Bravo Updates Mineral Resources at its Luanga Project 10.4 million ounces (“Moz”) Palladium Equivalent (“PdEq1”) Measured + Indicated, and 5.0 Moz PdEq1 Inferred
NEWS RELEASE
18 February 2025
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Bravo Updates Mineral Resources at its Luanga Project
10.4 million ounces (“Moz”) Palladium Equivalent (“PdEq1”) Measured + Indicated,
and 5.0 Moz PdEq1 Inferred
VANCOUVER, February 18, 2025 – Bravo Mining Corp. (TSX.V: BRVO, OTCQX: BRVMF), (“Bravo” or the “Company”)
is pleased to report the results of its 2025 Mineral Resource Estimate ( “MRE”) at 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. The 2025 MRE shows substantial improvements over the previously
reported 2023 MRE (See press release October 22, 2023) using the same metal prices and similar other assumptions.
Highlights of Bravo’s 2025 MRE at a 0.50 g/t PdEq1 cut-off grade:
• 154% increase in Measured + Indicated contained PdEq1 ounces
• 117% increase in Measured + Indicated tonnes
• 17% increase in Measured + Indicated PdEq1 grades
• 34% increase in Inferred PdEq1 grade
• Measured & Indicated Resources now make up 67% of total resources
• Measured + Indicated resources total 158 million tonnes (“Mt”) grading 2.04 grams per tonne (“g/t”)
PdEq1, for a total of 10.4 Moz of PdEq1 contained.
The MRE introduces Measured mineral resource for the first time. The combined Measured + Indicated
tonnes have improved by 117% as compared to the Indicated tonnes in the 2023 MRE, while grade has
improved by 17%, resulting in a 154% increase in contained PdEq1 ounces.
• Inferred Resources of 78 Mt grading 2.01 g/t PdEq1 for 5.0 Moz PdEq1.
Tonnes of Inferred resources decreased, as most of previous Inferred tonnages were reclassified to
higher-confidence categories while new Inferred resources were added beyond the limits of the prior
MRE, and grades improved by 34% in the Inferred category.
• Measured & Indicated Resources now make up 67% of total MRE, a significant improvement from the
2023 MRE where 38% of the mineral resource was in the Indicated category.
• Relative percentages of each metal by PdEq1 value contribution to the MRE, are estimated at: 47% Pd,
25% Pt, 13% Rh, 13% sulphide Ni, and 2% Au.
• 2025 MRE outcome was achieved using the same metal prices as the prior MRE, somewhat more
conservative metallurgical recoveries and otherwise similar modifying factors.
• The MRE remains open at depth along the 8.1km strike of the deposit , with many of the areas below
current drilling depths are considered l within potential open pit extraction depths.
The delivery of our 2025 MRE update is a significant achievement by our team. We have exceeded our own
expectations for resource growth in declared tonnes, grade and contained metal, with a considerable increase to the
confidence levels in resource categories. The 2025 MRE firmly establishes our Luanga Project as one of the few large-
scale, multi -million-ounce, open -pit PGM deposits available globally , in mining friendly, geopolitically favourable
locations", said Luis Azevedo, Chairman and CEO. “Centrally located in the Americas and within reach of major PGM
consumers, Luanga also stands out for having access to all essential infrastructure for mining development and
operations, including access to cost -efficient renewable power, highways, rail, ports and a skilled mining workforce.
With strong community support, as evident in our successful recent public hearing for the permitting process, Bravo
Mining is well positioned for continued success, complemented by our continuing copper exploration.”
1 For grades by individual metals, see Table 1 below, where the footnotes also detail the basis of the PdEq1 calculation
NEWS RELEASE
18 February 2025
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2025 MRE Details:
Bravo’s 2025 pit constrained MRE has an effective date of February 18, 2025, and it is comprised of 158 Mt grading
2.04 g/t PdEq 1 for a total of 10.4 Moz of PdEq 1 in the Measured + Indicated category, and 78 Mt grading 2.01 g/t
PdEq1 for 5.0 Moz PdEq 1 in the Inferred category. Table 1 shows a breakdown of the MRE by tonnage, grade and
metal content for each metal, weathering type, and resource classification category. Mineral resources that are not
mineral reserves do not have demonstrated economic viability. There is no certainty that all mineral resources will
be converted into mineral reserves. This MRE includes Inferred Mineral Resources which have had insufficient 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.
Resource
Classification Weathering
Average Grades and Contained Metal Estimates
Tonnes PdEq1 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 1: MRE Declaration at a Cut-off of 0.5g/t PdEq1*
* Notes:
1. The MRE has been prepared by Bernardo Horta de Cerqueira Viana, Geologist , BSc (Geology), FAIG, CEO of GE21 Consultoria Mineral Ltda. and Porfírio
Cabaleiro Rodriguez, Mining Engineer, BSc (Mine Eng), FAIG, CKO of GE21 Consultoria Mineral Ltda., both independent Qualified 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 following 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 PdEq1 cut-off used for the declared MRE.
o Payable royalties of 2%.
