Bravo Mining Corp. · TSXV:BRVO
Bravo Mining — Investor Presentation (July 2025)
59 slides from Bravo Mining's investor presentation, Jul 15, 2025
Slide 1: LUANGA | Critical Metals for Clean Air
TSXV BRVO OTCQX BRVMF LUANGA | Critical Metals for Clean Air July 2025 Corporate Presentation Multi-Million Ounce Tier 1 Open-Pit 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 RHOD
Slide 2: Forward-Looking Statement
Forward-Looking Statement This presentation contains “forward-looking information” (also referred to herein as “forward-looking statements”) achievements of Bravo and/or the Luanga Project to be materially different from those expressed or implied by such under the provisions of applicable Canadian
Slide 3: MRE and PEA Technical Disclosure
Mineral Resource Estimate (“MRE”) and Preliminary Economic Assessment (“PEA”) Technical Disclosure All scientific and technical information relating to the Mineral Resource Estimate (“MRE”) and to the Preliminary Economic Assessment (“PEA”)of the Luanga Project contained in this presentation is deri
Slide 4: Investment Thesis
INVESTMENT THESIS Multi-Million Ounce Tier 1 Open-Pit 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 Open Pit PGM+Au+Ni Located in the world-class Carajás deposit + High-Grade IOCG Prospe
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) July 21, 2022 Share Price (as of July 15, 2025) C$3.44 55.8% 9.8% 52 Week High/Low C$3.58/ C$1.51 BOARD,
Slide 7: Location Advantage
LOCATION ADVANTAGE Low economic hurdle due to abundant infrastructure | Simple land status | Favourable fiscal regime INFRASTRUCTURE Cu-Au Occurrences Air Rail Road Power Port PARAUAPEBAS: MINING CAPITAL OF PARÁ | Cu-Au (?) Regional centre for mining people, services & logistics EXISTING ESG ATTRIBU
Slide 8: Strategy: Continuing De-Risking PGM to PFS + Ni and Cu-Au IOCG Prospectivity
STRATEGY | Continuing De-Risking PGM to PFS + Ni and Cu-Au IOCG Prospectivity PGM+AU+NI PROJECT SUBSTANTIALY DE-RISKED | FOLLOW UP IOCG DISCOVERY Maintain development optionality and flexibility IOCG DISCOVERY FOLLOW UP RE-ASSAY, PHASE 1 PHASE 2, MAIDEN MRE UPDATED MRE, LP + SHIFTING TO PFS Complete
Slide 9: Luanga Project
Luanga Project Multi-Million Ounces Open-Pit PGM+Au+Ni Deposit outside of South Africa and Russia Measured & Indicated Inferred 10.4Moz PdEq1 | 158Mt at 2.04 g/t PdEq1 5.0Moz PdEq1 | 78Mt at 2.01 g/t PdEq1 Base Case – Concentrate Sales Alternate Case – Vertical Integration NPV8%: US$ 1.25 Billion NP
Slide 10: 2025 MRE | Solid Platform to Support PEA
2025 MRE | Solid Platform to Support PEA 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 PdEq** • Inc
Slide 11: 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 55, where it is the details the basis of the Palladium Equivalent (PdEq) calculation 11 TSX
Slide 12: Luanga | A Large Mineralized System
LUANGA | A Large Mineralized System ~8.1 km long mineralized envelope | 86% of Current MRE tonnage 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 Nort
Slide 13: 2025 Preliminary Economic Assessment Summary
2025 PRELIMINARY ECONOMIC ASSESSMENT SUMMARY Establishes Luanga as one of the most compelling undeveloped open-pit PGM projects globally Multi-Million-Ounce PGM+Au+Ni Resource with 17-year Potential Open-Pit Large-Scale Operation One of the largest undeveloped shallow PGM deposits globally Solid Eco
Slide 14: PEA Investigated Two Scenarios
PEA Investigated Two Scenarios Base Case: Concentrate Sales | Alternate Case: Vertically Integrated BASE CASE ALTERNATE CASE CONCENTRATE SALES VERTICALLY INTEGRATED Flotation concentrate sales to a third-party Addition of downstream processing due to the • Conventional froth flotation plant with ini
Slide 15: 2025 PEA Economic Outcomes
2025 Preliminary Economic Assessment Economic Outcomes Capex/NPV Avg. FCF NPV8% IRR% Payback Ratio per Year Concentrate Sales Scenario US$ 1.25 US$ 143.1 49.7% 2.4 Years 0.40x Billion Million (Base Case) Vertical Integration Scenario US$ 1.86 US$ 216.8 49.6% 2.4 Years 0.36x Billion Million (Alternat
