Bravo Updates Mineral Resources at its Luanga Project

2025-02-18

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10.4 million ounces ("Moz") Palladium Equivalent ("PdEq 1 ") Measured + Indicated, and 5.0 Moz PdEq 1 Inferred

VANCOUVER, BC , February 18, 2025 /CNW/ - Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), (" Bravo " or the " Company ") is pleased to report the results of its 2025 Mineral Resource Estimate ("MRE") at its 100% owned Luanga palladium + platinum + rhodium + gold + nickel deposit (" Luanga deposit " or " Luanga PGM+Au+Ni deposit "), located in the Carajás Mineral Province, Pará State, Brazil . The 2025 MRE shows substantial improvements over the previously reported 2023 MRE (See press release October 22, 2023 ) using the same metal prices and similar other assumptions.

Highlights of Bravo's 2025 MRE at a 0.50 g/t PdEq 1 cut-off grade:

154% increase in Measured + Indicated contained PdEq 1 ounces 117% increase in Measured + Indicated tonnes 17% increase in Measured + Indicated PdEq 1 grades 34% increase in Inferred PdEq 1 grade Measured & Indicated Resources now make up 67% of total resources

Measured + Indicated resources total 158 million tonnes ("Mt") grading 2.04 grams per tonne ("g/t") PdEq 1 , for a total of 10.4 Moz of PdEq 1 contained . The MRE introduces Measured mineral resource for the first time. The combined Measured + Indicated tonnes have improved by 117% as compared to the Indicated tonnes in the 2023 MRE, while grade has improved by 17%, resulting in a 154% increase in contained PdEq 1 ounces. Inferred Resources of 78 Mt grading 2.01 g/t PdEq 1 for 5.0 Moz PdEq 1 . Tonnes of Inferred resources decreased, as most of previous Inferred tonnages were reclassified to higher-confidence categories while new Inferred resources were added beyond the limits of the prior MRE, and grades improved by 34% in the Inferred category. Measured & Indicated Resources now make up 67% of total MRE , a significant improvement from the 2023 MRE where 38% of the mineral resource was in the Indicated category. Relative percentages of each metal by PdEq 1 value contribution to the MRE, are estimated at: 47% Pd, 25% Pt, 13% Rh, 13% sulphide Ni, and 2% Au. 2025 MRE outcome was achieved using the same metal prices as the prior MRE, somewhat more conservative metallurgical recoveries and otherwise similar modifying factors. The MRE remains open at depth along the 8.1km strike of the deposit , with many of the areas below current drilling depths are considered l within potential open pit extraction depths.

"The delivery of our 2025 MRE update is a significant achievement by our team. We have exceeded our own expectations for resource growth in declared tonnes, grade and contained metal, with a considerable increase to the confidence levels in resource categories. The 2025 MRE firmly establishes our Luanga Project as one of the few large-scale, multi-million-ounce, open-pit PGM deposits available globally, in mining friendly, geopolitically favourable locations", said Luis Azevedo , Chairman and CEO. "Centrally located in the Americas and within reach of major PGM consumers, Luanga also stands out for having access to all essential infrastructure for mining development and operations, including access to cost-efficient renewable power, highways, rail, ports and a skilled mining workforce. With strong community support, as evident in our successful recent public hearing for the permitting process, Bravo Mining is well positioned for continued success, complemented by our continuing copper exploration."

| _ | | | 1 | For grades by individual metals, see Table 1 below, where the footnotes also detail the basis of the PdEq 1 calculation |

2025 MRE Details:

Bravo's 2025 pit constrained MRE has an effective date of February 18, 2025 , and it is comprised of 158 Mt grading 2.04 g/t PdEq 1 for a total of 10.4 Moz of PdEq 1 in the Measured + Indicated category, and 78 Mt grading 2.01 g/t PdEq 1 for 5.0 Moz PdEq 1 in the Inferred category. Table 1 shows a breakdown of the MRE by tonnage, grade and metal content for each metal, weathering type, and resource classification category. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that all mineral resources will be converted into mineral reserves. This MRE includes Inferred Mineral Resources which have had insufficient work to classify them as Indicated mineral resources. It is uncertain but reasonably expected that Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.

