Bravo Announces C$50 Million Offering of Common Shares and C$34.75 Million Concurrent Private Placement

On January 13, 2026, Bravo Mining announced a combined financing package totaling C$84.75 million. This consists of a C$50 million "bought deal" public offering and a C$34.75 million concurrent private placement, both priced at C$4.40 per share. Notably, the private placement is led by Orion Mine Finance, a major global mining investment firm. Beyond the equity, Bravo entered into a Participation Rights Agreement with Orion, which includes a Right to Match for future project financing and a commitment from Orion to provide up to US$300 million in financing support upon meeting specific milestones. The funds are earmarked for advancing the Luanga PGM+Au+Ni Project through Pre-Feasibility (PFS) and Feasibility (FS) studies.

This is a game-changing event for Bravo Mining. - Financial De-risking: The C$84.75 million influx essentially clears the path through all technical studies required for a construction decision. Given the company's Q3 2025 cash balance of ~C$20.4 million and a net loss of ~C$2.2 million over nine months, this raise provides a massive multi-year runway. - Strategic Validation: Orion Mine Finance is a top-tier institutional player. Their entry, coupled with a US$300 million "financing support" intent, provides a clear roadmap for the Luanga project’s estimated US$495M - US$677M CAPEX. - Dilution: The issuance of approximately 19.26 million new shares on an existing base of 109.4 million represents roughly 17.6% dilution. While significant, the pricing at C$4.40 is only a 12.3% discount to the last closing price of C$5.02, which is relatively lean for a junior mining raise of this magnitude. - Market Perception: This move shifts Bravo from a "hopeful explorer" to a "funded developer."

Bravo Mining is focused on the Luanga PGM+Au+Ni Project in the Carajás Mineral Province, Pará, Brazil. The project is 100% owned and is a rare, large-scale, open-pittable PGM deposit. - Resource: 10.4 Moz PdEq (Measured & Indicated) + 5.0 Moz PdEq (Inferred). - Economics (PEA): After-tax NPV8% of US$1.25 Billion (Base Case) and US$1.86 Billion (Vertically Integrated), with a 49% IRR. - Infrastructure: Exceptional for the industry—located 30km from a major mine, access to 100% renewable grid power, and regional rail/port access.