# P2 Gold 2025 PEA Update Delivers Strong Economics and Increased Metal Production Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/p2-gold-2025-pea-update-delivers-strong-economics-and-increased-metal-production--3a971cc0-a1fb-4c22-9552-352c98d3c4c3 Original source: https://money.tmx.com/en/quote/PGLD/news/8145044573944234/p2-gold-2025-pea-update-delivers-strong-economics-and-increased-metal-production Publisher: tmx Original announcement: 2025-10-07T09:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: P2 Gold Inc. - Ticker: PGLD - Exchange: TSX - Region: Nevada - Primary commodity: Gold - Secondary commodities: Silver, Copper - Document categories: Other, Production, Metallurgy - Extracted: 2026-09-12 19:03:33 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary P2 Gold Inc. has released a positive updated Preliminary Economic Assessment \(2025 PEA\) for its wholly-owned Gabbs Project in Nevada, showing strong economics and increased metal production. The 2025 PEA reports an after-tax NPV5% of US$2.253 billion and an IRR of 77.5% at spot metal prices, with a life-of-mine after-tax cash flow of US$3.737 billion over a 14.2-year mine life. The update incorporates increased metal process recoveries from the Phase Three Metallurgical Program and updated operating and capital costs, leading to projected LOM production of 1.547 million ounces of gold, 2.481 million ounces of silver, and 213,000 tonnes of copper. Reasoning: The updated PEA demonstrates robust economics and increased metal production for the Gabbs Project, driven by improved metallurgical recoveries, despite some cost increases and the preliminary nature of the study. - Positive factor: Strong after-tax NPV and IRR at spot prices - Positive factor: Increased life-of-mine metal production - Positive factor: Improved metal process recoveries - Positive factor: Relatively low pre-production capital cost - Positive factor: QP/CP signed off - Positive factor: High gold recovery for sulphide material - Negative factor: PEA is preliminary and includes Inferred Mineral Resources - Negative factor: Processing involves a SART plant and mill for sulphides, indicating some complexity/refractory nature - Negative factor: Operating and capital costs increased compared to the 2024 PEA Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 44 ## Classification and evidence **PEA-Supporting** Polarity: neutral Story-specific tag Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The document is an updated Preliminary Economic Assessment \(PEA\) for the Gabbs Project. Evidence · text > P2 Gold 2025 PEA Update Delivers Strong Economics and Increased Metal Production **QP/CP Signed** Polarity: positive Story-specific tag Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The 2025 PEA was prepared by several Qualified Persons \(QP\) as defined by NI 43-101. Evidence · text > The 2025 PEA was prepared by Carl E. Defilippi , RM SME and Caleb Cook, P.E. of KCA and Eugene Puritch , P.Eng., FEC, CET, and Andrew Bradfield , P.Eng. of P&E Mining Consultants Inc. \("P&E"\) of Brampton, Ontario , each of whom is a "Qualified Person" as defined by NI 43-101 **Tonnage Growth** Polarity: positive Story-specific tag Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: Life-of-Mine production for gold and copper is expected to increase due to improved metal process recoveries. Evidence · text > Life-of-Mine production at Gabbs is now expected to be approximately 1.55 million ounces of gold and almost 470 million pounds of copper, a direct result of the improvement in metal process recoveries we've been able to achieve since the last PEA **Inferred Resource** Polarity: negative Story-specific tag Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The 2025 PEA is preliminary in nature and includes Inferred Mineral Resources. Evidence · text > The 2025 PEA is preliminary in nature, includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves **Refractory Ore** Polarity: negative Definition: Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk. Why it applies: The processing flowsheet includes a SART plant for cyanide soluble copper and a mill for sulphide material, indicating processing complexity. Evidence · text > A portion of this copper is cyanide soluble and is expected to be extracted in the heap leach circuit. The cyanide soluble copper has an effect on the cyanide consumption. A SART \(sulphidization, acidification, recycling and thickening\) plant... is included. **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Mill - Gold Recovery, Sulphide is 94.5%, which is a strong recovery for this processing route. Evidence · table > 94.5 % Context: Mill - Gold Recovery, Sulphide **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 \("heap leach"\) **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 2 distinct composites were tested ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Metallurgical Results (6) ### Phase Three Metallurgical Program [Link to this fact](https://atlas-extractions.minestarters.com/news/p2-gold-2025-pea-update-delivers-strong-economics-and-increased-metal-production--3a971cc0-a1fb-4c22-9552-352c98d3c4c3#fact-metallurgical-facts-26) Gabbs Project · gold #### Identity - Project: Gabbs Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada - Ticker: PGLD #### Test Work - Test Type: Phase Three Metallurgical Program - Processing Route: heap leach - Sample: Oxide #### Recovery - Recovery: 85 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-07T00:00:00.000Z Reasoning: An 85.0% gold recovery from oxide