Announcement • Oct 23

Bravo Mining Corp. Completes an Initial Mineral Resource Estimate for Its 100% Owned Luanga Palladium + Platinum + Rhodium + Gold + Nickel Project, Located in the Carajás Mineral Province, State of Pará, Brazil

Bravo Mining Corp. announced that it has completed an initial MRE for its 100% owned Luanga palladium + platinum + rhodium + gold + nickel project (Luanga or Luanga PGM+Au+Ni Project), located in the Carajás Mineral Province, state of Pará, Brazil. Bravo's maiden and pit constrained MRE has an effective date of October 22, 2023, and it is comprised of 73 Mt grading 1.75 g/t PdEq for a total of 4.1 Moz of PdEq in the Indicated category and 118 Mt grading 1.50 g/t PdEq for 5.7 Moz PdEq in the Inferred category. Generated from work completed by Bravo and historical test work: Phase 1 and 2 Metallurgy testwork – Metallurgical recovery in sulphide material of 80% Pd, 88% Pt, 59% Rh, 56% Au, 50% Ni to a saleable Ni-PGM concentrate. Phase 1 and 2 Metallurgy testwork– Metallurgical recovery in oxide material of 73% Pd, 24% Pt, 61% Rh, 94% Au to a saleable PGM ash residue (Ni not applicable). Independent Geotechnical Testwork – Overall pit slopes of 40 degrees in oxide and 50 degrees in Fresh Rock. Densities are based on 26,898 relative density sample measurements. Averages are 1.58 t/m3 oxide, 2.71 t/m3 Saprock and 2.85 t/m3 fresh rock. External downstream payability has not been included, as the base case MRE assumption considers internal downstream processing. Payable royalties of 2%. Metal Pricing: Metal price assumptions are based on 10-year trailing averages: Pd price of USD 1,380/oz, Pt price of US$1,100/oz, Rh price of USD 6,200/oz, Au price of USD 1,500/oz, Ni price of USD 15,648/t. Palladium Equivalent (PdEq) Calculation: The PdEq equation is: PdEq = Pd g/t + F1 + F2 + F3 + F4; Mining costs: USD 2.50/t oxide, USD 3.50/t Fresh Rock. Processing costs: USD 8.50/t fresh rock, USD 7.50/t oxide. USD 2.50/t processed for General & Administration. USD 1.00/t processed for grade control. USD 0.50/t processed for rehabilitation. Several of these considerations (metallurgical recovery, metal price projections for example) should be regarded as preliminary in nature, and therefore the PdEq calculations should also be regarded as preliminary in nature. Totals may not sum due to rounding. The current MRE supersedes and replaces the Historical Estimate, which should no longer be relied upon. The QP is not aware of political, environmental, or other risks that could materially affect the potential development of the Mineral Resources. Luanga Mineral Resource Estimate: The Luanga deposit mineral resource database consists of 394 drillholes (Bravo + historic drilling) inside the mineralized envelope, with 77,612 metres of drilling between 1992 to 2023. This represents 77,493 metres of assayed intervals at an average interval of close to 1m per assay interval. All assayed interval lengths of core used in the mineralized domains are HQ diameter in the oxide and NQ2 diameter in fresh rock, diamond drill core. All historic data used for the MRE has been validated statistically to show no significant bias, either by twinned drillholes, extensive re-sampling of historic drill core, statistical comparison of historical data with Bravo drilling, and by field validation of collar locations. In addition, the MRE included 10 trenches for a total of 1,339 metres and 1,349 assays at an average sampling interval close to 1m. Nine mineralized domains were generated based on the six different styles of