| Resource Classification | Weathering | Average Grades and Contained Metal Estimates | | | | | | | | | | | | | | Tonnes | PdEq 1 | Pd | Pt | Rh | Au | Ni | | | | | | | | | | Mt | g/t | Oz | g/t | Oz | g/t | Oz | g/t | Oz | g/t | Oz | % | Tonnes | | | | Measured | Oxide | 4 | 1.51 | 197 | 0.90 | 117 | 0.88 | 115 | 0.12 | 15 | 0.05 | 7 | — | — | | High talc | — | — | — | — | — | — | — | — | — | — | — | — | — | | | Fresh Rock | 32 | 2.06 | 2,144 | 0.97 | 1,009 | 0.67 | 694 | 0.08 | 88 | 0.04 | 46 | 0.11 | 35,282 | | | Total | 36 | 2.00 | 2,340 | 0.96 | 1,126 | 0.69 | 809 | 0.09 | 104 | 0.04 | 53 | 0.10 | 35,282 | | | Indicated | Oxide | 6 | 1.51 | 314 | 0.97 | 200 | 0.73 | 151 | 0.11 | 23 | 0.04 | 9 | — | — | | High talc | 2 | 1.83 | 146 | 1.12 | 89 | 0.54 | 43 | 0.08 | 6 | 0.11 | 9 | 0.13 | 3,160 | | | Fresh Rock | 113 | 2.09 | 7,599 | 0.99 | 3,583 | 0.59 | 2,133 | 0.09 | 318 | 0.05 | 193 | 0.14 | 156,406 | | | Total | 122 | 2.06 | 8,058 | 0.99 | 3,872 | 0.59 | 2,326 | 0.09 | 348 | 0.05 | 210 | 0.13 | 159,566 | | | Measured + Indicated | Oxide | 10 | 1.51 | 510 | 0.94 | 317 | 0.79 | 266 | 0.11 | 38 | 0.04 | 15 | — | — | | High talc | 2 | 1.83 | 146 | 1.12 | 89 | 0.54 | 43 | 0.08 | 6 | 0.11 | 9 | 0.13 | 3,160 | | | Fresh Rock | 145 | 2.08 | 9,743 | 0.98 | 4,592 | 0.60 | 2,827 | 0.09 | 407 | 0.05 | 239 | 0.13 | 191,688 | | | Total | 158 | 2.04 | 10,399 | 0.98 | 4,998 | 0.62 | 3,135 | 0.09 | 451 | 0.05 | 262 | 0.12 | 194,848 | | | Inferred | Oxide | 3 | 1.57 | 130 | 0.88 | 73 | 1.04 | 86 | 0.13 | 11 | 0.05 | 4 | — | — | | High talc | 0.1 | 1.76 | 5 | 1.08 | 3 | 0.53 | 2 | 0.07 | 0 | 0.10 | 0 | 0.14 | 133 | | | Fresh Rock | 75 | 2.02 | 4,878 | 0.97 | 2,344 | 0.58 | 1,389 | 0.08 | 191 | 0.05 | 123 | 0.13 | 97,586 | | | Total | 78 | 2.01 | 5,013 | 0.97 | 2,421 | 0.59 | 1,476 | 0.08 | 202 | 0.05 | 128 | 0.13 | 97,719 | |

