Bravo Reports Results of Preliminary Economic Assessment for its Luanga PGM+Au+Ni Project
NEWS RELEASE
7 July 2025
1 | Page
Bravo Reports Results of Preliminary Economic Assessment for its
Luanga PGM+Au+Ni Project
VANCOUVER, July 7, 2025 – Bravo Mining Corp. (TSX.V: BRVO, OTCQX: BRVMF), (“Bravo” or the “Company”) is
pleased to announce results of an independent Preliminary Economic Assessment (“PEA” or the “Study”) on its 100%
owned Luanga palladium + platinum + rhodium + gold + nickel deposit (“Luanga deposit” or “Luanga PGM+Au+Ni
deposit”), located in the Carajás Mineral Province, Pará State, Brazil.
Highlights of Bravo’s 2025 PEA:
• Preliminary Economic Analysis Highlights Luanga’s Potential for High Margins & Initial Low Capex
o The PEA investigated two scenarios, a “Base Case” using flotation concentrate sales to a third-party
refiner and an “Alternate Case” envisaging a vertically-integrated operation.
o Base Case - Concentrate Sales
§ After-tax Net Present Value (“NPV”) of US$1,249 million, using an 8% discount rate.
§ After-tax Internal Rate of Return (“IRR”) of 49%.
§ Payback period post-tax of 2.4 years.
§ Initial Capex to NPV ratio: 0.40x.
§ Initial capital expenditures (“CAPEX”) of US$495.8 million and sustaining CAPEX of US$115.0
million.
§ Average life-of-mine (“LOM”) All in Sustaining Costs (“AISC”) of US$638/Oz PdEq1.
o Alternate Case - Vertically Integrated Operation
§ After-tax NPV8% of US$1,861 million.
§ After-tax IRR of 49%.
§ Payback period post-tax of 2.4 years.
§ Initial Capex to NPV ratio: 0.36x.
§ Initial CAPEX of US$677.6 million and sustaining CAPEX of US$115.0 million.
§ Average LOM AISC of $697/oz PdEq1.
o Metals price assumptions for both cases: Pd price of US$1,271/oz, Pt price of US$1,500/oz, Rh price of
US$6,000/oz, Au price of US$3,251/oz, Ni price of US$8.00/lb.
• Multi-Million-Ounce PGM+Au+Ni Resource with 17-year Potential Open-Pit Large-Scale extraction
from one of the largest undeveloped shallow PGM deposits globally
o PEA based on Measured & Indicated (“M&I”) Resources of 9.8 million ounces (“Moz”) of PdEq1 and
Inferred Resources of 4.3 Moz of PdEq1. See “Luanga Project 2025 MRE” below for details by metal.
o Average annual production of payable metals: 255,000 ounces (“Oz”) of Palladium (“Pd”), 158,000 Oz of
Platinum (“Pt”), 15,000 Oz of Rhodium (“Rh”), 8,500 Oz of Gold (“Au”) and 8,549 tonnes of Nickel (“Ni”)
per annum.
o Supported by metallurgical tests, achieving the following recoveries:
§ Fresh rock: Pd of 77%, Pt of 81%, Rh of 52%, Au of 50%, and Ni of 62%
o Average 3.7x Strip Ratio over Years 1 to 5 and 7x over LOM.
NEWS RELEASE
7 July 2025
2 | Page
• Strategic Geographical Advantage, Abundant Infrastructure and Granted Preliminary License (“LP”)
o Luanga PEA benefits from excellent infrastructure to support project development and operation with
access to low-cost hydropower, power lines, sealed roads, rail, water, skilled labour and industry service
providers.
o 100% of the electrical energy consumed at Luanga would come from renewable, hydro-electric sources.
This should result in a relatively low carbon footprint from the operations.
o The most critical, challenging and time-consuming LP permit already secured by Bravo.
o The Project scale and its diverse mix of critical commodities are well aligned with Brazil’s strategy to
foster the sustainable supply of strategic minerals in the Country.
o Luanga Project shortlisted by the Brazilian National Bank for Economic and Social Development
(“BNDES”) and the Federal Agency for Funding Authority for Studies and Projects in Brazil (“FINEP”) as
one of the critical metals projects to be considered for potential funding for project development through
long-term credit, capital support, and innovation incentives.
“As we approach the third anniversary of our IPO, I’m delighted to mark the occasion with a key milestone: the delivery
of a solid PEA for the Luanga Project. The high margin and low CAPEX to NPV ratio in the PEA is a testament to what
can be achieved when careful drilling and strategic planning are applied to a richly endowed geological setting that
is also exceptionally well-suited for mine development”, said Luis Azevedo, Chairman and CEO. “Further, our team has
years of exploration experience coupled with a proven track record of mining permitting, building and operating in
the Carajás. This wealth of experience positions us to continue to advance the Luanga Project.”