mineralization. The parent block model is 25 m x 25 m x 5 m with 5 m x 5 m x 5 m sub-blocks, with interpolation of elements Multiple Indicator Kriging (MIK) for each mineralized fresh rock domain and Ordinary Kriging (OK) for each oxide domain. The metallurgical recovery figures achieved at laboratory scale are based on 117 flotation tests in 2 phases, and more than 30 flotation tests undertaken by the previous owner. Continuous mini-pilot testwork is currently ongoing. Oxide recoveries used in the MRE calculation are based on results generated from two programs (2022 and 2023) of carbon-in-leach and gravimetric testwork performed for Bravo, which included 31 leaching tests. Refer to Schedule 2 of this press release for further details. Metal price assumptions are derived from the 10-year trailing price averages to smooth out volatility and price cycle movement in each of these metals. For illustration purposes, shows the relative percentages of metal value contribution to the Luanga MRE using 'grade x metallurgical recovery x metal price' for each metal. Based on recoveries and GE21's estimates of costs, a cut-off grade (COG) of 0.44 g/t PdEq was determined, which Bravo elected to round upwards to a 0.5 g/t COG, adding a further >10% contingency to this calculation to allow for potential future changes in any or several of the assumptions. Mineral Resource growth potential The Company believes that there is excellent potential to increase this initial MRE at Luanga, as follows: The mineralization is open at depth along the entire 8.1km of strike. Outside of the Central Sector, the current MRE generally extends to depths that align with the depths of the Phase 1 drilling, typically around 200 metres in the Southwest and North Sectors. Drilling in the Phase 1 (completed) program targeted the depth extent of historical drilling (typically up to ~150m), while the ongoing Phase 2 and 3 programs aim to test the extensions of mineralization to 300+m below surface. To date, only the Central Sector drilling reached depths of ~300m below surface . The cross-section in Figure 5 (Southwest Sector) shows how the lack of data at depth is restricting the MRE. Several deeper Phase 2 drill holes completed by Bravo in the Central Sector have intersected wider and higher-grade mineralization intervals than typical of the MRE, such as hole DDH23LU175 which reported 54.2m at 3.33g/t PGM+Au, 0.22% Ni from 280.5m, including 32.5m at 4.99g/t PGM+Au, 0.30% Ni from 300.2m (see News Release 15 August 2023). This could indicate potential for higher grades and greater widths of mineralization below the limit of the current MRE, with potential for additional tonnage. Bravo's trenching program is only partially complete, with the entire Central Sector yet to be trenched and some trenches still to be completed in the North and Southwest Sectors. Nevertheless, where completed, trenching indicates a potential for greater aerial extent and typically higher grades (see News Releases 08 May 2023 and 26 September 2023) of oxide mineralization (likely due to supergene enrichment and more extensive surface dispersion). As a result, the current MRE shows a limited extent and lower grades in oxides in areas where no trenching has been completed versus those areas where trenching has been completed. Bravo plans to complete trenching over the entire strike length of the Luanga deposit over the next 6 months and, if recent trends continue, Bravo could expect to see increased tonnes and grade in the oxides versus those within the current MRE.

