Bravo welcomes export processing zone of Barcarena

Executive Summary

• Bravo Mining Corp. welcomes the formal creation of the Barcarena Export Processing Zone (ZPE Barcarena) via Presidential Decree No. 12,823, signed on Jan. 22, 2026.
• Bravo has been selected as the anchor tenant for the ZPE, marking the first mineral project designated as such in Brazil, which enhances regulatory certainty for its Luanga project's vertical integration strategy.
• The ZPE framework offers significant fiscal and operational benefits, including tax exemptions on imported equipment and potential revenue from local sulphuric acid sales, complementing the company's recent equity financing and strong PGM price environment.

Key Details

• Regulatory Action: Presidential Decree No. 12,823 was signed by President Luiz Inacio Lula da Silva on Jan. 22, 2026, and published in the Diario Oficial da Uniao on Jan. 23, 2026, formally establishing the ZPE Barcarena.
• Anchor Tenant Status: Bravo Mining is the first mineral project ever designated as an anchor tenant of a Brazilian ZPE, following prior approval by Brazil's National Council of Export Processing Zones.
• Strategic Alignment: The ZPE supports Bravo's "alternative case" development scenario detailed in its Preliminary Economic Assessment (PEA) dated July 7, 2025, enabling local processing and vertical integration of metals from the Luanga palladium-platinum-rhodium-gold-nickel project.
• ZPE Benefits:
  • Location: Located in the industrial district of Barcarena at the Port of Vila do Conde, comprising approximately 271 hectares near deepwater ports and energy infrastructure.
  • Fiscal/Operational Advantages: Access to a differentiated regulatory, tax, and customs regime; exemptions on imported equipment and supplies; and tax-advantaged export treatment.
  • Byproduct Revenue: Potential to produce sulphuric acid as a byproduct of smelting. The PEA assumed a sales credit of $160/tonne, while recent market prices have reached approximately $440/tonne.
  • Third-Party Opportunities: The ZPE provides opportunities for import and re-export of third-party nickel and/or PGM concentrates.
• Recent Financing Context: The announcement follows the recent closing of an oversubscribed equity financing with net proceeds of approximately $81.8 million.
• Market Conditions: The 4PGE (Platinum, Palladium, Rhodium, Gold) basket price is now approximately 60% higher than the price used in the PEA.
• Project Resilience: The base case for the Luanga project (concentrate sales only) exhibits strong stand-alone economics, providing a foundation for evaluating additional development alternatives.

Notable Quotes

• "The signing of the presidential decree formally creating the ZPE Barcarena is a significant milestone for Bravo and materially advances regulatory certainty around our development scenario," said Luis Azevedo, chairman and chief executive officer of Bravo. "Coming on the heels of the recent closing of our oversubscribed equity financing for net proceeds of approximately $81.8-million, completed amid strong investor demand and an improving PGM price environment, with the 4PGE* basket price now approximately 60 per cent higher than the price used in our PEA, this development further reinforces our confidence in the long-term strategic positioning of the Luanga project."