BVA.V · 2023-01-24 12:00:00

Bravada Files Technical Report for the Wind Mountain Au/Ag Project, Nevada, Including Phase I PEA Results of 38% IRR and US$46.1

Technical Reports (NI 43-101) Economic Studies

Bravada Files Technical Report for the Wind

Mountain Au/Ag Project, Nevada, Including

Phase I PEA Results of 38% IRR and US$46.1

Million After-Tax NPV@5%

Vancouver, British Columbia--(Newsfile Corp. - January 24, 2023) -

Bravada Gold Corporation

(TSXV: BVA) (OTCQB: BGAVF) (FSE: BRTN) (the "Company" or "Bravada")

reports today that it has

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.sedar.com

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 have

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 has been identified due north of the Phase I site but was not considered during the

current PEA. Although Pad II is somewhat farther from the currently identified Pit-constrained resource, it

is located very close to outcropping mineralization at the North Hill target area, 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.

There are no material differences in the Mineral Resource or the Phase I PEA results contained in the

Report from those disclosed in the December 8, 2022 news release, except that the Revenue portion of

the Sensitivity Table has been corrected in the table below.

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.

Wind Mountain Project 2022 Resources

2022 - Constrained in $1750 Gold Price Optimized Pit

Indicated

Cutoff

oz Au/ton

Tons

oz Au/T

oz Ag/T

oz Au

oz Ag

variable

45,583,000

0.010

0.26

474,000

11,807,000

Inferred

Cutoff

oz Au/ton

Tons

oz Au/T

oz Ag/T

oz Au

oz Ag

variable

2,604,000

0.008

0.19

21,900

497,000

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 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.

Phase I Preliminary Economic Assessment 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

(

$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

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."

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%)).

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.

Revenue

Metal Price

LOM

Cash

Flow

NPV @

10%

IRR

LOM

Cash

Flow

NPV @

10%

IRR

$ K USD

Percent

$/oz Au

$/oz Ag

$ K USD

Percent

70%

$(43,538)

$(43,305)

$(42,957)

$(42,664)

-30%

$1,600

$19.20

$35,490

$23,426

$17,656

$14,302

22%

80%

$(7,086)

$(12,525)

$(15,000)

$(16,389)

-5%

$1,650

$19.80

$44,419

$30,968

$24,509

$20,744

28%

90%

$27,683

$16,829

$11,662

$8,669

17%

$1,700

$20.40

$53,433

$38,576

$31,417

$27,237

33%

100%

$62,322

$46,077

$38,229

$33,638

38%

$1,750

$21.00

$62,322

$46,077

$38,229

$33,638

38%

110%

$95,179

$73,859

$63,487

$57,390

57%

$1,800

$21.60

$70,801

$53,239

$44,736

$39,755

43%

120%

$126,363

$100,123

$87,309

$79,759

74%

$1,850

$22.20

$79,280

$60,399

$51,242

$45,871

48%

130%

$157,272

$126,138

$110,896

$101,901

90%

$1,900

$22.80

$87,855

$67,641

$57,822

$52,057

53%

Operating Cost

Capital Cost

LOM

Cash

Flow

NPV @

10%

IRR

LOM

Cash

Flow

NPV @

10%

IRR

$ K USD

Percent

$ K USD

Percent

70%

$123,722

$98,006

$85,454

$78,061

74%

70%

$81,761

$64,349

$55,849

$50,842

67%

80%

$103,996

$81,368

$70,348

$63,866

63%

80%

$75,281

$58,258

$49,976

$45,107

55%

90%

$83,401

$63,942

$54,496

$48,952

51%

90%

$68,801

$52,168

$44,102

$39,373

46%

100%

$62,322

$46,077

$38,229

$33,638

38%

100%

$62,322

$46,077

$38,229

$33,638

38%

110%

$40,221

$27,371

$21,211

$17,626

25%

110%

$55,593

$39,782

$32,173

$27,733

31%

120%

$17,990

$8,559

$4,098

$1,525

11%

120%

$48,736

$33,380

$26,022

$21,741

26%

130%

$(4,240)

$(10,254)

$(13,015)

$(14,575)

