Bravo Mining Corp. · TSXV:BRVO
Bravo Mining — Investor Presentation (March 2026)
67 slides from Bravo Mining's investor presentation, March 2026
Slide 1: LUANGA | Critical Metals for Clean Air - March 2026 Corporate Presentation
TSXV BRVO OTCQX BRVMF LUANGA | Critical Metals for Clean Air March 2026 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 RHO
Slide 2: Forward-Looking Statement
Forward-Looking Statement This presentation contains “forward-looking information” (also referred to herein as “forward-looking cause the actual results, level of activity, performance or achievements of Bravo and/or the Luanga Project to be statements”) under the provisions of applicable Canadian s
Slide 3: Mineral Resource Estimate and Preliminary Economic Assessment 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”) of the Luanga Project contained in this presentation is derived from Bravo’s Technical Report, titled “NI 43-1
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 March 13, 2025) C$3.80 8.2% TEMBO CAPITAL 52 Week High/Low C$5.52/ C$1.8
Slide 7: Research Analysts' Target Price
RESEARCH ANALYSTS’ TARGET PRICE Target Analyst / Broker Target Price NAVPS P/NAV Dalton Baretto, Canaccord Genuity $10.00 $28.11 0.35x Michael Curran, Beacon Securities $8.75 $17.79 0.55x Rabi Nizami, National Bank Financial $7.75 $9.12 0.80x Fredric Bolton, BMO $6.50 $7.65 0.85x Average C$8.25 C$15
Slide 8: Bravo 2nd Largest Market Cap Among Developers
C$ Million - 1,000 1,200 1,400 800 200 400 600 Valterra 35B TSXV BRVO | OTCQX BRVMF 23B Impala 14B Sibanye-Stillwater Northam 13B Zimplats 2B Chalice Mining 930 Tharisa 709 Sylvania Platinum 534 Producers Bravo 494 Platinum Group Metals 414 Developers/Exploration Southern Palladium 267 Generation Mi
Slide 9: Undeveloped PGM Projects Globally at Economic Study Stage
UNDEVELOPED PGM PROJECTS GLOBALLY AT ECONOMIC STUDY STAGE Luanga Highly Benefits from Existing Infrastructure and Open-Pit, High-Grade, Large- Scale Mineral Resources Generation Mining: Marathon Cu-Pd Mine Stage: Feasibility Study Mine Method: Open-Pit Metals: Cu-Ag-Pd-Pt-Au Reserve: 2.6Moz @ 0.64 g
Slide 10: 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 11: Site Access – Now 100% Paved | Power-Lines Along the Road
Site Access – Now 100% Paved | Power-Lines Along the Road 2022 2023 2023 Luanga Deposit Construction Phase Road along the deposit Power Lines 2023 2023 2023 Paved Road to Site 11 TSXV BRVO | OTCQX BRVMF
Slide 12: 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 SHIFTING TO PGM PFS + RE-ASSAY, PHASE 1 PHASE 2, MAIDEN MRE UPDATED MRE, LP IOCG DISCOVERY FOLLOW Complet
Slide 13: 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 14: Drilling to Date
DRILLING TO DATE Bravo + VALE COMPANY DRILL HOLES METRES DRILLED (as of March 16, 2026) VALE 252 50,353 Bravo – 2022 135 23,515 Bravo – 2023 116 30,892 Bravo – 2024 94 19,269 Bravo – 2025 29 4,862 Bravo – 2026 9 2,134 Total Bravo 383 79,820 Bravo + VALE 635 130,173 The table above includes the 8 met
Slide 15: 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** • In
Slide 16: Pit Constrained MRE
PIT CONSTRAINED MRE | 86% of Total MRE Tonnage Above 250 metres level from surface PdEq MRE Above 250 metres 94% 61% 250 metres PdEq MRE Below 250 metres M&I Inferred TSXV BRVO | OTCQX BRVMF 16
Slide 17: 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 1 250 BRAVO CAMP m 1 Nor
Slide 18: Deeper Drilling Shows Deposit Gets Thicker at Depth
DEEPER DRILLING SHOWS DEPOSIT GETS THIKER AT DEPTH Resource Growth Potential at Depth Open Open TSXV BRVO | OTCQX BRVMF 18
Slide 19: 2026 PGM+Au+Ni Field Season
2026 PGM+Au+Ni FIELD SEASON Infill, Extensional at Depth and Regional Exploration Drilling 28,000m Planned | 4 Drill Rigs Geophysical Survey Program 28,000m drilling underway 4 rigs 22,000m Luanga infill/extensional 6,000m regional/deep exploration 22,000m Infill: upgrade resources to M&I 6,000m Ext
Slide 20: 2025 Preliminary Economic Assessment Summary
2025 PRELIMINARY ECONOMIC ASSESSMENT SUMMARY Establishes Luanga as one of the largest 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 Economics
Slide 21: 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 anticipated production scale and long LOM of
