BRVO.V · 2023-02-14 12:00:00

Bravo Discovers New Nickel-rich Zone in Luanga’s Central Sector and Extends Footprint of Nickel/Copper-rich Zone in Luanga’s North Sector

Drill Results

'NEWS RELEASE

14 February 2023

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Bravo Discovers New Nickel-rich Zone in Luanga’s Central Sector and Extends Footprint of

Nickel/Copper-rich Zone in Luanga’s North Sector

Highlights include 27.7m @ 0.62g/t PGM+Au, 0.62% Ni (Including 4.6m @ 1.12g/t PGM+Au plus 1.12% Ni),

And: 25.3m @ 1.14g/t PGM+Au, 0.42% Ni, 0.34% Cu (Including 3.4m @ 2.12g/t PGM+Au, 0.84% Ni, 0.34% Cu)

VANCOUVER, February 14, 2023 – Bravo Mining Corp. (TSX.V: BRVO, OTCQX: BRVMF), (“Bravo” or the

“Company”) announced that it has received assay results from eight diamond drill holes (“DDH”) in the Central

and North Sectors highlighting the nickel sulphide potential of 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. Two DDH in the Central Sector have identified a new zone and style

of nickel sulphide mineralization. Follow up drilling to the previously announced massive sulphide intercept in

the North Sector (August 16 th, 2022 news release ) has intersected higher-grade nickel sulphide 50m to the

north and south, with evidence indicating potential extensions toward the south.

“Today’s results demonstrate the potential for higher-grade nickel ± copper sulphides at Luanga, underlie the

existing ~8.1km strike of PGM+Au+Ni mineralization intersected in shallow historic drilling,” said Luis Azevedo,

Chairman and CEO of Bravo. “We are at the early stages of understanding the distribution of, and controls on, this

potential new style of nickel ± copper sulphide mineralization, which has now been intersected in both the North

and Central Sectors ,” he said. “We are very positive about the potential below Luanga and have deployed

geophysical tools aimed at detecting this style of mineralization. Work is continuing and aims to drill test future

geophysical targets in 2023.”

Highlights Include:

▪ Follow up, step -out drilling to the massive nickel/copper sulphides intercepted in DDH 22LU047 (August

16th, 2022 news release ) intersected nickel/copper sulphides along strike , 50m to the north and to the

south. Electromagnetics (EM) has identified conductors trending to the south where surface EM is ongoing.

▪ Drilling in the Central Sector of Luanga has intersected a new zone and style of nickel sulphide

mineralization, potentially magmatic nickel sulphide mineralization. It occurs within a different rock-type

than the PGM+Au+Ni mineralization at Luanga – further increasing the exploration prospectivity of Luanga.

EM surveying is expected to begin shortly.

▪ A noticeable change in PGM chemistry (significantly higher rhodium to palladium ratio) has been identified

in most assay results from both nickel sulphide zones. This also points to a new style of mineralization and

provides another possible vector into higher nickel sulphide zones.

HOLE-ID From

(m)

Thickness

(m)

(g/t)

PGM +

Au (g/t)

Ni (%

Sulphide)

(%) Sector

DDH22LU039 128.2 155.9 27.7 0.40 0.10 0.11 0.01 0.62 0.42 Cent.

Including 128.2 132.8 4.6 0.74 0.12 0.25 0.01 1.12 1.12 Cent.

Including 130.2 131.2 1.0 1.08 0.25 0.51 0.01 1.85 2.08 Cent.

DDH22LU049 49.6 74.9 25.3 0.68 0.22 0.13 0.12 1.14 0.40 0.2

North

Including 66.9 70.3 3.4 1.18 0.52 0.29 0.12 2.12 0.84 0.3

North

DDH22LU052 151.0 158.1 7.1 0.69 0.04 0.30 0.11 1.13 0.82 0.4

North

Including 151.0 153.8 2.8 0.76 0.02 0.39 0.01 1.18 1.09 0.2

North

DDH22LU061 102.4 103.6 1.2 0.55 0.04 0.31 0.15 1.05 1.18 Cent.

