# Bravada Gold Delivers Positive PEA Update for Wind Mountain, Nevada Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/bravada-gold-delivers-positive-pea-update-for-wind-mountain-nevada--84f8506c-e31b-4f21-8c00-c74ca9123f9d Original source: https://money.tmx.com/en/quote/BVA/news/5843169567168546/bravada-gold-delivers-positive-pea-update-for-wind-mountain-nevada Publisher: tmx Original announcement: 2026-08-31T11:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Bravada Gold Corporation - Ticker: BVA - Exchange: TSX - Region: Nevada - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Resource update, Metallurgy, Production - Extracted: 2026-09-15 14:23:14 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Bravada Gold Corporation announced a positive updated Preliminary Economic Assessment \(PEA\) for its 100%-owned Wind Mountain Gold-Silver Project in Northern Nevada. The 2026 PEA highlights a US$415 million after-tax NPV \(5%\) and a 60% after-tax IRR, with an 11.2-year mine life producing an average of 40.7 koz gold and 280 koz silver annually. The company plans to advance to a Pre-Feasibility Study in the second half of 2027. Reasoning: Bravada Gold's updated PEA for Wind Mountain demonstrates significantly improved economics, including a high after-tax NPV and IRR, extended mine life, and increased gold production, positioning it as a compelling low-cost development opportunity. The project benefits from existing infrastructure and a simple heap leach concept, although silver recovery is notably low. - Positive factor: Significantly enhanced economics with high after-tax NPV and IRR - Positive factor: Expanded resource and increased life-of-mine production compared to prior PEA - Positive factor: Low strip ratio and low operating costs for a heap leach operation - Positive factor: Project benefits from existing infrastructure and brownfield development - Negative factor: Silver recovery is low for a heap leach process - Negative factor: Resource includes a significant inferred component, which is speculative Facts used in scoring: 13 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document is an 'updated Preliminary Economic Assessment' which includes an 'updated Mineral Resource estimate'. Evidence · text > updated Preliminary Economic Assessment \(the "2026 PEA" or the "PEA"\) for its 100%-owned Wind Mountain Gold-Silver Project **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource estimate includes '56.0 million tonnes Indicated' material. Evidence · text > 56.0 million tonnes Indicated **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource estimate includes '40.0 million tonnes Inferred' material. Evidence · text > 40.0 million tonnes Inferred **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: The company states 'With an expanded resource compared to the Prior PEA'. Evidence · text > With an expanded resource compared to the Prior PEA **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The company states 'increased life-of-mine gold production to 454,000 ounces'. Evidence · text > increased life-of-mine gold production to 454,000 ounces **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The scientific and technical information has been 'reviewed and approved by Michael S. Lindholm, C.P.G. and Kyle Murphy, PE, of RESPEC Company LLC., and Jeffrey Woods, SME QP, of Woods Process Services LLC, independent "qualified persons"'. Evidence · text > reviewed and approved by Michael S. Lindholm, C.P.G. and Kyle Murphy, PE, of RESPEC Company LLC., and Jeffrey Woods, SME QP, of Woods Process Services LLC, independent "qualified persons" **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The technical information is defined by 'National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\)'. Evidence · text > National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\) **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The document states 'Mineral Resources comprised all model blocks at 0.003oz AuEq/ton, 0.006oz AuEq/ton, and 0.008oz AuEq/ton cutoffs for Oxide, Mixed, and Unoxidized material, respectively'. Evidence · text > Mineral Resources comprised all model blocks at 0.003oz AuEq/ton, 0.006oz AuEq/ton, and 0.008oz AuEq/ton cutoffs for Oxide, Mixed, and Unoxidized material, respectively **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: The PEA evaluates a 'run-of-mine heap-leach concept'. Evidence · text > run-of-mine heap-leach concept **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: The average silver recovery for oxide material is reported as 15%, which is below the weak band \(45%\) for heap leach operations. Evidence · table > 15% Context: Average silver recovery \(oxide\) **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The document is a 'Preliminary Economic