Bravo completes pre-feasibility study at Luanga

Canada NewsWire

Base Case (Vertically Integrated Operation) Delivers US$1.45 Billion After-Tax NPV8% and 35.1% IRR

TORONTO , Sept. 22, 2026 /CNW/ -- Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF) ( "Bravo" or the "Company" ) is pleased to announce the results of an independent Pre-Feasibility Study ("PFS", "PFS Technical Report" or the "Study" ) relating to its 100% owned Luanga palladium + platinum + rhodium + gold + nickel deposit ( "Luanga Project", "Luanga" or the "Project" ), located in the Carajás Mineral Province, Pará State, Brazil.

PFS Highlights:

Base Case Economics Affirm Luanga's Potential for a Large, Integrated, High Margin Mining Business After-tax Net Present Value ( "NPV" ) of US$1.45 billion, using an 8% discount rate.

After-tax Internal Rate of Return ( "IRR" ) of 35.1%.

Payback period, post-tax, of 2.0 years.

Pre-production capital expenditures ( "CAPEX" ) of US$784.9 million and life-of-mine ( "LOM" ) sustaining CAPEX of US$98.2 million.

NPV to CAPEX ratio: 1.65x.

Average LOM C1 Cash Cost of US$478/oz 4E PGM and All-in Sustaining Cost ( "AISC" ) of US$706/oz 4E PGM.

Commodity price assumptions: Pd US$1,245/oz, Pt US$1,700/oz, Rh US$8,000/oz, Au US$3,500/oz, Ni US$7.71/lb.

Benefits associated with early start-up of vertical integration include US$90.2 million savings in smelter capex and US$41.20/t savings in operating costs directly related to fiscal benefits associated with the ZPE.

Maiden Mineral Reserve Declared Proven & Probable ( "2P" ) Mineral Reserve of 86.7 Mt grading 2.77 g/t PdEq 1 for 7,731 kOz of contained PdEq 1 .

The Mineral Reserve is derived from the previously reported Measured and Indicated ( "M&I" ) Mineral Resources 2 and does not take into account 22,100m of 2026 infill and expansion drilling.

Reserve conversion ratio of 55% relative to the Measured and Indicated Mineral Resource tonnes and 74% on a PdEq 1 metal contained bas