DDH22LU073 136.9 155.8 18. 9 0.96 0.29 0.02 0.02 1.30 0.41 North

Including 150.8 153.8 3.0 2.57 0.50 0.04 0.02 3.14 1.15 North

DDH22LU077 169.4 175.5 6.1 0.57 0.04 0.33 0.02 0.96 0.63 North

Including 169.4 171.3 1.9 1.33 0.05 0.84* 0.04 2.27* 1.47 North

Including 170.6 171.3 0.7 1.54 0.04 >1.0* 0.01 2.59* 2.27 North

'NEWS RELEASE

14 February 2023

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

All intercepts were in fresh rock.

Given the orientation of the hole and the mineralization, the intercepts are estimated to be 85% to 100% of true thickness.

* Includes Rh >1.00g/t result. Overlimit analyses pending.

North = North Sector. Cent. = Central Sector.

** Bravo’s nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historic total nickel assays.

Central Sector Magmatic Nickel Sulphide Exploration Upside

Drilling in the Central Sector (holes DDH22LU039 and DDH22LU061) identified a second zone of more

concentrated magmatic sulphides, a style of mineralization not previously observed at Luanga in historic drilling.

This style of mineralization features net-textures typical of magmatic nickel sulphide mineralization (Figure 1).

Figure 1: Core photos from Central Sector (039) and North Sector (049 and 052) with nickel ± copper sulphide mineralization.

The Central Sector higher-grade magmatic nickel sulphide mineralization appears to be coincident with the main

Luanga PGM mineralization but appears to have increasing concentrations of nickel sulphides to depth, while

historic nickel-in-soil geochemistry (Figure 2) indicates that nickel sulphide mineralization may be gently diverging

away from the strike of the PGM+Au mineralization. This style of mineralization has only been identified in this

area of the Luanga deposit to date and is hosted in the basal sequence of harzburgites (ultramafic rocks) that

underlie the dominant Luanga orthopyroxenite PGM+Au host rock.

DDH22LU039 @130.5m. Interstitial

to net-textured magmatic sulphides

DDH22LU049 from 62.14-64.12m.

Intercumulus magmatic sulphides

DDH22LU049 from 151.04-153.77m.

Intercumulus magmatic sulphides

'NEWS RELEASE

14 February 2023

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Surface EM completed by Bravo in late 2022 is being extended to the southeast to look deeper into the basal

harzburgite sequence (Figure 3) that underlies the main PGM+Au+Ni mineralization, beyond the extent of current

drilling.

The Central Zone assay results (reported in this news release) from drill holes DDH22LU039 and DDH22LU061

demonstrate a noticeable change in PGM chemistry, where the Pd:Rh ratios range from 4:1 to <2:1. This is a

significant divergence from the majority of existing drill holes across the 8.1km of the main Luanga PGM+Au

mineralized zone, where the Pd:Rh ratio is typically ~10:1. There could also be a relationship between magmatic

nickel and rhodium (high rhodium values highlighted in the table abo ve). This, combined with the identification

of a different host rock , is further supporting evidence of a new style or phase of mineralization that is more

typically associated with magmatic nickel sulphide deposits. Mineralization remains open at depth (Figure 3) and

along strike.

Figure 2: Nickel sulphide zone in the Central Sector, shown over historic Ni-in-soil geochemistry.

'NEWS RELEASE

14 February 2023

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DDH22LU039 is shown in the section below (Figure 3), where the concentration of magmatic nickel sulphides and

nickel assay grades increase (from west to east ) from DDH 22LU054 where fresh rock mineralization has no

significant nickel to report, to DDH22LU039 where magmatic nickel sulphides and assay grades reach their current

peak.

