Highlights of Bravo’s 2025 Updated Mineral Resource Estimate (“MRE”) at a 0.50 g/t PdEq cut-off grade
- Measured + Indicated resources total 158 million tonnes (“Mt”) grading 2.04 grams per tonne (“g/t”) PdEq1, for a total of 10.4 Moz of PdEq1 contained.
The MRE introduces Measured mineral resource for the first time. The combined Measured + Indicated tonnes have improved by 117% as compared to the Indicated tonnes in the 2023 MRE, while grade has improved by 17%, resulting in a 154% increase in contained PdEq1 ounces.
- Inferred Resources of 78 Mt grading 2.01 g/t PdEq1 for 5.0 Moz PdEq1.
Tonnes of Inferred resources decreased, as most of previous Inferred tonnages were reclassified to higher-confidence categories while new Inferred resources were added beyond the limits of the prior MRE, and grades improved by 34% in the Inferred category.
- Measured & Indicated Resources now make up 67% of total MRE, a significant improvement from the 2023 MRE where 38% of the mineral resource was in the Indicated category.
- Relative percentages of each metal by PdEq1 value contribution to the MRE, are estimated at: 47% Pd, 25% Pt, 13% Rh, 13% sulphide Ni, and 2% Au.
- 2025 MRE outcome was achieved using the same metal prices as the prior MRE, somewhat more conservative metallurgical recoveries and otherwise similar modifying factors.
- The MRE remains open at depth along the 8.1km strike of the deposit, with many of the areas below current drilling depths are considered within potential open pit extraction depths.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that all mineral resources will be converted into mineral reserves.
The MRE has been prepared by 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 independent Qualified Person (“QP”) under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The effective date of the MRE is 18 February 2025