Assessment' and the company is advancing towards a 'Pre-Feasibility Study'. Evidence · text > Preliminary Economic Assessment \(the "2026 PEA" or the "PEA"\) **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 13. Some facts used in scoring do not have a stored record. ## Resource Estimates (11) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/bravada-gold-delivers-positive-pea-update-for-wind-mountain-nevada--84f8506c-e31b-4f21-8c00-c74ca9123f9d#fact-resource-facts-0) Wind Mountain Gold-Silver Project · gold #### Identity - Project: Wind Mountain Gold-Silver Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada - Ticker: BVA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael S. Lindholm, Kyle Murphy, Jeffrey Woods - Resource group id: resource:d71e0f959147906714df - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 56000000 - Contained Metal: 623700 - Contained Unit: oz - Cutoff Grade: 0.1028 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-06-23 #### Metal Equivalent - Metal Eq. Grade: 0.35 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The Indicated gold equivalent resource provides a comprehensive view of the project's value, combining both gold and silver contributions, with transparent calculation assumptions. - Positive factor: Significant contained gold equivalent ounces in the Indicated category - Positive factor: Metal equivalent assumptions are disclosed Evidence · table > 0.35 Context: 56.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/bravada-gold-delivers-positive-pea-update-for-wind-mountain-nevada--84f8506c-e31b-4f21-8c00-c74ca9123f9d#fact-resource-facts-1) Wind Mountain Gold-Silver Project · silver #### Identity - Project: Wind Mountain Gold-Silver Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada - Ticker: BVA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael S. Lindholm, Kyle Murphy, Jeffrey Woods - Resource group id: resource:d71e0f959147906714df - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 56000000 - Grade: 8.51 - Grade Unit: g/t - Contained Metal: 15325000 - Contained Unit: oz - Cutoff Grade: 0.1028 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-06-23 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The Indicated silver resource contributes meaningfully to the project's overall metal content and economic viability, providing a substantial silver credit. - Positive factor: Significant contained silver in the Indicated category Evidence · table > 8.51 Context: 56.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/bravada-gold-delivers-positive-pea-update-for-wind-mountain-nevada--84f8506c-e31b-4f21-8c00-c74ca9123f9d#fact-resource-facts-2) Wind Mountain Gold-Silver Project · gold #### Identity - Project: Wind Mountain Gold-Silver Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada - Ticker: BVA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael S. Lindholm, Kyle Murphy, Jeffrey Woods - Resource group id: resource:caa916f7b0fd9d8be0ac - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 40000000 - Contained Metal: 210200 - Contained Unit: oz - Cutoff Grade: 0.1028 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-06-23 #### Metal Equivalent - Metal Eq. Grade: 0.16 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The Inferred gold equivalent resource provides an indication of additional potential value, but its speculative nature means it cannot be directly used for economic studies without further de-risking. - Positive factor: Adds to overall resource scale and potential for future conversion - Positive factor: Metal equivalent assumptions are disclosed - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.16 Context: 40.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/bravada-gold-delivers-positive-pea-update-for-wind-mountain-nevada--84f8506c-e31b-4f21-8c00-c74ca9123f9d#fact-resource-facts-3) Wind Mountain Gold-Silver Project · silver #### Identity - Project: Wind Mountain Gold-Silver Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada - Ticker: BVA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael S. Lindholm, Kyle Murphy, Jeffrey Woods - Resource group id: resource:caa916f7b0fd9d8be0ac - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 40000000 - Grade: 5.37 - Grade Unit: g/t - Contained Metal: 22227000 - Contained Unit: oz - Cutoff Grade: 0.1028 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-06-23 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The Inferred silver resource contributes to the project's overall metal inventory but requires further work to establish higher confidence for economic evaluation. - Positive factor: Adds to overall resource scale and potential for future conversion - Negative factor: Inferred category has lower geological confidence Evidence · table > 5.37 Context: 40.