Slide 16: 2025 PEA Economic Outcomes
2025 Preliminary Economic Assessment Economic Outcomes Base Case Alternate Case PEA Financial Outcome Unit (Concentrate Sale) (Vertical Integration) Avg. Annual Net Revenue US$ Million $643.7 $788.7 Avg. Annual Free Cash Flow US$ Million $143.1 $216.8 Total Initial Capex* US$ Million $495.8 $677.6 L
Slide 17: PEA Production & Mineral Resource Parameters
2025 Preliminary Economic Assessment Production & Mineral Resource Parameters Annual Production 255 Koz 158 Koz 15 Koz 8.5 Koz 8,549 Tonnes M&I Resources 5.0 Moz 3.1 Moz 0.45 Moz 0.26 Moz 195 Kt Inferred Resources 2.4 Moz 1.5 Moz 0.20 Moz 0.13 Moz 98 Kt Revenue Contribution 40% 29% 11% 3% 16% by Con
Slide 18: PEA Production Profile
2025 Preliminary Economic Assessment Production Profile – Contained Metal in Concentrate 4PGM | Pd+Pt+Rh+Au Nickel ‘000 Ounces Tonnes 18 TSXV BRVO | OTCQX BRVMF
Slide 19: PEA Project Attributes for Development
2025 Preliminary Economic Assessment Project Attributes for Development Alongside paved roads and power transmission lines Selected Area for Plant Location Anthropized area – no forest Gentle topography Access to existing infrastructure: hydro power, transmission lines water, roads, rail, port and l
Slide 20: 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 s
Slide 21: PEA Sensitivity Analysis
2025 Preliminary Economic Assessment Sensitivity Analysis - Well positioned to withstand commodity cycles and to capitalize on the improving fundamentals of the PGM markets Base Case Alternate Case Sensitivity Analysis Sensitivity Analysis US$1.25B @ $1,555/Oz 4E PGM US$1.86B @ $1,555/Oz 4E PGM Bask
Slide 22: Undeveloped PGM Projects Globally at Economic Study Stage
UNDEVELOPED PGM PROJECTS GLOBALLY AT ECONOMIC STUDY STAGE Luanga Highly Benefits from Existing Infrastructure, Open-Pit, High-Grade, Large-Scale Mineral Resources Generation Mining: Marathon FS OP Cu-Ag-Pd-Pt-Au M&I: 4Moz @ 0.51g/t Pd; 1.3Moz @0.17 g/t Pt; 0.5Moz @ 0.06 g/t Au 1.1Mlbs @ 0.20% Cu; 12
Slide 23: 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 » Centrally located in the Americas - close to key PGM consumers Passenger + Commercial Vehicles ~4.0M* Production ~0.16M BEV » Strategic to offset Brazilian metal trade deficits ZPE-Free Traded
Slide 24: 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 25: 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 Source: See last slide on this presentation 25 TSXV
Slide 26: 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 27: 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 28: 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 29: 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 30: T5 Drilling Status
T5 DRILING STATUS ~300m Mineralized Strike (so far) Discovery 5.2m at 3.1% Cu, 1.1g/t Au 11.48m at 14.3% Cu, 3.3g/t Au Hole 22 drill holes | 4,922m so far 4 drill holes planned in Q2’25 to test for possible down plunge extensions to mineralization and possible feeder zones Typical mineralization of
Slide 31: 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 32: IOCG Follow Up Program
IOCG FOLLOW UP PROGRAM | 7,000m Phase 1 Scout Drilling Underway | New HeliTEM targets along the WNW-ESE trending corridor 32 TSXV BRVO | OTCQX BRVMF
Slide 33: IOCG Follow Up Program
IOCG FOLLOW UP PROGRAM Additional Targets outside T5 Corridor Exploration over five Cu-Au targets with large- scale IOCG potential Targets selected based on key indicators • Proximity to mantle-tapping structures hosting IOCG deposits • Airborne magnetic highs linked to IOCG alteration • Cu-in-soil
Slide 34: Lizard Target | Regional Exploration
LIZARD TARGET | REGIONAL EXPLORATION Additional Targets outside T5 Corridor Auger Drilling Program 27 auger holes completed over strong Cu ppm Grid (in soils) ~243metres Average depth 10m Assays at independent laboratory 34 TSXV BRVO | OTCQX BRVMF
