P2 Gold (TSXV:PGLD) - 'Undervalued?' Investment Series, with Joseph Ovsenek

P2 Gold (TSXV:PGLD) - 'Undervalued?' Investment Series, with Joseph Ovsenek

Author: Crux Investor April 27, 2026 Duration: 20:04

Interview with Joseph Ovsenek, President & CEO of P2 Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/p2-gold-inc-tsxvpgld-30000m-drill-program-ahead-of-resource-update-ye-feasibility-study-9435

Recording date: 24th April 2026

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.

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

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Navigating the volatile world of junior mining investments requires more than just data-it demands clear, unvarnished conversation. That’s the space occupied by Company Interviews from Crux Investor. Here, hosts Matthew Gordon and Merlin Marr-Johnson engage directly with company executives, moving past promotional talk to uncover the tangible details that matter. Their discussions focus on the operational realities, financial health, and strategic decisions that signal a company’s genuine potential, rather than speculative hype. This podcast strips away the industry’s complex jargon and inherent biases, offering listeners a grounded perspective on where true opportunity might lie. For anyone interested in the fundamentals behind mining ventures, these conversations provide a crucial filter. Each episode is a deep dive into a specific company’s story, examining the key factors that could indicate a strong footing for future growth. It’s a resource for building understanding, not just a list of tips. By focusing on substantive dialogue, the series aims to equip its audience with the insight needed to make more informed decisions in a notoriously challenging sector. Tune in for direct, no-nonsense interviews that cut through the bluster.
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