Annual Letter to Shareholders
ANNUAL LETTER TO SHAREHOLDERS
29 December 2023
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Bravo’s Annual Letter to Shareholders
VANCOUVER, December 2 9, 2023 – Bravo Mining Corp. (TSX.V: BRVO, OTCQX: BRVMF), (“Bravo” or the
“Company”) today issued its Annual Letter to Shareholders as per below (the “Letter”).
Dear fellow Shareholders,
As we reflect on the significant accomplishments that we have made in advancing our Luanga palladium +
platinum + rhodium + gold + nickel project (“ Luanga” or “Luanga PGM+Au+Ni Project ”) and the challenges
presented by the mining capital markets in 2023, we are pleased to extend our gratitude for your continued
support throughout our second year of business. Your trust and confidence have played a crucial role in our
journey, and we would like to take this opportunity to share the highlights of our endeavors with you.
During 2023, we achi eved a number of significant milestones, which culminated with the release of our
maiden Mineral Resource Estimate (“MRE”) in October 2023 (see News Release 22 October 2023 ) and the
establishment of the Luanga Project as one of the few multi -million-ounce potential sources of critical and
scarce PGMs and nickel outside regions challenged by political and labour instability, infrastructure
shortcomings and permitting complexities . This remarkable achievement came only 15 months after our
initial public offering (“IPO”) in July 2022.
The foundation of Bravo’s mineral resource success was cemented by the completion of our Phase I drill
program, and commencement of the Phase II and Phase III drilling campaigns. A total of 116 holes for 30,920
metres were completed, of which 86 drillholes have been released to the market. Combining the drillholes
executed in 2023 with those from 2022 and historical data, Bravo's drilling inventory concluded 2023 with
an impressive 104,242 metres from 503 drillholes, of which 394 drillholes for 77,612 metres were used in
the MRE, ultimately defining 4.1 million ounces (“Moz”) at 1.75 g/t of Palladium Equivalent (“PdEq”) in the
Indicated category and 5.7 Moz at 1.50 g/t of PdEq in the Inferred Category (refer to Schedules 1 and 2 for
full MRE technical disclosure).
As indicated in our drilling press releases post MRE announcement, there remains substantial and immediate
growth potential beyond the MRE. This is evidenced by the intersection of additional mineralization beyond
the MRE pit constraints. Another example is the very encouraging results emanating from the ongoing
trenching program targeting the shallow high-grade zones of oxide mineralization.
On the exploration of Luanga, we have made progress by continuing to discover evidence of magmatic nickel
sulphides, which have been intersected in the North, Central and Southwest Sectors. We now have a
dedicated exploration team focusing on following up on the 17 Priority Drill Targets defined by the extensive
helicopter based (HeliTEM) electromagnetic (EM) geophysical survey flown over 100% of the Luanga area.
Our site infrastructure has been significantly improved with the installation of a state-of-the-art core storage
facility with a n area of 1,250 square metres and designed to house over 200,000 metres of drill core . This
facility is adequate to accommodate historical and Bravo’s drill cores, with ample room for future drilling
campaigns. Beyond storage, the new core facility boasts expansive working areas for our team of geologists
and technicians, where they can seamlessly conduct their activities. In addition, we have completed other
site infrastructure improvements, such as upgraded and expanded accommodation s, leisure facilities and
improved office spaces for our site-based team.
ANNUAL LETTER TO SHAREHOLDERS
29 December 2023
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Concurrent with the above achievements, we are very proud to report 694 consecutive days free of Lost
Time Injuries. We believe this is a testament to our commitment to occupational health and safety and good
management supervision of field activities. We have also honoured our promise to respect the environment
by planting 12,735 trees so far, or 53 per drillhole, five times our initial plan of 10 trees per each drillhole.
Our goal is to plant 60,000 trees in the next 3 years to continue the environmental rehabilitation of degraded
areas within the Luanga project, within local communities and in areas offsite impacted by artisanal mining.
Our plantings prioritise high value fruit -bearing trees, such as Brazil nuts, cocoa, açaí, acerola cherry, and
other native trees.
Our commitment to communities surrounding the Luanga Project has been underlined by proudly sourcing
76% of our workforce from the Carajás region and acquiring over 70% of materials and services from local
suppliers. Further, we actively support two social projects, benefiting approximately 200 children and youths,
with a focus on education, sports, and leisure, reflecting our holistic approach to community engagement.
The drilling program continues to steadily move forward, with a heightened emphasis on exploration aimed
at increasing and upgrading our mineral resource base, while exploring for new discoveries. Simultaneously,
we are actively evaluating a range of devel opment options, with a particular focus on permitting and
improving the metallurgical studies for both sulphide and oxide materials as well as investigating customer
marketing alternatives for Luanga products.