Slide 35: 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 Shifting to PFS 2025 Further Metallurgical testwork Permitting Extensive Exploration of re-
Slide 36: 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 37: 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 38: For additional information contact
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 39: Appendices
TSXV BRVO OTCQX BRVMF APPENDICES PALLADIUM PLATINUM RHODIUM GOLD NICKEL COPPER Pd Pt Rh Au Ni Cu
Slide 40: Leadership Strategy – Fit for Purpose Board
LEADERSHIP STRATEGY – Fit for Purpose Board Global, Brazilian and PGM exploration, permitting, development, finance, construction and operation expertise LUIS MARGOT TONY STEPHEN STUART AZEVEDO NAUDIE POLGLASE QUIN COMLINE Executive Chairman & CEO Director Director Director Advisor to the Board Braz
Slide 41: 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 42: 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 43: PEA Mine and Processing Production Plan
2025 Preliminary Economic Assessment Mine and Processing Production Plan, Recoveries, Payabilities and Price Assumptions LOM Throughput Price Assumptions US$ Peak Process Plant tpd 27,700 Pd $1,271/Oz 4PGM LOM Throughput Mt/year 10.1 Pt $1,500/Oz Basket Price: tpd 283,900 Rh $6,000/Oz Peak Mining Ra
Slide 44: PEA CAPEX & OPEX
2025 Preliminary Economic Assessment CAPEX & OPEX Initial Total CAPEX Sustaining OPEX Unit US$ CAPEX CAPEX Mining Preparation 4.1 4.2 8.3 Mine OPEX US$/t processed 22.80 Accesses 1.5 0.0 1.5 Equipment Mob/Demobilization 1.1 13.7 14.8 Process OPEX US$/t processed 12.12 Pre Stripping 25.0 0.0 25.0 Fre
Slide 45: Luanga Metallurgy – De-risked by Vale, Improved by Bravo
LUANGA METALLURGY – De-risked by Vale, Improved by Bravo Luanga material amenable to producing marketable 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 *
Slide 46: Luanga Metallurgy | Current Status Post MRE
LUANGA METALLURGY | Current Status Post MRE Luanga material amenable to producing marketable flotation concentrates Comminution Development • Extension comminution test work completed with Metso Brazil to support circuit engineering designs. • Work completed on global composites for N, Central and S
Slide 47: Site Access Road
Site Access Road 2022 2023 2023 2023 2023 2023 47 TSXV BRVO | OTCQX BRVMF
Slide 48: 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 49: 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 50: 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 50 TSXV BRVO | OTCQX BRVMF
Slide 51: 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 52: 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 53: 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 ~450m MRE Section Central Sector - Deepest part of the MRE MRE Section Southwest Sector Shows opportunity to convert additional high
Slide 54: 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 55: 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
Slide 56: 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 57: 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 58: Undeveloped PGM Projects Globally: Info Source
UNDEVELOPED PGM PROJECTS GLOBALLY AT ECONOMIC STUDY STAGE: Info Source Compny:Project Info Source: Chalice Mining: Julimar https://chalicemining.com/wp-content/uploads/2025/06/2025-06-30-Chalice-Corporate-Presentation.pdf Future Metals: Panton https://api.investi.com.au/api/announcements/fme/b9efaaf
Slide 59: IOCG Deposits in the Carajás Region: Info Source
IOCG Deposits in the Carajás Region: Info Source DEPOSIT SOURCE WEB LINK https://api.mziq.com/mzfilemanager/v2/d/53207d1c-63b4-48f1-96b7- Salobo Form 20-F - 2024 - 29/03/2025 page 94 19869fae19fe/df3a358f-454f-7ee4-a25d-e35a61922347?origin=1 The Gameleira Copper-Gold Deposit, Serra dos Polo (Pojuca