Bravada Announces Non-Brokered Private Placement

On December 29, 2025, Bravada Gold Corporation (TSXV: BVA) announced a non-brokered private placement to raise $1,000,000 through the issuance of 25,000,000 units at $0.04 per unit. Each unit includes one common share and one warrant exercisable at $0.05 for 36 months. The primary use of proceeds (60%) is to fund a Pre-feasibility Study (PFS) at the Wind Mountain gold/silver deposit in Nevada. Other uses include land-holding fees (17%) and general working capital (23%). This follows the October 2025 filing of an updated Preliminary Economic Assessment (PEA) and Resource Estimate.

• PFS Progression: The financing is materially positive as it provides the necessary capital to move Wind Mountain from the PEA stage to the PFS stage. Management notes a PFS is required to begin mine permitting in Nevada.
• Resource Sensitivity: The recent resource update (Oct 2025) showed a massive 292% increase in Inferred gold resources. Critically, this increase was primarily driven by adopting a higher gold price model ($2,400/oz) which allowed previously classified "waste" to be categorized as "mineralization."
• Shareholder Dilution: The placement of 25M shares represents a significant dilution (approx. 13% of the pro-forma shares outstanding).
• Cost of Survival: The allocation of 17% of proceeds just to maintain land-holding fees and 23% to general working capital (which includes 14% to non-arm's length parties per previous releases) indicates a high burn rate relative to development spending.

Bravada Gold is a Nevada-focused explorer. Its flagship is the Wind Mountain Project, a past-producing open-pit, heap-leach mine (AMAX/Kinross). - 2025 Resource Update: Indicated 33.6M tons @ 0.011 oz/t Au and 0.320 oz/t Ag. - Inferred Resource: Increased to 4.2M tons (up from 1.08M tons in 2022). - Economics: The 2022 PEA (lower gold price) showed an After-tax NPV (5%) of $46.1M and 38% IRR. The 2025 update claims potential for a 10-year mine life.