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 5 [Link to this fact](https://atlas-extractions.minestarters.com/news/bravada-gold-delivers-positive-pea-update-for-wind-mountain-nevada--84f8506c-e31b-4f21-8c00-c74ca9123f9d#fact-resource-facts-6) Wind Mountain Gold-Silver Project #### Identity - Project: Wind Mountain Gold-Silver Project - Region: usa\_nv - Reported Region: Nevada - Ticker: BVA #### Resource scope - Reporting standards: ni\_43\_101 - Resource group id: resource:79f935766b2471ba35f6 - Mining method: open\_pit - Ownership percent: 100 % #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: A payback period of 2.0 years is highly attractive, demonstrating quick recoupment of initial investment and reducing overall project risk. - Positive factor: Very short payback period indicates rapid capital recovery - Positive factor: Contributes to lower project risk Evidence · table > 2.0 years Context: Payback period #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 6 [Link to this fact](https://atlas-extractions.minestarters.com/news/bravada-gold-delivers-positive-pea-update-for-wind-mountain-nevada--84f8506c-e31b-4f21-8c00-c74ca9123f9d#fact-resource-facts-7) Wind Mountain Gold-Silver Project · gold #### Identity - Project: Wind Mountain Gold-Silver Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada - Ticker: BVA #### Resource scope - Reporting standards: ni\_43\_101 - Resource group id: resource:79f935766b2471ba35f6 - Mining method: open\_pit - Ownership percent: 100 % #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The base case gold price of US$3,600/oz provides the foundation for the PEA's economic calculations, offering transparency for investors. - Positive factor: Clearly stated base case metal price for economic evaluation Evidence · text > base case of US$3,600/oz gold #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 7 [Link to this fact](https://atlas-extractions.minestarters.com/news/bravada-gold-delivers-positive-pea-update-for-wind-mountain-nevada--84f8506c-e31b-4f21-8c00-c74ca9123f9d#fact-resource-facts-8) Wind Mountain Gold-Silver Project · silver #### Identity - Project: Wind Mountain Gold-Silver Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada - Ticker: BVA #### Resource scope - Reporting standards: ni\_43\_101 - Resource group id: resource:79f935766b2471ba35f6 - Mining method: open\_pit - Ownership percent: 100 % #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The base case silver price of US$48/oz is used in the PEA's economic model, allowing for a consistent evaluation of project profitability. - Positive factor: Clearly stated base case metal price for economic evaluation Evidence · text > US$48/oz silver #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/bravada-gold-delivers-positive-pea-update-for-wind-mountain-nevada--84f8506c-e31b-4f21-8c00-c74ca9123f9d#fact-resource-facts-9) Wind Mountain Gold-Silver Project · gold #### Identity - Project: Wind Mountain Gold-Silver Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada - Ticker: BVA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael S. Lindholm, Kyle Murphy, Jeffrey Woods - Resource group id: resource:66bbc1ea14774563d49e - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 56 - Grade: 0.32 - Grade Unit: g/t - Contained Metal: 574400 - Contained Unit: oz - Cutoff Grade: 0.1028 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-06-23 #### Metal Equivalent - Metal Eq. Grade: 0.35 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The Indicated gold resource provides a strong foundation for the project, demonstrating a substantial amount of gold with reasonable geological confidence, supporting the project's economic assessment. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Significant tonnage and contained gold in the Indicated category - Positive factor: Supports advancement to Pre-Feasibility Study Evidence · table > 0.32 Context: 56.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/bravada-gold-delivers-positive-pea-update-for-wind-mountain-nevada--84f8506c-e31b-4f21-8c00-c74ca9123f9d#fact-resource-facts-10) Wind Mountain Gold-Silver Project · silver #### Identity - Project: Wind Mountain Gold-Silver Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada - Ticker: BVA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael S. Lindholm, Kyle Murphy, Jeffrey Woods - Resource group id: resource:66bbc1ea14774563d49e - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 56 - Grade: 8.51 - Grade Unit: g/t - Contained Metal: 15325000 - Contained Unit: oz - Cutoff Grade: 0.1028 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-06-23 #### Metal Equivalent - Metal Eq. Grade: 0.35 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The Indicated gold resource provides a strong foundation for the project, demonstrating a substantial amount of gold with reasonable geological confidence, supporting the project's economic assessment. