Bravada Gold Delivers Positive PEA Update for Wind Mountain, Nevada

Bravada Gold Corporation (BVA) released an updated Preliminary Economic Assessment for its 100%-owned Wind Mountain Gold-Silver Project in Northern Nevada. The base-case economics, which utilize gold at US$3,600/oz and silver at US$48/oz, project an after-tax NPV5% of US$415M (C$593M), an after-tax IRR of 60%, and a 2.0-year payback period. The mine life is estimated at 11.2 years, with life-of-mine production of 454,000 oz of gold and 3.1M oz of silver, averaging approximately 44.4 koz AuEq per year.

Operating metrics include cash costs of US$1,504/oz and an all-in sustaining cost (AISC) of US$1,653/oz. Total project capital is estimated at US$139.0M, comprising US$98.1M in initial capital and US$41.0M in sustaining capital, which includes about 20% contingency. The plan calls for open-pit mining of existing pits and processing of historic AMAX waste dumps, utilizing a 25,000 short ton/day run-of-mine heap leach and Merrill-Crowe recovery.

The PEA includes Indicated resources of 56.0Mt at 0.32 g/t Au and 8.51 g/t Ag, plus Inferred resources of 40.0Mt at 0.15 g/t Au and 5.37 g/t Ag. Gold recovery is modeled at 62% for oxide material, while silver recovery is 15% for oxide. In a high-price scenario assuming gold at US$4,500/oz and silver at US$70/oz, the project shows an after-tax NPV5% of US$681M and an IRR of 86%.

Next steps include Q4 2026 metallurgical testing and drilling, with a Pre-Feasibility Study targeted for H2 2027. The company will file the technical report on SEDAR+ within 45 days.

Bravada Gold Corporation (BVA) released a positive technical study on its flagship project, materially improving headline project economics compared to the prior 2022 Preliminary Economic Assessment (PEA). The 2022 PEA showed an after-tax NPV5% of about US$66M, 38% IRR, 4.2-year mine life, and initial capital of US$46.6M at much lower metal prices. Much of the improvement versus the 2022 PEA is driven by higher gold and silver price assumptions, the larger resource, inclusion of waste dumps, and a longer mine life; the comparison is not like-for-like.

The PEA economics are strong relative to the company’s ~US$37M market capitalization, but the PEA is preliminary and includes Inferred resources, so it is not a reserve-backed development plan. The project’s grades are low: 0.32 g/t gold indicated and 0.15 g/t gold inferred. The 62% gold recovery and 15% silver recovery mean the plan is highly dependent on commodity prices and oxide metallurgy.

The release was broadly expected: management had guided throughout Q2/Q3 2026 that an updated PEA was coming in Q3 2026. The stock had already rallied into the release, from about $0.67 in mid-May to $1.28 on Aug 28. The PEA does not address the company’s main unresolved issue: financing a US$139M project from a near-zero-revenue entity with limited cash and negative working capital. No post-release trading data is provided, so the market’s actual reaction to the news cannot be observed.

Bravada Gold Corporation is a Nevada-focused gold and silver development company listed on the TSX Venture Exchange. Its flagship asset is the Wind Mountain Gold-Silver Project, which is 100% owned and located approximately 160 km northeast of Reno, Nevada. Wind Mountain is a brownfield, past-producing open-pit heap-leach mine that operated from 1989 to 1999, primarily under AMAX and later Kinross. Historical production from the site totaled 299,000 oz of gold and 1.77 million oz of silver from 22.6 million tons stacked, with a recorded historical gold recovery rate of 69%.

The project benefits from existing infrastructure, including paved access, an adjacent power substation, proximity to the Reno labor pool, and historical pits, waste dumps, and haul roads. The land package has been expanded to 184 claims covering approximately 1,490 hectares following the staking of 60 new claims west of the deposit.

In June 2026, Dr. Paul West-Sells became President, CEO, and Director, while Joseph A. Kizis, Jr. transitioned to VP Exploration and remains a director. Historical news indicates that Agnico-Eagle retains a 2% NSR royalty, with 1% potentially purchasable for $1 million before production begins.