Bravo Reports Results of Pre-Feasibility Study for its Luanga Project
Original announcement by orestocks on
- Company
- Bravo Mining Corp.
- Ticker
- BRVO.V
- Exchange
- Unavailable
- Region
- Pará State, Brazil
- Primary commodity
- Palladium
- Secondary commodities
- Platinum, Rhodium, Gold, Nickel, Sulfur
- Document categories
- Resource update, Economic study, Metallurgy
- Extracted
- 2026-09-22 10:23:10 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Bravo Mining Corp. announced robust results from a Pre-Feasibility Study (PFS) for its Luanga Project in Brazil, highlighting a Base Case with a US$1.45 billion after-tax NPV and a 35.1% IRR. The study includes a maiden Mineral Reserve of 86.7 Mt grading 2.77 g/t PdEq1 and improved metallurgical recoveries for key metals. The project benefits from vertical integration through a ZPE smelter, offering fiscal advantages, and has achieved a key environmental permitting milestone.
Reasoning: Bravo Mining's PFS for the Luanga Project demonstrates strong economics with a US$1.45 billion after-tax NPV and 35.1% IRR, supported by a maiden Mineral Reserve and improved metallurgical recoveries. The vertical integration strategy within Brazil's ZPE offers significant fiscal advantages. While the inclusion of Inferred resources in the Opportunity Case and the exclusion of copper revenues from the Base Case present minor caveats, the overall study results are highly positive and de-risk the project significantly.
Positive factors
- Robust economics with high NPV and IRR for the Base Case PFS.
- Maiden Mineral Reserve declared, converting a significant portion of M&I resources.
- Improved metallurgical recoveries for key metals (Pd, Au, Ni) with Jameson Cell technology.
- Strategic vertical integration with ZPE smelter providing fiscal benefits.
- Key environmental permitting milestone achieved (Preliminary Licence granted).
Negative factors
- Opportunity Case includes Inferred Mineral Resources in the economic analysis, which is speculative.
- The PFS does not contemplate processing the Oxide component of the MRE, which is stockpiled.
- Copper revenues are not incorporated into the PFS Base Case economic analysis, representing a potential missed upside.
Facts used in scoring: 35
Classification and evidence
PFS Completepositive
AACE Class 3 study complete.
Why it applies: The document reports the results of an independent Pre-Feasibility Study (PFS) for the Luanga Project.
Evidence · text
“Bravo Reports Results of Pre-Feasibility Study for its Luanga Project”
High IRRpositive
Post-tax real unlevered IRR in the strong tier or better.
Why it applies: The Base Case After-tax IRR is 35.1%, which is in the exceptional tier (>=25%) for economic studies.
Evidence · table
“35.1 %”
Context: After-tax IRR (%)
Fast Paybackpositive
Payback in the strong tier or better, on the required basis.
Why it applies: The Base Case post-tax payback period is 2.0 years, which is in the exceptional tier (<=2 years).
Evidence · table
“2.0”
Context: Payback, post-tax (years)*
Bottom Quartile Costpositive
P0-25 of the relevant commodity cost curve.
Why it applies: The LOM C1 Cash Cost of US$478/oz 4E PGM and AISC of US$706/oz 4E PGM are very competitive, indicating a bottom quartile position.
Evidence · text
“Average LOM C1 Cash Cost of US$478/oz 4E PGM and All-in Sustaining Cost ("AISC") of US$706/oz 4E PGM.”
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.
Why it applies: The document announces a maiden Mineral Reserve estimate for the project.
Evidence · text
“Maiden Mineral Reserve Declared”
Inferred Heavy Feednegative
Material Inferred share of LOM mill feed, or the share is undisclosed.
Why it applies: The Opportunity Case includes 33.1 million tonnes (27%) of Inferred material in its mine schedule, which is a significant portion.
Evidence · text
“The mine schedule contemplates mineralised material mined of 123.3 million tonnes of which 33.1 million tonnes (27%) were attributable to the Inferred category.”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The PFS assumes improved recoveries of 82% Pd, 80% Pt, 55% Rh, 88% Au and 71% Ni, with Pd and Au recoveries being particularly strong.
