# Resource Update Tests the Tonnes Behind P2 Gold's 12-Million-Tonne Mill Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/resource-update-tests-the-tonnes-behind-p2-gold-s-12-million-tonne-mill--005640eb-3777-4228-ac5f-1d0503e23036 Original source: https://www.cruxinvestor.com/posts/resource-update-tests-the-tonnes-behind-p2-golds-12-million-tonne-mill Publisher: cruxinvestor Original announcement: 2026-10-14T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-14T14:17:37.596Z Atlas analysis updated: 2026-10-14T14:17:37.596Z - Company: P2 Gold - Ticker: PGLD - Exchange: Unavailable - Region: Nevada - Primary commodity: Gold - Secondary commodities: Copper - Document categories: Resource update, Other - Extracted: 2026-10-14 14:17:38 UTC Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas summary P2 Gold is preparing a fourth-quarter 2026 resource update for its Gabbs project in Nevada, aiming to convert Lucky Strike and Sullivan sulfide tonnes into measured and indicated categories. Management anticipates a total of 150 to 180 million tonnes of M&I resource, supporting a 12 million tonne per year mill capacity. Reasoning: The document discusses an upcoming resource update that aims to convert significant inferred tonnes to measured and indicated, supported by recent drilling and a new high-grade corridor. - Positive factor: Management expects significant tonnage growth \(150-180 Mt\) in M&I categories - Positive factor: Discovery of a new higher-grade gold-copper corridor at Lucky Strike - Positive factor: Drilling indicates increasing sulfide mineralization which supports mill throughput - Negative factor: Current resource is heavily weighted towards Inferred category Facts used in scoring: 6 ## Classification and evidence **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The April 2024 MRE for Lucky Strike was entirely in the inferred category. Evidence · text > Lucky Strike carried no indicated tonnes: its 35.9 million t of oxide and 33.3 million t of sulfide were all inferred. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The article discusses an upcoming resource update due in Q4 2026. Evidence · text > The updated MRE is due in the fourth quarter of 2026 ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/resource-update-tests-the-tonnes-behind-p2-gold-s-12-million-tonne-mill--005640eb-3777-4228-ac5f-1d0503e23036#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:a246c5eec4cc887ed20e - Deposit or zone: Sullivan - Material type: oxide - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 33700000 - Grade: 0.45 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2024-04-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-01T00:00:00.000Z #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: Historical indicated oxide tonnes from the April 2024 MRE. Evidence · text > Sullivan carried 33.7 million t of indicated oxide #### 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/resource-update-tests-the-tonnes-behind-p2-gold-s-12-million-tonne-mill--005640eb-3777-4228-ac5f-1d0503e23036#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:aeec6ca07a4740b5587d - Deposit or zone: Sullivan - Material type: sulphide - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 16100000 - Grade: 0.45 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2024-04-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-01T00:00:00.000Z #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: Historical indicated sulfide tonnes from the April 2024 MRE. Evidence · text > 16.1 million t of indicated sulfide #### 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 **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/resource-update-tests-the-tonnes-behind-p2-gold-s-12-million-tonne-mill--005640eb-3777-4228-ac5f-1d0503e23036#fact-resource-facts-2) 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:17f2c9c566413ea7cda2 - Deposit or zone: Lucky Strike - Material type: oxide - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 6200000 - Grade: 0.42 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2024-04-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-01T00:00:00.000Z #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: Historical inferred oxide tonnes from the April 2024 MRE. Evidence · text > 35.9 million t of oxide and 33.3 million t of sulfide were all inferred. That inferred oxide graded 0.42 grams per tonne \(g/t\) gold #### 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 **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/resource-update-tests-the-tonnes-behind-p2-gold-s-12-million-tonne-mill--005640eb-3777-4228-ac5f-1d0503e23036#fact-resource-facts-3) 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:db0805c75e50b47bbfc4 - Deposit or zone: Lucky Strike - Material type: sulphide - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 33300000 - Grade: 0.33 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2024-04-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-01T00:00:00.000Z #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: Historical inferred sulfide tonnes from the April 2024 MRE. Evidence · text > 33.3 million t of sulfide were all inferred. That ... inferred sulfide 0.33 g/t gold #### 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 **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/resource-update-tests-the-tonnes-behind-p2-gold-s-12-million-tonne-mill--005640eb-3777-4228-ac5f-1d0503e23036#fact-resource-facts-4) Gabbs · copper Historical result Needs review: historical\_restatement #### Identity - Project: Gabbs - Commodity: copper - Region: usa\_nv - Reported Region: Nevada - Ticker: PGLD #### Resource scope - Estimate type: resource - Resource group id: resource:cd40ec570b9b40b2ddfe - Deposit or zone: Lucky Strike - Material type: oxide - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 35900000 - Grade: 0.24 - Grade Unit: % #### Prior Estimate - Resource Date: 2024-04-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-01T00:00:00.000Z #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: Historical inferred oxide copper grade from the April 2024 MRE. Evidence · text > inferred oxide graded 0.42 grams per tonne \(g/t\) gold and 0.24% copper #### 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 **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/resource-update-tests-the-tonnes-behind-p2-gold-s-12-million-tonne-mill--005640eb-3777-4228-ac5f-1d0503e23036#fact-resource-facts-5) Gabbs · copper Historical result Needs review: historical\_restatement #### Identity - Project: Gabbs - Commodity: copper - Region: usa\_nv - Reported Region: Nevada - Ticker: PGLD #### Resource scope - Estimate type: resource - Resource group id: resource:db0805c75e50b47bbfc4 - Deposit or zone: Lucky Strike - Material type: sulphide - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 33300000 - Grade: 0.24 - Grade Unit: % #### Prior Estimate - Resource Date: 2024-04-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-01T00:00:00.000Z #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: Historical inferred sulfide copper grade from the April 2024 MRE. Evidence · text > inferred sulfide 0.33 g/t gold and 0.24% copper #### 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 **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 ## 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.