BRVO.V · 2022-10-12 12:00:00

Bravo Confirms Exceptional Rhodium Results from Overlimit Assays at Luanga

Corporate Updates

NEWS RELEASE

12 October 2022

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Highlights include: 6m @ 8.9 g/t PGM + Au (with 1.81 g/t Rh),

Including 2m @ 24.4 g/t PGM + Au (with 5.07 g/t Rh)

VANCOUVER, October 12, 2022 – Bravo Mining Corp. (TSX.V: BRVO, OTCQX: BRVMF ), (“Bravo” or the

“Company”) today announced that it has received the overlimit (>1.0 g/t) rhodium (“Rh”) assay results from drill

hole PPT -LUAN-FD0065 at its wholly owned Luanga palladium + platinum + rhodium + gold + nickel project

(“Luanga” or “Luanga PGM+Au+Ni ”), located in the Carajás Mineral Province, state of Pará, Brazil. Preliminary

results for PPT-LUAN-FD0065 were announced in the news release dated September 27th, 2022, reporting re-assay

of samples from historic diamond drill holes (“DDH”) . These results included a 2m interval that exceeded the

upper limit of 1.0g/t rhodium for the assay methodology used. This sample was re-assayed for rhodium using the

applicable methodology for higher rhodium grades and has returned exceptional rhodium values.

“We are highly encouraged that PGM intercepts are proving to not only correlate well with historic results in

thickness but can show significant improvements in grade on re-assay,” said Luis Azevedo, Chairman and CEO of

Bravo. “We are particularly excited by the high rhodium assay results and believe that the Luanga deposit could

be a rare example globally due to its concentration of valuable rhodium metal, particularly in some parts of the

deposit.”

Highlights

▪ Mineralized intercepts from the re-assay of historic drill core continue to correlate with the historic intercepts,

including intervals where rhodium assay results were >1.0 g/t Rh.

▪ Highlights from drill hole PPT -LUAN-FD0065, which now include overlimit rhodium re-assays, are tabulated

below, with details and comparisons attached:

HOLE-ID From

(m)

Thickness

(m)

(g/t)

PGM + Au

(g/t)

Ni %

(Sulphide) Type

PPT-LUAN-FD0065 21.0 27.0 6.0 0.95 6.16 1.81 0.01 8.93 NA Ox/LS

Including 25.0 27.0 2.0 2.28 17.06 5.07 0.01 24.42 NA Ox/LS

Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.

Given the orientation of the hole and the mineralization, the intercept is estimated to be 85% of true thickness.

Type: Ox = Oxide. LS = Low Sulphur. Recovery methods and results will differ based on the type of mineralization.

NA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock mineralization.

▪ 84 drill holes have been completed for a total of 14,579 metres (or 57% of Phase 1 Drilling Program). Currently,

samples from 34 drill holes are at the laboratory pending results.

▪ 13,910 samples submitted for assay to date including 2,964 re-assay samples from historic drill core.

▪ 6 drill rigs continue to operate onsite.

NEWS RELEASE

12 October 2022

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Luanga Re-Assay and Phase 1 Drilling Progress

A comparison of the historic intercept with the Bravo re -assay result for PPT-LUAN-FD0065 is tabulated below ,

with a plan showing the location of the drill hole. The thickness for the overall intercept and the higher -grade

section within it correlate well with the historic intercepts, with the exception of Rh which significantly exceeds

the historic values.

Comparison of Re-Assayed Intercepts – Historic Intercept (SGS Laboratory) versus Bravo Intercept (ALS Laboratory)

HOLE-ID From

(m)

Thickness

(m)

HISTORIC SGS

PGM + Au (g/t)

BRAVO ALS

PGM + Au (g/t)

HISTORIC

Ni % (Total)

BRAVO**

Ni % (Sulphide) TYPE

PPT-LUAN-FD0065 21.0 27.0 6.0 7.74 8.93 0.03 NA Ox/LS

Including 25.0 27.0 2.0 18.29 24.42 0.04 NA Ox/LS

And 109.0 120.0 11.0 0.85 0.85 0.09 0.09 FR

Individual Re-Assay Grades of Intercections (PPT-LUAN-FD0065) – Bravo, ALS Laboratory

HOLE-ID From

(m)

Thickness

(m)

(g/t)

PGM + Au

(g/t)

Ni %

(Sulphide) TYPE

PPT-LUAN-FD0065 21.0 27.0 6.0 0.95 6.16 1.81 0.01 8.93 NA Ox/LS

Including 25.0 27.0 2.0 2.28 17.06 5.07 0.01 24.42 NA Ox/LS

And 109.0 120.0 11.0 0.41 0.33 0.07 0.04 0.85 0.09 FR

Individual Original Assay Grades of Intersections (PPT-LUAN-FD0065) – Vale, SGS Laboratory

HOLE-ID From

(m)

Thickness

(m)

(g/t)

PGM + Au

(g/t)

Ni %

(TOTAL) TYPE

PPT-LUAN-FD0065 21.0 27.0 6.0 1.07 5.78 0.88 0.01 7.74 0.03 Ox/LS

Including 25.0 27.0 2.0 2.33 14.03 1.93 0.01 18.29 0.04 Ox/LS

And 109.0 120.0 11.0 0.44 0.30 0.05 0.06 0.85 0.09 FR

Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.