In recognition of our achievements in 2023, we were honored to have received two prestigious awards in
Brazil for “Exploration Company of the Year”, one from the Brazilian Association of Mineral and Mining
Research Companies (ABPM) and the other from Brasil Mineral magazine, which for more than four decades
has been recognizing excellence in the mineral sector through their " Empresas do Ano do Setor Mineral "
(Companies of the Year in the Mineral Sector) awards. These awards hold special significance for us, given
the relatively short period since our IPO in July 2022.
We owe our accomplishments to the collective efforts of our dedicated employees, management, directors,
key contractors, and communities around Luanga. Their unwavering commitment has been instrumental in
supporting our activities and driving our success.
To you, our shareholders, we express our gratitude for your continuing support. Your participation in our
three rounds of equity financing, from Pre -IPO, IPO and follow-on financing in June 2023 empowered us to
navigate challenges and seize opportunities with determination and discipline.
On behalf of the Board of Directors and management, we thank you once again for your invaluable support.
Here's to an even more promising future ahead. We are Bravo!
Luis Azevedo
Chairman and CEO
Bravo Mining Corp
ANNUAL LETTER TO SHAREHOLDERS
29 December 2023
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Figure 1: Core facility Figure 2: Inside core facility
Figure 3: Sponsoring Projeto Serra Feliz Figure 4: Christmas Food Drive
Figure 5: Team Bravo in front of the newly built core facility Figure 6: Trees at Bravo’s nursery ready to be planted
ANNUAL LETTER TO SHAREHOLDERS
29 December 2023
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About Bravo Mining Corp.
Bravo is a Canadian and Brazil-based mineral exploration and development company focused on advancing its Luanga
PGM+Au+Ni Project in the world-class Carajás Mineral Province of Brazil.
The Luanga Project is situated on mature freehold farming land and benefits from being in a location close to
operating mines, with excellent access and proximity to existing infrastructure, including road, rail, and clean
renewable hydro grid power. A fu lly funded 63,000m infill, step out and exploration drilling is currently underway.
Bravo’s current Environmental, Social and Governance activities includes replanting trees in the project area, hiring
and contracting locally, and ensuring protection of the environment during its exploration activities.
Technical Disclosure and Qualified Persons
Porfírio Cabaleiro Rodriguez, Mining Engineer, BSc (Mine Eng), MAIG, director of GE21 Consultoria Mineral Ltda., is
an Independent QP as defined in NI 43-101 and is responsible for the MRE.
An independent peer review was carried out by Anderson Candido FAusIMM (Fellow Australia Institute of Mining
and Metallurgy). Mr. Candido is a full-time employee of independent consultancy RPM Global and is an Independent
QP as defined in NI 43-101 and was responsible for the independent peer review over the complete MRE process.
Technical assurance was carried out by Professor Mark Noppé MAICD, FAusIMM (CP). Prof. Noppé is the Director of
the WH Bryan Mining Geology Research Centre at The University of Queensland, is an Independent QP as defined in
NI 43-101 and was responsible for technical assurance and peer review over the complete MRE process.
Technical information in this Letter has been reviewed and approved by Simon Mottram, FAusIMM, President of
Bravo Mining Corp. who serves as the Company’s QP as defined in NI 43-101. Mr. Mottram has verified the technical
data and opinions contained in this Letter.
Details of the MRE will be provided in a technical report with an effective date of October 22, 2023, prepared in
accordance with NI 43-101, which is filed under the Company’s SEDAR+ profile.
