know once we start production to get us into production is 3827 382.7 million to take us through the mine life of 14.2 years we need to spend an additional $571.8 $8 billion.”
Joe Ovsenek·
23 Feb 2026·
irr
33.8% IRR at base case prices; 38.85% IRR at spot prices at time of PEA; 77.5% IRR at $1000 higher spot gold
“robust 33.8% rate of return NPV15 $298 million. And then if we look at spot at the time, they're about a thousand bucks lower than where we are today on gold uh at 38.85. You know, we're we're still 77.5% irr”
Joe Ovsenek·
23 Feb 2026·
npv
NPV15 $298 million at base case; NPV15 $775.5 million and NPV5 $2.4 billion at spot $1000 higher; NPV15 $1.5 billion and NPV5 $3.5 billion at gold ~$4,900
“robust 33.8% rate of return NPV15 $298 million. And then if we look at spot at the time, they're about a thousand bucks lower than where we are today on gold uh at 38.85. You know, we're we're still 77.5% irr almost a billion of NPV 15% discount and an NPV5, your traditional discount rate, 5% for a gold project. We're at two and a4 billion. Now, I ran the spot numbers uh this morning. you know, gold's just under 5,000 bucks. It was about 4,900 when I ran it. It's come up since then, but you know, we had 108% IRR. Um, NPV15 was roughly 1.5 billion and the NPV 5, a 5% discount rate, was close to $3.5 billion.”
Joe Ovsenek·
23 Feb 2026·
operating cost
average annual production: roughly just under 110,000 ounces of gold, 15,000 tons of copper (roughly 33 million pounds), 175,000 ounces of silver
“roughly just under 110,000 ounces of gold on average. Uh 15,000 tons of copper. To put that in in perspective, 15,000 tons of copper is roughly 33 million pounds of copper. So good good good size uh bit of copper production from Gabs. And then a little bit of silver, 175,000 ounces of silver.”
Joe Ovsenek·
23 Feb 2026·
operating cost
heap leach processing 4 to 5 bucks a ton higher than typical due to SAR plant and cyanide recovery
“we're probably about four to five bucks a ton higher and that's because of the SAR plant.”
Joe Ovsenek·
23 Feb 2026·
price assumption
base case $2350 gold, $450 copper, $29 silver from October 2025 PEA
“At the time, we ran base case metal prices at 2350 coal, 450 copper, 29 silver.”
Joe Ovsenek·
23 Feb 2026·
irr
almost 93% at spot prices
“uh rate rate of return of 90 almost 93%”
Joe Ovsenek·
29 Dec 2025·
irr
almost 34% at base case prices
“uh you can see our returnal rate of return was almost 34% at these base case prices.”
Joe Ovsenek·
29 Dec 2025·
npv
over $2.7 billion at NPV5 at spot prices
“and the NPV5 again that's the traditional discount rate for a gold project over $2.7 billion at spot prices.”
Joe Ovsenek·
29 Dec 2025·
npv
almost $300 million at NPV15
“NPV15 a 15% discount is what we looked look at because you know production our target for production is not till 2028. So almost $300 million.”
Joe Ovsenek·
29 Dec 2025·
npv
close to a billion dollars of net present value at NPV5
“NPV5, which is your in the middle of the page, which is your traditional discount rate for gold project, 5%. We're close to a billion dollars of of net present value.”
Joe Ovsenek·
29 Dec 2025·
npv
almost $1.2 2 billion at NPV15 at spot prices
“And you take a look at the NPV15 almost $1.2 2 billion”
Joe Ovsenek·
29 Dec 2025·
price assumption
4304346 gold, $64 silver, 536 copper (spot prices as of December 12th)
“If you look at spot prices, I ran these prices on uh last Friday on the 12th uh 4304346 gold, $64 silver, 536 copper.”
Joe Ovsenek·
29 Dec 2025·
price assumption
2350 gold, 29 silver, 450 copper
“Uh we use basease metal prices. If you take a look at the middle column on the slide, uh 2350 gold, 29 silver, 450 copper.”
Joe Ovsenek·
29 Dec 2025·
Financing 7
Key takeaway. Regarding P2 Gold's financing situation, management's statements have shifted over several months.
Read the full summary
In January 2026, the company said it had a convertible debenture due at month-end and had the cash to pay it out, and that funds raised in fall 2025 were sufficient to get through a feasibility study, with additional funds expected in less than two years. By February 2026, management reported being north of 10 million Canadian on the cash side, with no plans to raise money at that time, and that the infill and expansion drill program and environmental costs were fully funded. In April 2026, management described a cash position of a couple hundred million Canadian and said the company could potentially raise two 250-million-dollar sums from a royalty.
