Bravo's Trenching Program Highlights Higher Gold Grades with Associated Copper in the North Sector

The most recent news (March 25, 2026) reports results from a trenching program in the North Sector of the Luanga PGM+Au+Ni deposit. Key findings include unusually high gold grades associated with copper, which management interprets as potential Iron Oxide Copper Gold (IOCG) style mineralization overprinting the existing PGM system. Notable results from trench TRC25LU055 include 151m at 0.29 g/t Au and 0.16% Cu, with a higher-grade core of 43m at 0.66 g/t Au and 0.21% Cu. These results confirm supergene enrichment in the saprolite (oxide) zone, which may offer simpler and cheaper gold recovery compared to the deeper fresh rock PGM mineralization.

The impact is Routine - Positive. While the grades are "unusually high" for this specific project and suggest a secondary mineralizing event (IOCG), they are incremental to the massive 10.4 Moz PdEq resource already established. - Economic Optionality: The discovery of a Cu-Au overprint adds a new dimension to the project's economics, potentially providing a high-value "starter" or supplemental feed in the oxide zone. - Geological Validation: It validates the company's decision (Feb 2025) to create a dedicated Copper-Gold Exploration Division. - Scale: With 80,977 meters drilled to date and a PFS underway, these results refine the North Sector but do not yet fundamentally alter the multi-million-ounce PGM thesis. However, they de-risk the "Alternate Case" (Vertical Integration) by providing more diverse metal streams.

Bravo Mining is focused on the Luanga PGM+Au+Ni Project in the Carajás Mineral Province, Brazil. - Flagship: Luanga is a large-scale, multi-million-ounce PGM+Au+Ni deposit. - Resource: 158Mt @ 2.04 g/t PdEq (M&I) for 10.4 Moz, plus 5 Moz Inferred. - Economics: 2025 PEA showed an After-Tax NPV8% of US$1.25B (Base Case) to US$1.86B (Alternate Case) with a 49% IRR. - Infrastructure: Located in a premier mining district with access to hydropower and rail.