Annual Letter to Shareholders
ANNUAL LETTER TO SHAREHOLDERS
31 December 2025
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Bravo’s Annual Letter to Shareholders
TORONTO, ONTARIO, December 31, 2025 – 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,
It is with immense gratitude and a profound sense of accomplishment that I address you at the close of 2025,
a year that will undoubtedly be marked as a watershed moment for Bravo Mining Corp.
This past year represents a clear inflection point in the Company’s evolution , one defined by disciplined
execution, material de -risking of our flagship asset and consistent value creation; a year that conso lidated
our Luanga palladium + platinum + rhodium + gold + nickel project (“Luanga Project” or “Luanga PGM+Au+Ni
Project”) as one of the few large-scale, multi-million-ounce, open-pit PGM+Au+Ni deposits globally, located
in a mining-friendly, geopolitically favourable and infrastructure-rich jurisdiction.
Our philosophy has remained consistent: to de -risk and advance Luanga methodically while maintaining
disciplined capital allocation, enabling us to endure challenging commodity cycles and remain well
positioned to benefit from shifts in market sentiment, as is now the case with PGMs and gold. This approach
has allowed us to deliver a series of significant milestones while maintaining a strong financial position
providing a solid platform for continued progress in 2026.
Strategic and Operational Milestones in 2025:
This year was punctuated by the delivery of a series of significant milestones t hat placed Luanga in the
premier league of PGM projects globally:
Updated Mineral Resource Estimate 1 (“MRE”): Exceeding our own expectations for resource growth, early
in the year we reported the follow-on to our 2023 maiden MRE1, delivering significant increases in tonnage,
grade, and resource confidence, while keeping the door open for continued resource expansion.
The updated MRE 1 outlines total Measured and Indicated (“ M&I”) resources of 158 million tonnes (“ Mt”)
grading 2.04 grams per tonne (“g/t”) PdEq¹, containing 10.4 million ounces (“Moz”) of PdEq¹, along with
Inferred Resources of 78 Mt grading 2.01 g/t PdEq¹ for an additional 5.0 Moz PdEq¹. Importantly,
approximately two-thirds of the total resource is now classified in the M&I category, with 86% of the MRE 1
tonnage defined to a depth of only 250 metres, while mineralization has been confirmed to at least 400
metres, clearly indicating strong potential for further growth at depth.
1 Notes and Disclaimers on MRE and Palladium Equivalent - For MRE details, grades by individual metals and details
for the basis of the Palladium Equivalent calculation, please see “Luanga Project 2025 MRE” section at the end of this
press release.
Preliminary License (LP) Obtained: In February 2025 we secured the Preliminary License (LP) for our Luanga
Project, the most critical and time -intensive permit in Brazil's environmental licensing process. Preparation
ANNUAL LETTER TO SHAREHOLDERS
31 December 2025
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for Luanga’s permitting began well before our IPO in July 2022, with early environmental studies, proactive
community engagement, and strong collaboration with government agencies.
This dedication culminated in a highly successful public hearing on December 12, 2024, where we received
overwhelming community support, paving the way for this achievement.
Preliminary Economic Assessment2 (“PEA”) Completed: In June 2025, we completed the PEA2 for the Luanga
Project, outlining a potential for 17-year Life of Mine with average annual payable production of
approximately 436,000 Ounces of 4 PGE ( 255,000 oz Palladium, 158,000 oz Platinum, 15,000 oz Rhodium,
8,500 oz Gold) plus 8,549 tonnes of Nickel.
The PEA2 evaluated two development scenarios. The Base Case, based on flotation concentrate sales to a
third-party refiner, illustrated potential for an after-tax Net Present Value at 8% (“NPV8%”) of US$1.25 billion
and an IRR of 49%. The Alternate Case, which contemplates a vertically integrated operation, enhances value
with an after-tax NPV8% of US$1.86 billion and a 49% IRR. Such economics were achieved assuming a 4 PGE
basket price about 30% lower than prevailing prices (Dec 30, 2025).
The combination of high margins and a low CAPEX-to-NPV ratio underscores the potential of Luanga’s open-
pit nature over its 8.1 km of continuous mineralized strike and favorable setting for project development,
where existing infrastructure, such as paved roads alongside the deposit, power lines, cost -effective
hydropower, water availability, a skilled mining workforce and tax incentives, result in operating costs that
could be meaningfully more competitive than many other PGM deposits worldwide.
