Mikael W

Current drilling will focus on increasing M&I resources. Any larger step out or deeper hole will just have potential to add inferred ounces. For FS you are only allowed to use M&I (PEA is ok to use Inferred resources) so that’s why they’re going after M&I now. In the future I’m sure they will put in a couple of deep holes to find out if there is anything significant below. Including current financing P2 has + C$20mm on the bank.

@GeckoResearch @P2_Gold Doubt it happens, but I'd love for a deep hole or two to happen. Seemed like budget was one of the restraints and 3:12 to 5:18 sort of lives "What if" in my mind. youtu.be/oUGVP28Fb8Y?si…

P2 Gold Upsizes Financing 🇺🇸 $PGLDF 🇨🇦 $PGLD.V @P2_Gold newswire.ca/news-releases/…

They will be able to place orders early for long lead items and start building the mill during year 2 with implementation in year 3. That’s the most likely scenario now. Will help a lot, current PEA show a little production dip in year 3 and 4. Mill implementation year 3 will smooth that out and it’s the early years that impact NPV most.

@Pontificator1 @FredrikL7 @MikaelWi1 @AllStreetsWolf @P2_Gold @CruxInvestor Exactly. The mill build will start before 2 years of heap leach operations, and it will take a year to build. Will be funded out of the cashflow.

Interview from @P2_Gold 🇨🇦 $PGLD.V 🇺🇸 $PGLDF P2 Gold 'Undervalued?' Investment Series, with Joseph Ovsenek via @CruxInvestor 🔗youtube.com/watch?v=e5oQgy… P2 Gold Inc. is advancing its Gabbs gold-copper project in Nevada through a significant valuation disconnect that presents a compelling opportunity for investors seeking exposure to near-term precious metals production. The company currently trades at a market capitalization of $147 million USD, representing a 50-80% discount to comparable Western U.S. developers despite project economics that match or exceed peer metrics. The Gabbs project, located in west-central Nevada with established infrastructure including on-site power and pending water rights, hosts 3.5 million ounces of gold equivalent resources—the highest-grade indicated and inferred resources among P2's peer group. Management is targeting expansion to 5 million ounces through ongoing drilling programs that have exceeded expectations. At current spot prices, the project delivers exceptional economics with a net present value exceeding $3 billion at a 5% discount rate and an internal rate of return surpassing 100%. The October 2025 preliminary economic assessment outlined production of 109,000 ounces of gold annually plus 33 million pounds of copper over a 14-year mine life. However, management is evaluating a 33% throughput increase that would boost output to over 200,000 gold-equivalent ounces annually. A critical differentiator is P2's royalty-free structure, providing an estimated $250 million financing advantage unavailable to royalty-burdened competitors. This flexibility becomes particularly valuable as the company approaches construction financing decisions in 2027-2028. Peer comparisons highlight the valuation gap. US Gold, a direct comparable gold-copper developer, trades at $282 million despite P2's NPV5 being approximately double at similar metal prices. Liberty Gold and Dakota Gold command valuations of $661 million and $820 million respectively, suggesting 4-5x upside potential if P2 achieves comparable market recognition. With feasibility completion targeted for Q4 2026 and production timeline of late 2028 to early 2029 (less than three years away) P2 Gold offers near-term production visibility at a significant valuation discount to established peers.

Article on behalf of @MLPotash with note of @P2_Gold 🇨🇦 $MLP.V 🇺🇸 $MLPNF | 🇨🇦 $PGLD.V 🇺🇸 $PGLDF The Value In Being Absent A Royalty Ahead of FS: P2 Gold & MLP - Ross Jennings For those who aren't familiar Ross Jennings's substack offers deep, single‑asset research with clear capital‑allocation logic around the jr mining holdings of The Quaternary Group. He notes that the market systematically misprices mining developers based on royalty status: royalty-encumbered companies typically trade at just a 15% discount to peers, which drastically understates the true opportunity cost since a royalty-free developer can use a future NSR deal to fund essentially all of its project financing equity needs & avoid major dilution. Using P2 Gold & Millennial Potash as examples (Both currently royalty-free ahead of their project financing stages) he concludes exploration companies should defer royalty deals until project financing is imminent, and investors should reassess how they value royalty-free versus royalty-encumbered developers. 🔗⬇️ substack.com/home/post/p-19…