Slide 22: 2025 Preliminary Economic Assessment 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 US$ 1.86 US$ 216.8 Scenario 49.6% 2.4 Years 0.36x Billion Million (Alternat
Slide 23: 2025 Preliminary Economic Assessment 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 24: 2025 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 by 40% 29% 11% 3% 16% C
Slide 25: 2025 PEA Production Profile
2025 Preliminary Economic Assessment Production Profile – Contained Metal in Concentrate 4PGM | Pd+Pt+Rh+Au Nickel ‘000 Ounces Tonnes TSXV BRVO | OTCQX BRVMF 25
Slide 26: Bravo Commodity Mix: When Precious Meets Critical
BRAVO COMMODITY MIX: WHEN PRECIOUS MEETS CRITICAL Mix offers economic resilience across commodity cycles Nickel, 16% Diversified revenue mix: Strong +16% from PEA and well-balanced exposure to Palladium, Platinum, Rhodium, and Nickel, complemented by Gold by- Gold, 3% Palladium, product credits. +54
Slide 27: 2025 PEA Project Attributes for Development
2025 Preliminary Economic Assessment Project Attributes for Development Alongside paved roads and power transmission lines Anthropized area – no forest Selected Area for Plant Location* Gentle topography Access to existing infrastructure: hydro power, transmission lines water, roads, rail, port and
Slide 28: 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 29: ZPE | Barcarena – Free Traded Zone Assigned to Bravo
ZPE | BARCARENA – FREE TRADED ZONE ASSIGNED TO BRAVO Supports Bravo’s Alternate Case (Vertical Integration) outlined in the Luanga Project’s PEA Benefits: Advantages in the form of fiscal and taxation benefits First mineral project to ever anchor a ZPE in Brazil Vila do Conde Port: a global and esta
Slide 30: 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 31: 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 32: Luanga Metallurgy | Jameson Cells Testwork
LUANGA METALLURGY | Jameson Cells Testwork Positive Initial Results from Flotation Test Work PGM recoveries improved by 5 - 10% while nickel improved 5 - 30% above baseline conventional cell recoveries, while mass pull reduced by up to 50% 32 TSXV BRVO | OTCQX BRVMF
Slide 33: 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 34: Newly Created Copper-Gold Division Led by Fabio Masotti
Newly Created Copper-Gold Division Led by Fabio Masotti Launch of dedicated Cu-Au Exploration Division to advance IOCG potential Start with extensive geophysics & geochemistry + 8,000m initial drilling Growth-focused mandate: Carajás M&A + organic upside to expand copper optionality alongside Luanga
Slide 35: 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 TSXV BRV
Slide 36: 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 37: 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 38: 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 39: 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 40: T5 Drilling Status
T5 DRILING STATUS ~300m Mineralized Strike (so far) 11.48m at 14.3% Cu, 3.3g/t Au 28 drill holes | 5,926m so far Discovery Hole Typical mineralization of iron oxide copper-gold (IOCG)-style deposits Recent drilling confirmed up-dip extensions of Cu- Au mineralization 3D geological and structural mod
Slide 41: IOCG Follow Up Program
IOCG FOLLOW UP PROGRAM Additional Targets outside T5 Corridor Babylon Target • New drilling and Bore Hole Electromagnetic (“BHEM”) survey underway • Situated within and stratigraphically below the Luanga deposit • Associated with a large magnetic anomaly, together with a strong EM conductor and a gr
Slide 42: Babylon - Large Magnetic Anomaly Identified
Babylon - LARGE MAGNETIC ANOMALY IDENTIFIED Significant Magnetic Anomalies Identified Central Location: The anomalies are centrally 5.2m at 3.1% 11.48m at 14.3% Cu, 3.3g/t Au Cu, 1.1g/t Au positioned among: 1) T5; 2) Historic copper workings; 3) Bravo’s high-grade massive sulphide intersected in DDH
Slide 43: T16 Target
T16 Target T16 EM conductor outside the Luanga deposit 5.2m at 3.1% Cu, 1.1g/t Au 11.48m at 14.3% Cu, 3.3g/t Au Initial 2024 drilling intersected breccia sulphide mineralization with promising Cu-Ni grades and low PGM values. 2025 program: 5 holes drilled (761m). DDH2516T005 returned 6.54m @ 2.25% C