What was actually said
capital needed
could potentially raise two 250 million bucks from a royalty
“So, you know, we could potentially raise two 250 million bucks from a royalty.”
Joe Ovsenek·
27 Apr 2026·
cash position
couple hundred million Canadian
“Um quick look at our market capitalization, um couple hundred million Canadian.”
Joe Ovsenek·
27 Apr 2026·
cash position
north of 10 million on the cash side
“current cash, we've used some of this cash. We've had some wards exercised, but we're still north of 10 million on the cash side.”
Joe Ovsenek·
23 Feb 2026·
Show the other 4 statements
financing status
no plans to raise money now; infill and expansion drill program and environmental costs fully funded
“no plans to run out and raise money right now.”
Joe Ovsenek·
23 Feb 2026·
capital needed
funds raised in fall 2025 sufficient to get through feasibility study, with additional funds coming in less than two years
“we feel with those funds in hand, that's enough to get us through feasibility study. Uh we have um from our fall financing uh fall 2025 financing in two years. we have some more uh funds coming in or less than that.”
Joseph Ovsenek·
12 Jan 2026·
capital needed
funds in hand enough to get through feasibility study and from fall 2025 financing in two years more funds coming
“with those funds in hand, that's enough to get us through feasibility study. Uh we have um from our fall financing uh fall 2025 financing in two years. we have some more uh funds coming in”
Unknown speaker·
12 Jan 2026·
financing status
convertible debenture due end of January, has cash to pay it out
“we had a that convertible de venture I mentioned that comes due in two weeks 3 weeks end of January and we have the cash to pay it out.”
Joseph Ovsenek·
12 Jan 2026·
Timeline 26 statements
Timeline 26
Key takeaway. Management has repeatedly stated that a feasibility study is due by the end of 2026.
Read the full summary
On the timeline to production, the company's statements have shifted over time: in March 2026 they said they would break ground in late 2026, by April 2026 they pushed first production to late 2028–early 2029, and in July 2026 they said first production would be sometime in 2029. In that July 2026 interview, management also described a two-stage development plan, with a heap leach operation running for the first two to three years on oxide before transitioning to sulfide, bringing the mill online in year three instead of year six.
What was actually said
first production
sometime in 2029
“You're looking to get into production sometime in 2029.”
Ken McNaughton·
10 Jul 2026·
first production
2029
“You're looking to get into production sometime in 2029.”
Joy Lester·
10 Jul 2026·
milestone
mill coming on in year three instead of year six; heap leach operation first for 2-3 years of oxide before transitioning to sulfide
“in the pea, we had the mill coming on in year six. You know, we now know it's better to come on in year three... we're going to get two three years of nothing but oxide and then we can stage our development.”
Ken McNaughton·
10 Jul 2026·
Show the other 23 statements
study due
end of the year
“we the number has been based off of the PA but you're working towards this feasibility study by at the end of the year”
Joy Lester·
10 Jul 2026·
study due
feasibility study by end of the year
“we the number has been based off of the PA but you're working towards this feasibility study by at the end of the year”
Ken McNaughton·
10 Jul 2026·
first production
late 2028, early 2029
“late 2028, early 2029. The critical uh critical path for production for us is the environmental permit.”
Joe Ovsenek·
27 Apr 2026·
milestone
2026, get that feasibility done. late '27 get a sign-off on environmental or through mid through 2028
“So, 2026, we're going to get a lot done, get that feasibility done. Um we're going to push hard to get it in 2027 so we can break ground in 2027.”
Joe Ovsenek·
27 Apr 2026·
study due
end of this year
“Target is to get that completed by the end of this year.”
Joe Ovsenek·
27 Apr 2026·
first production
breaking ground in late next year (late 2026)
“we could be breaking ground in late next year and that that's our target.”
Joe Ovsenek·
03 Mar 2026·
milestone
drilling through May June
“We'll be drilling through I I expect May June”
Joe Ovsenek·
03 Mar 2026·
milestone
resource estimate out by end of the summer
“we'd like to get a resource estimate out by end of the summer”
Joe Ovsenek·
03 Mar 2026·
study due
feasibility study done by year end (2026)
“that allow feeds right into our schedule to have that feasibility done by year end.”
