• Bravo Mining has transformed its Luanga PGM deposit from 120 million tons at 1.2 g/t to 236 million tons at 2.03 g/t over two years, establishing it as a tier-one global asset with 80% suitable for open-pit mining and capable of producing approximately 500,000 ounces of PGM and 8,500 tons of nickel sulfide annually for 17 years.
• The preliminary assessment demonstrates compelling economics with two development pathways: a $495 million concentrate operation generating $1.2 billion NPV, or a $675 million integrated facility producing $1.8 billion NPV through direct metal sales and sulfur byproduct revenue.
• Brazil's Carajas region provides exceptional infrastructure advantages including existing power, water, transportation, and skilled labor from Vale's development, enabling an eight-month permitting timeline and two-year construction schedule that significantly reduces development risk and capital requirements.
• The company has identified high-grade copper-gold potential through IOCG exploration, with T5 target returning 6% copper and 1 g/t gold intersections, creating potential spin-off opportunities while the 8.1-kilometer strike length remains largely unexplored at depth.
• Market fundamentals are improving as Chinese automakers revise EV penetration forecasts to only 20% pure electric vehicles versus 50% conventional and 30% hybrids, creating sustained PGM demand against a backdrop of no major new global supply entering production.

The platinum group metals sector is experiencing renewed investor interest as electric vehicle adoption rates moderate and traditional automotive demand proves more resilient than initially projected. At the center of this emerging opportunity sits Bravo Mining Company, a TSX-listed PGM developer whose Luanga deposit in Brazil's Carajas region has evolved into one of the world's most compelling undeveloped PGM assets.

Resource Expansion Establishes Global Relevance

Bravo Mining has achieved remarkable resource growth at its flagship Luanga project over the past two years. The company expanded its mineral resource estimate from 120 million tons grading 1.2 g/t to 236 million tons at 2.03 g/t, nearly doubling both tonnage and grade. This expansion positions Luanga among the world's tier-one PGM deposits, with approximately 80% of the resource suitable for open-pit mining operations, as Luis Azevedo, Chairman & CEO of Bravo Mining, states:

"We're going to be around there which secure us 17 years at 10 million tons production which will bring us almost half a million ounces of PGM per year and 8,500 tons of nickel sulfide"

The deposit's scale becomes apparent when examining its production profile. The 8.1-kilometer strike length remains largely unexplored at depth, with over 40 drill holes indicating mineralization continuation beyond 400 meters depth, suggesting significant additional resource potential.

Azevedo further emphasized the deposit's favourable characteristics:

"We already achieve a point where Luanga is considered one of the tier one deposits in the PGM worldwide. No doubt about that. But we are still far away from what is the total size of Luanga because as I mentioned, we have most of our drilling on the MRE going at least to 350m depth. But we have over 40 holes showing that the continuation is over 400m depth and beyond."

Compelling Economics Drive Development Timeline

The preliminary assessment presents two distinct development scenarios, both offering attractive returns. The standard approach involves producing PGM concentrate with capital expenditure of $495 million, generating a net present value of $1.2 billion. However, the vertically integrated option requiring an additional $180 million investment, increases NPV to $1.8 billion by enabling direct metal production and sulfur byproduct sales.

The economics benefit from exceptional strip ratios, particularly during the initial seven years where the ratio remains below 5:1. Production costs are projected at approximately $700 per ounce against current PGM prices averaging $1,300, providing substantial margins and operational flexibility. The sulfur byproduct, valued at $140 per ton, addresses Brazil's significant fertilizer import requirements, creating a readily available domestic market.

Permitting advantages further enhance the project's appeal. Brazil's pro-mining stance, particularly in the Carajas region, enabled Bravo to secure permits within eight months - a timeline that would be exceptional in most global jurisdictions. The company has already obtained state-level land and permits for the proposed vertically integrated facility, with five fertilizer producers identified as potential sulfur customers.

Interview Chairman & CEO Luis Azevedo

Infrastructure Advantages Reduce Development Risk

The Carajas region's established mining infrastructure significantly de-risks Luanga's development timeline and costs. Vale's extensive infrastructure development provides immediate access to power, water, and transportation networks, eliminating the need for major capital expenditure on basic infrastructure that typically adds hundreds of millions to mining project costs.

