Slide 1: LUANGA | Critical Metals for Clean Air
TSXV BRVO OTCQX BRVMF LUANGA | Critical Metals for Clean Air March 2025 Corporate Presentation Multi-Million Ounce Tier 1 PGM + Au + Ni Deposit A member of High-Grade IOCG-Style Massive Sulphide Copper-Gold Discovery in the World Class Carajás Mineral District, Brazil PALLADIUM PLATINUM RHODIUM GOLD
Slide 2: Forward-Looking Statement
Forward-Looking Statement This presentation contains “forward-looking information” (also referred to herein as “forward-looking statements”) not limited to, those in respect of: liabilities inherent in the Company’s operations and mineral projects in the under the provisions of applicable Canadian s
Slide 3: Mineral Resource Estimate Technical Disclosure
Mineral Resource Estimate (“MRE”) Technical Disclosure All scientific and technical information relating to the Mineral Resource Estimate (“MRE”) of the Luanga Project contained in this presentation is derived from Press Release dated February 18, 2025 titled “Bravo Updates Mineral Resources at its
Slide 4: Investment Thesis
INVESTMENT THESIS Multi-Million Ounce Tier 1 PGE+Au+Ni Deposit & High-Grade IOCG-Style Massive Sulphide Cu-Au Discovery in the Right Place, with the Right People and the Right Strategy Multi-Million-Ounce PGM+Au+Ni Located in the world-class Carajás deposit + High-Grade IOCG Prospect Mineral Provinc
Slide 5: Bravo Platform for Growth
BRAVO PLATFORM FOR GROWTH Multi-Million Ounces PGM+Au+Ni Deposit outside of South Africa and Russia High-Grade IOCG-Style Massive Sulphide Copper-Gold Mineralization Discovery LUANGA PROJECT PLACE PGM+Au+Ni Deposit + Cu-Au Prospect Low Economic Hurdle 100% owned subject to 1% royalty to Access and e
Slide 6: Strong Balance Sheet, Clean Capital Structure
STRONG BALANCE SHEET, CLEAN CAPITAL STRUCTURE No Warrants Issued | Supported by renowned resource investors TSXV BRVO | OTCQX BRVMF BRAVO SHARE OWNERSHIP First Day of Trading (IPO price @ $1.75) Aug 30, 2022 Share Price (as of February 19, 2025) C$2.50 55.8% 9.8% 52 Week High/Low C$4.40/ C$1.47 BOAR
Slide 7: Location Advantage
LOCATION ADVANTAGE Low economic hurdle due to abundant infrastructure | Simple land status | Favourable fiscal regime INFRASTRUCTURE Cu-Au Occurrences Air Rail Road Power Port PARAUAPEBAS: MINING CAPITAL OF PARÁ | Cu-Au (?) Regional centre for mining people, services & logistics EXISTING ESG ATTRIBU
Slide 8: Strategy | Resource Growth & Upgrade + Ni and Cu-Au IOCG Prospectivity
STRATEGY | Resource Growth & Upgrade + Ni and Cu-Au IOCG Prospectivity PGM+AU+NI PROJECT SUBSTANTIALY DE-RISKED | FOLLOW UP IOCG DISCOVERY Maintain development optionality and flexibility RE-ASSAY, PHASE 1 MAIDEN MRE PGM+Ni DRILLING TO IOCG DISCOVERY FOLLOW UP Completed Completed UPDATE MRE in Progr
Slide 9: Multi-Million Ounces PGM+Au+Ni Deposit outside of South Africa and Russia
Multi-Million Ounces PGM+Au+Ni Deposit outside of South Africa and Russia 10.4Moz PdEq1 | 158Mt at 2.04 g/t PdEq – Measure & Indicated 5.0Moz PdEq1 | 78Mt at 2.01 g/t PdEq - Inferred (1) For tonnes and grades by individual metals and basis of PdEq, see notes on Page 43
Slide 10: Drilling to Date
DRILLING TO DATE Bravo + VALE COMPANY DRILL HOLES METRES DRILLED (as of Dec 20, 2024) VALE 252 50,353 Bravo – 2022 135 23,515 Bravo – 2023 116 30,892 Bravo – 2024 94 19,269 Total Bravo 345 73,676 Bravo + VALE 597 124,029 The table above includes the 8 metallurgical holes 10 TSXV BRVO | OTCQX BRVMF
Slide 11: Strong Mineral Resource Update | Feb 18th 2025
