Bravo Mining Corp. announced that it has completed an initial MRE for its 100% owned Luanga palladium + platinum + rhodium + gold + nickel project (Luanga or Luanga PGM+Au+Ni Project), located in the Carajás Mineral Province, state of Pará, Brazil. Bravo's maiden and pit constrained MRE has an effective date of October 22, 2023, and it is comprised of 73 Mt grading 1.75 g/t PdEq for a total of 4.1 Moz of PdEq in the Indicated category and 118 Mt grading 1.50 g/t PdEq for 5.7 Moz PdEq in the Inferred category.

Generated from work completed by Bravo and historical test work: Phase 1 and 2 Metallurgy testwork ? Metallurgical recovery in sulphide material of 80% Pd, 88% Pt, 59% Rh, 56% Au, 50% Ni to a saleable Ni-PGM concentrate. Phase 1 and 2 Metallurgy testwork?

Metallurgical recovery in oxide material of 73% Pd, 24% Pt, 61% Rh, 94% Au to a saleable PGM ash residue (Ni not applicable). Independent Geotechnical Testwork ? Overall pit slopes of 40 degrees in oxide and 50 degrees in Fresh Rock.

Densities are based on 26,898 relative density sample measurements. Averages are 1.58 t/m3 oxide, 2.71 t/m3 Saprock and 2.85 t/m3 fresh rock. External downstream payability has not been included, as the base case MRE assumption considers internal downstream processing.

Payable royalties of 2%. Metal Pricing: Metal price assumptions are based on 10-year trailing averages: Pd price of USD 1,380/oz, Pt price of US$1,100/oz, Rh price of USD 6,200/oz, Au price of USD 1,500/oz, Ni price of USD 15,648/t. Palladium Equivalent (PdEq) Calculation: The PdEq equation is: PdEq = Pd g/t + F1 + F2 + F3 + F4; Mining costs: USD 2.50/t oxide, USD 3.50/t Fresh Rock. Processing costs: USD 8.50/t fresh rock, USD 7.50/t oxide.

USD 2.50/t processed for General & Administration. USD 1.00/t processed for grade control. USD 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 the PdEq calculations should also be regarded as preliminary in nature. Totals may not sum due to rounding. The current MRE supersedes and replaces the Historical Estimate, which should no longer be relied upon.

The QP is not aware of political, environmental, or other risks that could materially affect the potential development of the Mineral Resources. Luanga Mineral Resource Estimate: The Luanga deposit mineral resource database consists of 394 drillholes (Bravo + historic drilling) inside the mineralized envelope, with 77,612 metres of drilling between 1992 to 2023. This represents 77,493 metres of assayed intervals at an average interval of close to 1m per assay interval.

All assayed interval lengths of core used in the mineralized domains are HQ diameter in the oxide and NQ2 diameter in fresh rock, diamond drill core. All historic data used for the MRE has been validated statistically to show no significant bias, either by twinned drillholes, extensive re-sampling of historic drill core, statistical comparison of historical data with Bravo drilling, and by field validation of collar locations. In addition, the MRE included 10 trenches for a total of 1,339 metres and 1,349 assays at an average sampling interval close to 1m.

Nine mineralized domains were generated based on the six different styles of mineralization. The parent block model is 25 m x 25 m x 5 m with 5 m x 5 m x 5 m sub-blocks, with interpolation of elements Multiple Indicator Kriging (MIK) for each mineralized fresh rock domain and Ordinary Kriging (OK) for each oxide domain. The metallurgical recovery figures achieved at laboratory scale are based on 117 flotation tests in 2 phases, and more than 30 flotation tests undertaken by the previous owner.

Continuous mini-pilot testwork is currently ongoing. Oxide recoveries used in the MRE calculation are based on results generated from two programs (2022 and 2023) of carbon-in-leach and gravimetric testwork performed for Bravo, which included 31 leaching tests. Refer to Schedule 2 of this press release for further details.

Metal price assumptions are derived from the 10-year trailing price averages to smooth out volatility and price cycle movement in each of these metals. For illustration purposes, shows the relative percentages of metal value contribution to the Luanga MRE using 'grade x metallurgical recovery x metal price' for each metal. Based on recoveries and GE21's estimates of costs, a cut-off grade (COG) of 0.44 g/t PdEq was determined, which Bravo elected to round upwards to a 0.5 g/t COG, adding a further >10% contingency to this calculation to allow for potential future changes in any or several of the assumptions.

Mineral Resource growth potential The Company believes that there is excellent potential to increase this initial MRE at Luanga, as follows: The mineralization is open at depth along the entire 8.1km of strike. Outside of the Central Sector, the current MRE generally extends to depths that align with the depths of the Phase 1 drilling, typically around 200 metres in the Southwest and North Sectors. Drilling in the Phase 1 (completed) program targeted the depth extent of historical drilling (typically up to ~150m), while the ongoing Phase 2 and 3 programs aim to test the extensions of mineralization to 300+m below surface.

To date, only the Central Sector drilling reached depths of ~300m below surface . The cross-section in Figure 5 (Southwest Sector) shows how the lack of data at depth is restricting the MRE. Several deeper Phase 2 drill holes completed by Bravo in the Central Sector have intersected wider and higher-grade mineralization intervals than typical of the MRE, such as hole DDH23LU175 which reported 54.2m at 3.33g/t PGM+Au, 0.22% Ni from 280.5m, including 32.5m at 4.99g/t PGM+Au, 0.30% Ni from 300.2m (see News Release 15 August 2023).

This could indicate potential for higher grades and greater widths of mineralization below the limit of the current MRE, with potential for additional tonnage. Bravo's trenching program is only partially complete, with the entire Central Sector yet to be trenched and some trenches still to be completed in the North and Southwest Sectors. Nevertheless, where completed, trenching indicates a potential for greater aerial extent and typically higher grades (see News Releases 08 May 2023 and 26 September 2023) of oxide mineralization (likely due to supergene enrichment and more extensive surface dispersion).

As a result, the current MRE shows a limited extent and lower grades in oxides in areas where no trenching has been completed versus those areas where trenching has been completed. Bravo plans to complete trenching over the entire strike length of the Luanga deposit over the next 6 months and, if recent trends continue, Bravo could expect to see increased tonnes and grade in the oxides versus those within the current MRE.