Bravo Mining

Bravo Mining presents a compelling investment opportunity anchored by the Luanga Project, a rare large-scale, undeveloped open-pit PGM asset with significant gold and nickel credits, located outside of the traditionally dominant PGM jurisdictions of South Africa and Russia. Supported by a 2025 Mineral Resource Estimate of 15.4 million ounces PdEq and a robust Preliminary Economic Assessment, Luanga is positioned as one of the most attractive advanced-stage PGM projects globally. The PEA outlines a 17-year mine life, strong production scale, and exceptional economics, highlighting Luanga’s potential to become a cornerstone supplier of critical metals essential for clean air technologies and electrification.

The project’s economics are particularly compelling. Under the base-case scenario of concentrate sales, Luanga delivers a pre-tax NPV (8%) of approximately US$1.25 billion and an IRR of nearly 50%, supported by low capital intensity and rapid payback of roughly 2.4 years. An alternate vertically integrated scenario, incorporating downstream processing, further enhances value with an NPV (8%) of approximately US$1.86 billion while maintaining similar returns. Average annual free cash flow is estimated at US$143 million in the base case and more than US$216 million under the integrated scenario, underscoring the project’s ability to generate substantial cash flows across commodity cycles.

Beyond its strong base-case fundamentals, Luanga offers meaningful upside through resource expansion and new discoveries. Only approximately 250 metres of depth has been incorporated into the current pit-constrained resource, despite mineralization continuing to depths of at least 450 metres in several areas. In addition, Bravo’s recent high-grade IOCG-style copper-gold sulphide discovery and multiple untested electromagnetic targets introduce a new exploration vector with the potential to add a high-margin copper-gold component to the broader development strategy. Located in a permit-friendly jurisdiction with excellent infrastructure, fiscal incentives, and growing domestic demand for PGMs and copper, Bravo Mining is well positioned to deliver long-term value while maintaining significant leverage to improving PGM and base metal markets.

Bravo Mining Corp. is led by a highly experienced management team with deep technical, operational, and capital markets expertise, particularly within Brazil and across the global mining sector. The company is headed by Executive Chairman and CEO Luis Azevedo, a Brazilian mining executive with more than three decades of experience spanning exploration, project development, permitting, and mine operations. Mr. Azevedo is best known as the founder and former executive director of Avanco Resources, which successfully advanced and developed multiple projects in Brazil before being acquired by OZ Minerals, providing Bravo with proven leadership in value creation and in-country execution.

Operational and technical oversight is led by President Simon Mottram, a geologist with over 40 years of international mining experience and more than a decade working in Brazil. Mr. Mottram has played a central role in advancing projects from exploration through production across multiple commodities and jurisdictions, bringing critical expertise in resource growth, technical de-risking, and mine development. Supporting the technical execution is Vice President of Exploration Paulo Ilidio de Brito, a Brazilian geologist with over 35 years of experience in mineral exploration and discovery, and Vice President of Technical Services Heinrich Müller, who brings extensive PGM, nickel, and copper development experience from senior roles at major mining companies.

Bravo’s financial and corporate strategy is guided by CFO Manoel Cerqueira, who has more than 25 years of experience in mining finance, including senior leadership roles with Kinross Brazil, Eldorado Gold, Avanco Resources, and Luna Gold. Corporate development and investor engagement are led by EVP Corporate Development Alex Penha, who brings over two decades of capital markets and business development experience in the mining sector.

Bravo Mining Corp. is executing a disciplined growth strategy centered on advancing the Luanga Project toward development while preserving flexibility to optimize timing and maximize value across commodity cycles. Following the completion of the 2025 Preliminary Economic Assessment, the company is progressing systematic technical de-risking activities—including metallurgical optimization, engineering studies, and ongoing permitting—with the objective of advancing Luanga to the Pre-Feasibility Study (PFS) stage. This measured approach allows Bravo to maintain full development optionality while retaining control over project timelines in a favorable market environment.