Figure 3: Central Zone cross section showing the increase in nickel grade to the southeast (open at depth).

Follow Up on North Sector Massive Magmatic Nickel ± Copper Sulphide Discovery

Follow up drilling to the north and south of the previously announced massive magmatic nickel ± copper sulphide

mineralization in DDH 22LU047 (August 16 th, 2022 news release ) in the North Sector has continued to inters ect

magmatic nickel sulphide mineralization.

New drill results indicate that the nickel ± copper mineralization is coincident with the main Luanga PGM+Au+Ni

deposit, but that higher concentrations of nickel and copper are at depth. Alternatively, this mineralization style

may be unrelated to the emplacement of the PGM portion of Luanga and related to a different, as yet unidentified,

phase of mineralization at depth.

Higher-grade sulphide mineralization and EM anomalism is open to the south (Figure 4) but appears to taper off

to the north . Like the Central Sector above, it may also be diverging away from the strike of the PGM +Au

'NEWS RELEASE

14 February 2023

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mineralization and occur below historic drilling to the south. This interpretation is supported to the southern limit

of the current EM survey and is coincident with historic nickel-in-soil geochemistry (Figures 4 and 5).

Most assay results demonstrate the same noticeable change in PGM chemistry as the higher-grade magmatic

sulphide mineralization intersected in the Central Zone, with Pd:Rh ratio s ranging from to 5:1 to <2:1. As

highlighted above this may indicate potential for a different phase or style of mineralization at depth.

Figure 4: Nickel ± copper sulphide zone in the North Sector, shown over historic Ni-in-soil geochemistry.

'NEWS RELEASE

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Figure 5: North Sector Cross Section showing new drill holes DDH22LU052 and DDH22LU049 (open at depth).

Luanga Drill Program Progress

A total of 144 drill holes (9 in 2023) have been completed by Bravo to date, for 23,950 metres (94% of the planned

25,500 metre Phase 1 Drilling Program), including all 8 planned twin holes (results for 2 twin holes outstanding)

and all 8 metallurgical holes (not for routine assaying). Results have been reported for 60 Bravo drill holes to date.

Results for 76 Bravo drill holes are currently outstanding.

The Phase 1 diamond drill program is close to completion, with 1,550m remaining before the commencement of

the Phase 2 diamond drill program. The Phase 2 program will be focused on step out drilling (with the objective

of extending known zones of PGM+Au+Ni mineralization to depth), follow-up on the newly identified higher-grade

nickel ± copper magmatic sulphide mineralization styles, as well as exploration of new targets.

Aside from systematic step-out drilling, the Phase 2 program is designed to support a more intensive approach to

exploration, with work to focus on exploring for magmatic nickel ± copper sulphides. This program will commence

with an extensive program of geophysics consisting of ground EM, ground micro -gravity and ground magnetics.

Targets generated would be drill tested during the Phase 2 program. Phase 2 will also include ongoing

metallurgical test work designed to confirm and optimize metallurgical results reported by Vale SA., Luanga’s

previous owner.

'NEWS RELEASE

14 February 2023

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The key deliverable expected from the Phase 1 program is Luanga’s maiden NI 43-101 Mineral Resource Estimate

(MRE). Approximately 3,600m of priority drilling remains to be completed to facilitate this work , including the

balance of the Phase 1 program and a portion of the Phase 2 program . Completion of the maiden MRE remains

on track for H2/2023.

