Highlights of Bravo’s 2023 Maiden Mineral Resource Estimate (“MRE”) at a 0.50 g/t PdEq cut-off grade
- The maiden MRE for Luanga shows a substantial increase in tonnes and contained metals (Pd, Pt, Rh, Au, Ni) at higher palladium equivalent ("PdEq") grades than the previously reported Historical Estimate (as defined below).
- Indicated Mineral Resource of 73 million tonnes (“Mt”) at 1.75 grams per tonne (“g/t”) of PdEq for 4.1 million ounces (“Moz”) of PdEq.
- Includes 4.6Mt at 1.43 g/t PdEq of Oxide material.
- Additional Inferred Minerals Resources of 118Mt at 1.50 g/t PdEq for a total of 5.7 Moz PdEq.
- Includes 10.0Mt at 1.30g/t PdEq of Oxide material.
- MRE includes of 89,500 tonnes of nickel in sulphides in the Indicated category and 104,600 tonnes Inferred.
- 38% of the MRE in the Indicated category and 62% in the Inferred category.
- Recoverable PdEq MRE grades on sulphide (“Fresh Rock”) material are calculated based on two extensive phases of laboratory flotation testwork performed by Bravo (117 flotation tests) and three programs of historical flotation testwork, including two historical pilot plant tests.
- Sulphide recovery assumptions (based on these tests): Pt 88%, Pd 80%, Rh 59%, Au 56%, Ni 50%.
- Recoverable PdEq MRE grades on Oxide material are calculated based on two programs of carbon-in-leach and gravimetric testwork performed by Bravo, which included 31 leaching tests.
- Oxide recovery assumptions (based on these tests): Au 94%, Pd 73%, Rh 61%, Pt 24%
- MRE is based on commodity price assumptions using a 10-year trailing averages.
- Relative percentages of each metal by PdEq value contribution to the MRE are estimated at: 43% Pd, 30% Pt, 12% Rh, 12% sulphide Ni, and 3% Au.
- MRE is open at depth along the entire 8.1km of strike of the deposit.
- MRE delineated to an average depth of 200m while drilling has demonstrated that mineralization continues to depths of at least ~350m in those areas tested and is still open.
- Significant potential also exists to increase oxide inventory beyond that in the current MRE.
- Trenching program is only partially completed, with the entire Central Sector yet to be trenched, and some trenches still to be completed in the North and Southwest sectors.