Given the orientation of the hole and the mineralization, the intercept is estimated to be 85% of true thickness.

Type: Ox = Oxide. FR = Fresh Rock. LS = Low Sulphur. Recovery methods and results will differ based on the type of mineralization.

NA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock mineralization.

* = Note that Bravo’s nickel grades are for sulphide nickel, which is representative of potentially recoverable (by froth flotatio n

treatment) nickel, and does not include non-recoverable silicate nickel, unlike historic total nickel assays.

The Phase 1 diamo nd drill program continues as planned at Luanga. Six drill rigs are on site, with drilling

progressing in various locations along the entire 7km strike length of the known Luanga mineralized envelope (as

defined by historic drilling). To date, 84 drill hol es have been completed, for a total of 14,579 metres of the

planned 25,500 metre Phase 1 drill program.

NEWS RELEASE

12 October 2022

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Location of Historic Drill Hole Results Discussed in this Report

NEWS RELEASE

12 October 2022

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About Bravo Mining Corp.

Bravo is a Canada 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 benefits from being in a location close to operating mines, with excellent access and proximity

to existing infrastructure, including road, rail and clean and renewable hydro grid power. The project area was

previously de -forested for ag ricultural grazing land. Bravo’s current Environmental, Social and Governance

activities include replanting trees in the project area, hiring and contracting locally, engagement with local

communities, and ensuring protection of the environment during its exploration activities.

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 a s the Company’s

“qualified person”, as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-

101”). Mr. Mottram has verified the technical data and opinions contained in this news release.

For further information about Bravo, please visit www.bravomining.com or contact:

Alex Penha

EVP Corporate Development

[email protected]

NEWS RELEASE

12 October 2022

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Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking

information is characterized by words such as “believe”, “exceptional”, “highly encouraged ”, “correlate”,

“significant”, “improvement”, “ highly encouraged ”, “rare”, “ valuable”, and other similar words, phrases or

statements that certain events or conditions “could”, “should”, or “will” occur. In particular, this news release

contains forward-looking information pertaining to the Company’s ongoing re -assay and drill programs and the

results thereof and the potential for a continued increase in grades relative to historic assays. 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 actu al results to differ materially from such forward -looking information include, but are not

limited to, 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 information

in this news release is based on the opinions and assumptions of management con sidered reasonable as of the

date hereof, including, but not limited to, the assumption that the assay results confirm the interpreted

mineralization contains significant values of nickel, copper and also contain PGMs and Au; final drill and assay

results will be in line with management’s expectations; that re-assayed may continue to outperform historic

grades; 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 change 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.

NEWS RELEASE

12 October 2022

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Schedule 1: Drill Hole Collar Details

HOLE-ID Company East (m) North (m) RL (m) Datum Depth

(m) Azimuth Dip

PPT-LUAN-FD0065 Vale SA 659497.72 9342974.99 275.80 SIRGAS2000 UTM22S 269.75 90.00 -60.00

Schedule 2: Assay Methodologies and QAQC

Samples followed chain of custody between collection, processing and delivery to the ALS laboratory in

Parauapebas, state of Par á, Brazil. The drill core was delivered to the core shack at Bravo’s Luang a site facilities

and processed by geologists who inserted certified reference materials, blanks and duplicates into the sampling

sequence. Drill core was quarter cut and placed in secured polyurethane bags, then in security-sealed sacks before

being delivered directly from the Luanga site facilities to the Parauapebas ALS laboratory by Bravo staff. Additional

information about the methodology can be found on the respective ALS or SGS global websites (ALS, SGS) in their

analytical guides. Information regarding preparation and analysis of historic drill core is also presented in the table

below, where the information is known.

Quality Assurance and Quality Control (“ QAQC”) is maintained internally at the lab through rigorous use of

internal certified reference materials, blanks, and duplicates. An additional QAQC program is administered by

Bravo using certified reference materials, duplicate samples and blank samples that are blindly inserted into the

sample batch. If a QAQC sample returns an unacceptable value an investigation into the results is triggered and

when deemed necessary, the samples that were tested in the batch with the failed QAQC sample are re-tested.

Bravo ALS

Preparation Method Method Method Method

For All Elements Pt, Pd, Au Rh Ni-Sulphide Trace Elements

PREP-31B PGM-ICP27 Rh-MS25 Ni-ICP05 ME-ICP61

Bravo SGS

Rh >1.0g/t

FA/AAS

Historic Drill Assaying SGS Geosol

Preparation Method Method Method Method

For All Elements Pt, Pd, Au Rh TOTAL Ni Trace Elements

Crushed to <200#

mesh

FA30A FA30B ICP-117 ICP-117

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