Table 1: MRE Declaration at a Cut-off of 0.5g/t PdEq 1 *

| _* Notes: _ | | | 1. | The MRE has been prepared by Bernardo Horta de Cerqueira Viana, Geologist, BSc (Geology), FAIG, CEO of GE21 Consultoria Mineral Ltda. and Porfírio Cabaleiro Rodriguez, Mining Engineer, BSc (Mine Eng), FAIG, CKO of GE21 Consultoria Mineral Ltda., both independent Qualified Person ("QP") for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The effective date of the MRE is 18 February 2025. | | 2. | Mineral resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines, as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). | | 3. | The MRE Estimate is reported/confined within an economic pit shell generated by Dassault Geovia Whittle software, using the following assumptions: | | | - Generated from work completed by Bravo and historical test work: Metallurgical recovery in sulphide material of 77% Pd, 81% Pt, 51% Rh, 48% Au, 50% Ni to a Ni-PGM concentrate. Metallurgical recovery in oxide material of 81% Pd, 23% Pt, 54% Rh, 90% Au to a PGM ash residue (Ni not applicable). Metallurgical recovery in high-talc sulphide material of 51% Pd, 55% Pt, 27% Rh, 27% Au, 50% Ni to a Ni-PGM concentrate. Independent Geotechnical Testwork – Overall pit slopes of 40 degrees in oxide and 50 degrees in Fresh Rock. Densities are based on 27,170 drillhole core and 112 in situ samples density measurements. The Mineral Resources are reported on a dry density basis. External downstream payability has not been included, as the base case MRE assumption considers internal downstream processing, with operating costs for downstream processing included in the calculation of the 0.5g/t PdEq 1 cut-off used for the declared MRE. Payable royalties of 2%.

Metal Pricing For the 2025 MRE, the same pricing regime has been used, as there have been no significant changes in prices. This also allows for a direct comparison between the new 2025 MRE and the now superseded 2023 model (a 10-year trailing average - 2014-2023): Pd price of US$1,380/oz, Pt price of US$1,100/oz, Rh price of US$6,200/oz, Au price of US$1,500/oz, Ni price of US$7.10/lb.

Palladium Equivalent ("PdEq 1 ") Calculation: The PdEq equation is: PdEq 1 = Pd g/t + F1 + F2 + F3 + F4 _Where: F1 = (Pt p *Pt R )/(Pd p *Pd R ) Pt t F2 = (Rh p *Rh R )/(Pd p *Pd R ) Rh t F3 = (Au p *Au R )/(Pd p *Pd R ) Au t F4 = (Ni p *Ni R )/(Pd p Pd R ) Ni t P = Metal Price R = Metallurgical Recover

Costs are taken from comparable projects in GE21's extensive database of mining operations in Brazil, which includes not only operating mines, but recent actual costs from what could potentially be similarly sized operating mines in the Carajás. Costs considered a throughput rate of ca. 10Mtpa. Mining costs: US$2.00/t oxide, US$3.00/t Fresh Rock. Processing costs: US$9.00/t fresh rock, US$7.50/t oxide. US$1.50/t processed, for General & Administration. US$1.00/t processed for grade control. US$0.50/t processed for rehabilitation. Several of these considerations (metallurgical recovery, metal price projections for example) should be regarded as preliminary in nature, and therefore PdEq 1 calculations should be regarded as preliminary in nature. | | 4. | The current MRE supersedes and replaces the Previous Estimate (2023), which should be no longer relied upon. | | 5. | The QP is not aware of political, environmental, or other risks that could materially affect the potential development of the Mineral Resources other than those typical for mining projects at this stage of development, including those listed in the Technical Report dated October 22 nd , 2023 and in the Company's Annual Information Form dated April 22 nd , 2024. | | 6. | Totals may not sum due to rounding. |

Luanga Mineral Resource Estimate

The Luanga deposit mineral resource database consists of 531 drillholes (Bravo + historic drilling) inside the Luanga deposit, with 108,343 metres of drilling between 1992 to 2025. This database includes 107,516 metres of assayed drill intervals at an average interval of approximately 1m per assay interval.

All assayed drill interval lengths of core used in the mineralized domains are HQ diameter diamond drill core in the oxide and NQ2 diameter diamond drill core in fresh rock.

All historic data used for the MRE has been validated statistically to show no significant bias, either by twinned drillholes, extensive re-sampling and assaying of historic drill core, statistical comparison of historical data with Bravo drilling, and by field validation of collar locations. In addition, the MRE included sample assay results from 45 trenches for 8,714 metres and 9,355 assays at an average sampling interval approximately to 1m .

Thirteen mineralized style domains were generated based on position in deposit and geological and metallurgical behaviour, with most of the tonnage contained within the Main Sulphide Zone.