CEO salary percentage	n/a
CEO tenure	4.7yrs
CEO ownership	38.2%
Management average tenure	2.7yrs
Board average tenure	4.7yrs

Date	Total Compensation	Salary	Company Earnings
Jun 30 2026	n/a	n/a	-US$2m
Mar 31 2026	n/a	n/a	-US$3m
Dec 31 2025	n/a	n/a	-US$3m
Sep 30 2025	n/a	n/a	-US$3m
Jun 30 2025	n/a	n/a	-US$3m
Mar 31 2025	n/a	n/a	-US$2m
Dec 31 2024	n/a	n/a	-US$2m
Sep 30 2024	n/a	n/a	-US$2m
Jun 30 2024	n/a	n/a	-US$2m
Mar 31 2024	n/a	n/a	-US$3m
Dec 31 2023	US$246k	US$220k	-US$3m
Sep 30 2023	n/a	n/a	-US$3m
Jun 30 2023	n/a	n/a	-US$4m
Mar 31 2023	n/a	n/a	-US$4m
Dec 31 2022	US$137k	US$100k	-US$3m

Name	Position	Tenure	Compensation	Ownership
Luis Felipe de Azevedo	Chairman & CEO	no data	US$246.15k	38.2% $ 117.8m
Simon Mottram	President	no data	US$249.29k	1.04% $ 3.2m
Manoel Cerqueira	Chief Financial Officer	no data	US$181.03k	0.55% $ 1.7m
Peter Muller	Vice President of Technical Services	2.7yrs	US$157.13k	0.55% $ 1.7m
Paulo De Brito	Vice President of Exploration	no data	US$180.45k	0.47% $ 1.5m
Alexandre Augusto Penha	Executive Vice President of Corporate Development	no data	no data	0.45% $ 1.4m
James McVicar	Corporate Secretary	no data	no data	no data
Fabio Masotti	Head of New Copper-Gold Exploration Division	less than a year	no data	no data
Heather Laxton	Corporate Secretary	2.7yrs	no data	no data

Name	Position	Tenure	Compensation	Ownership
Luis Felipe de Azevedo	Chairman & CEO	4.7yrs	US$246.15k	38.2% $ 117.8m
Stephen Quin	Independent Director	4.7yrs	US$57.66k	0.71% $ 2.2m
Margot Naudie	Independent Director	1.4yrs	no data	no data
Anthony Polglase	Lead Independent Director	4.7yrs	US$52.62k	0.75% $ 2.3m

Data	Last Updated (UTC time)
Company Analysis	2026/09/13 14:18
End of Day Share Price	2026/09/11 00:00
Earnings	2026/06/30
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Michael Curran	Beacon Securities Limited
Alexander Robert Pearce	BMO Capital Markets Equity Research
Frederic Bolton	BMO Capital Markets Equity Research

Bravo Mining Management

Management criteria checks 2/4

Key information

Recent management updates

Bravo Mining Corp., Annual General Meeting, Jun 04, 2026

Bravo Mining Corp. Announces Appointment of Fabio Masotti as Head of the New Copper-Gold Exploration Division

Bravo Mining Corp. Announces Board Changes

Bravo Mining Corp., Annual General Meeting, Jun 05, 2025

Bravo Mining Corp., Annual General Meeting, Jun 27, 2024

Bravo Mining Corp. Announces Appointment of Heather Laxton to the Position of Corporate Secretary

Recent updates

Bravo Mining Corp. Reports Assay Results from Babylon Target Area Adjacent to the North Sector of Its 100%-Owned Luanga Palladium + Platinum + Rhodium + Gold + Nickel Deposit

Bravo Mining Corp. Reports Drill Assay Results from Central Sector and Crescent Zone At Luanga Deposit

Bravo Mining Corp. Reports Assay Results from Babylon Target, Located Adjacent to North Sector of Its 100%-Owned Luanga Palladium + Platinum + Rhodium + Gold + Nickel Deposit, Located in Carajás Mineral Province, Pará State, Brazil

Bravo Mining Corp. Reports Infill and Extensional Drill Results from Luanga

Bravo Mining Corp Provides Update on Copper-Gold Exploration Program

Bravo Mining Corp. announced that it has received CAD 28.538907 million in funding

Bravo Mining Corp., Annual General Meeting, Jun 04, 2026

Bravo Mining Corp. Commences 2026 PGM+Au+Ni Field Season

Bravo Mining Corp. Announces Appointment of Fabio Masotti as Head of the New Copper-Gold Exploration Division

Bravo Mining Corp. has completed a Follow-on Equity Offering in the amount of CAD 75.02 million.

Bravo Mining Corp. announced that it expects to receive CAD 34.749999 million in funding

Bravo Mining Corp. has filed a Follow-on Equity Offering in the amount of CAD 50.006 million.

Bravo Mining Corp. Announces Filing of Preliminary Economic Assessment Technical Report for Its 100% Owned Luanga Project

Bravo Mining Corp. Reports Results of Preliminary Economic Assessment for its Luanga PGM+Au+Ni Project

Bravo Mining Corp. Announces Board Changes

Bravo Mining Corp., Annual General Meeting, Jun 05, 2025

Bravo Mining Corp. Grants the Preliminary License (LP) for its Luanga Project

Bravo Mining Corp. Updates Mineral Resources At Its Luanga Project

Bravo Mining Corp. Receives Final Results from 2024 Infill and Step-Out Drilling At Luanga PGM+Au+Ni Deposit, Supporting Mineral Resource Update