Complete Table of Recent Intercepts

HOLE-ID From

(m)

Thickness

(m)

(g/t)

PGM +

Au (g/t)

Ni (%

Sulphide

)

(%) TYPE

DDH22LU039 41.2 61.2 21.0 0.54 0.19 0.00 0.11 0.83 0.15 FR

And 80.1 106.2 26.1 0.56 0.22 0.00 0.14 0.92 0.20 FR

Including 91.2 98.2 7.0 0.44 1.11 0.01 0.17 1.72 0.32 FR

And 128.2 155.9 27.7 0.40 0.10 0.11 0.01 0.62 0.42 FR

Including 128.2 132.8 4.6 0.74 0.12 0.25 0.01 1.12 1.12 FR

Including 130.2 131.2 1.0 1.08 0.25 0.51 0.01 1.85 2.08 FR

And 161.9 166.9 5.0 0.35 0.15 0.07 0.01 0.58 0.23 FR

DDH22LU049 8.7 16.7 8.0 0.71 0.26 0.02 0.10 1.08 NA Ox

And 49.6 74.9 25.3 0.68 0.22 0.13 0.12 1.14 0.40 0.23 FR

Including 49.6 58.3 8.7 0.79 0.19 0.09 0.19 1.26 0.38 0.36 FR

Also Including 66.9 70.3 3.4 1.18 0.52 0.29 0.12 2.12 0.84 0.34 FR

And 78.4 92.4 14.0 0.42 0.14 0.04 0.08 0.68 0.23 0.22 FR

DDH22LU052 151.0 158.1 7.1 0.69 0.04 0.30 0.11 1.13 0.82 0.45 FR

Including 151.0 153.8 2.8 0.76 0.02 0.39 0.01 1.18 1.09 0.22 FR

Also Including 154.3 158.1 3.8 0.73 0.05 0.27 0.19 1.24 0.73 0.68 FR

And 161.9 164.5 2.6 0.58 0.06 0.28 0.01 0.94 0.72 0.26 FR

And 199.0 215.2 16.2 0.40 0.46 0.03 0.01 0.89 0.32 0.09 FR

DDH22LU061 59.3 65.8 6.5 0.49 0.19 0.00 0.13 0.81 0.09 FR

And 88.5 91.5 3.0 0.90 0.30 0.00 0.24 1.44 0.19 FR

And 102.4 103.6 1.2 0.55 0.04 0.31 0.15 1.05 1.18 FR

And 121.3 127.3 6.0 0.26 0.14 0.03 0.09 0.52 0.21 FR

And 139.0 150.8 11.8 0.27 0.10 0.02 0.02 0.41 0.18 FR

DDH22LU068 39.5 42.5 3.0 1.35 0.73 0.10 0.01 2.18 0.07 FR

And 54.4 62.2 7.8 0.33 0.10 0.02 0.01 0.45 0.30 FR

DDH22LU073 113.6 116.8 3.2 0.89 0.44 0.03 0.01 1.37 0.39 FR

And 127.8 129.5 1.7 0.89 5.11 0.05 0.01 6.06 0.32 FR

And 136.9 155.8 18. 9 0.96 0.29 0.02 0.02 1.30 0.41 FR

Including 150.8 153.8 3.0 2.57 0.50 0.04 0.02 3.14 1.15 FR

DDH22LU077 169.4 175.5 6.1 0.57 0.04 0.33 0.02 0.96 0.63 FR

And 169.4 171.3 1.9 1.33 0.05 0.84* 0.04 2.27* 1.47 FR

Including 170.6 171.3 0.7 1.54 0.04 >1.0* 0.01 2.59* 2.27 FR

And 204.1 207.1 3.0 0.27 0.01 0.00 0.01 0.28 0.29 FR

And 220.1 232.1 12.0 0.28 0.13 0.02 0.03 0.46 0.12 FR

DDH22LU079 179.3 199.3 20.0 0.23 0.11 0.04 0.01 0.39 0.19 FR

including 196.3 199.3 3.0 0.58 0.18 0.12 0.01 0.88 0.51 FR

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

Given the orientation of the hole and the mineralization, the intercepts are estimated to be 85% to 100% of true thickness.

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

* = Includes Rh >1.00g/t result. Overlimit analyses pending.

** = Bravo’s nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historic total nickel assays

'NEWS RELEASE

14 February 2023

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Figure 6: Location of Bravo Drilling Reported in this News Release

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