Bravo Mining Declares Maiden Reserve and US$1.45 Billion After-Tax NPV in Luanga Pre-Feasibility Study

• Base Case after-tax NPV8% of US$1.45 billion and IRR of 35.1%, with a post-tax payback of 2.0 years
• Maiden Proven and Probable Mineral Reserve of 86.7 Mt at 2.77 g/t PdEq for 7.7 million ounces
• Average annual payable production of about 394,000 ounces of 4E PGM and 9,800 tonnes of nickel, at an all-in sustaining cost of US$706/oz
• Jameson Cell flotation lifts forecast gold recovery to 88% and nickel recovery to 70.6%
• Smelter authorised within the Barcarena Export Processing Zone; Installation Licence application targeted for Q4 2026

Bravo Mining Corp. (TSXV:BRVO, OTCQX:BRVMF) is a Canada and Brazil-based exploration and development company advancing its wholly owned Luanga platinum group metals (PGM), nickel and copper-gold project in the Carajás Mineral Province of Pará State, Brazil. Its team of Brazilian and international geologists has made PGM, nickel and copper discoveries in the region and previously took an iron oxide copper-gold (IOCG) project from discovery through to production in Carajás. Luanga is located on freehold farmland near operating mines, with access to an experienced workforce, roads, rail and hydroelectric grid power. The company's sustainability activities include planting more than 56,000 high-value trees around the project and hiring and contracting locally.

Luanga PFS Delivering US$1.45 Billion After-Tax NPV8% and 35.1% IRR on 10 Mtpa Vertically Integrated Open Pit and Barcarena ZPE Smelter Base Case

The Pre-Feasibility Study (PFS) is an intermediate engineering and economic study completed ahead of a final feasibility study. It estimates Luanga's after-tax net present value (NPV), the current value of future cash flows discounted at 8% a year, at US$1.45 billion. The internal rate of return (IRR), which measures the project's expected annual return on invested capital, is 35.1%. The Base Case includes an open pit mine and a 10 million tonne per annum (Mtpa) processing plant at site, together with a company-owned smelter about 600 km away in the Barcarena Export Processing Zone (ZPE), all built at the same time.

Pre-production capital is estimated at US$784.9 million, with sustaining capital of US$98.2 million over the life of mine, for an NPV to capital ratio of 1.65 times.. Cash costs average US$478 per ounce of 4E PGM (palladium, platinum, rhodium and gold combined). The all-in sustaining cost (AISC), which also includes the ongoing capital needed to maintain operations, is US$706 per ounce. The study uses long-term prices of US$1,245/oz for palladium, US$1,700/oz for platinum, US$8,000/oz for rhodium, US$3,500/oz for gold and US$7.71/lb for nickel, equal to a weighted 4E basket price of about US$1,798/oz.

The model forecasts a life-of-mine EBITDA margin of 50.3% and about US$2.8 billion in undiscounted free cash flow. Bravo also assessed Alternate Case A, which begins with concentrate sales and adds the smelter in Year 3. This option reduces upfront capital to about US$604 million and returns an after-tax NPV of US$1.21 billion and an IRR of 31.5%.

Maiden Mineral Reserve of 86.7 Mt at 2.77 g/t PdEq for 7.7 Million Ounces With Jameson Cell Flotation Improving Gold Recovery by 40% and Nickel Recovery by 21%

The maiden Mineral Reserve, the part of a deposit shown to be economically mineable, totals 86.7 million tonnes grading 2.77 grams per tonne palladium equivalent (PdEq) for 7.73 million contained ounces. PdEq expresses the combined value of all recovered metals as an equivalent amount of palladium. The reserve comprises 17.7 Mt in the Proven category and 69.0 Mt in the Probable category, representing 74% of the contained metal in the Measured and Indicated resource.

Chairman and CEO Luis Azevedo said:

"The completion of the Luanga PFS represents a major milestone for Bravo and, importantly, establishes a maiden Mineral Reserve based entirely on Measured and Indicated Resources."

Jameson Cells are high-intensity flotation units that use fine bubbles to separate metal-bearing particles from waste rock. Test work at Base Metallurgical Laboratories (Intertek), verified by Glencore Technology, supports higher recoveries than the 2025 Preliminary Economic Assessment: 88% for gold (from 48%), 70.6% for nickel (from 50%) and 81.5% for palladium (from 77%). Concentrate grade also rises from about 80 g/t to about 100 g/t PGM plus gold. Copper is not included in the Base Case, although test work has recovered 89% to 95% of it to concentrate, which the study estimates could add US290milliontoUS430 million in revenue over the mine life.

Vertically Integrated ZPE Strategy Delivering US$90 Million Smelter CAPEX Savings and Reduced Concentrate Logistics Exposure While Installation Licence Application Targeted Q4 2026

A ZPE is a Brazilian special economic zone offering tax, customs and foreign exchange incentives to export-focused industries. On August 25, 2026, Brazil's National Council for Export Processing Zones authorised Bravo's subsidiary, Bravo Metals, to establish its smelter in the Barcarena ZPE at the Port of Vila do Conde, with access to the regime for 20 years. The PFS includes US$90.2 million in smelter capital savings from the early start-up of vertical integration and US$41.20 per tonne in operating cost savings linked to ZPE fiscal benefits.

Converting concentrate into a metal alloy in Brazil reduces shipped material by a ratio of about ten to one, lowering exposure to maritime shipping costs and third-party treatment charges. The smelter is also expected to produce about 878,000 tonnes of sulphuric acid over the mine life for sale to fertiliser producers, while all electricity for the concentrator and smelter is planned to come from renewable sources.

Chairman and CEO Luis Azevedo said:

"In the global PGM industry, vertical integration through smelting and downstream processing is largely the norm, reflecting the strategic and economic benefits of capturing more of the value chain."

Pará State's environmental agency, SEMAS, granted Luanga its Preliminary Licence on March 3, 2025, confirming the environmental viability of the project's location and design. The PFS provides the technical basis for the Installation Licence, which authorises construction. Bravo has selected an environmental consultancy to prepare the application and remains in compliance with its current licence conditions.

Milestones and Next Steps

Bravo will file the NI 43-101 PFS Technical Report on SEDAR+ within 45 days of its September 22, 2026 announcement and plans to submit the Installation Licence application by the end of Q4 2026. An updated Mineral Resource estimate is targeted for Q1 2027 and will incorporate 22,100 metres of infill and expansion drilling not reflected in the current reserve, with 69 of 81 planned holes completed to date. The company will then advance engineering towards a Definitive Feasibility Study and a Final Investment Decision. As at June 30, 2026, Bravo held about US$94.1 million in cash, which it expects will fund this work alongside regional exploration.

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