Interview with Joseph Ovsenek, President & CEO, and Ken McNaughton, CExpO of P2 Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/p2-gold-pgld-goldcopper-explorer-racing-to-production-3124

Recording date: 27th August 2025

P2 Gold Corp (TSXV:PGLD) is positioning itself as Nevada's next significant precious metals producer through its flagship Gabbs gold-copper project, led by veteran mining executives Joseph Ovsenek and Ken McNaughton who previously built Silver Standard from $10 million to $2.8 billion market capitalization.

The company's updated Preliminary Economic Assessment demonstrates compelling project economics with a 21.6% internal rate of return and $300 million NPV at base case metal prices. At current spot prices, these metrics surge dramatically to 55-56% IRR and over $600 million NPV, highlighting the project's leverage to the current precious metals environment.

The Gabbs project contains 3.5 million ounces of gold equivalent resources across four mineralization zones, comprising approximately 2 million ounces of gold and 1.5 million copper equivalent. This positions Gabbs to become the third or fourth largest gold deposit in Nevada, providing natural price hedging through its balanced precious-base metals profile.

P2 Gold has achieved a critical metallurgical breakthrough through SART technology (Sulfidization, Acidification, Recovery, Recycling and Thickening), overcoming historical processing challenges that made the project uneconomic in the 1990s. The technology delivers 88% gold recovery and 67% copper recovery while dramatically improving leach kinetics from over 145 days to under 60 days.

This technological advancement addresses the primary obstacle that previously prevented development - the interference between copper and gold in cyanide leaching. The SART process allows simultaneous recovery of both metals while regenerating cyanide, substantially reducing operating costs.

Gabbs benefits from superior infrastructure including highway access, power lines crossing the property, and proximity to Hawthorne, an established mining town just 45 minutes away. These advantages eliminate typical remote mining challenges, reducing both capital expenditure and operational complexity while providing access to skilled workforce and services.

The development plan envisions a 14.2-year mine life processing 9 million tons annually, beginning with oxide heap leaching to generate cash flow before constructing a conventional mill. With $365 million in pre-production capital and strong project economics, P2 Gold is advancing toward production in Nevada's mining-friendly jurisdiction with no anticipated permitting obstacles.

View P2 Gold's company profile: https://www.cruxinvestor.com/companies/p2-gold

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