P2 Gold Inc. · TSXV:PGLD
P2 Gold — Investor Presentation (September 2026)
28 slides from P2 Gold's investor presentation, September 2026
Slide 1: Gabbs Project, Nevada: Road to Production
Gabbs Project, Nevada: Road to Production September 2026 TSX-V:PGLD / OTCQB:PGLDF/FRA:4Z9
Slide 2: Cautionary Statement
Cautionary Statement Forward-Looking Information This presentation contains "forward-looking information” within the meaning of applicable securities laws that is intended to be covered by the safe harbors created by those laws. “Forward-looking information” includes statements that use forward-look
Slide 3: Why Invest in P2 Gold?
Why Invest in P2 Gold? Gold and Copper in Nevada with Catalysts Driving a Re-rating Gabbs is on track Feasibility Study Updated MRE for production in underway (Q4 2026) less than 3 years (Q1 2027) Open pit Gold Equivalent Mineral gold-copper mine Resource(2,3) 1.16 M oz Indicated 2.29 M oz Inferred
Slide 4: P2 Gold's Management Team - Experienced Mine Developers
P2 Gold’s Management Team - Experienced Mine Developers Building Successful Mining Companies Joe Ovsenek Ken McNaughton Michelle Romero Grant Bond President & CEO Chief Exploration Officer Executive Vice President Chief Financial Officer 4
Slide 5: Gabbs Project Walker Lane Trend, Nevada
Gabbs Project Walker Lane Trend, Nevada ▪ 150 miles from Reno, Nevada ▪ Property accessed by paved highway 5
Slide 6: Gabbs Project Road to Production
Gabbs Project Road to Production 6
Slide 7: Gabbs Project PEA Robust Economics
Gabbs Project PEA Robust Economics 2025 PEA Key Metrics(1) Average Annual Production: 109,000 oz Gold / 33M lbs Copper Phased startup: Heap leach (yrs 1-5) / Heap leach & Mill (Yrs 6-14.2) Processing rate: Heap leach 9 Mt/yr / Heap leach 4M t/yr & Mill 5M t/yr 2025 PEA Economics(1) Base Case Spot Pr
Slide 8: Feasibility Study Underway – Optimizing Production Profile
Feasibility Study Underway – Optimizing Production Profile Gabbs Project Feasibility Study Flow Sheet with Targets(1)(2) Phased Production Metallurgical Recoveries: Gold: 85% Heap Leach Copper: 67% 14 M t/yr first SART Plant ADR Plant two years 2-4 M t/yr Copper/Silver Gold/Silver Target remaining C
Slide 9: SART Plant Added for Copper Oxide Recovery at Gabbs
SART Plant Added for Copper Oxide Recovery at Gabbs Where do they use them?(1) Sulphidization To Atmosphere From Heap Acidification SART Plants, Sodium Hydroxide Prominent Examples Flocculant Bald Mountain, Redbird 2 Project, Copper Scrubber Nevada (procurement & engineering Sulphide Lime design), (
Slide 10: Drilling Underway to Expand & Upgrade Mineral Resource
Drilling Underway to Expand & Upgrade Mineral Resource Updated Mineral Resource Estimate Expected Q4/2026 Gabbs Project April 2024 Mineral Resource Estimate(1)(2) Mineral Gold Silver Copper Gold Eq. Resource Tonnes Grade Grade Grade Gold Silver Copper Grade Gold Eq. Category (M) (g/t) (g/t) (%) (M o
Slide 11: Zones Remain Open for Expansion
Zones Remain Open for Expansion Gabbs Project Mineralized Zones – Plan View(1) Claim Package: 827 lode mining claims (BLM) and one patented claim covering approximately 68.9 km2 (26.6 square miles) Updated Mineral Resource estimate focused on: Known Zones Priority Expansion Areas ▪ Sullivan Zone – G
Slide 12: Higher-Grade Corridor Discovered in 2026 at Lucky Strike Zone
Higher-Grade Corridor Discovered in 2026 at Lucky Strike Zone Lucky Strike Zone Remains Open N Updated Mineral Resource Historical Lucky Strike Zone Drill Collars estimate to include drill holes from higher-grade corridor discovered at Lucky Strike Zone: ▪ Drilling focused on southern extent of high
Slide 13: Higher-Grade Core Discovered in 2026 at Lucky Strike Zone
Higher-Grade Core Discovered in 2026 at Lucky Strike Zone Lucky Strike Zone Remains Open SW NE FF FF’ ▪ Higher-grade corridor discovered at Lucky Strike Zone Hole GBR-125 15.24m @ 0.36 g/t Au, 0.10 % Cu ▪ Higher-grade corridor increasing in thickness Monzonite as extended to the southwest Pyroxenite
Slide 14: Gabbs Project Feasibility Study On Track for Q1/2027
