P2 Gold Signs Definitive Water Rights Agreement for the Gabbs Project
P2 Gold Signs Definitive Water Rights Agreement for the Gabbs Project
VANCOUVER, BC, April 2, 2026 /CNW/ - P2 Gold Inc. ("P2" or the "Company") (TSXV: PGLD)
(OTCQB: PGLDF) reports that its wholly-owned subsidiary, P2 Gabbs Inc. ("P2 Gabbs"), has entered
into a definitive agreement (the "Definitive Agreement") dated April 1, 2026 with an arm's length private
vendor to acquire water rights in the Gabbs Basin of Nevada.
Pursuant to the Definitive Agreement, P2 will acquire 2,500 acre-feet per year of water rights (the
"Water Rights"). The closing of the acquisition is subject to the Nevada Division of Water Resources
("NDWR") transferring the points of diversion, places of use, and manner of use of the Water Rights
from irrigation to mining, milling, and dewatering for use at the Gabbs Project. The Water Rights exceed
the current projected process water requirements for the Gabbs Project and ensures upside capacity in
anticipation of potential project expansion.
The key terms of the Definitive Agreement remain unchanged from those outlined in P2's news release
dated March 25, 2026, P2 Gold Secures Water Rights for the Gabbs Project.
The anticipated time frame for NDWR approval of the transfer of the Water Rights to P2 is six to twelve
months, coinciding with the projected completion of the Gabbs feasibility study at the end of the fourth
quarter.
Total make up water requirements for the process facilities at Gabbs have been estimated at 215 m3
per hour (approximately 1,500 acre-feet per year) at a processing rate of 9 million tonnes per year. See
the technical report entitled "NI 43-101 Technical Report, Preliminary Economic Assessment, Gabbs
Heap Leach and Mill Project, Nye County, Nevada, USA", with an effective date of October 7, 2025 (the
"Gabbs Technical Report"). The Gabbs Technical Report is available under the Company's profile on
SEDAR+ at www.sedarplus.com and on the Company's website at www.p2gold.com.
Qualified Person
Ken McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Qualified Person, as
defined by National Instrument 43-101, responsible for the Gabbs Project. Mr. McNaughton has
reviewed, verified, and approved the scientific and technical information in this news release.
About P2 Gold Inc.
P2 Gold is a mineral exploration and development company focused on advancing its gold-copper
Gabbs Project on the Walker Lane Trend in Nevada, where work to support a feasibility study is
underway. A positive preliminary economic assessment has outlined a long-life, mid-size mine
at Gabbs with annual average production of 109,000 ounces gold, 15,000 tonnes copper over a 14.2-
year mine life. The Gabbs Project has excellent infrastructure with access via paved Hwy 361, and
power and water on site. All zones on the property remain open and an infill and expansion drill
program is underway. On completion of drilling, an updated Mineral Resource estimate will be prepared
for Gabbs, which is expected to be completed in the third quarter.
Neither the TSX Venture Exchange (the "Exchange") nor its Regulation Services Provider (as that term
is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities
laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking
information" includes statements that use forward-looking terminology such as "may", "will", "expect",
"anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or
comparable terminology. Such forward-looking information includes, without limitation, information with
respect to the Company's expectations, strategies and plans for the Gabbs Project including the
Company's planned expenditures and exploration, permitting and development activities.
Forward-looking information is not a guarantee of future performance and is based upon a number of
estimates and assumptions of management at the date the statements are made as well as the other
assumptions disclosed in this news release. Furthermore, such forward-looking information involves a
variety of known and unknown risks, uncertainties and other factors which may cause the actual plans,
intentions, activities, results, performance or achievements of the Company to be materially different
from any future plans, intentions, activities, results, performance or achievements expressed or implied
by such forward-looking information and risks associated with mineral exploration, including the risk
that actual results and timing of exploration and development will be different from those expected by
management. See "Risk Factors" in the Company's annual information form for the year ended
December 31, 2025, dated March 19, 2026 filed on SEDAR+ at www.sedarplus.com for a discussion of
these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such
information. Accordingly, investors should not place undue reliance on forward-looking information.
Except as required by law, the Company does not assume any obligation to release publicly any
revisions to forward-looking information contained in this press release to reflect events or
circumstances after the date hereof.
For further information, please contact: Joseph Ovsenek, President & CEO, (778) 731-1055; Michelle
Romero, Executive Vice President, (778) 731-1060; P2 Gold Inc., Suite 1290, 999 West Hastings
Street, Vancouver, BC, V6C 2W2,[email protected], (SEDAR filings: P2 Gold Inc.)