2For complete details, forward looking statements and disclaimers of the PEA, please see press release published on
July 7, 2025. The PEA is based on the 2025 MRE for the Luanga Project (see later section: Luanga Project 2025 MRE
and press release published on February 18, 2025)
Bravo to Anchor New Port of Vila do Conde Export Processing Zone (ZPE): One of the year's most significant
strategic advancements was the selection of Bravo as the anchor company for the newly created Barcarena
Export Processing Zone (ZPE) at the Port of Vila do Conde, Pará , the first mineral project ever to anchor a
ZPE in Brazil. This designation materially strengthens Luanga’s vertical integration optionality outlined in the
PEA’s Alternate Case2, providing a framework to support potential future concentrate processing through a
smelter, whether developed by Bravo, in partnership, or by a third party.
The ZPE significantly enhances this opportunity through potential CAPEX savings, import exemptions on
equipment and supplies, and tax -free exports from a strategically located deep -sea port. Importantly, the
Barcarena industrial corridor hosts multiple fertilizer and chemical producers that currently rely on imported
sulphuric acid. Acid generated locally as a by -product of Luanga’s potential processing route could be sold
directly to fertilizer blenders, creating a meaningful additional revenue stream while helping address Brazil’s
structural deficit in sulphuric acid supply. To illustrate this opportunity, the PEA conservatively assumed a
sulphuric acid sales credit of US$160/t, while recent market prices have reached approximately US$440/t ,
levels that have forced major fertilizer producers to temporarily suspend production.
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31 December 2025
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While Luanga’s Base Case 2 already illustrates potential standalone economics, the ZPE -enabled Alternate
Case could meaningfully enhance project optionality and resilience. With few viable PGM development
projects globally, the ZPE represents a clear differentiator within the “Bravo package ”, positioning Luanga
not only as a compelling PGM and nickel project, but also as a potential mine -to-agro solution aligned with
Brazil’s strategic minerals and agricultural agendas.
Advancement in Copper-Gold Potential: We continue to make progress in understanding and advancing the
copper–gold potential at and around the Luanga Project, adding another track for value creation to Bravo.
Both IOCG-style (Iron Oxide Copper Gold ) and magmatic Ni –Cu mineralization have now been identified
across several of the 17 prioritized targets.
The 2025 exploration program has confirmed extensions of copper -gold mineralization at T5 target,
delivered encouraging results from initial scout drilling at T16 and T17, and expanded focus to new targets
such as Babylon, which is associated with a large magnetic anomaly.
In parallel, reprocessed geophysical datasets are being used to investigate potential depth extensions of
Luanga’s PGM+Au+Ni mineralization, while refining drill targeting across both IOCG and magmatic Ni –Cu
systems. These efforts are systematically building a robust pipeline of exploration prospects that highlight
Luanga’s potential well beyond the core PGM+Au+Ni deposit.
Member of the World Platinum Investment Council (WPIC): Bravo became the first pre -production PGM
company to join the World Platinum Investment Council (WPIC), gaining access to valuable market
intelligence and deeper engagement with both upstream and downstream participants across the global
PGM value chain. T his membership also provides a platform to increase awareness of the strategic
significance and quality of the Luanga Project, reflecting important recognition of Bravo’s growing role in the
global PGM market.
Commitment to ESG: A Year of Legacy and Impact:
In terms of ESG (Environmental, Social, and Governance), 2025 was a truly remarkable year of great personal
significance for me and for the entire Bravo team.
Serra Feliz Project and Partnership with the RCF Foundation: We maintained and extended our support
program for children and youth in the Serra Feliz Project. We are immensely grateful to the RCF Foundation,
which, part of the same group as one of our key investors, the RCF Opportunities Fund, continues to be an
invaluable partner. Together, we positively impacted over 300 children, youth, and adults, promoting
education, sports, dance, theater, and leisure, and contributing to improving school performance, reducing
absenteeism, and boosting self -esteem and motivation. We closed the year by promoting our usual
“Solidarity Christmas” for a "Christmas without Hunger" campaign, distributing basic food baskets ("Cestas
Básicas") to 715 families across the communities that surround our operations.
