Highlights

Project - PGM+Au+Ni Luanga Project

• 100% ownership of the Luanga palladium + platinum + rhodium + gold + nickel (PGM+Au+Ni) exploration project
• Luanga is palladium dominant
• Indicated: 4.1Moz PdEq | 73 Mt at 1.75 g/t PdEq (the PdEq grade calculation take into account the recovery rates for contained metal)
  • Includes 4.6 Mt at 1.43 g/t PdEq of oxide material (212,990 oz PdEq) 
• Inferred: 5.7 Moz PdEq | 118 Mt at 1.50 g/t PdEq
  • Includes 10.0 Mt at 1.30 g/t PdEq of oxide material (418,810 oz PdEq) 
• Nickel in Sulphides: 89,500 tonnes Indicated and 104,600 tonnes Inferred
• High level of confidence with 38% Indicated and 62% Inferred
  • MRE based on total of 77,612 metres of drilling (DDH), or 394 drillhole out of the 90,096 metres drilled to date as we progress with Phase 2 and 3 extensional drilling at depth
• Extensive metallurgical testwork has been completed for both sulphide (fresh rock) and oxide materials
  • Sulphide: Pt 88%, Pd 80%, Rh 59%, Au 56%, Ni 50%
    • Fresh rock results shows that Bravo could potentially produce saleable PGM+Au+Sulphide Ni concentrates at grades in line with grades achieved for PGM operators in established jurisdictions around the world
  • Oxide: Au 94%, Pd 73%, Rh 61%, Pt 24% 
    • Oxide results demonstrate a high probability for economic recovery of PGM+Au from oxide material through conventional cyanide leaching, carbon-in-leach extraction, and ultra-high grade 'ashed' residue production

People – Fit For Purpose

• Board and Management own ~56% of Bravo’s issued and outstanding shares
• Experienced Board and Management with a successful track-record across all aspects of the mining cycle in Brazil and internationally, including exploration, development, permitting, construction, production and global capital markets
• Direct experience in the Carajás taking the Antas copper-gold project from discovery through successful development including permitting, project financing, construction and production with ASX listed Avanco Resources. Avanco was co-founded by Bravo’s Executive Chairman and CEO Luis Azevedo and Independent Director Tony Polglase.  Bravo’s President, Simon Mottram, was Avanco’s Executive Director Exploration.  Avanco was acquired by ASX listed Oz Minerals in 2018 for ~A$418M – a 120% premium.
• Board and Management PGM and nickel sulphide expertise

Place – Low Economic Hurdle

• Located in the world class Carajás Mineral Province, Brazil
• Superb access and infrastructure
  • Luanga is located ~40km ENE of Parauapebas, the mining capital of Pará, with access to equipment suppliers, services and skilled mining professionals
  • Accessed via paved and high quality unpaved roads
  • Abundant low cost and environmentally friendly hydro power and water
• Simple land status
  • Privately owned, de-forested ~40 years ago for grazing
  • Surface access agreements in place for 100% of Luanga’s mineralized envelope
  • Fully permitted for all planned Phase 1 and Phase 2 exploration activities
  • No communities living on the project and no indigenous communities proximal to the project
• Attractive fiscal jurisdiction
  • 15.25% effective corporate tax rate (SUDAM Tax Incentives reduce 25% corporate income tax rate by 75%)
  • Government Royalties of 2% PGMs, 1.5% Au, 2% Ni
• Luanga was recently selected as a ‘Strategic Minerals Project’ by the Government of Brazil – making it eligible for streamlined permitting

The Role of PGMs and Nickel in Global Sustainability

• Palladium, platinum and rhodium are the “Other Precious Metals” due to their scarcity and essential use in removing harmful emissions from exhausts
  • Stricter emissions standards across the globe have resulted in increased PGM loadings per vehicle – this pattern is forecast to continue
  • Essential in the hydrogen value chain and production of fuel cells
  • PGM supply dominated from South Arica¹ with ~40% of global palladium supply from Russia
  • Paucity of new discoveries means incentive PGM pricing is required to bring on new “safe” production
• Nickel is an essential building block in rechargeable batteries
  • Total nickel demand forecast to grow by ~167% by 2040, EV-driven nickel demand is forecast to increase ~41x by 2040 and share of total nickel demand forecast to grow from 8% in 2020 to 61% in 2040²
  • Paucity of new discoveries have created a material deficit in Class 1 nickel supply, which is key for production of high nickel batteries2
  • Wood Mackenzie forecast deficit by 2025³

• Palladium, platinum and rhodium are the “Other Precious Metals” due to their scarcity and essential use in removing harmful emissions from exhausts
  • Stricter emissions standards across the globe have resulted in increased PGM loadings per vehicle – this pattern is forecast to continue
  • Essential in the hydrogen value chain and production of fuel cells
  • PGM supply dominated from South Arica¹ with ~40% of global palladium supply from Russia
  • Paucity of new discoveries means incentive PGM pricing is required to bring on new “safe” production
• Nickel is “Powering a Green Future” as it is an essential building block in rechargeable batteries
  • Total nickel is demand forecast to grow by ~167% by 2040, EV-driven nickel demand is forecast to increase ~41x by 2040 and share of total nickel demand used in “clean technologies” forecast to grow from 8% in 2020 to 61% in 2040²
  • Paucity of new discoveries have created a material deficit in Class 1 nickel supply, which is key for production of high nickel batteries2
  • Wood Mackenzie forecast deficit by 2025³

¹ Johnson Matthey PGM Market Report May 2022
² https://www.iea.org/data-and-statistics/charts/total-nickel-demand-by-sector-and-scenario-2020-2040
³ https://www.woodmac.com/news/opinion/nickel-and-copper-building-blocks-for-a-greener-future/

ESG

• Deposit is hosted in ultramafic rocks which have the potential to permanently carbon capture; Bravo is studying
• Future power demand would be met by carbon-neutral hydro power
• Can take advantage of existing road, rail and power infrastructure, minimizing future impacts related to mine development
• Area was deforested ~40 years ago and Bravo is planting 10 new trees for every hole drilled
• Bravo has committed to, and is, hiring and contracting locally first, regionally second and then across Brazil
• Bravo is supporting local community development projects

Low Risk Strategy

• Executing on organic growth potential with initial Phase 1 25,500m infill, step out and exploration diamond drilling, immediately followed by Phase 2 21,500m drill program focused on resource expansion
• Forecast maiden NI 43-101 mineral resource estimate in 2023
• Metallurgical programs in process to optimize and enhance potential returns
• Advancing concurrent baseline studies/permitting activities and metallurgical testwork
• Strong balance sheet with ~C$45M in cash – sufficient for proposed Phase 1 and Phase 2 exploration programs, which include 47,000m of diamond drilling