Gabbs Project Feasibility Study On Track for Q1/2027 Feasibility Study Status Initial Conceptual General Arrangement Metallurgy (oxide): Zone Number of Columns Status Sullivan 13 In progress Lucky Strike 9 In progress Car Body 3 Completed Metallurgy (sulphide): Flotation testing for all zones in pro
Slide 15: Opportunities for Project Enhancement from 2025 PEA
Gabbs Project Feasibility Study Opportunities for Project Enhancement from 2025 PEA(1)(2) ▪ Accelerated cash flow - Evaluate mining and processing Car Body Zone during construction ▪ Increased return on capital - Optimize mine sequencing in mine plan ▪ Expanded and Upgraded Mineral Resource – Infill
Slide 16: Proposed Car Body Heap Leach Flow Sheet
Gabbs Project Proposed Car Body Heap Leach Flow Sheet(1) ▪ Car Body Zone is a low sulphidation epithermal gold deposit ▪ Contains minimal copper mineralization Car Body Contract Mining, Crushing & Stacking ▪ SART plant is not required to treat solution from Car Body mineralization ▪ Utilizing contra
Slide 17: Advancing Gabbs to Production
Advancing Gabbs to Production Permitting On Track Mining Plan of Operations National Environmental Policy Act (“NEPA”) Draft Mining Plan of Operations ✓ submitted ✓ NEPA document contractor retained ✓ Baseline Needs Assessment Reports in progress ☐ BLM to determine EA vs EIS required ✓ Baseline Need
Slide 18: Prime Location for Mine Construction
Advancing Gabbs to Production Prime Location for Mine Construction Planned location of mining facilities View from Lucky Strike Zone looking north towards town of Gabbs 18
Slide 19: Time to Production < 3 Years
Advancing Gabbs to Production(1) Time to Production < 3 Years Actions 2026 2027 2028 2029 Geotechnical Drilling Infill & Expansion Drilling Phase Four Metallurgical Program Water Rights Transfer Mining Plan of Operations Feasibility Study Environmental Studies & Permitting Detailed Engineering Const
Slide 20: P2 Gold – Comparison with US Project Developers
P2 Gold – Comparison with US Project Developers Highlights Potential for a Re-Rating Gold Equivalent Mineral Resources with Market Capitalization and Grade(1)(2)(3) 12,000,000 $900 $841M Gold Equivalent Ounces (000) $800 $770M Market Capitalization (USD) 10,000,000 $700 8,000,000 $600 $500 6,000,000
Slide 21: Gabbs Project Road to Production Catalysts
P2 Gold / Gabbs Project Road to Production Catalysts Fourth Quarter 2026 Catalysts First Quarter 2027 Catalysts ☐ Lucky Strike & Sullivan Drill Results ☐ Submit Mining Plan of Operations ☐ Metallurgical Test Results ☐ File for Acceptance under Alternative Arrangements for NEPA ☐ Updated Mineral Reso
Slide 22: P2 Gold Capital Structure, Cash and Ownership
P2 Gold Capital Structure, Cash and Ownership(1) Equity Structure Equity Ownership Issued and Outstanding 293,417,079 Quaternary Capital Stock Options Outstanding(2) 6,691,000 9.1% Management Warrants Outstanding(3) 64,922,750 Family Offices & Board 5.1% Fully Diluted 365,030,829 15.7% Cash, Prepaid
Slide 23: Appendix
P2 Gold Appendix Gabbs Project 23
Slide 24: On the Road to Production - Key Events
Gabbs Project On the Road to Production - Key Events(1) • Phase Three Metallurgy • P2 acquires Gabbs Project • PEA Update Glamis Gold completes SART Process • 4,500-meter drill program Lucky Strike • Drill Program Feasibility Study heap leach bulk sample developed (2) • Phase One Metallurgy • Feasib
Slide 25: SART Plants
Gabbs Project SART Plants(1) 25 1) Photos, clockwise starting in the upper left: Lluvia de Oro Mine (NMN Mining), Mexico; Yanacocha Mine (Newmont), Peru; Copler Gold Mine (formerly SSR Mining), Turkey; and Parral Tailings Facility (GoGold), Mexico.
Slide 26: SART Plant Preliminary Flow Sheet
Gabbs Project, SART Plant Preliminary Flow Sheet 26
Slide 27: Mineralized Zones - Plan View with April 2024 Mineral Resource Estimate by Zone
Gabbs Project Mineralized Zones - Plan View with April 2024 Mineral Resource Estimate by Zone Mineral Tonnes Au Cu Au Cu Au Eq. Au Eq. Resource Category (Mt) (g/t) (%) (M oz) (M lbs) (g/t) (M oz) Inferred Oxide 35.9 0.42 0.24 0.488 187.1 0.64 0.736 Inferred Sulphide 33.3 0.33 0.24 0.352 177.5 0.63 0
Slide 28: P2 Gold Inc.
P2 Gold Inc. 1290, 999 West Hastings Street Vancouver, BC V6C 2W2 www.p2gold.com Contact: TSX-V:PGLD Joe Ovsenek, President & CEO jovsenek@p2gold.com OTCQB:PGLDF FRA:4Z9 info@p2gold.com