material via heap leach is an excellent result, indicating efficient extraction for this processing route. - Positive factor: High recovery for heap leach gold - Positive factor: Recovery improved from prior PEA Evidence · table > 85.0 % Context: Heap - Gold Recovery, Oxide #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 85% is at or above the exceptional band \(75%\) **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 ### Phase Three Metallurgical Program [Link to this fact](https://atlas-extractions.minestarters.com/news/p2-gold-2025-pea-update-delivers-strong-economics-and-increased-metal-production--3a971cc0-a1fb-4c22-9552-352c98d3c4c3#fact-metallurgical-facts-27) Gabbs Project · silver #### Identity - Project: Gabbs Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada - Ticker: PGLD #### Test Work - Test Type: Phase Three Metallurgical Program - Processing Route: heap leach - Sample: Oxide #### Recovery - Recovery: 60 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-07T00:00:00.000Z Reasoning: A 60.0% silver recovery from oxide material via heap leach is a moderate result, providing valuable byproduct credits. - Positive factor: Recovery improved from prior PEA Evidence · table > 60.0 % Context: Heap - Silver Recovery, Oxide #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 60% is below the weak band \(75%\) **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 ### Phase Three Metallurgical Program [Link to this fact](https://atlas-extractions.minestarters.com/news/p2-gold-2025-pea-update-delivers-strong-economics-and-increased-metal-production--3a971cc0-a1fb-4c22-9552-352c98d3c4c3#fact-metallurgical-facts-28) Gabbs Project · copper #### Identity - Project: Gabbs Project - Commodity: copper - Region: usa\_nv - Reported Region: Nevada - Ticker: PGLD #### Test Work - Test Type: Phase Three Metallurgical Program - Processing Route: heap leach - Sample: Oxide #### Recovery - Recovery: 67 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-07T00:00:00.000Z Reasoning: A 67.0% copper recovery from oxide material via heap leach is a moderate result, contributing to the project's overall metal production. - Positive factor: Recovery improved from prior PEA Evidence · table > 67.0 % Context: Heap - Copper Recovery, Oxide #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal **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 ### Phase Three Metallurgical Program [Link to this fact](https://atlas-extractions.minestarters.com/news/p2-gold-2025-pea-update-delivers-strong-economics-and-increased-metal-production--3a971cc0-a1fb-4c22-9552-352c98d3c4c3#fact-metallurgical-facts-29) Gabbs Project · gold #### Identity - Project: Gabbs Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada - Ticker: PGLD #### Test Work - Test Type: Phase Three Metallurgical Program - Processing Route: mill flotation and cyanide leach - Sample: Sulphide #### Recovery - Recovery: 94.5 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-07T00:00:00.000Z Reasoning: A 94.5% gold recovery from sulphide material via mill processing is a strong result, indicating efficient extraction from more complex ore. - Positive factor: Very high recovery for sulphide gold - Positive factor: Recovery improved from prior PEA Evidence · table > 94.5 % Context: Mill - Gold Recovery, Sulphide #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **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 ### Phase Three Metallurgical Program [Link to this fact](https://atlas-extractions.minestarters.com/news/p2-gold-2025-pea-update-delivers-strong-economics-and-increased-metal-production--3a971cc0-a1fb-4c22-9552-352c98d3c4c3#fact-metallurgical-facts-30) Gabbs Project · silver #### Identity - Project: Gabbs Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada - Ticker: PGLD #### Test Work - Test Type: Phase Three Metallurgical Program - Processing Route: mill flotation and cyanide leach - Sample: Sulphide #### Recovery - Recovery: 50 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-07T00:00:00.000Z Reasoning: A 50.0% silver recovery from sulphide material via mill processing is a weak result, suggesting potential for optimization or limited economic contribution from silver in this stream. - Positive factor: Recovery improved from prior PEA Evidence · table > 50.0 % Context: Mill - Silver Recovery, Sulphide #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 50% is below the weak band \(75%\) **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 ### Phase Three Metallurgical Program [Link to this fact](https://atlas-extractions.minestarters.com/news/p2-gold-2025-pea-update-delivers-strong-economics-and-increased-metal-production--3a971cc0-a1fb-4c22-9552-352c98d3c4c3#fact-metallurgical-facts-31) Gabbs Project · copper #### Identity - Project: Gabbs Project - Commodity: copper - Region: usa\_nv - Reported Region: Nevada - Ticker: PGLD #### Test Work - Test Type: Phase Three Metallurgical Program - Processing Route: mill flotation and cyanide leach - Sample: Sulphide #### Recovery - Recovery: 79.9 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-07T00:00:00.000Z Reasoning: A 79.9% copper recovery from sulphide material via mill processing is a weak result for flotation, indicating potential for further optimization. - Positive factor: Recovery improved from prior PEA Evidence · table > 79.9 % Context: Mill - Copper Recovery, Sulphide #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **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 ## 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.