Bravo Reports Restatement of its 2024 Financial Statements Following Non-Cash Foreign Exchange Accounting Adjustments

Executive Summary

• Bravo Mining Corp. is restating its consolidated financial statements for FY 2024 and FY 2023 to correct non‑cash foreign‑exchange translation errors related to its Brazilian subsidiary.
• The adjustments reduce total assets by $4.89 M (FY 2024) and $0.92 M (FY 2023), primarily affecting exploration & evaluation assets and property, plant & equipment; shareholders’ equity is similarly reduced.
• Net loss per share and cash flow are unchanged; the restatement has no impact on the company’s financial health or operating performance.

Key Details

• Reason for Restatement: Incorrect translation of non‑monetary assets from Brazilian reais (BRL) to USD at closing rates, contrary to IAS 21 requirements.
• Assets Adjusted:
• Exploration & evaluation assets decreased by $4.55 M (FY 2024) and increased by $0.88 M (FY 2023).
• Property, plant & equipment decreased by $0.34 M (FY 2024) and increased by $0.03 M (FY 2023).
• Equity Impact: Total shareholders’ equity reduced by $4.89 M for FY 2024 and $0.92 M for FY 2023, resulting in revised totals of $51.31 M (FY 2024) and $55.20 M (FY 2023).
• Comprehensive Loss Adjustments:
• Exchange differences on translating foreign operations changed from a gain of $8,786 to a loss of $5.80 M (FY 2024) and from a gain of $14,565 to a loss of $0.92 M (FY 2023).
• Comprehensive loss for the year increased to $8.11 M (FY 2024) and $1.80 M (FY 2023).
• Cash Flow & Net Loss: No effect on monetary assets/liabilities, net loss for the year, net loss per share, or cash‑flow statement.
• Filing Details: Restated financial statements and MD&A filed on SEDAR+ prior to Q2 2025 results; Q1 2025 interim results not restated at this time but were impacted by the same issue.

Notable Quotes

(No direct quotes provided in the release.)