-3%

130%

$41,878

$26,979

$19,872

$15,748

21%

President Joe Kizis commented,

"The phased approach has several advantages that improve the

economics and reduce the risk to development at Wind Mountain. Phase I takes advantage of the

leach pad space adjacent to the modelled mining operation, as well as the increased grade verified

by drilling during 2021 for increased cash flow during the early years of production that provides cash

flow to fund sustaining capital required in year 3. To increase mine life, a probable Phase II pad site

has been identified directly north of the Phase I pad, which should be sufficient for the remaining 28%

of the 2022 Pit-constrained Resource not depleted during Phase I and possibly more. Capital costs to

activate Phase II should be reasonable and potentially could be funded by cash flow. In addition, there

are several poorly drilled areas of outcropping mineralization at the North Hill target that might be

processed at the nearby Phase II pad. All mineralization in Phase I, and most of the mineralization

anticipated for Phase II, is in the oxidized Indicated category, so potentially could quickly be upgraded

to Reserve Category with a Pre-feasibility study. Operational advantages for development of Wind

Mountain include its location in a sparsely populated region of northwest Nevada (less than a 2-hour

drive from Reno), county-maintained roads, power lines to the property, location six miles from a

geothermal power station, and no known significant environmental or archaeological impediments."

Recommendations and 2023 Plans

The Report makes several specific recommendations to advance the property, including additional

metallurgical testing, additional exploration drilling around the North Hill target, updating earlier biological

and archaeological studies, and engaging nearby communities in the early planning stages. Costs for

the next-stage work to culminate in a Pre-feasibility study is estimated at US$768,000, not including

costs for permitting and community engagement.

The Report's conclusion states,

"The Wind Mountain property is a property of merit and warrants

additional exploration as well as economic studies. The project location and infrastructure are

favorable for mine development and should the project advance through feasibility with positive

results, improvements to necessary infrastructure (power, water, access, housing, etc.) should be

reasonably inexpensive. There are no known environmental, social, or logistical impediments to

developing a mine at Wind Mountain. In addition, deeper targets of unoxidized mineralization and

improved understanding of economic potential of historic waste dumps may add additional value to

the project. Additional targets for oxidized mineralization have also been identified during geologic

modeling."

Qualified Persons

RESPEC, Woods Process Services, and Debra Struhsacker, Bravada's Environmental Permitting and

Government Relations Consultant, compiled the Report. Thomas Dyer, P.E. is a Principal Engineer for

RESPEC and is responsible for sections of the Report involving mine designs and the economic

evaluation; Michael Lindholm, C.P.G., is a Principal Geologist for RESPEC, and is responsible for the

sections involving the Mineral Resource estimate; Jeffery Woods, SME MMSA QP, is an independent

Principal Consulting Metallurgist with Woods Process Services and is responsible for the sections on

process 13, 17 and 21. The PEA relies on Debra Struhsacker as an expert in permitting. Thomas Dyer,

Michael Lindholm and Jeffery Woods are the Qualified Persons of the Report for the purpose of

Canadian NI 43-101, Standards of Disclosure for Mineral Projects.

About Wind Mountain

The past-producing Wind Mountain gold/silver project is located approximately 160km northeast of

Reno, Nevada in a sparsely populated region with excellent logistics, including county-maintained road

access and a power line to the property. AMAX Gold/Kinross Gold recovered nearly 300,000 ounces of

gold and over 1,700,000 ounces of silver between 1989 and 1999 from two small open pits and a heap-

leach operation (reported data based on Kinross Gold files). Rio Fortuna Exploration (U.S.) Inc., a wholly

owned US subsidiary of Bravada Gold Corporation, acquired 100% of the property through an earn-in

agreement with Agnico-Eagle (USA) Limited, a subsidiary of Agnico-Eagle Mines Limited, which retains

a 2% NSR royalty interest, of which 1% may be purchased for $1,000,000 at any time prior to

commencement of production (purchase to reduce royalty is assumed in PEA calculations). The

resource and PEA for Wind Mountain were updated in April 2012 and further updated in November

2022.

About Bravada

Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best

mining jurisdictions in the World. 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 at Wind Mountain, and the Company has significant upside potential from possible new

discoveries at its exploration properties.

Since 2005, the Company entered into 32 earn-in joint-venture agreements for its properties with 19

publicly traded companies, as well as a similar number of property-acquisition agreements with private

individuals. Bravada currently has 10 projects in its portfolio, consisting of 810 claims for approximately

6,500 ha in the Battle Mountain/Eureka and Walker Lane Trends, 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, responding to investor's commonly asked questions. Simply click on this link

https://bravadagold.com/projects/project-videos/

Joseph Anthony Kizis, Jr. (AIPG CPG-11513) is the qualified person for the Company and is

responsible for reviewing and preparing the technical data presented in this release and has approved

its disclosure.

-30-

On behalf of the Board of Directors of Bravada Gold Corporation

"Joseph A. Kizis, Jr."

Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation

For further information, please visit Bravada Gold Corporation's website at

bravadagold.com

or contact

the Company at 604.684.9384 or 775.746.3780.

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 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.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/152321

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