Bravada Closes First Tranche of Previously Announced Financing
Bravada Closes First Tranche of Previously
Announced Financing
Vancouver, British Columbia--(Newsfile Corp. - June 11, 2025) -
Bravada Gold Corporation
(TSXV:
BVA) (FSE: BRTN) ("Bravada" or "Company") announces that it has closed the first tranche of its
previously-announced non-brokered private placement to issue up to 33,000,000 units ("Units") in a non-
brokered private placement at a price of $0.03 per unit for gross proceeds of $990,000. Each unit
consists of one common share and one share purchase warrant, exercisable to purchase one additional
common share at a price of $0.05 for 3 years. The first tranche consists of 21,705,333 Units for
proceeds of $651,160.
Securities issued pursuant to the first tranche closing include common shares, share purchase warrants
and non-transferable finder warrants issued as finders' fees, all of which carry a legend restricting trading
of the securities until October 10, 2025. The Company paid finders' fees comprised of an aggregate
$2,134.80 cash and 71,160 finder warrants, with each finder warrant exercisable to purchase one
common share for a period of three years at an exercise price of $0.05 per share. The Offering and
payment of finders' fees is subject to TSX Venture Exchange acceptance.
Net proceeds from the private placement will be used to conduct a Pre-feasibility Study ("PFS") of the
Wind Mountain gold/silver deposit in NW Nevada (approximately 60%). Net proceeds will also cover
Annual Federal claim-holding fees (17%), and general working capital (approximately 23%, with 14% of
general working capital payable to non-arm's length parties). No amounts are proposed to be spent on
investor relations activities.
Bravada's 2022 Preliminary Economic Assessment ("PEA") demonstrated favorable economics for an
open-pit mining operation utilizing a limited heap-leach pad for a portion of the Pit-delineated Indicated
Resource as a Phase I operation and is summarized below. Subsequent studies identified a larger
Phase II heap-leach pad site for the remainder of the Indicated Resource and potentially additional near-
surface, oxide gold mineralization that, with further delineation drilling, could be added to the Phase II
pad to extend mine-life.
President Joe Kizis commented,
"The Company believes a dramatic increase in precious metal
prices and a more favourable permitting environment in the U.S. justify advancing Wind Mountain to
the PSF stage. Indicated Resource that is shown to be economic via a PFS will be reclassified as
more valuable Probable Reserves, which should add value to the Company. A PFS-level mine plan
and economic study are required to begin mine-permitting in Nevada."
Summary of the 2022 Wind Mountain PEA
Early in 2023 Bravada filed a technical report (the "Report") prepared in accordance with Canadian
Securities Administrators' National Instrument 43-101 ("NI 43-101"). The Report may be found under the
Company's profile at
www.sedarplus.ca
and on Bravada's website
https://bravadagold.com
.
The Report dated January 20, 2023 and entitled "
Updated Technical Report and Preliminary
Economic Assessment, Wind Mountain Gold-Silver Project",
located in Washoe County, Nevada,
was prepared by RESPEC Company LLC ("RESPEC", formerly Mine Development Associates),
Woods Process Services, and Debra Struhsacker, Bravada's Environmental Permitting and
Government Relations Consultant.
Economics
improved significantly
compared to the Company's 2012 study due to utilizing a near-
mine, heap-leach pad site for a portion of the Pit-constrained resource and higher grades for early
mining, which were predicted and then verified by drilling during 2021. To add additional mine life, a
Phase II pad site was identified due north of the Phase I site but was not considered during the 2022
PEA. Pad II is located very close to outcropping mineralization at the North Hill target, which has only
been tested with minor drilling. Other potential additions to mine life that the Phase I PEA did not
consider include mineralization at the South End target and historic "waste rock piles" where the
Company has identified potentially recoverable gold and silver.
2022 Total Pit-constrained Resource
After verifying and slightly modifying the Wind Mountain 2012 Global Resource based on subsequent
drilling, which was confirmed to within <1%, a total Pit-constrained Resource was calculated by
RESPEC utilizing the approximate 3-year trailing-average,
base-case price of US$1,750 per ounce
of gold and $21 per ounce of silver.
Results are tabulated below.
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Key Notes:
The Effective Date of the Wind Mountain mineral resources is October 4, 2022.
The estimate of mineral resources was done by RESPEC in Imperial tons.
Mineral Resources comprised all model blocks at a 0.006oz Au/ton cut-off for Oxide within an
optimized pit and 0.014oz Au/ton for Mixed and Unoxidized within an optimized pit.
The project mineral resources are block-diluted Mineral Resources potentially amenable to open
pit mining methods and reported within optimized pits using a gold price of US$1,750/oz, a silver
price of US$21/oz and a throughput rate of 20,000 tonnes/day. Assumed metallurgical recoveries
for gold are 62% for oxide, 20% for mixed and 15% for unoxidized. Assumed metallurgical
recoveries for silver are 15% for oxide and 0% for mixed and unoxidized. Mining costs of
US$2.75/tonne mined, heap leach processing costs of US$3.17/tonne processed, general and
administrative costs of $0.57/tonne processed. Gold and silver commodity prices were selected
based on analysis of the three-year running average.
Material in historic waste dumps and heap leach pads are NOT included in the current model and
resource.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The estimate of mineral resources may be materially affected by geology, environmental,
permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Rounding may result in apparent discrepancies between tonnes, grade, and contained metal
content.