STRONG MINERAL RESOURCE UPDATE | FEB 18TH 2025 2023 Maiden MRE vs. 2025 MRE | Increase in Tonnes, Grades and Confidence Levels Substantially increased M&I Tonnage Higher M&I Grades (PdEq1) Substantial Increase in M&I from Inf. Conversion + Expansion Metal Content1 Inferred Tonnage Conversion to M&I
Slide 12: Luanga Project 2025 MRE Overview
LUANGA PROJECT 2025 MRE OVERVIEW Established as one of the few large-scale, multi-million-ounce, open-pit PGM deposits available globally Multi-Million, Higher Confidence MRE Metals Value Contribution 1 1 Significant MRE Conversion to M&I Category 2023 MRE 2025 MRE (1) For grades by individual metal
Slide 13: Pit Constrained MRE
PIT CONSTRAINED MRE | 86% of Total MRE Tonnage Above 250 metres level PdEq MRE Above 250 metres 94% 61% 250 metres PdEq MRE Below 250 metres M&I Inferred (1) For grades by individual metals, see notes on Page 43, where it is the details the basis of the Palladium Equivalent (PdEq) calculation 13 TSX
Slide 14: 2025 MRE Summary
2025 MRE SUMMARY | at a 0.50 g/t PdEq cut-off grade* Delineated to an average depth of 250m | Mineralization continues to depths of at least ~450m M&I: 10.4Moz PdEq | 158Mt at 2.04 g/t PdEq** • Includes 10Mt at 1.51 g/t PdEq of Oxide material or 510Koz PdEq Inferred: 5.0 Moz PdEq | 78Mt at 2.01 g/t
Slide 15: Luanga | An Unusually Large Mineralized System
LUANGA | An Unusually Large Mineralized System ~8.1 km long mineralized envelope | 94% of Current MRE down to only 250 metres Deeper drilling intersected mineralization down to ~450m in North and Central Sectors The surface projection of Luanga’s mineralization is shown in red 1 250m BRAVO CAMP 1 No
Slide 16: MRE Growth Potential | Open at depth along the 8.1km of strike
MRE GROWTH POTENTIAL | Open at depth along the 8.1km of strike MRE delineated down to ~250m | Drilling demonstrated that mineralization continues to depths of at least ~400m MRE Section Central Sector - Deepest part of the MRE MRE Section Southwest Sector Shows opportunity to convert additional high
Slide 17: Luanga Metallurgy – De-risked by Vale, Improved by Bravo
LUANGA METALLURGY – De-risked by Vale, Improved by Bravo Luanga material amenable to producing maketable flotation concentrates Sulphide: Pt 81%, Pd 77%, Rh 51%, Au 48%, Ni 50% BRAVO TESTWORK Metallurgical recoveries used in the MRE* Oxide: Au 90%, Pd 81%, Rh 54%, Pt 23% for an ≥80g/t concentrate *S
Slide 18: LP (Licença Prévia) Granted on March 3, 2025
LP (LICENÇA PRÉVIA) GRANTED ON MARCH 3, 2025 Successful Public Hearing held on December 12, 2024 (Municipality of Curionópolis, Pará State) LP is the most critical, time-consuming and challenging to secure, Defines the project's fundamental parameters and requires both environmental feasibility and
Slide 19: PGMs in Brazil & Luanga Project
PGMs IN BRAZIL & Net Import Reliance: LUANGA PROJECT Pt: 85% Pd: 36% Ni: 48% Source: USGS ~10.6M* ~1M BEV Passenger + Commercial Vehicles ~4.0M* Production Strategically/Centrally located ~0.16M BEV close to key PGM consumers ZPE-Free Traded Zone under approval process Imports by plane from… Luanga
Slide 20: High-Grade IOCG-Style Massive Sulphide Copper-Gold Discovery
High-Grade IOCG-Style Massive Sulphide Copper-Gold Discovery 11.48m at 14.3% Cu, 3.3g/t Au including 2.9m at 22.9% Cu, 3.6g/t Au 8.75m at 9.48% Cu and 2.1g/t Au
Slide 21: Luanga Located Within Trend of Major IOCG Deposits
Luanga Located Within Trend of Major IOCG Deposits References to active mines and other mineral projects is for illustration purposes only. There can be no assurances the Company will achieve comparable results. IOCG Deposits in the Carajás Region 21 TSXV BRVO | OTCQX BRVMF
