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Joe Ovsenek, President and CEO of P2 Gold (and concurrently CEO of Tudor Gold), walks through the company’s post-PEA plan for the Gabbs gold-copper project in Nevada. The discussion covers the upsized September financing to C$11 million, the unit’s full warrant and how the remaining warrant overhang may be managed, the drill program and budget, and the path to a 2026 Feasibility Study, including metallurgy and flowsheet choices, geotechnical work, slope-angle sensitivity, water rights and production wells, BLM/NEPA permitting and power tie-in. Ovsenek also talked about corporate strategy, valuation versus PEA metrics, the time split with Tudor, marketing and G&A, Waterton’s selling, and housekeeping such as the repaid insider loan and a proposal to settle accrued salaries in equity.

TLDR

1. Upsized C$11M raise and who bought it
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   P2 upsized its September equity raise to C$11 million from a planned C$6 million after strong demand, led by two long-term family-office style investors (one Singapore-based), while insiders curtailed their own participation to make room. The unit included a full C$0.30 warrant that is now in the money, and management plans to let catalysts, not forced acceleration, pull roughly 48 million outstanding warrants into exercise (about 12 million already exercised, and approx 8 million held by insiders), with a C$0.10 convertible debenture due in January to be repaid in cash if holders don’t convert.
2. Where does the cash go?
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   The new cash is earmarked primarily for what Joe calls “de-risking.” roughly 15,000 metres of drilling split between approx 5,000 metres at Sullivan (about 24 RC holes) and ~10,000 metres at Lucky Strike (about 47 holes), at an all-in US$225–250/m, plus geotechnical work on pit walls and civil foundations, baseline studies and production-water wells once water rights are issued. RC results are targeted to begin mid-December and roll out for several months as P2 pushes toward a Feasibility Study in 2026.
3. Drill plan, step-outs vs infill, and growth targets
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   The drilling mix is about one-third step-outs and two-thirds infill, with 35 to 50 metre step-out spacing to keep additions in Indicated. Lucky Strike work also tests structural controls to pull ore closer to surface and reduce strip, while management’s growth goal from this campaign is to get to approx 4M oz AuEq with “a path to five,” alongside evaluating a higher mining rate (potentially up to 11M tpa) to smooth trough years in a 14.2-year plan that currently averages ~109 koz gold and ~33 Mlb copper per year.
4. Flowsheet, SART, recoveries, and permitting
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   The PEA flowsheet is heap-leach first, then add a mill. SART is used to strip cyanide-soluble copper and regenerate cyanide, with Phase-3 testwork lifting modeled copper recovery from 54% to 67% and gold to ~85%. Sulphide silver stays modeled at ~50% and is not a key optimization target, while the mill phase adds flotation, CCD on tails, a second SART stage and dry-stack tailings. Joe said Nevada permitting is manageable for cyanide circuits and that process water demand should be broadly in line with the leach/mill plan.
5. Corporate and strategy, build vs. sale, management allocation, G&A and register
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   Strategically, management says it will advance as a builder while staying open to a sale at a shareholder-acceptable premium. The CEO splits time roughly 50/50 with Tudor Gold but points to an experienced on-site team at Gabbs. Housekeeping includes a repaid insider loan (C$550k) and a plan to settle accrued unpaid salaries in equity at the AGM rather than cash, modestly higher G&A as permitting and marketing ramp. Waterton is now below 10% and free to sell in the market. Joe thinks P2 trades at a valuation that’s well below its own PEA NPV15 metrics (roughly US$300 million at base case and “almost a billion” at spot), with the intended fix being consistent drilling news, study progress and permitting momentum.

P2 Gold CEO Interview With Joe Ovsenek

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