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Significant tonnage and contained gold in the Indicated category - Positive factor: Supports advancement to Pre-Feasibility Study Evidence · table > 8.51 Context: 56.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/bravada-gold-delivers-positive-pea-update-for-wind-mountain-nevada--84f8506c-e31b-4f21-8c00-c74ca9123f9d#fact-resource-facts-11) Wind Mountain Gold-Silver Project · gold #### Identity - Project: Wind Mountain Gold-Silver Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada - Ticker: BVA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael S. Lindholm, Kyle Murphy, Jeffrey Woods - Resource group id: resource:7390db9b3fdf36db0241 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 40 - Grade: 0.15 - Grade Unit: g/t - Contained Metal: 192400 - Contained Unit: oz - Cutoff Grade: 0.1028 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-06-23 #### Metal Equivalent - Metal Eq. Grade: 0.16 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The Inferred gold resource indicates additional potential but carries lower confidence, requiring further drilling to upgrade to higher categories for use in feasibility studies. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Adds to overall resource scale and potential for future conversion - Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone Evidence · table > 0.15 Context: 40.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/bravada-gold-delivers-positive-pea-update-for-wind-mountain-nevada--84f8506c-e31b-4f21-8c00-c74ca9123f9d#fact-resource-facts-12) Wind Mountain Gold-Silver Project · silver #### Identity - Project: Wind Mountain Gold-Silver Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada - Ticker: BVA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael S. Lindholm, Kyle Murphy, Jeffrey Woods - Resource group id: resource:7390db9b3fdf36db0241 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 40 - Grade: 5.37 - Grade Unit: g/t - Contained Metal: 22227000 - Contained Unit: oz - Cutoff Grade: 0.1028 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-06-23 #### Metal Equivalent - Metal Eq. Grade: 0.16 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The Inferred gold resource indicates additional potential but carries lower confidence, requiring further drilling to upgrade to higher categories for use in feasibility studies. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Adds to overall resource scale and potential for future conversion - Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone Evidence · table > 5.37 Context: 40.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (2) ### heap leach [Link to this fact](https://atlas-extractions.minestarters.com/news/bravada-gold-delivers-positive-pea-update-for-wind-mountain-nevada--84f8506c-e31b-4f21-8c00-c74ca9123f9d#fact-metallurgical-facts-4) Wind Mountain Gold-Silver Project · gold #### Identity - Project: Wind Mountain Gold-Silver Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada - Ticker: BVA #### Test Work - Test Type: heap leach - Processing Route: heap leach - Sample: oxide #### Recovery - Recovery: 62 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The 62% gold recovery for oxide material via heap leach is a positive result, indicating a viable processing route for the primary commodity. - Positive factor: Recovery is within the moderate to strong range for heap leach operations Evidence · table > 62% Context: Average gold recovery \(oxide\) #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal ### heap leach [Link to this fact](https://atlas-extractions.minestarters.com/news/bravada-gold-delivers-positive-pea-update-for-wind-mountain-nevada--84f8506c-e31b-4f21-8c00-c74ca9123f9d#fact-metallurgical-facts-5) Wind Mountain Gold-Silver Project · silver #### Identity - Project: Wind Mountain Gold-Silver Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada - Ticker: BVA #### Test Work - Test Type: heap leach - Processing Route: heap leach - Sample: oxide #### Recovery - Recovery: 15 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The 15% silver recovery for oxide material is very low for a heap leach process, suggesting significant metallurgical challenges for silver and potentially impacting overall project economics from silver credits. - Negative factor: Recovery is below the weak band for heap leach operations - Negative factor: Indicates potential metallurgical challenges for silver Evidence · table > 15% Context: Average silver recovery \(oxide\) #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 15% is below the weak band \(75%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.