We continue to support @P2_Gold and and that includes today's release. When money is offered from a strong/current shareholder, grab it with both hands! 🇺🇸 $PGLDF 🇨🇦 $PGLD.V #gold #copper #nevada newswire.ca/news-releases/…

I can share my 2 cents on the topic... I want them to put very tight timelines on reaching different milestones towards mine construction & production. Push the timeline to get things done to the point where some voices might claim it's "too optimistic". THAT'S how you really make things happen. Time is money, shareholders' money. Joe Ovsenek understand this very well as he did the exact same thing with Pretium. Bet on the jockey 🏇🏼 @P2_Gold

P2 Gold imo, is increadible value. And this is a really good interview done with a management where you easily understand that they know what they are doing. youtube.com/watch?v=IunDkr… Look at the NPV even at 15% discount rate and 3900/48/4.8 usd gold/silver/copper vs the mcap.

As of today, Sullivan host ~ 60% of total MRE. From today’s release “Based on available current and historical drill data, the Lucky Strike Zone has the potential to be significantly larger than the Sullivan Zone” New MRE will definitely be larger and most likely we will see a bump in grade.

Great drill results. Such higher grade shallow areas can be very important for coming NPV and IRR calculations and hence both shareprice and financing when the project gets built. p2gold.com/news/p2-gold-i… This company delivers in pressrelease after pressrelease. The experienced management likely has a lot to do with that.

P2 Gold Secures Water Rights for the Gabbs Project Important step. newswire.ca/news-releases/… #PGLD

$PGLD.V @P2_Gold Not immune to recent selling but has held up incredible well especially considering they had approx 28M heavily ITM warrants expiring over the past few weeks No small feat to hold up this well only down 30% from ATHs printed in Jan All 28M almost expired now.

P2 Gold - All Known Questions Answered, February 2026 🇺🇸 $PGLDF 🇨🇦 $PGLD.V @P2_Gold #gold #copper @CruxInvestor youtu.be/LFKpZj9yhQo

Founder & CEO Joe Ovsenek presents at the Metals Investor Forum 🇺🇸 $PGLDF 🇨🇦 $PGLD.V @P2_Gold #nevada #gold #copper YouTube: shorturl.at/O5JbZ

@invdespistado I have not done any DD on Tudor.

@MikaelWi1 Thank you for your insights, really helpful. I was thinking about another company with the same management team, Tudor gold. Have you check it out? It seems to be in an earlier stage than P2 but it seems also quite interesting.

I expect P2Golds Feas Study to increase the NPV5 with at least 50%-70%. It is targeted for release in Q4 2026. Reaching a MCap ~ 45% of NPV5 by construction decision for a Nevada project is conservative, I’ve used rather conservative metal prices ($3500 gold, $5.00 copper and $50 silver) and this puts us between C$4- C$5 by late 2026 or early 2027.

At $3500 gold and $5.00 copper the updated NPV5% comes in ~ $2.8B - $3.0B. The average valuation for gold mining companies at the construction decision stage in decent jurisdictions is 40% - 60% of NPV5. One could easily argue that Nevada should have a premium but I’ll go with 45%. Using the lower end of the calculation and deduct another 10% for good measure takes us down to $2.5B usd. 45% of $2.5B usd = $1,125B usd = ~ C$1.55B If I use FD share count, 334 million shares, we have ~ C$4.50/share

I’ve been running some updated scenarios on the Gabbs PEA and the numbers are impressive. Here’s what I modeled: • Increased throughput to 12 Mtpa (a 33% uplift from the PEA’s ~9 Mtpa average). • Assumed a 25% increase in total capex to account for scaling (20-25% is reasonable). • Reduced opex by 3% per tonne due to economies of scale. • Boosted grades by 5% (Judging by the recent drill results, I think there is room for 10-15% grade improvement. Additional data will also help them constrain the higher grade better. But to be conservative, I use a 5% increase in grade) • Kept the mine life at ~14 years, mill implementation in year 6, and all other variables constant from the base case.