Luanga PGM+Au+Ni Project

Luanga Project Highlights

One of the largest undeveloped open-pit PGM projects globally

100% owned PGM + Au + Ni project in the Carajás Mineral Province, Brazil
Well-balanced basket with precious and critical minerals: Palladium, Platinum, Rhodium, Nickel, and Gold + Copper-Gold potential
Large-scale, multi-million-ounce resource supporting a long-life open-pit operation
One of the largest undeveloped shallow PGM deposits globally
Strong economics with high margins and low CAPEX-to-NPV ratio
Exceptional infrastructure advantage: access to low-cost hydropower, roads, rail, water, skilled labour, and potential tax incentives

Scale & Resource Quality¹

10.4 Moz PdEq (M&I) + 5.0 Moz PdEq (Inferred)
158 Mt @ 2.04 g/t PdEq (M&I) | 78 Mt @ 2.01 g/t PdEq (Inferred)
67% Measured & Indicated (high confidence)
Nickel sulphides: ~195 kt (M&I) + ~98 kt (Inferred)
Based on 108,000+ metres of drilling (531 holes)

Open-Pit Advantage & Growth¹

86% of total tonnage within 250m of surface
Strong pit-constrained resource profile
Mineralization remains open at depth and along strike

Metallurgy & Processing¹

Extensive testwork completed
Demonstrated potential to produce marketable PGM + Au + Ni concentrates

Strong Economics – Preliminary Economic Assessment (PEA – 2025) ¹

Based on 4E (Pd, Pt, Rh, Au) PGM Basket Price of $1,555

Base Case (Concentrate Sales)

NPV8%: US$1.25B \| IRR: 49%	Initial CAPEX: ~US$496M
Payback: 2.4 years	AISC: ~US$638/oz PdEq

Alternate Case (Vertical Integration)

NPV8%: US$1.86B \| IRR: 49%	Initial CAPEX: ~US$678M
Payback: 2.4 years	AISC: ~US$697/oz PdEq

Strategic Upside – ZPE & Vertical Integration

Luanga selected as anchor project in the recently created Barcarena Export Processing Zone (ZPE)
Access to 271 ha industrial zone at Port of Vila do Conde
Benefits: Advantages in the form of fiscal and taxation benefits
Enables value-added processing and export advantages
Potential sulphuric acid by-product revenue (PEA assumption: US$160/t vs. current market significantly higher)
Strengthens the case for downstream integration and margin expansion

Copper-Gold Optionality

Established Copper-Gold division targeting IOCG systems
Focused on exploration and potential acquisitions within Carajás
Adds meaningful long-term growth optionality beyond core PGM asset

Location & Infrastructure

Located ~40 km from Parauapebas, a major mining hub
Access to roads, rail, port, and low-cost renewable hydropower
Simple land position with full surface access agreements
No nearby communities or indigenous land constraints

People – Proven Track Record

~45% insider ownership (Board & Management)
Team with end-to-end mine-building experience
Proven success in Carajás (Avanco → OZ Minerals acquisition)
Strong expertise in PGMs, nickel sulphides, and capital markets

ESG & Sustainability

Located on previously degraded land (deforested ~40 years ago)
Reforestation program (10 trees planted per drill hole)
Potential for carbon capture in ultramafic rocks (under study)
Powered by renewable hydroelectric energy
Strong focus on local hiring and community development
Supporting youth and community programs (>300 beneficiaries) focused on education, sports, and social development

⁽¹⁾ 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 43-101 Independent Technical Report, Luanga PGM + Au + Ni Project Pará State, Brazil”, dated February 18, 2025, with an issue date of April 2, 2025. All scientific, production estimates, project economics and technical information relating to the Preliminary Economic Assessment (“PEA”) of the Luanga Project contained in this presentation is derived from Bravo’s Technical Report, titled “NI 43-101 Preliminary Economic Assessment (PEA) Independent Technical Report for the Luanga PGM + Au + Ni Project Pará, Brazil”, dated July 7, 2025, with an issue date of August 20, 2025. Both report are filed on SEDAR+.

The scientific and technical information in this website has been reviewed, verified and approved by Simon Mottram, F.AusIMM (Fellow Australian Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company’s qualified person, as defined in NI 43-101, and no limitations were imposed on the verification process. Mr. Mottram is not independent of Bravo as he is an officer and shareholder of Bravo.

MRE Qualified Persons

Bernardo Horta de Cerqueira Viana, Geologist, BSc (Geology), FAIG, CEO of GE21 Consultoria Mineral Ltda. and Porfírio Cabaleiro Rodriguez, Mining Engineer, BSc (Mine Eng), FAIG, CKO of GE21 Consultoria Mineral Ltda., both are an Independent QP as defined in NI 43-101 and are responsible for the MRE.

Independent peer reviews were carried out internally within the GE21 Group, over the complete MRE process.