Slide 44: Geophysical Approach for Luanga Deposit, IOCG and Magmatic Ni Targets
Geophysical Approach for Luanga Deposit, IOCG and Magmatic Ni Targets Reprocessed HeliTEM data - Magnetization Vector Inversion (MVI), 3D Model and 5.2m at 3.1% Cu, 1.1g/t Au 11.48m at 14.3% Cu, 3.3g/t Au Self-Organizing Maps (SOM). Integrated with prior datasets (ground magnetic, microgravity, and
Slide 45: IOCG Corridor
IOCG CORRIDOR New HeliTEM targets along the WNW-ESE trending corridor 45 TSXV BRVO | OTCQX BRVMF
Slide 46: 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 a
Slide 47: Lizard Target | Regional Exploration Auger Drilling Program
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 47 TSXV BRVO | OTCQX BRVMF
Slide 48: Key Value Drivers and Milestones
Key Value Drivers and Milestones Catalysts in the year ahead PGE+Au+Ni Division Copper-Gold Division 2026-2027 Feb-Sep 2026: Ongoing PGM Drilling | Cu-Au Target Preparation Q2’2026: Metallurgical Results Q3’2026: Pre-Feasibility Study Q3’2026: Copper-Gold Drilling Start Q4’26-Q1’27: LI – Installatio
Slide 49: 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 635 holes | 130,173m 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 50: 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 Tier 1 asset due to quality, scale and location Brazilian permitting, exploration, development and ope
Slide 51: 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 52: Appendices
TSXV BRVO OTCQX BRVMF APPENDICES PALLADIUM PLATINUM RHODIUM GOLD NICKEL COPPER Pd Pt Rh Au Ni Cu
Slide 53: 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 54: 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 Board that is majority independent for cattle grazing workforce are residents
Slide 55: 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 Independent Director Independent Director Independen
Slide 56: 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 57: Bravo Technical and Metals Marketing Team
BRAVO Technical and Metals Marketing Team Exceptional professionals with test-design-build success track-records across the industry SR. CHEMICAL ENGINEER +40 years of experience as metallurgist including PGM - Lonrho/Lonmin. Previously with Wayne Philips Kinross (Director – Technical), Avanco Resou
Slide 58: 2025 Preliminary Economic Assessment
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 $6,000/Oz Peak Mining Ra
Slide 59: 2025 Preliminary Economic Assessment CAPEX & OPEX
2025 Preliminary Economic Assessment CAPEX & OPEX Initial Total CAPEX Sustaining OPEX Unit US$ 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 60: 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 Substantial Increase in M&I from Inf. Conversion + Expansion Higher M&I Grades (PdEq1) Metal Content1 Inferred Tonnage Conversion to M&I
Slide 61: 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 1 MRE Metals Value Contribution 1 Significant MRE Conversion to M&I Category 2023 2025 MRE MRE (1) For grades by individual metal
Slide 62: Luanga Metallurgy | Jameson Cells Testwork
LUANGA METALLURGY | Jameson Cells Testwork Positive Initial Results from Flotation Test Work Jameson Cell testing delivered encouraging recovery-to-mass pull performance relative to the traditional rougher flotation previously recorded. Results exceed data generated using conventional laboratory sca
Slide 63: PGMs in Brazil & Luanga Project
PGMs IN BRAZIL & LUANGA Net Import Reliance: Pt: 85% PROJECT Pd: 36% Ni: 48% Source: USGS ~10.6M* ~1M BEV » Centrally located in the Americas - close to key Passenger + Commercial PGM consumers Vehicles Production ~4.0M* ~0.16M BEV » Strategic to offset Brazilian metal trade Imports by plane ZPE-Fre
Slide 64: 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 65: 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 66: Undeveloped PGM Projects Globally at Economic Study Stage: Info Source
UNDEVELOPED PGM PROJECTS GLOBALLY AT ECONOMIC STUDY STAGE: Info Source Company: Project Info Source: Chalice Mining: Julimar https://chalicemining.com/wp-content/uploads/2026/02/2026-02-25-Chalice-Corp-Presentation.pdf Future Metals: Panton https://api.investi.com.au/api/announcements/fme/b9efaafe-4
Slide 67: 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