Joe Ovsenek·
03 Mar 2026·
milestone
infill and expansion drilling ongoing with target of roughly 5 million ounces gold equivalent
“As part of that feasibility, we've got some infill and expansion going on, drilling going on with a target of roughly 5 million ounces gold equivalent.”
Joe Ovsenek·
23 Feb 2026·
milestone
decision on production rate (9 vs 12 million tons per year) expected in next couple months
“We should get a decision on this in the next couple months as to what production rate we're going to focus on for the feasibility study.”
Joe Ovsenek·
23 Feb 2026·
milestone
RC drilling started mid-October for infill and expansion drilling, geotech drilling with diamond drill started in November
“uh drilling started midocctober for our RC drilling uh for infill and expansion drilling uh geotech drilling with a diamond drill started in November.”
Joseph Ovsenek·
12 Jan 2026·
milestone
RC drilling with diamond drill started in November
“geotech drilling with a diamond drill started in November.”
Unknown speaker·
12 Jan 2026·
milestone
convertible debenture comes due end of January
“we had a that convertible de venture I mentioned that comes due in two weeks 3 weeks end of January”
Unknown speaker·
12 Jan 2026·
milestone
drilling continuing through April
“we're probably going to add on a few meters. So we probably be drilling till April”
Unknown speaker·
12 Jan 2026·
milestone
RC drilling midocctober, 15,000 meters planned to complete by February
“We've had an RC drill going hard at site uh since midocctober. We have 15,000 meters planned. We should get through the 15,000 meters by February.”
Unknown speaker·
12 Jan 2026·
milestone
RC drilling of 15,000 meters planned to be completed by February, expansion drilling continuing through April
“We've had an RC drill going hard at site uh since midocctober. It's it's great crew. They're really hitting hitting the meters. Uh we have 15,000 meters planned. We should get through the 15,000 meters by February.”
Joseph Ovsenek·
12 Jan 2026·
milestone
updated resource estimate to follow drilling completion
“So we'll push things along in parallel. We'll get the engineering going on on mill design and heap design while that's going on.”
Joseph Ovsenek·
12 Jan 2026·
milestone
mining plan of operations in progress as first step in permitting, environmental permit critical path item
“In parallel with that, we're working on our mining plan of operations. That's the first step in permitting. We go from there. Once we have that in hand, we go to our environmental permit.”
Joseph Ovsenek·
12 Jan 2026·
study due
this year
“We're currently in feasibility study and we expect to get that done this year.”
Unknown speaker·
12 Jan 2026·
first production
2028
“We expect to get that completed by late 2026 and then push on hard through to uh production in 2028.”
Joe Ovsenek·
29 Dec 2025·
study due
feasibility study for later that year (2026)
“and we're targeting a feasibility study for later that year.”
Joe Ovsenek·
29 Dec 2025·
study due
updated resource estimate coming out in mid 2026
“We'll have an updated resource estimate coming out in mid 2026”
Joe Ovsenek·
29 Dec 2025·
Corporate 17 statements
Management 11
Key takeaway. Management says the team has a strong track record of building mines.
Read the full summary
The CEO stated he has built six mines before (Mar 2026), and the company reports the Bruce Jack mine was completed in seven years from discovery to pouring gold (Jul 2026). Earlier, management noted the team worked together at Silver Standard Resources, taking it from a 50 million market cap to a couple billion, and took the PRJ project from discovery to production in under eight years (Jan 2026). On insider ownership, management and board own about 16.5% of the company (Jan, Apr 2026), though a February 2026 statement described this as owning 50% of the 15% of the company.
What was actually said
track record
Bruce Jack discovery to pouring gold in seven years
“we did Bruce Jack in seven years. discovery to pouring gold.”
Joy Lester·
10 Jul 2026·
track record
team has built mines before; completed Bruce Jack in seven years from discovery to pouring gold
“Well, you know, we did Bruce Jack in seven years. discovery to pouring gold.”
Ken McNaughton·
10 Jul 2026·
insider ownership
just under 16%
“management owns just under 16% of the company.”
Joe Ovsenek·
27 Apr 2026·
Show the other 8 statements
track record
CEO has built six mines before
“he's built six minds before he said recent transaction they did”
Joe Ovsenek·
03 Mar 2026·
insider ownership
management and board own 50% of the 15% of the company
“We own 50% of the 15% of the company management and the board”
Joe Ovsenek·
23 Feb 2026·
insider ownership
about 16 and a half% of the company
“We're currently I think today we're about 16 and a half% of the company.”