Slide 22: Ni and Cu Sulphide Prospectivity: Priority EM Drill Targets
Ni and Cu Sulphide Prospectivity: 17 Priority EM Drill Targets Massive Nickel Sulphide Discovery Prompted Detailed HeliTEM Program, BHEM and Interpretation AUGUST 3, 2022 - Bravo Intercepts Massive Sulphide Mineralization at its Luanga (PGM + Au + Ni) Project 1st DDH22LU47: 11m @4.24g/t PGM+2.04% Ni
Slide 23: EM Priority Targets Selection
EM PRIORITY TARGETS SELECTION First interpretation selected 54 targets False conductors associated with power lines and conductors 100% outside the mineral property were removed 36 EM targets remained • 17 1st priority targets • 19 2nd priority targets 13 Targets were drill-tested in 2023 and had BH
Slide 24: Bravo Intersects High-Grade IOCG-Style Massive Sulphide Copper-Gold Mineralization
Bravo Intersects High-Grade IOCG-Style Massive Sulphide Copper-Gold Mineralization in Drill Testing of Luanga EM targets | May 2024 11.48m at 14.3% Cu, 3.3g/t Au including 2.9m at 22.9% Cu, 3.6g/t Au – Discovery Hole 8.75m at 9.48% Cu and 2.1g/t Au – 2nd Hole 50m east and along strike High-grade cop
Slide 25: T5 - DDH2405T002 | 11.48m at 14.3% Cu and 3.3g/t Au
T5 - DDH2405T002 | 11.48m at 14.3% Cu and 3.3g/t Au First Assay Result From First Drilled EM Anomaly Post HeliTEM and Bore-hole Electromagnetic (“BHEM”) FROM (m) TO (m) LENGTH (m) Cu % Au g/t 165.62 166.60 0.98 11.04 5.22 166.60 167.50 0.90 12.61 1.45 167.50 168.50 1.00 23.62 6.39 168.50 169.45 0.95
Slide 26: T5 - DDH2405T004 | 8.75m at 9.48% Cu and 2.1g/t Au
T5 - DDH2405T004 | 8.75m at 9.48% Cu and 2.1g/t Au 2nd Drill Hole - Completed 50m to the east of DDH2405T002 Supports the IOCG-style mineralization intersected in DDH2405T002 to the west and appears to confirm the continuity of the sulphide mineralization. Remains open along strike and up and down d
Slide 27: Best Cu% Grade Intercept Globally
Best Cu% Grade Intercept Globally DDH2405T002 – Among Top #5 Rank Cu% Grade Intercept over the Last 5 Years 2024 YTD | 287 Announcements with Cu% Intercept 2023 | 881 Announcements with Cu% Intercept 2022 | 1,180 Announcements with Cu% Intercept 2021 | 957 Announcements with Cu% Intercept 2020 | 536
Slide 28: T5 Drilling Status
T5 DRILING Discovery STATUS Hole 5.2m at 3.1% Cu, 11.48m at 14.3% 1.1g/t Au Cu, 3.3g/t Au ~300m Mineralized Strike (so far) Open and dipping to the east Typical mineralization of iron oxide copper-gold ~300m (IOCG)-style deposits 28 TSXV BRVO | OTCQX BRVMF
Slide 29: Large Magnetic Anomaly Identified
LARGE MAGNETIC ANOMALY IDENTIFIED Significant Magnetic Anomalies Identified 5.2m at 3.1% Cu, 11.48m at 14.3% Central Location: The anomalies are 1.1g/t Au Cu, 3.3g/t Au centrally positioned among: 1) T5; 2) Historic copper workings; 3) Bravo’s high-grade massive sulphide intersected in DDH22LU047 (A
Slide 30: IOCG Follow Up Program
IOCG FOLLOW UP PROGRAM* *Ongoing Discussion New HeliTEM targets along the WNW-ESE trending corridor All EM targets to be re-examined with an IOCG view Additional IP lines underway Soil sampling coverage to be extended Magnetics and soil chemistry to be re-interpretated The number of priority EM targ
Slide 31: Key Value Drivers and Milestones
Key Value Drivers and Milestones Catalysts in the year ahead PGE+Au+Ni Deposit Ni and Cu-Au Sulphide Prospects Refine Metallurgical tests Exploration and Drilling campaign on re-prioritized targets Permitting Economic Study 2025 Further Metallurgical Permitting Extensive Exploration of re- testwork