There are no known issues that materially affect the MRE, other than the usual risks faced by any mining project in Brazil or other jurisdictions, such as the risks and uncertainties inherent in mineral exploration and development, environmental, permitting, taxation, socio-economic, marketing, political factors or any additional risks listed in the Technical Report dated October 22nd, 2023 , the Company's Annual Information Form April 22nd , 2024 and "Forward-Looking Statements" section in this news release.

The metallurgical recovery assumptions for the 2025 MRE have been based on results generated from multiple phases of laboratory-scale metallurgical test work including approximately 150 flotation tests conducted for Bravo Mining (2022 – 2025) at independent laboratories in Brazil and Canada.

Oxide recoveries used in the MRE calculation are based on results generated from exploratory and detailed parameter leaching programs (2022 - 2024) performed for Bravo through independent laboratories in Brazil . Refer to Schedule 2 of this press release for further details.

Metal price assumptions were previously derived in the 2023 MRE from the 10-year trailing price averages to smooth out volatility and price cycle movement in each of these metals. For the 2025 MRE, the same pricing regime has been used, as there have been no significant changes in prices. This also allows for a direct comparison between the new 2025 MRE and the now superseded 2023 model.

The current 2025 MRE supersedes and replaces the previous estimate (2023), which should be no longer relied upon.

For illustration purposes, the pie chart below (Figure 1) shows the relative percentages of metal value contribution to the Luanga MRE using 'grade x metallurgical recovery x metal price' for each metal.

[](https://mma.prnewswire.com/media/2620888/Bravo_Mining_CorpBravo_Updates_Mineral_Resources_at_its_Luanga.html)

Based on recoveries and GE21's estimates of costs, a cut-off grade (" COG ") of 0.5 g/t PdEq 1 was determined for reporting the base case of the MRE. Refer to Schedule 1 of this press release for further details on the factors contributing to the COG estimate. A sensitivity analysis of the COG on the MRE, from 0.1 to 1.0 g/t PdEq 1 , in increments of 0.1 g/t is shown in Table 2.

Cut-off grade | Tonnes | Recovered Pd/Eq 1 | PdEq 1

Cut-off grade | Tonnes | Recovered Pd/Eq 1 | | (g/t) | Mt | (g/t) | (g/t) | Mt | (g/t) | | 0.1 | 165 | 1.97 | 0.1 | 80 | 1.96 | | 0.2 | 164 | 1.99 | 0.2 | 79 | 1.97 | | 0.3 | 162 | 2.00 | 0.3 | 79 | 1.98 | | 0.4 | 161 | 2.02 | 0.4 | 79 | 1.99 | | 0.5 | 158 | 2.04 | 0.5 | 78 | 2.01 | | 0.6 | 147 | 2.15 | 0.6 | 74 | 2.07 | | 0.7 | 134 | 2.30 | 0.7 | 67 | 2.23 | | 0.8 | 124 | 2.43 | 0.8 | 57 | 2.48 | | 0.9 | 118 | 2.52 | 0.9 | 54 | 2.59 | | 1.0 | 115 | 2.55 | 1.0 | 53 | 2.61 |

Table 2: MRE Sensitivity (grade/tonnes/cut-off) with a 0.5g/t PdEq 1 selected for the base case.

| *Notes: | | | | - See footnotes below Table 1 on Page 2. The PdEq 1 calculation (as defined by the formula in the footnotes below Table 1) includes metallurgical recovery for each metal. Therefore, the PdEq 1 grade is one that has a reasonable expectation of what can be recovered after allowing for mining and processing costs and recoveries. |

[](https://mma.prnewswire.com/media/2620889/Bravo_Mining_CorpBravo_Updates_Mineral_Resources_at_its_Luanga.html)

[](https://mma.prnewswire.com/media/2620891/Bravo_Mining_CorpBravo_Updates_Mineral_Resources_at_its_Luanga.html)

Mineral Resource growth potential

The Company believes that there is further potential to increase this updated MRE at Luanga, as follows:

The mineralization is open at depth along the entire 8.1km of strike. The 2025 MRE generally extends to drilled depths that align with the depths of the Phase 1, 2, 3 and 4 drilling, typically up to 400m below surface in the Central Sector (Figure 4) and approximately 250 metres from surface in the North (Figure 4) and Southwest Sectors and is largely untested below those depths. This depth potential can be seen in section in Figure 4, where modelling of Inferred resource block on this section is supported by deeper drilling on the sections on either side, leaving opportunity to further extend mineralization at depth and, on this section (Figure 4), the opportunity to convert Inferred resources to a higher category with infill drilling. There are few drill holes that extend below the 2025 MRE constraining pit shell. Drilling in the Phase 1 (completed) program targeted the depth extent of historical drilling (typically up to ~150m), while the Phase 2, 3 and 4 programs tested the extensions of mineralization to > 250m below surface. To date, only the Central Sector drilling has reached depths of > 300m below surface, with the constraining pit shell still reaching or passing the limit of the drill data (Figure 4). The section shown in Figure 4 in the Central Zone is one of the deepest parts of the 2025 MRE constraining pit shell. The cross-section in Figure 5 (Southwest Sector) also shows how the lack of data at depth is restricting the potential for MRE extensions at depth. Similarly, in Figure 3, the interpreted continuation of mineralization at depth (unclassified, coloured grey) also demonstrates where deeper drilling is required.

[](https://mma.prnewswire.com/media/2620892/Bravo_Mining_CorpBravo_Updates_Mineral_Resources_at_its_Luanga.html)

Many of the deeper drill holes completed by Bravo, the deepest on their individual sections (See examples in press release February 10, 2025 ), intersected wider and higher-grade mineralization intervals than typical of the MRE. This indicates potential for higher grades and greater widths of mineralization below the limit of the current MRE, with potential for additional tonnage. Some of Bravo's drilling has also intersected mineralized horizons stratigraphically above or below the Main Sulphide Zone ("MSZ"). However, existing drilling in the 2025 MRE does fully test some of these other zones, or their extensions at depth (Figure 5). As a result, they are relatively minor contributors to the 2025 MRE, and present further opportunity, as these mineralized zones may develop into more significant contributors in the future.

[](https://mma.prnewswire.com/media/2620893/Bravo_Mining_CorpBravo_Updates_Mineral_Resources_at_its_Luanga.html)

About Bravo Mining Corp.

Bravo is a Canadian and Brazil -based mineral exploration and development company focused on advancing its PGM+Au+Ni Luanga Project, as well as our Cu-Au exploration opportunities in the world-class Carajás Mineral Province, Para State, Brazil .

Bravo is one of the most active explorers in Carajás. The team, comprising of local and international geologists and engineers, has a proven track record of PGM, nickel, and copper discoveries in the region and elsewhere. The individuals in the team have successfully taken a past IOCG greenfield project from discovery to development and production in the Carajás.

The Luanga Project is situated on mature freehold farming land and benefits from being located close to operating mines and a mining-experienced workforce, with excellent access and proximity to existing infrastructure, including road, rail, ports, and hydroelectric grid power. Bravo's current Environmental, Social and Governance activities includes planting more than 30,000 high-value trees in and around the project area in the past 30 months, while hiring personnel and contracting services locally.

Technical Disclosure

Technical Disclosure and Qualified Persons

Bernardo Horta de Cerqueira Viana , Geologist, BSc (Geology), FAIG, CEO of GE21 Consultoria Mineral Ltda. and Porfírio Cabaleiro Rodriguez, Mining Engineer, BSc ( Mine Eng ), FAIG, CKO of GE21 Consultoria Mineral Ltda., both are an Independent QP as defined in NI 43-101 and are responsible for the MRE. Independent peer reviews were carried out internally within the GE21 Group, over the complete MRE process.

The technical assurance program developed and implemented for the 2023 MRE process (See press release for details October 22, 2023 ), has operated continuously, with the same procedures and protocols in practice since implementation, and thus applied here to the 2025 MRE.

Mr. Cabaleiro has reviewed and approved the scientific and technical information related to the MRE contained in this news release.

Technical information in this news release has been reviewed and approved by Simon Mottram , F.AusIMM (Fellow Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company's "qualified person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (" NI 43-101 "). Mr. Mottram has verified the technical data and opinions contained in this news release.