Historic Reforestation Mark: Our reforestation program reached the impressive milestone of 44,510 trees
planted. This is a significant leap from the 30,000 trees we had planted by January 2025, with over 1 0,000
additional ones already in our nursery and planned for the year. We prioritize planting high -value, fruit-
ANNUAL LETTER TO SHAREHOLDERS
31 December 2025
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bearing trees, such as Brazil nuts, cocoa, açaí, acerola cherry, and other native species, aiming for the
rehabilitation of degraded areas within and outside the Luanga project, including in local communities and
areas affected by artisanal mining. This effort demonstrates our respect for the environment, support food
security for local residents and our commitment to biodiversity.
Safety and Well-being: The safety of our team is paramount. With pride, we surpassed the mark of 650,000
hours without lost-time injuries. This achievement is a testament to our safety culture, continuous training,
and diligent supervision of all field activities, building upon the 522,307 hours achieved in January 2025.
Industry and Personal Recognition: For the second time (the first being in 2023), Bravo had the honor of
being recognized at the 2025 Brasil Mineral Awards as Mining Company of the Year – Exploration &
Prospector (small–mid companies). This distinction validates our strategy, the quality of our team, and the
excellence of our work.
In addition, I had the privilege of being honored as Mineral Sector Personality of the Year (“Miner of the
Year”), marking the second time I have received this award in my professional career (previously in 2018 ).
This recognition is one I share with our entire team, as it reflects the collective dedication and effort behind
Bravo’s success.
Gratitude and the Vision Beyond Reflection:
The primary purpose of this letter is to express my sincere gratitude to our shareholders, directors,
stakeholders, and the entire Bravo team for your continued support over the past three years. From the
outset, our ambition has been clear: to build long-term value anchored by our highly valued and sought-after
basket of commodities while creating a legacy of responsible and sustainable mining that benefits the
communities surrounding our project and, ultimately, Brazil.
As in prior years, our progress has often been assessed through charts, trends, short -term results, and
market comparisons, a constant flow of information that can sometimes reflect little more than momentary
sentiment. Throughout this process, the support of our executive team, Board, and shareholders has been
instrumental in maintaining focus on the underlying value of Luanga and its potential to become a
benchmark asset within our industry.
There were periods when prevailing narratives questioned the future relevance of PGMs, with some
characterizing them as commodities in decline and encouraging us to shift course. We listened carefully but
remained committed to our long -term strategic view. That conviction has been validated: in 2025, PGMs
emerged as one of the strongest -performing commodities. I thank you for the trust, patience, and
confidence that allowed us to stay the course and emerge stronger.
Looking Ahead to 2026: Consolidation and Responsible Expansion:
Looking ahead, even as we potentially navigate a more favorable commodity-cycle environment, we will not
compromise our principles, convictions, or discipline. We remain focused on de-risking the project with the
same cash discipline that preserves our strong capital structure. Our decisions will not be driven solely by
commodity prices, but by long-term value creation.
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31 December 2025
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We are advancing toward the delivery of a Pre-Feasibility Study (“PFS”), continuing to optimize metallurgical
processes and plant design, while maintaining ongoing dialogue with potential strategic partners capable of
enhancing project value and development strategies , not only across PGMs, but also through our copper–
gold opportunities. At the same time, we will continue to strengthen our ESG practices and deepen our
community and institutional engagement with the government agencies overseeing our development.
With the guidance of our strong Board of Directors, further strengthened in April 2025 by the appointment
of the highly regarded Margot Naudie, and with the continued support of our friend and PGM expert Stuart
Comline, who remains a consultant to the Company, I am confident that we will deliver on our objectives
and translate our success into value for both existing and future shareholders.
Bravo's journey is a story of vision, resilience, and, above all, collaboration. We believe in Luanga's potential
to become a key supplier of essential and critical metals, contributing to a greener and technologically
advanced global economy, always with the commitment to operate responsibly and generate value for all.
On behalf of the Board of Directors and management, I thank you once again for your invaluable support.
Let us toast to an even more promising future.
We are Bravo!
Luis Azevedo
Chairman and CEO
Bravo Mining Corp.
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31 December 2025
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About Bravo Mining Corp.
Bravo is a Canadian and Brazil -based mineral exploration and development company focused on advancing its
PGM+Au+Ni Luanga Project, as well as our copper-gold exploration opportunities in the world-class Carajás Mineral
Province, Para State, Brazil.