Slide 32: Key Achievements Since IPO in July 2022
KEY ACHIEVEMENTS SINCE IPO IN JULY 2022 Substantial growth, project de-risking and high prospectivity delivered AT IPO TODAY 252 holes / 50,352m Drilling Inventory 597 holes | 124,029m 2PGM+Au+Ni (Historical**) 3PGM+Au+Ni MRE (NI 43-101)* Resource Size and Quality 142Mt @ 1.24 g/t Pd+Pt+Au & 0.11% N
Slide 33: Bravo – People, Project, Place, Strategy
BRAVO – People, Project, Place, Strategy Fully funded to execute on Cu-Au Exploration, PGM Resource Expansion, Continued Met Tests, Permitting and Economic Study PEOPLE PROJECT Fit for purpose team Emerging Tier 1 asset due to quality, scale and location Brazilian permitting, exploration, developmen
Slide 34: For additional information contact: Alex Penha
TSXV BRVO OTCQX BRVMF For additional information contact: ALEX PENHA EVP Corporate Development alex.penha@bravomining.com www.bravomining.com | LinkedIn @BravoMining | Twitter X @BRVOMining | YouTube Bravo Mining PALLADIUM PLATINUM RHODIUM GOLD NICKEL COPPER Pd Pt Rh Au Ni Cu
Slide 35: Appendices
TSXV BRVO OTCQX BRVMF APPENDICES PALLADIUM PLATINUM RHODIUM GOLD NICKEL COPPER Pd Pt Rh Au Ni Cu
Slide 36: Leadership Strategy – Fit for Purpose Board
LEADERSHIP STRATEGY – Fit for Purpose Board Global, Brazilian and PGM exploration, permitting, development, construction and operation expertise LUIS STUART TONY STEPHEN AZEVEDO COMLINE POLGLASE QUIN Ex. Chairman & CEO Director Director Director Brazilian, based in Brazil British, based in South Afr
Slide 37: Leadership Strategy – Brazilian Expertise Key to Success
LEADERSHIP STRATEGY – Brazilian Expertise Key to Success Brazilian and PGM, financial, exploration, permitting and development expertise SIMON MANOEL ALEX HEINRICH PAULO ILIDIO MOTTRAM CERQUEIRA PENHA MÜLLER DE BRITO President CFO EVP Corporate Development VP Technical Services VP Exploration Austra
Slide 38: Bravo Technical and Metals Marketing Team
BRAVO Technical and Metals Marketing Team Exceptional professionals with test-design-build success track-records across the industry +40 years of experience as metallurgist including PGM - Lonrho/Lonmin. Previously with SR. CHEMICAL ENGINEER Kinross (Director – Technical), Avanco Resources, Oz Miner
Slide 39: Site Access Road
Site Access Road 2022 2023 2023 2023 2023 2023 39 TSXV BRVO | OTCQX BRVMF
Slide 40: Social Responsibility
SOCIAL RESPONSIBILITY Not just a moral obligation, but a crucial component of Bravo’s business success Bravo’s Nursery Distribution of Uniforms Christmas Food Drive Our partnership with local communities have been instrumental in securing social license and building a positive reputation Planting th
Slide 41: ESG – Trust is the Rarest Commodity
ESG – Trust is the Rarest Commodity Foundation of Bravo ESG Board Committee Environmental Social Governance WATER/LAND IMPACT PEOPLE INDEPENDENCE Disturbed land, predominantly used Brazilian employees & contractors: 80% of workforce Board that is majority independent from for cattle grazing are resi
Slide 42: 2025 Mineral Resource Estimate at 0.5g/t Cut-off Grade
2025 Mineral Resource Estimate at 0.5g/t Cut-off Grade M&I: 10.4 Moz at 2.04 g/t PdEq | INFERRED: 5.0 Moz at 2.01 g/t PdEq Average Grades and Contained Metals Estimates Resource Classification Weathering Tonnes Pd Eq Pd Pt Rh Au Ni Mt g/t Oz g/t Oz g/t Oz g/t Oz g/t Oz % Tonnes Oxide 4 1.51 197 0.90
Slide 43: 2025 MRE Notes
2025 MRE NOTES * Notes: 1. Mineral resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines, as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). 2. This MRE includes I