For further information about Bravo, please visit www.bravomining.com or contact:
Alex Penha
EVP Corporate Development
Forward Looking Statements
This Letter contains forward -looking information which is not comprised of historical facts. Forward -looking
information is characterized by words or sentences such as “potential”, “assume”, “assumptions”, “preliminary”,
“expect”, “expected”, “plan”, “goal, “continue”, “aimed at”, “increasing”, “upgrading”, “improving”, and variants of
these words and other similar words, phrases, or statements that certain events or conditions “could”, “may”,
“should” or “will” occur. This Letter contains forward-looking information pertaining to the Company’s maiden MRE;
the potential for future MRE growth from deeper drilling, and/or additional zones and/or drilling of geophysical
targets; potential repeatability and improvements to the economic assumptions and/or to metallurgical re coveries
used in the MRE; the Company’s ongoing drill program and the results thereof including the potential for extensions
to mineralization to depth and the potential to convert such extensions into mineral resources; the results of
geophysical surveys and whether interpretations of them are related to mineralization; and the Company’s plans in
respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual
events, results, and opportunities to differ materially from those expressed or implied by such forward -looking
ANNUAL LETTER TO SHAREHOLDERS
29 December 2023
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information. Factors that could cause actual results to differ materially from such forward -looking information
include, but are not limited to, unexpected results from exploration programs, changes in the state of equity and debt
markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals,
environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral
exploration and development industry. Forward -looking inf ormation in this Letter is based on the opinions and
assumptions of management considered reasonable as of the date hereof, including, but not limited to, the
assumption that the assay results confirm that the interpreted mineralization contains significant values of nickel,
PGMs and Au; that the mineralization remains open to depth; that Ni grades are improving to depth; that future drill
and assay results will be in line with management’s expectations; that exploration and other business activities will
not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy
and safety risks; that the Luanga project will not be materially affected by potential supply chain disruptions; and
general business and economic conditions will not change in a materially adverse manner. Although the Company
believes that the assumptions and factors used in preparing the forward -looking information in this Letter are
reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or
obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
Cautionary Note for U.S. Investors Concerning Mineral Resources
This Letter has been prepared in accordance with the requirements of the securities laws in effect in Canada, which
differ from the requirements of United States securities laws. The terms “mineral resource”, “indicated mineral
resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101; however, these
terms are not defined terms under the U.S. Securities and Exchange Commission (“SEC”) modernization rules,
known as “S-K 1300”, and are normally not permitted to be used in reports and registration statements filed with
the SEC. Investors are cautioned not to assume that all or any part of an “indicated mineral resource” or “inferred
mineral resource” will ever be upgraded to a higher category or converted into mineral reserves in accordance with
S-K 1300. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great
uncertainty as to their economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources
may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to
assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Disclosure
of “contained ounces” in a mineral resource is permitted disclosure under Canadian regulations; however, the SEC
normally only permits issuers to report mineralization that does not constitute “reserves” by SEC S-K 1300
standards as in place tonnage and grade without reference to unit measures. Accordingly, information contained in
this Letter contain descriptions of the Company’s mineral deposits that may not be comparable to similar
information made public by U.S. companies subject to the reporting and disclosure requirements under the United
States federal securities laws and the rules and regulations thereunder.
ANNUAL LETTER TO SHAREHOLDERS
29 December 2023
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Schedule 1: Mineral Resource Estimate
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. Table 1 shows a breakdown of the MRE by tonnage, grade and metal content
for each metal, weathering type, and resource classification category.
Resource
Classification Weathering
Average Grades and Contained Metal Estimates
Tonnes Pd Eq Pd Pt Rh Au Ni
Mt g/t Oz g/t Oz g/t Oz g/t Oz g/t Oz % Tonnes
Indicated
Oxide 4.6 1.43 212,990 0.91 135,949 0,54 79,901 0.07 10,031 0,08 11,944 n/a n/a
Fresh Rock 68.5 1.77 3,892,313 0.78 1,705,709 0.53 1,159,078 0.06 131,248 0.07 146,263 0.13 89,539
Total 73.1 1.75 4,105,303 0.78 1,841,658 0.53 1,238,979 0.06 141,279 0.07 158,207 0.13 89,539
Inferred
Oxide 10.0 1.30 418,810 0.75 241,117 0.72 230,367 0.08 25,738 0.04 12,444 n/a n/a
Fresh Rock 108.1 1.52 5,286,970 0.60 2,082,479 0.57 1,997,054 0.05 190,746 0.04 122,076 0.10 104,640
Total 118.1 1.50 5,705,800 0.61 2,323,596 0.59 2,227,421 0.06 216,484 0.04 134,520 0.10 104,640
Table 1: MRE Declaration at a Cut-off of 0.5g/t PdEq*
* Notes:
• The M RE has been prepared by Porfírio Cabaleiro Rodriguez, Mining Engineer, BSc (Mine Eng), MAIG, director of GE21 Consultoria Mineral Ltda., an
independent Qualified Person (“QP”) under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The effective date of the
MRE is 22 October 2023.
• Mineral resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practic es Guidelines, as
required by NI 43-101.
• Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that all mineral resources will be converted
into mineral reserves.
• This MRE includes inferred mineral resources which have had insufficient work to classify them as Indicated mineral resources. It is uncertain but reasonably
expected that inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.
• The Mineral Resource Estimate is reported/confined within an economic pit shell generated by Whittle software, using the following assumptions:
Generated from work completed by Bravo and historical test work:
o 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.
o 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).
o Independent Geotechnical Testwork – Overall pit slopes of 40 degrees in oxide and 50 degrees in Fresh Rock.
o 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.
o External downstream payability has not been included, as the base case MRE assumption considers internal downstream processing.
o Payable royalties of 2%.
