# P2 Gold Scales Up Gabbs Gold-Copper Project Ahead of Feasibility Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/p2-gold-scales-up-gabbs-gold-copper-project-ahead-of-feasibility--596bab3d-768f-4a66-aaf0-67df05d96e88 Original source: https://www.cruxinvestor.com/posts/p2-gold-scales-up-gabbs-gold-copper-project-ahead-of-feasibility- Publisher: cruxinvestor Original announcement: 2026-10-01T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-01T19:36:10.533Z Atlas analysis updated: 2026-10-01T19:36:10.533Z - Company: P2 Gold Inc. - Ticker: PGLD - Exchange: Unavailable - Region: Nevada - Primary commodity: Gold - Secondary commodities: Copper - Document categories: Other, Resource update, Metallurgy - Extracted: 2026-10-01 19:36:11 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary P2 Gold is scaling up its Gabbs gold-copper project in Nevada, targeting 150,000 oz of gold and 45-50M lbs of copper annually in its upcoming feasibility study. The expansion follows drilling that revealed higher sulphide content, and the company plans to utilize the Car Body zone for early cash flow during main project construction. Reasoning: The document details a significant expansion of the Gabbs project's production profile and mine plan, moving towards a feasibility study with improved economics driven by sulphide growth. - Positive factor: Significant scale-up in annual production targets compared to 2025 PEA - Positive factor: Expansion of mine plan driven by higher-than-expected sulphide mineralisation - Positive factor: Potential for early cash flow from Car Body zone during main construction - Positive factor: Strong financing potential via copper prepay - Negative factor: Increased preproduction capital requirements - Negative factor: Permitting and water rights timelines represent execution risk Facts used in scoring: 7 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The company is preparing an updated MRE for Q4 2026 to support the feasibility study. Evidence · text > The Q4 2026 resource update and Q1 2027 feasibility... are the near-term catalysts **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: the document describes a heap\_leach route \("heap leach"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 3 distinct composites were tested ## Extracted facts Stored fact records: 7. Some facts used in scoring do not have a stored record. ## Resource Estimates (2) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/p2-gold-scales-up-gabbs-gold-copper-project-ahead-of-feasibility--596bab3d-768f-4a66-aaf0-67df05d96e88#fact-resource-facts-0) Gabbs · gold Historical result Needs review: historical\_restatement #### Identity - Project: Gabbs - Commodity: gold - Region: usa\_nv - Reported Region: Nevada - Ticker: PGLD #### Resource scope - Estimate type: resource - Resource group id: resource:f9ce6f5ef2ea02f0374b - Deposit or zone: Gabbs #### Resource Data - Category: indicated - Tonnes: 49800000 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-01T00:00:00.000Z #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Historical indicated resource from April 2024 MRE. Evidence · text > The April 2024 MRE contained 49.8 million tonnes indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.5 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/p2-gold-scales-up-gabbs-gold-copper-project-ahead-of-feasibility--596bab3d-768f-4a66-aaf0-67df05d96e88#fact-resource-facts-1) Gabbs · gold Historical result Needs review: historical\_restatement #### Identity - Project: Gabbs - Commodity: gold - Region: usa\_nv - Reported Region: Nevada - Ticker: PGLD #### Resource scope - Estimate type: resource - Resource group id: resource:57df483b8c428accdb27 - Deposit or zone: Gabbs #### Resource Data - Category: inferred - Tonnes: 112200000 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-01T00:00:00.000Z #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Historical inferred resource from April 2024 MRE. Evidence · text > and 112.2 million tonnes inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.5 years before this release ## Metallurgical Results (5) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/p2-gold-scales-up-gabbs-gold-copper-project-ahead-of-feasibility--596bab3d-768f-4a66-aaf0-67df05d96e88#fact-metallurgical-facts-2) Gabbs · gold #### Identity - Project: Gabbs - Commodity: gold - Region: usa\_nv - Reported Region: Nevada - Ticker: PGLD #### Test Work - Sample: Car Body zone #### Recovery - Recovery: 90 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Car Body zone provides early cash flow with good leachability. - Positive factor: High recovery in a short timeframe Evidence · text > grading about one gram per tonne \(g/T\) gold... around 90% of the gold recovered in two weeks #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/p2-gold-scales-up-gabbs-gold-copper-project-ahead-of-feasibility--596bab3d-768f-4a66-aaf0-67df05d96e88#fact-metallurgical-facts-3) Gabbs · gold #### Identity - Project: Gabbs - Commodity: gold - Region: usa\_nv - Reported Region: Nevada - Ticker: PGLD #### Test Work - Sample: mill route #### Recovery - Recovery: 94.5 % - Recovery Basis: unspecified #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Targeted mill recovery for sulphide material. - Positive factor: High recovery rate for mill route Evidence · text > estimated mill recoveries are 94.5% for gold #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/p2-gold-scales-up-gabbs-gold-copper-project-ahead-of-feasibility--596bab3d-768f-4a66-aaf0-67df05d96e88#fact-metallurgical-facts-4) Gabbs · copper #### Identity - Project: Gabbs - Commodity: copper - Region: usa\_nv - Reported Region: Nevada - Ticker: PGLD #### Test Work - Sample: mill route #### Recovery - Recovery: 79.9 % - Recovery Basis: unspecified #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Targeted mill recovery for copper. Evidence · text > and 79.9% for copper #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 79.9% is below the weak band \(80%\) **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/p2-gold-scales-up-gabbs-gold-copper-project-ahead-of-feasibility--596bab3d-768f-4a66-aaf0-67df05d96e88#fact-metallurgical-facts-5) Gabbs · gold #### Identity - Project: Gabbs - Commodity: gold - Region: usa\_nv - Reported Region: Nevada - Ticker: PGLD #### Test Work - Sample: heap leach oxide #### Recovery - Recovery: 85 % - Recovery Basis: unspecified #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Targeted heap leach recovery for oxide material. Evidence · text > vs. 85%... for heap leaching oxide material #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/p2-gold-scales-up-gabbs-gold-copper-project-ahead-of-feasibility--596bab3d-768f-4a66-aaf0-67df05d96e88#fact-metallurgical-facts-6) Gabbs · copper #### Identity - Project: Gabbs - Commodity: copper - Region: usa\_nv - Reported Region: Nevada - Ticker: PGLD #### Test Work - Sample: heap leach oxide #### Recovery - Recovery: 67 % - Recovery Basis: unspecified #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Targeted heap leach recovery for copper oxide. Evidence · text > and 67% respectively for heap leaching oxide material #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 67% is below the weak band \(80%\) **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.