NEWS RELEASE
18 February 2025
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• Metal Pricing
o For the 2025 MRE, the same pricing regime has been used, 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 (“PdEq1”) Calculation:
o The PdEq equation is: PdEq1 = 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
o P = Metal Price
o R = Metallurgical Recovery
• Costs are taken from comparable projects in GE21’s extensive database of mining operations in Brazil, which includes not only operating mines, but
recent actual costs from what could potentially be similarly sized operating mines in the Carajás. Costs considered a throughput rate of ca. 10Mtpa.
o Mining costs: US$2.00/t oxide, US$3.00/t Fresh Rock. Processing costs: US$9.00/t fresh rock, US$7.50/t oxide. US$1.50/t proce ssed, for General &
Administration. US$1.00/t processed for grade control. US$0.50/t processed for rehabilitation.
o Several of these considerations (metallurgical recovery, metal price projections for example) should be regarded as preliminary in nature, and therefore
PdEq1 calculations should be regarded as preliminary in nature.
4. The current MRE supersedes and replaces the Previous Estimate (2023), which should be no longer relied upon.
5. The QP is not aware of political, environmental, or other risks that could materially affect the potential development of the Mineral Resources other than
those typical for mining projects at this stage of development, including those listed in the Technical Report dated October 22nd, 2023 and in the Company’s
Annual Information Form dated April 22nd, 2024.
6. Totals may not sum due to rounding.
Luanga Mineral Resource Estimate
The Luanga deposit mineral resource database consists of 531 drillholes (Bravo + historic drilling) inside the Luanga
deposit, with 108,343 metres of drilling between 1992 to 202 5. This database includes 107,516 metres of assayed
drill intervals at an average interval of approximately 1m per assay interval.
All assayed drill interval lengths of core used in the mineralized domains are HQ diameter diamond drill core in the
oxide and NQ2 diameter diamond drill core in fresh rock.
All historic data used for the MRE has been validated statistically to show no significant bias, either by twinned
drillholes, extensive re-sampling and assaying of historic drill core, statistical comparison of historical data with Bravo
drilling, and by field validation of collar locations. In addition, the MRE included sample assay results from 45
trenches for 8,714 metres and 9,355 assays at an average sampling interval approximately to 1m.
Thirteen mineralized style domains were generated based on position in deposit and geological and metallurgical
behaviour, with most of the tonnage contained within the Main Sulphide Zone.
There are no known issues that materially affect the MRE , other than the usual risks faced by any mining project in
Brazil or other jurisdictions, such as the risks and uncertainties inherent in mineral exploration and development,
environmental, permitting, taxation, socio-economic, marketing, political factors or any additional risks listed in the
Technical Report dated October 22nd, 2023 , the Company’s Annual Information Form April 22nd, 2024 and
“Forward-Looking Statements” section in this news release.
The metallurgical recovery assumptions for the 2025 MRE have been based on results generated from multiple
phases of laboratory-scale metallurgical test work including approximately 150 flotation tests conducted for Bravo
Mining (2022 – 2025) at independent laboratories in Brazil and Canada.
Oxide recoveries used in the MRE calculation are based on results generated from exploratory and detailed
parameter leaching programs (2022 - 2024) performed for Bravo through independent laboratories in Brazil. Refer
to Schedule 2 of this press release for further details.
Metal price assumptions were previously derived in the 2023 MRE from the 10-year trailing price averages to smooth
out volatility and price cycle movement in each of these metals. For the 2025 MRE, the same pricing regime has been
used, as there have been no significant changes in prices. This also allows for a direct comparison between the new
2025 MRE and the now superseded 2023 model.
The current 2025 MRE supersedes and replaces the previous estimate (2023), which should be no longer relied upon.
NEWS RELEASE
18 February 2025
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For illustration purposes, the pie chart below (Figure 1) shows the relative percentages of metal value contribution
to the Luanga MRE using ‘grade x metallurgical recovery x metal price’ for each metal.
Figure 1: Metal Value Contribution Per Element in the 2025 MRE.
Based on recoveries and GE21’s estimates of costs, a cut -off grade (“ COG”) of 0. 5 g/t PdEq 1 was determined for
reporting the base case of the MRE . Refer to Schedule 1 of this press release for further details on the factors
contributing to the COG estimate . A sensitivity analysis of the COG on the MRE, from 0.1 to 1.0 g/t PdEq 1, in
increments of 0.1 g/t is shown in Table 2.
MEASURED + INDICATED INFERRED
PdEq1
Cut-off grade Tonnes Recovered
Pd/Eq1
PdEq1
Cut-off grade Tonnes Recovered
Pd/Eq1
(g/t) Mt (g/t) (g/t) Mt (g/t)
0.1 165 1.97 0.1 80 1.96
0.2 164 1.99 0.2 79 1.97
0.3 162 2.00 0.3 79 1.98
0.4 161 2.02 0.4 79 1.99
0.5 158 2.04 0.5 78 2.01
0.6 147 2.15 0.6 74 2.07
0.7 134 2.30 0.7 67 2.23
0.8 124 2.43 0.8 57 2.48
0.9 118 2.52 0.9 54 2.59
1.0 115 2.55 1.0 53 2.61
Table 2: MRE Sensitivity (grade/tonnes/cut-off) with a 0.5g/t PdEq1 selected for the base case.