“Importantly, the preliminary economics outlined in the PEA suggest that Luanga - with its large-scale, long-life and
open-pit production profile – should be well positioned to withstand commodity cycles and to capitalize on the
improving fundamentals of the PGM markets like those we are now experiencing.
“In addition, Luanga’s scale and suite of commodities, all deemed critical to Brazil, mean that the Project could
potentially benefit from the support of Brazil’s Government and associated agencies. We are therefore pleased that
Luanga has been shortlisted by the BNDES/FINEP for potential access to funding made available for the in-country
development of strategic minerals and sustainable materials. Potential access to such funding has enabled us to
explore additional options that could enhance Luanga’s Base Case economics, such as vertical integration of the
operations to produce the final products within Brazil.
“The PEA does not include any mineral inventory that exists below the pit generated in this preliminary assessment
or take into account the exploration potential below the current MRE, along the 8.1km strike length of the deposit.
These opportunities offer additional potential to expand the size and/or increase the life of the Project.
“In my opinion, these factors establish Luanga as one of the most compelling undeveloped PGM projects globally.
“Bravo’s multidisciplinary approach has been successful in demonstrating Luanga’s potential and illustrating how
much more value there is yet to be unlocked, including our continued pursuit of copper-gold IOCG targets. All of this
has been achieved while maintaining financial discipline and a strong treasury.
“At this milestone, I’d like to acknowledge the dedication of our team and thank our stakeholders and investors for
their support over the three years since our IPO. I am looking forward to the next chapters of our journey”.
NEWS RELEASE
7 July 2025
3 | Page
PEA Overview
Once filed (on SEDAR+), readers are encouraged to read the Company’s PEA Technical Report prepared in accordance
with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“43-101”) in its entirety. The
Technical Report contains all qualifications, assumptions and exclusions that relate to the PEA and Mineral Resource
Estimate (“MRE”) upon which the PEA is based. The Technical Report is intended to be read as a whole, and sections
should not be read or relied upon out of context. Further, the PEA represents a point in time estimate and is only a
window into the long-term potential of the asset given the indications of continued mineralization at depth.
The Company retained GE21 Consultoria Mineral Ltda. as Bravo’s independent engineering consultants (with offices
located in Belo Horizonte, Minas Gerais, Brazil), to prepare the PEA in accordance with NI 43-101.
The PEA is based on the most recent (2025) MRE for the Luanga Project (see later section: Luanga Project 2025 MRE
and press release published on February 18, 2025).
Approximately 67% of mineralized material assumed to be processed in the PEA comes from mineral resources that
are currently classified as Measured and Indicated. The PEA is preliminary in nature and includes inferred mineral
resources (approximately 33% of total mineral resources) that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be categorized as mineral reserves. It is uncertain
but reasonably expected that further exploration would convert Inferred mineral resources to Indicated mineral
resources. There is no certainty that the outcome of the PEA will be realized.
1 Note on Palladium Equivalent - For grades by individual metals, see Table 11 under Luanga Project 2025 MRE
section, where the footnotes also detail the basis of the Palladium Equivalent calculation.
The Luanga Deposit is assumed to be developed as a conventional open pit (“OP”) mining and milling operation, with
on-site treatment of the mined mineralized material. The Base Case scenario considers processing through a
conventional froth flotation plant with a nameplate processing capacity of 27,700 tonnes per day (“tpd”) or 10 million
tonnes per annum (“Mtpa”) at full scale, producing a single saleable concentrate to be transported and sold to a
third-party smelter. The Alternate Case (vertically-integrated) scenario considers the same Base Case scenario, but
with the addition of onsite downstream processing to produce a highly concentrated metal matte for sale directly to
a refinery to produce LME grade final metals, resulting in higher payabilities for the metals produced.
Table 1 presents the financial highlights from the PEA, over the LOM.
