Bravo Reports Restatement of its 2024 Financial Statements Following Non-Cash Foreign Exchange Accounting Adjustments
NEWS RELEASE
29 August 2025
1 | P a g e
LEGAL\79713888\2
Bravo Reports Restatement of its 2024 Financial Statements
Following Non-Cash Foreign Exchange Accounting Adjustments
TORONTO, August 29, 2025 – Bravo Mining Corp. (TSX.V: BRVO, OTCQX: BRVMF), (“Bravo” or the “ Company”)
announces that it is restating its consolidated financial statements for the year ended December 31, 2024 and 2023
(the “ Restated FS”), along with a corresponding restated management’s discussion and analysis (the “ Restated
MD&A”), to reflect non-cash accounting adjustments identified during the preparation of its second -quarter 2025
financial review and after questions identified during an Ontario Securities Commission staff review. All amounts are
in United States Dollars (USD) unless stated otherwise.
The Company identified that Bravo Mineração Ltda.’s (“Bravo Mineração”) (which has a functional currency of
Brazilian Reals (BRL)) non-monetary assets in Brazil were not correctly translated from Bravo Mineração’s functional
currency to the Company’s presentation currency (USD) at the closing rate as of the date of the respective
consolidated financial statements, as required by IAS 21, “The effects of changes in foreign exchange rates” . The
correction of the translation differences resulted in corrections to the exploration and evaluation assets; property,
plant and equipment; and accumulated other comprehensive income (loss) (and associated subtotals and totals)
on the consolidated statements of financial position and exchange differences on translating foreign operations
and comprehensive loss for the year on the consolidated statements of loss and comprehensive loss. These
differences did not impact the Company’ s monetary assets and liabilities, net loss for the year, net loss per share
or the consolidated statements of cash flows.
The restatement reflects a technical correction with no effect on the Corporation's financial health or performance.
Impact on 2024 Financial Results:
The following table summarizes the line items impacted in the Consolidated Statement of Financial position and
Consolidated Statements of Loss and Comprehensive Loss:
Consolidated Statement of
Financial position
December 31,
2024
December 31,
2023
Previously
reported
Adjustments
As
Restated
Previously
reported
Adjustments
As
Restated
Exploration and evaluation
assets
$ 31,536,483
(4,552,522)
26,983,961
22,786,359
882,998
23,669,357
Property, plant and equipment 1,728,555 (338,938) 1,389,617 1,465,376 34,219 1,499,595
Total assets 57,355,502 (4,891,460) 52,464,042 56,847,470 917,217 57,764,687
Accumulated other
comprehensive loss
(16,647)
(4,891,460)
(4,908,107)
(25,433)
917,217
891,784
Total shareholders' equity 56,205,560 (4,891,460) 51,314,100 55,201,607 917,217 56,118,824
Total liabilities and
shareholders' equity
$ 57,355,502
(4,891,460)
52,464,042
56,847,470
917,217
57,764,687
NEWS RELEASE
29 August 2025
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Consolidated Statements of
Loss and Comprehensive Loss
Year ended
December 31,
2024
Year ended
December 31,
2023
Previously
reported
Adjustments
As
Restated
Previously
reported
Adjustments
As
Restated
Exchange differences on
translating foreign
operations
$ 8,786
(5,808,677)
(5,799,891)
(14,565)
917,217
902,652
Comprehensive loss for the
year
$ (2,298,665)
(5,808,677)
(8,107,342)
(2,719,296)
917,217
(1,802,079)
Consolidated Statements of
Changes in Shareholders' Equity
Year ended
December 31,
2024
Year ended
December 31,
2023
Previously
reported
Adjustments
As
Restated
Previously
reported
Adjustments
As
Restated
Comprehensive loss for the
year
$ 8,786
(5,808,677)
(5,799,891)
(14,565)
917,217
902,652
Balance, December 31,
(16,647)
(4,891,460)
(4,908,107)
(25,433)
917,217
891,784
Total Shareholders' Equity $ 56,205,560 (4,891,460) 51,314,100 55,201,607 917,217 56,118,824
Restatement and Disclosure
In accordance with IAS 8, “Accounting Policies, Changes in Accounting Estimates and Errors”, Bravo filed the Restated
FS and Restated MD&A under the Company’s profile on SEDAR+ immediately prior to the filing of its Q2 2025 results.
The Company notes that, given its more recent filing of its Q2 2025 results, it has elected not to restate the
consolidated financial statements and management’s discussion and analysis for the three months ended March 31,
2025 (the “Q1 2025 Results”) at this time. The Q1 2025 Results were impacted by the same non-cash foreign exchange
accounting issue, and accordingly should not be relied upon.
About Bravo Mining Corp.
Bravo is a Canadian and Brazil -based mineral exploration and development company focused on advancing its
Luanga palladium + platinum + rhodium + gold + nickel deposit ( “Luanga PGM+Au+Ni deposit”), as well as our Cu-
Au exploration opportunities in the world-class Carajás Mineral Province, Para State, 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 the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.