Bravo is one of the most active explorers in Carajás. The team, comprising of local and international geologists and
engineers, has a proven track record of PGM, nickel, and copper discoveries in the region and elsewhere . The
individuals in the team have successfully taken a past iron oxide copper gold (IOCG) greenfield project from discovery
to development and production in the Carajás.
The Luanga Project is situated on mature freehold farming land and benefits from being located close to operating
mines and a mining-experienced workforce, with excellent access and proximity to existing infrastructure, including
road, rail, ports, and hyd roelectric grid power. Bravo’s current Environmental, Social and Governance activities
include planting and donating more than 42,000 high-value trees in and around the project area in the past 30
months, while hiring personnel and contracting services locally.
Technical Disclosure
Technical information in this news release has been reviewed and approved by Simon Mottram, F.AusIMM (Fellow
Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company’s “qualified
person” as defined in NI 43 -101. Mr. Mottram has verified the technical data and opinions contained in this news
release.
Details of the MRE and PEA with cautionary language are provided in a technical report titled “NI 43-101 Preliminary
Economic Assessment (PEA) Independent Technical Report for the Luanga PGM + Au + Ni Project Pará, Brazil”, with
an effective date of July 7, 2025, filed under the Company’s SEDAR+ . It can also be found in the Company’s website
in the link: NI 43-101 Preliminary Economic Assessment (PEA) Independent Technical Report for the Luanga PGM +
Au + Ni Project, Pará, Brazil
For further information about Bravo, please visit www.bravomining.com or contact:
Luis Azevedo, Chairman and CEO or
Alex Penha, EVP Corporate Development
T: +1-416-509-0583
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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31 December 2025
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Forward Looking Statements.
This news release contains forward-looking information, words and statements which are not comprised of historical
facts. Forward-looking information is characterized by words and statements such as “clearly indicating”, “potential”,
“further growth”, “materially strengthens”, “meaningfully enhances”, “continue to strengthen”, “will deliver on our
objectives”, “solid”, “assumed”, “significant”, “success”, “translate”, “well positioned”, similar words, phrases, or
statements that certain events or conditions “could”, “may”, “should”, “will” or “would” occur. This news release
contains forward-looking information pertaining to the Company’s 2025 PEA; the potential for future MRE growth;
whether or not current or future discoveries of copper -gold mineralization at Luanga will have sufficient economic
merit to consider development; potential repeatability and improvements to the economic assumptions and/or to
metallurgical recoveries used in the PEA and MRE in future studies; the potential to convert some or all of the MRE to
mineral reserves through economic studies and the timing and results of any such studies; the assumption that onsite
vertical integration/downstream processing will be technically and economically feasible and that an
experienced/strategic partner will be identified and terms of a relationship be acceptable to Bravo; the ultimate cost
of power for any future mine developed; the duration and prices in future commodity cycles; whether more value can
be unlocked within the Luanga in the future; c hanges in the exchange rate between the US$ and Brazilian Real; the
results of subsequent stages of permitting, including but not limited to the timing, granting and conditions of the
Installation License (LI) and Operation License (“LO”) referred to herein; the outcomes of future economic studies 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 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 o f
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 an d development industry. Forward -looking information in this news release 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 at depth, that PGM and/or Ni grades and mineralized thicknesses
are improving at depth; that 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 cha nge in a materially
adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward -
looking information in this news release 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.
Luanga Project 2025 MRE
Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty
that all mineral resources would be converted into mineral reserves. This MRE includes Inferred Mineral Resources
which have not had sufficient 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. For further information please refer to the 2025 MRE NI 43-101 Independent Technical Report (SEDAR+)
with an effective date of February 18, 2025.
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31 December 2025
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Note that the assumed PEA production schedule is based on a subset of this 2025 MRE and uses a higher cut -off
grade (0.87g/t PdEq for the PEA versus 0.5g/t PdEq for the MRE) to provide what Bravo deems to be an optimal
return in the PEA economic model, which also excludes consideration of Oxide material at this point in time.