Azevedo highlighted these operational advantages:

"The infrastructure in the region is fantastic. Vale done a great job. You have water, you have power, you have access, like you don't need to build things that cost millions, sometimes hundreds of millions. It's already there and you have skill labor available, trained labor."

Skilled labor availability further accelerates development prospects, with the region's established mining workforce reducing training requirements and operational ramp-up periods. Management's experience adds another layer of confidence, having previously built and sold a mine in the region for approximately $500 million, demonstrating both technical capability and local market knowledge.

Exploration Upside Through IOCG Discovery

Beyond the established PGM resource, Bravo has identified significant copper-gold potential through its Iron Oxide Copper Gold (IOCG) exploration program. The T5 target, located 600 meters east of the main Luanga deposit, has returned impressive intersections including 6% copper and 1 gram per ton gold, with mineralization remaining open at depth.

Additional targets including T5-South and Babylon provide multiple exploration vectors. Recent geophysical reinterpretation suggests magnetic anomalies extending over one kilometer, coincident with shallow drilling that achieved only 200-meter depths, indicating substantial untested potential.

The exploration program's early success raises the possibility of spinning off copper-gold assets into a separate entity, potentially unlocking additional shareholder value while maintaining focus on PGM development. This approach would provide Bravo shareholders with exposure to both asset classes while allowing each project to attract specialised investor bases.

Financial Position Supports Development Strategy

Bravo maintains a solid financial position with sufficient cash to advance the prefeasibility study (PFS) scheduled for completion in Q2 2026. The company's disciplined capital allocation approach, combined with ongoing cash generation from exploration success, suggests minimal near-term financing requirements.

Management's strategy emphasises rapid advancement to production rather than extended resource expansion, aligning with current market preferences for cash-generating assets over purely exploratory stories. The two-year construction timeline, supported by existing infrastructure and proven management capability, provides investors with clear visibility to production commencement and cash flow generation.

The Investment Thesis for Bravo Mining

• Tier-One Asset Quality: Luanga ranks among the world's premier undeveloped PGM deposits with 236 million tons at 2.03 g/t, offering 17-year mine life and 500,000 annual PGM ounces production potential
• Superior Economics: $1.2-1.8 billion NPV at $495-675 million total capex for integrated operation, with production costs of $700/oz against $1,300/oz current pricing providing substantial margins
• Infrastructure Advantage: Leverage existing Carajas region power, water, transportation and skilled labor to minimise development capex and accelerate construction timeline to two years
• Rapid Path to Production: Target PFS completion Q2 2026 and construction for 2 years providing clear timeline to cash flow generation
• Multiple Value Drivers: Core PGM development supplemented by high-grade copper-gold exploration providing potential spin-off opportunities and additional shareholder returns
• Market Timing Opportunity: Position ahead of PGM supply shortage as EV adoption moderates, conventional vehicle demand remains robust, and no major new mines enter production
• Proven Management Team: Track record of successful mine development and sale in Carajas region, with hundreds of years combined industry experience reducing execution risk
• Financial Flexibility: Strong balance sheet supports PFS completion and construction preparation without immediate equity dilution requirements
• Jurisdictional Stability: Brazil's established mining framework and eight-month permitting timeline contrast favorably with increasing global regulatory challenges
• Exploration Upside: 8.1km strike length remains largely untested at depth, with geophysical anomalies suggesting significant additional resource potential beyond current 236 million ton estimate

The confluence of superior asset quality, positive market timing, and proven management execution creates a compelling investment opportunity for investors seeking exposure to PGM market recovery while benefiting from Brazil's mining-friendly jurisdiction and established infrastructure base.

The information presented demonstrates Bravo Mining's evolution from an exploration-stage company to a near-production PGM developer with tier-one asset quality and superior development economics. The combination of substantial resource growth, favorable project economics, infrastructure advantages, and improving market fundamentals positions the company to capitalise on expected PGM supply shortages while providing investors with clear visibility to production commencement and cash flow generation within the current decade.