Base Case
(Concentrate Sales)
Alternate Case
(Vertical Integration)
Item Unit Value Value
Total Site Costs* US$/oz PdEq1 608.6 663.4
Government Royalties US$/oz PdEq1 20.8 24.9
Total Operating Costs* US$/oz PdEq1 629.4 688.3
All in Sustaining Costs* US$/oz PdEq1 638.1 697.1
Capital Costs
Total Initial Capital Cost US$ Million 496.0 677.6
Sustaining Capital Cost US$ Million 97.1 97.1
Closure Costs US$ Million 17.9 17.9
Life-of-Mine Total Capital Cost US$ Million 611.0 792.6
Financial evaluation
Average Annual Net Revenue* US$ Million 643.7 788.7
Average Annual Free Cashflow* US$ Million 143.1 216.8
After-tax NPV @ 8% discount US$ Million 1,249 1,861
NEWS RELEASE
7 July 2025
4 | Page
After-tax IRR % 49.7% 49.6%
CAPEX/NPV Ratio* 0.40 0.36
Payback** Years 2.4 2.4
*See Non-IFRS Measures below; ** Post-construction payback
Table 1: PEA Highlights
PEA Summary
Mining
Luanga is characterized by consistent geological continuity, near -surface mineralization, and steeply dipping
mineralised zones. The shape of the mineralisation makes it highly amenable to open-pit extraction.
The PEA contemplates conventional OP mining using a truck-and-shovel operation. Over the period under study (a
preliminary estimate of a 17-year mine life), mineralized material would be sourced from three open cuts, following
an initial pre-strip and stockpiling ahead of plant commissioning. The mining sequence would utilize 10-metre-high
benches. Drilling, blasting, loading, and hauling are assumed to be performed by contractors.
The contemplated primary loading fleet includes 539-tonne hydraulic shovels with 29 m³ buckets and front-end
wheel loaders with 19 m³ capacity buckets, paired with 246-tonne haul trucks. Additional fleet components, including
90-tonne and 45-tonne excavators, are envisaged for waste removal and mining of any narrower zones.
Maximum material movement is projected to peak at 103.6 Mtpa (approximately 284,000 tpd). Over the LOM, a total
of 1,308 million tonnes should be extracted, including 165 million tonnes of mineralised material.
Waste rock would be placed in a designated storage facility. Tailings would be directed to a dry-stack storage near
the plant, with capacity for LOM tailings impoundment. For the sake of simplicity and focus on value, the current PEA
does not contemplate processing the Oxide component of the MRE. Oxide mineralisation will require additional plant
design and expenditures and is considered best re-visited at a later date. In the interim and for this study, mineralized
oxide material would be stockpiled. See the “Opportunities” section below.
Processing
The PEA assumes a process plant ramping up from 5.0 Mtpa of throughput capacity, or approximately 13,700 tpd,
following construction and commissioning, to 10.0 Mtpa (27,400 tpd full capacity) within 24 months.
The contemplated traditional flotation plant is designed to produce a nickel–gold-platinum group metals (Ni-Au-
PGM) concentrate containing palladium, platinum, rhodium, gold, and nickel. The flowsheet incorporates a
conventional comminution circuit consisting of a semi-autogenous grinding (SAG) mill followed by a ball mill (SAB
circuit).
Beneficiation of the mineral products would be undertaken by conventional froth flotation. The circuit is a
conventional one, including rougher, scavenger, and cleaner flotation units. Based on average feed grades, the plant
would be expected to achieve average metallurgical recoveries (into a flotation concentrate) of 77% for palladium,
81% for platinum, 52% for rhodium, 50% for gold, and 62% for nickel.
The circuit flowsheet would also include concentrate thickening, filtration as well as tailings thickening, filtration and
dry stacking. The incorporation of dry stacking and water reclaim facilities demonstrates that Bravo is proposing to
use best industry standards in plant design.
The vertically-integrated Alternate Case has also been investigated, whereby the final metal products are produced
by Bravo locally rather than the flotation concentrate being exported to third party refineries.
This integrated scenario considers the possible treatment of flotation concentrates through conventional
calcination/roasting for sulphur extraction, followed by a well established reductive pyrometallurgical process. Pre-
removal of sulphur and sulphuric acid production would ensure compliance to local SO2 emissions standards and
NEWS RELEASE
7 July 2025
5 | Page
provide addition revenue stream through the sale of acid to locally based fertilizer producers, where there is high
demand due to a reliance on imported acid to produce fertilizer. As part of the PEA, sulphuric acid generation volumes
were calculated based on average expected concentrate quality. A sulphuric acid sales credit of $160/t of acid
produced was assumed as part of the vertical integration scenario.
Figure 1: Process Plant Flow Sheet
NEWS RELEASE
7 July 2025
6 | Page
Mine Production Plan
The assumed LOM production is summarized in Table 2.
Units Value
LOM Throughput
Peak Process Plant Throughput tpd 27,700
Mt/year 10.1
Peak Mining Rate tpd 283,900
Mt/year 103.6
Mine Production (LOM)
Total Mined Mt 1,319
Total Waste Mined Mt 1,153
Total Run-of-Mine (“ROM”) Mined Mt 165
Strip Ratio t/t (Waste/ROM) 7.0
Payable Metal (LOM)
Palladium Thousands of ounces (“kOz”) 4,337
Platinum kOz 2,689
Rhodium kOz 254
Gold kOz 145
Nickel Tonnes 145,336
Table 2: Production Summary
The production schedule assumes a 17-year LOM, where Figures 2 and 3 illustrate the annual metal production by
contained metal.