Resource
Classification Weathering
Average Grades and Contained Metal Estimates
Tonnes PdEq Pd Pt Rh Au Ni
Mt g/t Oz g/t Oz g/t Oz g/t Oz g/t Oz % Tonnes
Measured
Oxide 4 1.51 197 0.90 117 0.88 115 0.12 15 0.05 7 — —
High talc — — — — — — — — — — — — —
Fresh Rock 32 2.06 2,144 0.97 1,009 0.67 694 0.08 88 0.04 46 0.11 35,282
Total 36 2.00 2,340 0.96 1,126 0.69 809 0.09 104 0.04 53 0.10 35,282
Indicated
Oxide 6 1.51 314 0.97 200 0.73 151 0.11 23 0.04 9 — —
High talc 2 1.83 146 1.12 89 0.54 43 0.08 6 0.11 9 0.13 3,160
Fresh Rock 113 2.09 7,599 0.99 3,583 0.59 2,133 0.09 318 0.05 193 0.14 156,406
Total 122 2.06 8,058 0.99 3,872 0.59 2,326 0.09 348 0.05 210 0.13 159,566
Measured +
Indicated
Oxide 10 1.51 510 0.94 317 0.79 266 0.11 38 0.04 15 — —
High talc 2 1.83 146 1.12 89 0.54 43 0.08 6 0.11 9 0.13 3,160
Fresh Rock 145 2.08 9,743 0.98 4,592 0.60 2,827 0.09 407 0.05 239 0.13 191,688
Total 158 2.04 10,399 0.98 4,998 0.62 3,135 0.09 451 0.05 262 0.12 194,848
Inferred
Oxide 3 1.57 130 0.88 73 1.04 86 0.13 11 0.05 4 — —
High talc 0.1 1.76 5 1.08 3 0.53 2 0.07 0 0.10 0 0.14 133
Fresh Rock 75 2.02 4,878 0.97 2,344 0.58 1,389 0.08 191 0.05 123 0.13 97,586
Total 78 2.01 5,013 0.97 2,421 0.59 1,476 0.08 202 0.05 128 0.13 97,719
Table 8: MRE Declaration at a Cut-off of 0.5g/t PdEq*
Table 11: Luanga Project 2025 MRE
Notes to the MRE:
1. The 2025 MRE was prepared by Bernardo Horta de Cerqueira Viana, Geologist, BSc (Geology), FAIG, CEO of GE21 Consultoria Mineral Ltda. and P orfírio
Cabaleiro Rodriguez, Mining Engineer, BSc (Mine Eng), FAIG, CKO of GE21 Consultoria Mineral Ltda., both independent Qualifi ed Person (“ QP”) for the
purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“ NI 43-101”). The effective date of the MRE is 18 February 2025.
2. Mineral resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Bes t Practices Guidelines, as
required by National Instrument 43 -101 Standards of Disclosure for Mineral Projects (“NI 43 -101”).
3. The MRE Estimate is reported/confined within an economic pit shell generated by Dassault Geovia Whittle software, using the f ollowing assumptions:
• Generated from work completed by Bravo and historical test work:
o Metallurgical recovery in sulphide material of 77% Pd, 81% Pt, 51% Rh, 48% Au, 50% Ni to a Ni -PGM concentrate.
o Metallurgical recovery in oxide material of 81% Pd, 23% Pt, 54% Rh, 90% Au to a PGM ash residue (Ni not applicable).
o Metallurgical recovery in high-talc sulphide material of 51% Pd, 55% Pt, 27% Rh, 27% Au, 50% Ni to a Ni -PGM concentrate.
o Independent Geotechnical Testwork – Overall pit slopes of 40 degrees in oxide and 50 degrees in Fresh Rock.
o Densities are based on 27,170 drillhole core and 112 in situ samples density measurements. The Mineral Resources are reported on a dry density basis.
o External downstream payability has not been included, as the base case MRE assumption considers internal downstream processin g, with operating
costs for downstream processing included in the calculation of the 0.5g/t PdEq 1 cut-off used for the declared MRE.
o Payable royalties of 2%. (Considering CFEM, for reserves a complete set of royalties must be considered)
• Metal Pricing
o For the 2025 MRE, the same pricing regime was used as in the 202 3 MRE as there have been no significant changes in prices. This also allows for a
direct comparison between the new 2025 MRE and the now defunct 2023 model (a 10 -year trailing average - 2014-2023): 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$7.10/lb.
• Palladium Equivalent (“PdEq 1”) Calculation:
o The PdEq equation is: PdEq 1 = Pd g/t + F1 + F2 + F3 + F4
o 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