Macro Thematic Analysis: PGM Market Recovery Driven by EV Reality Check

The platinum group metals market is experiencing a fundamental reassessment as initial electric vehicle adoption projections prove overly optimistic. This recalibration creates significant opportunity for well-positioned PGM producers as conventional automotive demand demonstrates greater resilience than anticipated. The automotive catalyst extends beyond passenger vehicles to include commercial transportation, where PGM-intensive diesel engines remain dominant for heavy-duty applications. Industrial demand from chemical processing, petroleum refining, and medical device manufacturing provides additional support, creating diversified end-market exposure.

Chinese market intelligence provides crucial insight into global automotive trends, with the world's largest car market revising EV penetration forecasts downward. As Azevedo states,

"The Chinese are saying we're going to be different. 50% conventional, 30% hybrid and only 20% EVs. And that pops ups the question where the PGM going to come from. There's no big mines popping up anywhere in the world and there is more restrictions around the world on mining."

This revision reflects consumer preferences, charging infrastructure limitations, and cost considerations that continue favoring traditional powertrains.

The demand outlook occurs against constrained supply fundamentals. No major new PGM mines are advancing through global development pipelines, while existing operations face mounting challenges. South African producers, controlling approximately 70% of global platinum supply, confront ongoing infrastructure constraints, power shortages, and regulatory uncertainty that limit expansion capability.

Projects like Bravo Mining's Luanga deposit, offering tier-one asset quality in stable jurisdictions with superior infrastructure access, are positioned to capture disproportionate value from market recovery.

TL;DR

Bravo Mining offers investors exposure to a tier-one PGM deposit in Brazil with doubled resources to 236 million tons with a $1.2 to 1.8 billion NPV economics and PFS on the way. Improving market fundamentals driven by reduced EV adoption forecasts and no new global PGM supply create encouraging timing for this infrastructure-advantaged project with proven management and strong balance sheet position.

Frequently Asked Questions (FAQs) Section

Q: What makes Luanga a "tier-one" PGM deposit compared to other global projects?

‍A: Luanga qualifies as tier-one through its combination of scale (236 million tons), grade (2.03 g/t), mine life (17 years), and production profile (500,000 annual ounces). The deposit's 80% open-pit suitability, low strip ratios below 5:1 for the first seven years, and exceptional infrastructure access in Brazil's established Carajas mining region distinguish it from most global PGM development projects.

Q: How realistic is the two-year construction timeline given typical mining project delays?

‍A: The timeline benefits from existing Carajas region infrastructure including power, water, transportation, and skilled labor from Vale's development, eliminating typical infrastructure construction phases. Management's previous experience building and selling a mine in the same region for $500 million demonstrates local capability. The eight-month permitting achievement and pro-mining regulatory environment further support the accelerated schedule.

Q: What are the key risks to the investment thesis?

‍A: Primary risks include PGM price volatility, potential construction cost escalation, metallurgical complexity in processing, and Brazilian political/regulatory changes. However, these are mitigated by strong project economics providing margin cushion, proven local infrastructure, management's regional experience, and Brazil's established mining framework. Currency exposure to Brazilian Real represents an additional consideration.

Q: How significant is the IOCG copper-gold discovery relative to the main PGM project?

‍A: While early stage, the IOCG potential with 6% copper and 1 gram per ton gold intersections at T5 target represents substantial additional value that could warrant spinning off into a separate entity. This would provide Bravo shareholders exposure to both PGM and copper-gold assets while allowing each project to attract specialised investor bases and potentially unlock additional valuation.

Q: Why should investors believe PGM demand will remain strong given the shift toward electric vehicles?

‍A: Chinese automakers, representing the world's largest car market, have revised projections to only 20% pure electric vehicles versus 50% conventional and 30% hybrids. This reflects consumer preferences, charging infrastructure limitations, and cost considerations favouring traditional powertrains. Additionally, heavy-duty commercial transportation remains PGM-intensive, while industrial applications in chemical processing, petroleum refining, and medical devices provide diversified demand support beyond automotive applications.