Unknown speaker·
12 Jan 2026·
team experience
main team together for 20 years or more; Ken McNottton on exploration and development; Michelle Romero on external affairs; Grant Bond as CFO
“our our main team's been together for I don't know 20 years, maybe more. Uh so there's Ken McNottton running our exploration and and development side. Uh we have Michelle Romero and our external affairs and then we have Grant Bond as our CFO.”
Joseph Ovsenek·
12 Jan 2026·
track record
Silver Standard Resources taken from 50 million market cap to couple billion, then Predium Resources took PRJ project from discovery to production in under eight years
“At the time I joined, we were the company was just getting back to be a silver focused company. from that time we were at about a 50 million market cap. We left in 2010 for Predium uh to set up Predium and we were a couple billion at the time. we we moved over into a new company called Preium Resources we took it from discovery to production in in under eight years”
Unknown speaker·
12 Jan 2026·
team experience
CEO and another team member have worked together since mid 90s; Michelle joined in early 2000s
“Ken Ken and I have worked together since the u mid90s. Michelle joined us in the early 2000.”
Joe Ovsenek·
29 Dec 2025·
track record
worked together at Silver Standard, built it into SSR Mining, a major gold producer
“We worked together at Silver Standard. um built Silver Standard into now what it is known as is SSR Mining, a major gold producer.”
Joe Ovsenek·
29 Dec 2025·
track record
team discovered and built the Bruce Jack mine in northwest British Columbia
“Preium Resources we our team discovered and built the Bruce Jack mine in northwest British Columbia.”
Joe Ovsenek·
29 Dec 2025·
Market 2
Key takeaway. Management says the project sits in an excellent position on the cost curve, supported by good access and existing infrastructure, and that the heap-leach design keeps capital intensity low.
Read the full summary
They also note that a potential acquirer would be looking at a production target of 100–150 ounces per year.
What was actually said
cost curve position
excellent access and infrastructure support economics; heap leach operation reduces capital intensity
“we are able to drive right into an outcrop of high-grade. Uh so we've got exposure. Uh we've got ease of access... we can start with a lowcost heat leech operation.”
Ken McNaughton·
10 Jul 2026·
potential acquirer
100-150 ounces per year production target
“somewhere between 100 150 ounces per year. >> Yeah, that's our target.”
Joy Lester·
10 Jul 2026·
Outside views 2 mentions
2 mentions by people who do not speak for the company — 2 constructive, 0 cautious, 0 neutral. These are their views, not the company's.
Don Durett
bullish
He treats it as a paired thesis with La Hontan and similar upside.
The Silver Market·
20 Mar 2026·
John Rubino
bullish
Nevada open-pit gold development project; benefits from strategic assets designation
The Silver Market·
06 Feb 2026·
Sources 6 interviews
Every interview 6
| Date | Channel | Interview | Statements |
|---|---|---|---|
| 10 Jul 2026 | Crux Investor | Made In America | P2 Gold (TSXV:PGLD) - Visiting the Gabbs Project | 38 |
| 27 Apr 2026 | Crux Investor | P2 Gold (TSXV:PGLD) - 'Undervalued?' Investment Series, with Joseph Ovsenek | 20 |
| 03 Mar 2026 | Crux Investor | P2 Gold Inc. (TSXV:PGLD) - 30,000m Drill Program Ahead of Resource Update & YE Feasibility Study | 13 |
| 23 Feb 2026 | Crux Investor | P2 Gold (TSXV:PGLD) - All Known Questions Answered, February 2026 | 22 |
| 12 Jan 2026 | Crux Investor | P2 Gold (TSXV:PGLD) - Proven Team Pushes Towards 2028 Production | 24 |
| 29 Dec 2025 | Crux Investor | P2 Gold (TSXV:PGLD) - Pitch Perfect, December 2025 | 22 |
What else those interviews covered
Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.
Questions people ask
What is P2 Gold's project and where is it?
P2 Gold is a explorer gold company, with a project stated to be in Nevada, United States. Everything here is drawn from its executives' own interviews.
Which interviews mention P2 Gold?
We track 6 interviews mentioning P2 Gold, across 1 channel (Crux Investor).
What are investors saying about P2 Gold?
2 independent voices — people who do not speak for the company — are on record discussing it (2 bullish). Their reasoning is quoted in the outside-view section above.
What do recent interviews with P2 Gold cover?
The most-discussed topics on record are economics, the deposit, timeline, jurisdiction — each claim quoted and dated in the sections above.