*Notes:
• See footnotes below Table 1 on Page 2.
• The PdEq1 calculation (as defined by the formula in the footnotes below Table 1) includes metallurgical recovery for each metal. Theref ore, the PdEq 1
grade is one that has a reasonable expectation of what can be recovered after allowing for mining and processing costs and recoveries.
NEWS RELEASE
18 February 2025
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Figure 2: Oblique View of Luanga 2025 MRE PdEq1 grade distribution within constraining pit shell, over 8.1km of Strike.
Figure 3: Oblique View of Luanga 2025 MRE within Constraining pit shell, showing resource classification distribution over 8.1km of Strike.
NEWS RELEASE
18 February 2025
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Mineral Resource growth potential
The Company believes that there is further potential to increase this updated MRE at Luanga, as follows:
• The mineralization is open at depth along the entire 8.1km of strike.
• The 2025 MRE generally extends to drilled depths that align with the depths of the Phase 1 , 2, 3 and 4 drilling,
typically up to 400m below surface in the Central Sector (Figure 4) and approximately 250 metres from surface
in the North (Figure 4) and Southwest Sectors and is largely untested below those depths.
• This depth potential can be seen in section in Figure 4, where modelling of Inferred resource block on this section
is supported by deeper drilling on the sections on either side, leaving opportunity to further extend
mineralization at depth and, on this section (Figure 4), the opportunity to convert Inferred resources to a higher
category with infill drilling.
• There are few drill holes that extend below the 2025 MRE constraining pit shell. Drilling in the Phase 1
(completed) program targeted the depth extent of historical drilling (typically up to ~150m), while the Phase 2 ,
3 and 4 programs tested the extensions of mineralization to >250m below surface. To date, only the Central
Sector drilling has reached depths of >300m below surface, with the constraining pit shell still reaching or passing
the limit of the drill data (Figure 4). The section shown in Figure 4 in the Central Zone is one of the deepest parts
of the 2025 MRE constraining pit shell.
• The cross -section in Figure 5 (Southwest Sector) also shows how the lack of data at depth is restricting the
potential for MRE extensions at depth.
• Similarly, in Figure 3, the interpreted continuation of mineralization at depth (unclassified, coloured grey) also
demonstrates where deeper drilling is required.
Figure 4: 2025 MRE Section Central Sector. Deepest part of the MRE, showing opportunity to convert additional high-grade Inferred blocks at
depth in the MSZ, where blocks are supported by deeper drilling on adjacent sections. Mineralization remains open at depth.
No Drilling
NEWS RELEASE
18 February 2025
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• Many of the deeper drill holes completed by Bravo, the deepest on their individual sections ( See examples in
press release February 10, 2025), intersected wider and higher-grade mineralization intervals than typical of the
MRE. This indicates potential for higher grades and greater widths of mineralization below the limit of the current
MRE, with potential for additional tonnage.
• Some of Bravo’s drilling has also intersected mineralized horizons stratigraphically above or below the Main
Sulphide Zone (“MSZ”). However, existing drilling in the 2025 MRE does fully test some of these other zones, or
their extensions at depth (Figure 5). As a result, they are relatively minor contributors to the 2025 MRE, and
present further opportunity, as these mineralized zones may develop into more significant contributors in the
future.
Figure 5: 2025 MRE Section Southwest Sector, showing MRE constraining pit shell reaching the limit of drilling data, and the presence of
additional mineralized zones stratigraphically higher.
No Drilling
NEWS RELEASE
18 February 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 Cu -Au 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 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
includes planting more than 30,000 high -value trees in and around the project area in the past 30 months , while
hiring personnel and contracting services locally.
Technical Disclosure
Technical Disclosure and Qualified Persons
Bernardo Horta de Cerqueira Viana, Geologist, BSc (Geology), FAIG, CEO of GE21 Consultoria Mineral Ltda. and
Porfírio Cabaleiro Rodriguez, Mining Engineer, BSc (Mine Eng), FAIG, CKO of GE21 Consultoria Mineral Ltda., both are
an Independent QP as defined in NI 43 -101 and are responsible for the MRE. Independent peer reviews were carried
out internally within the GE21 Group, over the complete MRE process.
The technical assurance program developed and implemented for the 2023 MRE process (See press release for details
October 22, 2023 ), has operated continuously, with the same procedures and protocols in practice since
implementation, and thus applied here to the 2025 MRE.
Mr. Cabaleiro has reviewed and approved the scientific and technical information related to the MRE contained in
this news release.
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 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.
Details of the MRE will be provided in a technical report with an effective date of February 18, 2025, prepared in
accordance with NI 43 -101, which will be filed under the Company’s SEDAR+ profile within 45 days of this news
release.
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.