2022 Phase I PEA for a Close-in Heap-leach Site
The Phase I Preliminary Economic Assessment ("PEA") assumes open-pit, contract mining with
conventional trucks and shovels and run-of-mine leaching. The base-case economic model (1) is
summarized below in US dollars and Imperial units (some values rounded):
Resource inside the pits for Phase I PEA =
29.2 million tons of Indicated Resource @ 0.011 oz Au/t
& 0.267 oz Ag/t and 1.08 million tons of Inferred Resource at 0.009 oz Au/t and 0.173 oz Ag/t, both at a
cut-off grade of 0.008 oz Au/t. Oxide mineralization = 30.2 million tons and Mixed oxide/sulfide = 0.01
million tons.
Gold & Silver Ounces mined
= 344,000 oz Au and 7,975,000 oz Ag.
Gold & Silver Ounces produced =
213,000 oz Au (recovery 61.9%) & 1,194,000 oz Ag (recovery
15%), or 227,000 oz Au-eq
(2)
.
Waste: Ore Strip ratio =
0.55:1.
Capital =
Initial capital of $46.6 million with $19.8 million sustaining capital.
Mine Life =
approximately 4.2 years of mining.
After-tax Payback Period =
1.8 years.
Life-of-mine cash cost
(3)
=
$1,045 per ounce Au.
All-in Sustaining Costs =
$1,175 per ounce Au.
After-tax IRR = 38
%.
After-tax NVP@5% =
$46.1 million.
(1)
Canadian NI 43-101 guidelines define a PEA as follows:
"A preliminary economic assessment is preliminary in nature and it includes inferred
mineral resources that are considered too speculative geologically to have the economic considerations applied that would enable them to be
classified as mineral reserves, and there is no certainty that the preliminary assessment will be realized. Mineral resources that are not mineral
reserves do not have demonstrated economic viability."
(2)
Expected recoveries were incorporated to convert silver to gold equivalent (Au-eq) at 345 Ag:1 Au ($1,750 x 61.9% divided by ($21 x 15%)).
(3)
Costs include estimated Nevada Net Proceeds taxes, property taxes, estimated corporate income tax, and treats silver as a by-product credit.
Sensitivity studies by RESPEC are presented in the table below. RESPEC notes that additional studies,
such as further metallurgical studies to evaluate crushing higher-grade portions of the deposit and grid
drilling to delineate economic portions of the previously mined "waste rock", which are given no value in
the current model, could further enhance the economics. For example, RESPEC notes that 1.1million
tons of historic mine waste is currently classified as "waste" and must be removed during Phase I
mining; however, results of limited drilling, surface sampling, and trenching by Bravada suggest the
material contains potentially recoverable gold. RESPEC and Woods recommends that the material be
placed in a stockpile for additional study or utilized as over liner on the leach pads; the material
potentially would be added to the currently designed Phase I pad to further reduce the strip ratio and
increase positive economics.
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About Bravada
Bravada is a long-established exploration and development company with a portfolio of high-quality
properties in Nevada, one of the best mining jurisdictions in the world. Utilizing a modified joint-venture
business model, Bravada has successfully identified and advanced properties with the potential to host
high-margin deposits while successfully attracting partners to fund later stages of project development.
Bravada's value is underpinned by a substantial gold and silver resource with a positive PEA study at
Wind Mountain, and the Company has significant upside potential from possible new discoveries at its
exploration properties.
Since 2005, the Company has signed 33 earn-in joint-venture agreements for its properties with 20
publicly traded companies, as well as a similar number of property-acquisition agreements with private
individuals. Bravada currently has eight projects in its portfolio, consisting of 756 claims for
approximately 5,600 ha in two of Nevada's most prolific gold trends. Most of the projects host
encouraging drill intercepts of gold and already have drill targets developed.
Several videos are available on the Company's website that describe Bravada's major properties,
answering investor commonly asked questions. Simply click on this link
https://bravadagold.com/projects/project-videos/
.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513), the President and a Director of Bravada Gold
Corporation, is the qualified person responsible for reviewing and preparing the technical data
presented in this release and has approved its disclosure.
On behalf of the Board of Directors,
Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation
For further information, please visit Bravada Gold Corporation's website at
bravadagold.com
; or contact
us at 604.641.2759 or by email at
.
Neither 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
release.
This news release may contain forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs, geological interpretations, receipt of
property titles, potential mineral recovery processes, etc. Forward-looking statements in this news
release include closing the Offering and conducting the PFS on the Wind Mountain project. Forward-
looking statements address future events and conditions and therefore involve inherent risks and
uncertainties. Actual results may differ materially from those currently anticipated in such statements.
These statements are based on a number of assumptions, including, but not limited to, assumptions
regarding general economic conditions, interest rates, commodity markets, regulatory and
governmental approvals for the company's projects, and the availability of financing for the company's
development projects on reasonable terms. Factors that could cause actual results to differ materially
from those in forward-looking statements include market prices, exploitation and exploration
successes, the timing and receipt of government and regulatory approvals, and continued availability
of capital and financing and general economic, market or business conditions. Bravada Gold
Corporation does not assume any obligation to update or revise its forward-looking statements,
whether as a result of new information, future events or otherwise, except to the extent required by
applicable law.
This news release is not intended for distribution to United States newswire services or
dissemination in the United States
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