Bravo's Trenching Program Expands High Grade Oxide PGM+Au Mineralization

Bravo Mining Corp. Extends T5 Copper-Gold Mineralization to ~300M of Strike Potential Source of T5 Mineralization to Be Tests

Bravo Mining Corp. Announces Trenching Program Continues to Expand Oxide PGM+Au Mineralization

Bravo Mining Corp. Extends T5 Copper-Gold Mineralization over ~200m of Strike

Bravo Mining Corp.'s Trenching Extends Central Sector Oxide Mineralization

Bravo Mining Corp. Receives Assay Results from Fifteen Diamond Drill Holes from the North Sector At Its 100% Owned Luanga Palladium + Platinum + Rhodium + Gold + Nickel Deposit, Located in the Carajás Mineral Province, State of Pará, Brazil

Bravo Intercept 5.2m at 3.1% Cu and 1.1g/t Au at T5 Target

Bravo Mining Corp. Receives Assay Results from the Second Drill Hole At the T5 Target and from the First Drill Hole in the T16 Electromagnetic Target

Bravo Mining Corp. Intersects High-Grade IOCG-Style Massive Sulphide Copper-Gold Mineralization in Drill Testing of Luanga EM targets

Bravo Mining Corp. Receives Assay Results from Nine Diamond Drill Holes, Four from the North and Central Sectors

Bravo Mining Corp., Annual General Meeting, Jun 27, 2024

Bravo Mining Corp. Intercepts Best PGM+Au+Ni Drill Hole to Date at Luanga

Bravo Mining Corp. Intercepts Deeper, Wider and Higher-Grade PGM+Au+Ni Mineralization in the Central Sector, Luanga Project

Bravo Mining Corp. Announces Its Plans for the Advancement of Its 100% Owned Luanga Palladium + Platinum + Rhodium + Gold + Nickel Project Located in the Carajás Mineral Province, State of Pará, Brazil

Bravo Mining Corp. Announces Appointment of Heather Laxton to the Position of Corporate Secretary

Bravo Mining Corp. Receives Assay Results from A Further Five Trenching Trenching

Bravo Mining Corp. Receives Assay Results from Thirteen Diamond Drill Holes from the Southwest, Central and North Sector

Bravo Mining Corp. Completes an Initial Mineral Resource Estimate for Its 100% Owned Luanga Palladium + Platinum + Rhodium + Gold + Nickel Project, Located in the Carajás Mineral Province, State of Pará, Brazil

Bravo Mining Corp. Receives Assay Results from Further Five Trenching

Bravo Mining Corp. Receives Assay Results from 15 Diamond Drill Holes from the Southwest and Central Sectors At Its 100% Owned Luanga Palladium + Rhodium + Gold + Nickel Project

Bravo Mining Corp. Receives Assay Results from Twenty-One Diamond Drill Holes from the Southwest, Central and North Sectors At Its 100% Owned Luanga Palladium + Platinum + Rhodium + Gold + Nickel Project

Bravo Mining Corp. announced that it has received CAD 5.267472 million in funding

Bravo Mining Corp. Intercepts First Evidence of Massive Sulphide Nickel in the Southwest Sector and Continuation of Mineralization At Depth At the Central Sector of Luanga

Bravo Mining Corp. has completed a Follow-on Equity Offering in the amount of CAD 17.188553 million.

Bravo Mining Corp. Intercepts Shallow PGMs and Magmatic Ni Sulphides at Luanga

Bravo Mining Corp., Annual General Meeting, Jun 30, 2023

Bravo Mining Corp. Trenches over 140M of Continuous Oxide PGM+Au At Luanga, Receives Positive Results from Assaying Metallurgical Drill Core

Bravo Mining Corp. Discovers New Nickel-Rich Zone in Luanga's Central Sector and Extends Footprint of Nickel/Copper-Rich Zone in Luanga's North Sector

Bravo Mining Corp. Continues to Intersect Exceptional PGM Mineralized Thicknesses and Grades at Luanga

CEO Compensation Analysis

CEO

Leadership Team

Board Members

Company Analysis and Financial Data Status

Data Sources

Analysis Model and Snowflake

Industry and Sector Metrics

Analyst Sources