Figure 2: Annual Precious Metal Production - Contained Metal
NEWS RELEASE
7 July 2025
7 | Page
Figure 3: Annual Base Metal Production – Nickel Contained Metal
Capital Costs
The estimated initial CAPEX for construction and ramp-up, together with expected sustaining capital and closure
costs, are presented in Table 3 below. These estimates are to an AACE Class 4 estimate (-30%/+50%). The capital
cost estimate includes a 20% contingency factored in each appropriate CAPEX item.
Concentrate Sales Scenario
(Base Case)
Vertical Integration Scenario
(Alternate Case)
CAPEX Initial CAPEX Sustaining Total CAPEX Initial CAPEX Sustaining Total CAPEX
Mining Preparation 4.1 4.2 8.3 4.1 4.2 8.3
Accesses 1.5 0.0 1.5 1.5 0.0 1.5
Equipment Mob/Demobilization 1.1 13.7 14.8 1.1 13.7 14.8
Pre Stripping 25.0 0.0 25.0 25.0 0.0 25.0
Waste Dump Preparation 5.0 4.8 9.8 5.0 4.8 9.8
Dry Stacking Facility 8.3 0.0 8.3 8.3 0.0 8.3
Ancillary Facilities 17.4 0.0 17.4 17.4 0.0 17.4
Construction site 2.0 0.0 2.0 2.0 0.0 2.0
Transmission Line and Electric Substation 17.3 0.0 17.3 17.3 0.0 17.3
Mine Closure 0.0 17.9 17.9 0.0 17.9 17.9
Concentration Plant 283.2 0.0 283.2 283.2 0.0 283.2
Plant Infrastructure 36.0 74.4 110.4 36.0 74.4 110.4
Pyrometallurgical Plant (Incl. Indirect Costs) - - - 181.9 - 181.9
Indirect (EPCM, Consultants, etc.) 94.8 0.0 94.8 94.8 0.0 94.8
Total 495.8 115.0 610.8 677.6 115.0 792.6
Table 3: CAPEX Estimates
NEWS RELEASE
7 July 2025
8 | Page
Operating Costs
The Luanga Project operating costs (“OPEX”) are presented in Table 4.
Description Unit OPEX
- Mine OPEX US$/t processed 22.80
- Process OPEX US$/t processed 12.12
- Freight US$/t processed 0.94
- OPEX G&A US$/t processed 5.00
Total OPEX: US$/t processed 40.86
Table 4: OPEX Estimates
The average life-of-mine US$/t cost of material moved is $2.85. The vertical integrated model assumes an
additional US$4.62 per tonne processed operating expenditure, offset materially by increased payabilities and
credits from sulphuric acid.
Economic Analysis
The cash flow model was based on the assumed production schedule, associated metal grades, metallurgical
recoveries and capital and operating costs outlined in this news release.
Table 5 shows the Luanga Project’s PEA highlights.
Concentrate Sales
Scenario
(Base Case)
Vertical Integration
Scenario
(Alternate Case)
Item Unit Value Value
Total Site Costs* US$/oz PdEq1 608.6 663.4
Government Royalties US$/oz PdEq1 20.8 24.9
Total Operating Costs* US$/oz PdEq1 629.4 688.3
All in Sustaining Cost* US$/oz PdEq1 638.1 697.1
Capital Costs
Total Initial Capex M US$ 496 677.6
Sustaining Capital M US$ 97.1 97.1
Closure Costs M US$ 17.9 17.9
Life-of-Mine Total Capital Cost M US$ 611 792.6
Financial evaluation
Average Annual Net Revenue* M US$ 643.7 788.7
Average Annual Free Cashflow* M US$ 143.1 216.8
After-tax NPV @ 8% M US$ 1,249 1,861
After-tax IRR % 49.7 49.6
CAPEX/NPV Ratio* 1:1 0.40 0.36
Payback** Years 2.4 2.4
*See non-IFRS measures below; ** Post-construction payback
Table 5: PEA Highlights
The payabilities applied to the Concentrate Sales Base Case economic model were benchmarked from publicly
available data from various other mines selling PGM concentrates through a third -party refiner, inclusive of
treatment charges. The economic analysis assumes all handling and logistics costs associated with shipping of
concentrates to a Southern African smelter. Payabilities used in the PEA Base Case are detailed in Table 6. For the
Alternate Case, sales prices are assumed at LME pricing.