Mining intelligence · Project

Gabbs Project

FSGoldUnited States

Total gold eq. resources: 3.45 Moz
After-tax NPV (5%): 942.9 US$M
Property area: 68.9 km²
Linked companies: 1

The asset

Project overview

P2 Gold is advancing Gabbs, a gold-copper project on Nevada's Walker Lane Trend, approximately 150 miles from Reno, United States. A feasibility study is underway, following a 2025 preliminary economic assessment, with infill and expansion drilling and permitting activities also underway. The property contains the Sullivan, Lucky Strike, Gold Ledge and Car Body mineralized zones and comprises 827 BLM lode claims and one patented claim covering approximately 68.9 km².

Mine type: Open pit
Region: North America
Property area: 68.9 km²

How this data is collected

United States

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The Gabbs Property is located in the Fairplay Mining District, approximately 9 km (5.6 miles) south-southwest of the Town of Gabbs in Nye County, west-central Nevada.

Reported approximate project location (38º46’53” N, 117º56’56” W) · 38.7814, -117.9489

Companies behind the asset

Ownership & project roles

P2 Gold Inc100%
Owner · Gabbs claims · from Oct 7, 2025
Source Technical Report on the Gabbs Gold-Copper Project · PDF page 21 · Nov 20, 2025

Mineral inventory

Resources and reserves

How this data is collected

Explore the reported mineral inventory, from headline totals to individual deposits. Resources and reserves remain separate; equivalent metal uses the company’s own assumptions.

Oxide & sulphide · mineral resources as at Apr 29, 2024NI 43-101

Total gold eq.: 3.45Moz AuEq
Indicated: 1.16Moz AuEq
Inferred: 2.29Moz AuEq

Gabbs Property, all deposits and oxide and sulphide material combined. Total combines resource categories with different confidence levels; inferred resources are not reserves.

Source Technical Report on the Gabbs Gold-Copper Project · PDF page 24 · Nov 20, 2025

Market cap per resource ounce

P2 Gold Inc · US$278.9M market cap

All categories: US$80.85/ oz AuEq
Indicated: US$240.47/ oz AuEq
Inferred: US$121.81/ oz AuEq

Each figure divides the whole company market cap by that category’s reported ounces in this estimate. No ownership adjustment; other company assets are not deducted. Resource ounces are not recoverable production or cash value. Share price 2026-09-29 · FX 2026-09-30.

Category	TonnageMt	Grade				Contained metal				Cut-off
Category	TonnageMt	Silverg/t	Goldg/t	Copper%	Gold eq.g/t	SilverMoz	GoldMoz	CopperMlb	Gold eq.Moz	Cut-off
Indicated	49.8	1.36	0.45	0.27	0.72	2.2	0.72	297	1.16	—
Inferred	112.2	0.84	0.35	0.23	0.63	3	1.28	567.1	2.29	—

Shaded columns are equivalent figures. An equivalent column combines the metals beside it on the company's own price assumptions. It is not additional metal and must not be added to them.

The development case

Project economics

Company-reported study estimates, modelled under the assumptions below. These are not actual operating results.

PEA · 2025

Preliminary economic assessment

Reported project economics for the 2025 PEA.

After-tax NPV (5% discount rate): 942.9US$M
After-tax IRR: 33.8%
Initial capital: 382.7US$M
All-in sustaining cost: 1,284US$/Ounce Au

Market cap / after-tax (5%) NPV

29.6%P2 Gold Incof after-tax (5%) project NPV

Market cap US$278.9M · NPV US$942.9M · Share price 2026-09-29 · FX 2026-09-30. Whole company compared with the full project NPV; no ownership adjustment.

Metal prices the company used in this PEA

Silver: $29/oz
Gold: $2,350/oz
Copper: $4.5/lb

All prices in US dollars.

spot prices

Company-reported alternative price case from the same study.

Gold price assumption: 3,885 US$/oz
Silver price assumption: 47.92 US$/oz
Copper price assumption: 4.81 US$/lb
After-tax NPV (5% discount rate): 2.253 US$B
After-tax IRR: 77.5 %

Production through the mine life

Payable metal by operating period, including reported ramp-up and partial years.

Peak annual output: 163,071
Operating periods shown: 15

Gold · oz per operating period

Operating period

View annual figures

Reported Gold annual production
Operating period	Gold (oz)
1	163,071
2	141,055
3	93,014
4	68,041
5	74,346
6	137,711
7	102,727
8	110,513
9	122,202
10	96,561
11	84,782
12	105,692
13	144,573
14	85,233
15	15,958

Table 22-4 annualized cash-flow schedule for the 2025 PEA; all series are payable metal rather than produced metal. The sequential operating-period index maps reported Years 1–15 to periods 1–15; Year 15 is the partial final production period within the 14.2-year production life. Years -2 and -1 are pre-production periods with no numeric production values and are excluded.

Source Technical Report on the Gabbs Gold-Copper Project · PDF page 359 · Nov 20, 2025

Mine life & production

Mine life: 14.2 Years
Mine throughput per day after first year: 24,658 Tonnes/day
Average annual gold production: 109,000 Ounces
Average annual silver production: 175,000 Ounces
Average annual copper production: 15,000 Tonnes
Total by-product cash cost: 468 US$/Ounce Au

Cash flow, capital & returns

After-tax heap-leach payback period: 2.4 Years
Average annual cash flow after tax: 578.7 US$M
LOM sustaining capital: 502.9 US$M
LOM average total operating cost: 21 US$/tonne processed
Pre-tax NPV (5% discount rate): 1,136 US$M
Pre-tax IRR: 38.9 %

Study assumptions, grades & recoveries

Gold price assumption: 2,350 US$/oz
Silver price assumption: 29 US$/oz
Copper price assumption: 4.5 US$/lb
Average gold recovery: 88 %
Average copper recovery: 72 %
Average silver recovery: 56 %
Average gold head grade: 0.43 g/t
Average silver head grade: 1.09 g/t
Average copper head grade: 0.24 %

Constant-dollar, unlevered project cash-flow analysis based on 3rd Quarter 2025 costs, with oxide material heap leached and sulphide material milled.

Source Technical Report on the Gabbs Gold-Copper Project · PDF page 354 · Nov 20, 2025

Source Technical Report on the Gabbs Gold-Copper Project · PDF page 351 · Nov 20, 2025

Source Technical Report on the Gabbs Gold-Copper Project · PDF page 352 · Nov 20, 2025

Source Technical Report on the Gabbs Gold-Copper Project · PDF page 362 · Nov 20, 2025