Bravo Reports Results of Pre-Feasibility Study for its Luanga Project
Bravo’s maiden 7.7 moz reserve supports a US$1.45B NPV as capital expenditure rises to US$785M.
Bravo Mining Corp. (BRVO) released the results of an independent Pre-Feasibility Study (PFS) for its 100%-owned Luanga palladium, platinum, rhodium, gold, and nickel deposit in the Carajás Mineral Province, Pará State, Brazil. The study, which the company had previously guided for the third quarter of 2026, was delivered on September 22, 2026.
The report marks the first NI 43-101 Mineral Reserve declared on the project, formally superseding and replacing the July 7, 2025 Preliminary Economic Assessment (PEA).
Bravo Mining Corp. (BRVO) did not issue an earnings release, so there are no new results to assess. The relevant lens is whether the PFS beats, matches or misses the expectations set by the 2025 PEA and by the company's own guidance. Prior-period context comes from the investor presentation (PEA table, effective August 20, 2025) and the December 31, 2025 annual shareholder letter, not from today's release.
Bravo Mining Corp. (TSXV: BRVO; OTCQX: BRVMF) is a Canadian-listed, Brazil-focused mineral exploration and development company. Its flagship asset is the 100%-owned Luanga palladium, platinum, rhodium, gold, and nickel deposit in the Carajás Mineral Province, Pará State, Brazil, which was acquired subject to pre-existing royalties.
The deposit features approximately 8.1 km of strike, with 86% of the Mineral Resource Estimate (MRE) tonnage located above 250 m depth. Mineralisation has been confirmed to approximately 450 m in the North and Central sectors, with near-surface, steeply dipping zones identified as amenable to open-pit extraction.
The company’s 2025 MRE, effective February 18, 2025, utilized a 0.5 g/t PdEq cut-off and included Reserves. The Measured and Indicated category totals 158 Mt at 2.04 g/t PdEq for 10.4 moz PdEq, while the Inferred category comprises 78 Mt at 2.01 g/t PdEq for 5.0 moz PdEq. Additionally, the M&I sulphides contain 194,848 t of nickel, with 97,719 t in the Inferred category.
A new Reserve, effective September 16, 2026, totals 86.7 Mt at 2.77 g/t PdEq for 7,731 koz PdEq, marking the first Reserve in the company's history.
The development concept involves an open pit with a contracted truck-and-shovel fleet and a conventional flotation concentrator at site incorporating Jameson Cells at 10 Mtpa. A pyrometallurgical smelter is planned in the Barcarena ZPE, approximately 600 km away, to produce a saleable PGM-Ni alloy plus sulphuric acid for local fertiliser producers.
Permitting progress includes the Preliminary Licence (Licença Prévia) granted by SEMAS on March 3, 2025, following EIA/RIMA approval and a public hearing on December 12, 2024. Conditions are being met, with an Installation Licence application targeted for Q4 2026.
Bravo Mining is the designated anchor tenant of the Barcarena ZPE, described as the first mineral project ever designated an anchor in a Brazilian ZPE. This status followed CZPE approval in November 2025, a presidential decree on January 22, 2026, and a formal establishment authorization granted August 25 and published September 1, 2026, conferring a 20-year fiscal, customs, and administrative regime.
Other assets include IOCG-style copper-gold targets on the Luanga licences, such as the T5 discovery (11.48 m at 14.3% Cu and 3.3 g/t Au in 2024) and a magmatic Ni/Cu-rich sulphide target at Babylon. A dedicated copper-gold division was created on February 5, 2026, under Fabio Masotti, formerly Director of Exploration at Vale.
Drilling totals 447 Bravo holes for 98,353 m as of September 8, 2026, or 703 holes for 149,139 m including Vale holes, per the investor presentation. A September 14, 2026 release reported 404 of 447 holes with results and 35 outstanding.
Disclosure notes on management titles indicate inconsistencies: the investor presentation lists Simon Mottram as President & CEO and Luis Azevedo as Executive Chairman, while every 2026 news release quotes Azevedo as "Chairman and CEO" and identifies Mottram as President and Qualified Person. The current title structure should be confirmed from the company's filings.