In parallel with development activities, Bravo continues to pursue significant organic growth through exploration. The current mineral resource is constrained to an average depth of approximately 250 metres, despite drilling confirming mineralization to depths of at least 450 metres in several sectors. Targeted infill and step-out drilling are expected to support future resource expansion, both laterally and at depth. Additionally, Bravo is aggressively advancing a portfolio of copper-gold and nickel sulphide targets across its 100%-owned land package, following the discovery of high-grade IOCG-style mineralization. These exploration programs are designed to potentially add a high-margin copper-gold component to the broader Luanga development strategy.

Sustainability and jurisdictional alignment are integral to Bravo’s growth plan. The Luanga Project benefits from access to 100% renewable hydropower, established infrastructure, and a favorable fiscal regime within Brazil’s SUDAM development zone. Bravo is advancing permitting activities concurrently with technical studies to ensure regulatory milestones do not constrain future development decisions. With a strong balance sheet, experienced in-country team, and multiple pathways to value creation—including potential downstream integration or strategic partnerships—Bravo Mining is positioning Luanga as a long-life, globally significant critical metals operation capable of delivering sustained shareholder returns.

Bravo Mining Corp. is well positioned financially as it advances the Luanga Project through the next stages of development. As of mid-2025, the company reported a strong cash position of approximately US$21.5 million, providing sufficient funding to execute ongoing exploration, metallurgical optimization, permitting activities, and advancement toward a Pre-Feasibility Study without near-term financing pressure. Bravo maintains a clean capital structure with no warrants outstanding, supported by a high level of insider ownership and long-term institutional investors.

The 2025 Preliminary Economic Assessment outlines a robust financial foundation for Luanga. Under the base-case concentrate sales scenario, the project delivers a pre-tax NPV (8%) of approximately US$1.25 billion and an IRR of 49.7%, supported by an initial capital expenditure of roughly US$496 million, inclusive of contingencies. Average annual free cash flow is estimated at approximately US$143 million over a 17-year mine life, with a rapid payback period of 2.4 years. The alternate vertically integrated scenario, which includes downstream processing, further enhances project value with a pre-tax NPV (8%) of approximately US$1.86 billion and average annual free cash flow exceeding US$216 million, despite higher upfront capital requirements.

Operating costs are competitive by global standards, with all-in sustaining costs estimated at approximately US$638 per ounce of 4E PGM in the base case. Luanga’s favorable cost profile is underpinned by shallow open-pit mining, strong metallurgical recoveries, and access to low-cost renewable power and established infrastructure. In addition, the project’s location within Brazil’s SUDAM development zone provides eligibility for corporate tax reductions, further improving after-tax economics. Collectively, these factors position Bravo Mining with a financially resilient, capital-efficient development asset capable of generating strong returns across commodity price cycles.

Bravo Mining Corp. is emerging as a leading developer of critical metals, anchored by its 100%-owned Luanga Project in Brazil’s prolific Carajás Mineral Province. With one of the largest undeveloped open-pit PGM resources globally outside of South Africa and Russia, a strong 2025 Preliminary Economic Assessment, and a recently granted Preliminary License, Luanga represents a rare combination of scale, quality, jurisdictional advantage, and advanced permitting status. The project’s diversified metal mix—platinum group metals, gold, nickel, and emerging copper-gold discoveries—positions Bravo at the intersection of clean air technologies, electrification, and long-term industrial demand.

Backed by an experienced management team with a proven track record in Brazil, a clean balance sheet, and a disciplined approach to development, Bravo Mining offers investors exposure to a de-risked, high-margin asset with substantial upside. Continued resource expansion, IOCG-style copper-gold exploration success, and progression toward a Pre-Feasibility Study provide multiple value catalysts ahead. For investors seeking leverage to critical metals in a permit-friendly jurisdiction with strong infrastructure and compelling project economics, Bravo Mining Corp. presents a differentiated and attractive long-term opportunity.