Evidence · text
“the PFS assumes recoveries of 82% Pd, 80% Pt, 55% Rh, 88% Au and 70% Ni”
Recovery Improvingpositive
Recovery improved versus a like-for-like prior test program on the same domain and route.
Why it applies: Metallurgical recoveries for Pd, Au, and Ni improved significantly (4.5%, 40.0%, and 20.6% respectively) compared to the 2025 PEA.
Evidence · table
“+4.5 %”
Context: Pd
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: The metallurgical test work program incorporated Glencore Technology's standardized Jameson Cell test protocols and technical review, indicating advanced testing.
Evidence · text
“The program was conducted independently at Base Metallurgical Laboratories (Intertek) and incorporated Glencore Technology's standardized Jameson Cell test protocols, with Glencore Technology also providing technical review, flowsheet design support and independent verification of the metallurgical performance assumptions adopted for the 2026 PFS.”
QP/CP Signedpositive
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 Porfírio Cabaleiro Rodriguez and Bernardo Horta de Cerqueira Viana, both independent Qualified Persons.
Evidence · text
“The scientific and technical information in this news release has been reviewed and approved by Porfírio Cabaleiro Rodriguez, Mining Engineer, BSc (Mine Eng), FAIG, CKO of GE21 Consultoria Mineral Ltda., and Bernardo Horta de Cerqueira Viana, Geologist, BSc (Geology), FAIG, CEO of GE21 Consultoria Mineral Ltda., lead authors and independent Qualified Persons, as defined under NI 43-101.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The PFS and Mineral Reserve estimate are prepared in accordance with National Instrument 43-101.
Evidence · text
“Both Base Case and Alternate Case A were prepared at prefeasibility level (AACE Cass 4*) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: A current resource fact retains the disclosed cut-off grade
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The source explicitly discloses a revised resource estimate
Evidence · text
“updated Mineral Resource”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a mill_cil route ("concentrator")
POX/BIOX Routeneutral
Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX.
Why it applies: the document describes a pox_biox route ("roasting")
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 31. Some facts used in scoring do not have a stored record.
Resource Estimates (27)
probableLuanga Project · palladiumTonnes: 86700000Grade: 2.77Grade Unit: g/tContained Metal: 7731Contained Unit: ozView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- palladium
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-16T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:c200fc61b531493983b6
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 86700000
- Grade
- 2.77
- Grade Unit
- g/t
- Contained Metal
- 7731
- Contained Unit
- oz
- Cutoff Grade
- 0.87
- Cutoff Unit
- g/t PdEq1
Prior Estimate
- Resource Date
- 2026-09-16
Metal Equivalent
- Metal Eq. Grade
- 2.77
- Metal Eq. Unit
- g/t PdEq1
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The total Mineral Reserve, combining Proven and Probable categories, represents a substantial and high-confidence resource base for the Luanga Project, underpinning the positive PFS results.
Positive factors
- Maiden Mineral Reserve declaration is a significant de-risking milestone.
- Good overall grade for a PGM deposit.
- Total Reserves provide a solid foundation for the project's economics.
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableLuanga Project · platinumTonnes: 86700000Grade: 0.93Grade Unit: g/tContained Metal: 2603Contained Unit: ozView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- platinum
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-16T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:c200fc61b531493983b6
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 86700000
- Grade
- 0.93
- Grade Unit
- g/t
- Contained Metal
- 2603
- Contained Unit
- oz
- Cutoff Grade
- 0.87
- Cutoff Unit
- g/t PdEq1
Prior Estimate
- Resource Date
- 2026-09-16
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Reserves for platinum contribute to the overall confidence in the project, reflecting a high level of geological and economic certainty for this metal.
Positive factors
- Maiden Mineral Reserve declaration is a significant de-risking milestone.
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableLuanga Project · rhodiumTonnes: 86700000Grade: 0.68Grade Unit: g/tContained Metal: 1908Contained Unit: ozView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- rhodium
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-16T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:c200fc61b531493983b6
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 86700000
- Grade
- 0.68
- Grade Unit
- g/t
- Contained Metal
- 1908
- Contained Unit
- oz
- Cutoff Grade
- 0.87
- Cutoff Unit
- g/t PdEq1
Prior Estimate
- Resource Date
- 2026-09-16
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Reserves for rhodium, a high-value PGM, add to the project's overall economic robustness and confidence.