Metal Pricing:
o Metal price assumptions are based on 10-year trailing averages: Pd price of US$1,380/oz, Pt price of US$1,100/oz, Rh price of US$6,200/oz, Au price
of US$1,500/oz, Ni price of US$15,648/t.
Palladium Equivalent (“PdEq”) Calculation:
o The PdEq equation is: PdEq = Pd g/t + F1 + F2 + F3 + F4
Where: 𝑭𝟏 =
(𝑷𝒕𝒑∗𝑷𝒕𝑹)
(𝑷𝒅𝒑∗𝑷𝒅𝑹) 𝑷𝒕𝒕 𝑭𝟐 =
(𝑹𝒉𝒑∗𝑹𝒉𝑹)
(𝑷𝒅𝒑∗𝑷𝒅𝑹) 𝑹𝒉𝒕 𝑭𝟑 =
(𝑨𝒖𝒑∗𝑨𝒖𝑹)
(𝑷𝒅𝒑∗𝑷𝒅𝑹) 𝑨𝒖𝒕 𝑭𝟒 =
(𝑵𝒊𝒑∗𝑵𝒊𝑹)
(𝑷𝒅𝒑∗𝑷𝒅𝑹) 𝑵𝒊𝒕 P = Metal Price R = Recovery
Costs are taken from comparable projects in GE21’s extensive database of mining operations in Brazil, which includes not only operating mines, but
recent actual costs from what could potentially be similarly sized operating mines in the Carajás. Costs considered a throughput rate of ca. 10mtpa:
o Mining costs: US$2.50/t oxide, US$3.50/t Fresh Rock. Processing costs: US$8.50/t fresh rock, US$7.50/t oxide. US$2.50/t processed for General &
Administration. US$1.00/t processed for grade control. US$0.50/t processed for rehabilitation.
• Several of these considerations (metallurgical recovery, metal price projections for example) should be regarded as preliminary in nature, and therefore the
PdEq calculations should also be regarded as preliminary in nature. Totals may not sum due to rounding.
• The current MRE supersedes and replaces the Historical Estimate (as defined and described below), which should no longer be relied upon.
• The QP is not aware of political, environmental, or other risks that could materially affect the potential development of the Mineral Resources.
ANNUAL LETTER TO SHAREHOLDERS
29 December 2023
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Schedule 2: Schedule: Key Assumptions and Methods Used for the Mineral Resource Estimate
Variography and Interpolations
Grade estimation for sulphide material was completed using the MIK technique, for each element and for each
domain. Ten grade increments levels were used to define indicators for each element. Variography and MIK were
performed using Isatis.neo software and reported for each respective domain. No grade variables were capped.
Grade estimation for oxide material was completed using the OK technique, for each element and for each domain.
Cut-off Grade
The PdEq COG of 0.5 g/t was calculated by taking the all-in cost (oxide and fresh rock) and dividing them by the value
of one gram of Pd multiplied by metallurgical recovery. From this a global average (rounded up from the calculated
value of 0.44g/t) of 0.5 g/t PdEq has been chosen as the COG. Rounding to 0.5g/t adds a further >10% contingency
to the calculation process to accommodate potential future changes in any, or several of, the assumptions.
COG (PdEq)
Oxide Units
Costs 14.0 US$/t
DGV1 31.95 US$/g
Cut-Off 0.43 PdEq/ g/t
Fresh Units
Costs 16.0 US$/t
DGV1 35.5 US$/g
Cut-Off 0.44 PdEq/ g/t
Avg Cut-off 0.5 PdEq/ g/t
1 Deposit Grade Value (“DGV”) = (P-Pd/31.1035) * R-Pd
Where: P-Pd = Palladium Price in US$/oz,
R-Pd = Palladium Metallurgical Recovery
Classification of Mineral Resource
To classify mineral resources, a study of spatial continuity for PdEq was conducted using variography followed by
ordinary kriging interpolation. This study established a continuity zone suitable for considering as "Indicated Mineral
Resources", with a drilling grid of approximately 75m x 75m, extending both along the strike and dip directions, and
requiring a minimum of two drill holes. Subsequently, manual post -processing was undertaken to construct
wireframes representing the volumes categorized as Indicated, while considering the blocks within the resource pit
shell. Any remaining blocks within the resource-limiting pit were classified as "Inferred Mineral Resources".
Reasonable Prospect for Eventual Economic Extraction
The reported MRE is pit constrained using Whittle software to create a pit shell that has reasonable prospects for
eventual economic extraction. Relevant parameters used in the mineral resource estimate are shown below the MRE
table and include commodity prices used, metallurgical recoveries, geotechnical assumptions, and cost structures.
Further, there are no known environmental or community matters that are likely to constrain the future extraction
of the reported MRE.