Positive factors
- Maiden Mineral Reserve declaration is a significant de-risking milestone.
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableLuanga Project · goldTonnes: 86700000Grade: 0.11Grade Unit: g/tContained Metal: 295Contained Unit: ozView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-16T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:c200fc61b531493983b6
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 86700000
- Grade
- 0.11
- Grade Unit
- g/t
- Contained Metal
- 295
- Contained Unit
- oz
- Cutoff Grade
- 0.87
- Cutoff Unit
- g/t PdEq1
Prior Estimate
- Resource Date
- 2026-09-16
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Reserves for gold, while a lower grade, contribute to the overall contained metal and confidence in the project.
Positive factors
- Maiden Mineral Reserve declaration is a significant de-risking milestone.
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableLuanga Project · nickelTonnes: 86700000Grade: 0.1781Grade Unit: %Contained Metal: 154476Contained Unit: tView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- nickel
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-16T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:c200fc61b531493983b6
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 86700000
- Grade
- 0.1781
- Grade Unit
- %
- Contained Metal
- 154476
- Contained Unit
- t
- Cutoff Grade
- 0.87
- Cutoff Unit
- g/t PdEq1
Prior Estimate
- Resource Date
- 2026-09-16
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Reserves for nickel provide additional value and confidence to the polymetallic project.
Positive factors
- Maiden Mineral Reserve declaration is a significant de-risking milestone.
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedLuanga Project · palladiumTonnes: 158000000Grade: 2.04Grade Unit: g/tContained Metal: 10399Contained Unit: ozView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- palladium
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- resource
- Effective date
- 2025-02-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez
- Resource group id
- resource:6bbadd32f667916d11af
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 158000000
- Grade
- 2.04
- Grade Unit
- g/t
- Contained Metal
- 10399
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t PdEq1
Prior Estimate
- Resource Date
- 2025-02-18
Metal Equivalent
- Metal Eq. Grade
- 2.04
- Metal Eq. Unit
- g/t PdEq1
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Measured + Indicated Resources provide a strong confidence base for the project, contributing positively to the overall resource profile.
Positive factors
- Good confidence category (Indicated Resources).
- Good overall grade for palladium.
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedLuanga Project · platinumTonnes: 158000000Grade: 0.98Grade Unit: g/tContained Metal: 4998Contained Unit: ozView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- platinum
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- resource
- Effective date
- 2025-02-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez
- Resource group id
- resource:6bbadd32f667916d11af
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 158000000
- Grade
- 0.98
- Grade Unit
- g/t
- Contained Metal
- 4998
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t PdEq1
Prior Estimate
- Resource Date
- 2025-02-18
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Measured + Indicated Resources for platinum contribute positively to the overall resource profile.
Positive factors
- Good confidence category (Indicated Resources).
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedLuanga Project · rhodiumTonnes: 158000000Grade: 0.62Grade Unit: g/tContained Metal: 3135Contained Unit: ozView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- rhodium
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- resource
- Effective date
- 2025-02-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez
- Resource group id
- resource:6bbadd32f667916d11af
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 158000000
- Grade
- 0.62
- Grade Unit
- g/t
- Contained Metal
- 3135
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t PdEq1
Prior Estimate
- Resource Date
- 2025-02-18
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Measured + Indicated Resources for rhodium contribute positively to the overall resource profile.
Positive factors
- Good confidence category (Indicated Resources).
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedLuanga Project · goldTonnes: 158000000Grade: 0.09Grade Unit: g/tContained Metal: 451Contained Unit: ozView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- resource
- Effective date
- 2025-02-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez
- Resource group id
- resource:6bbadd32f667916d11af
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 158000000
- Grade
- 0.09
- Grade Unit
- g/t
- Contained Metal
- 451
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t PdEq1
Prior Estimate
- Resource Date
- 2025-02-18
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Measured + Indicated Resources for gold contribute positively to the overall resource profile.
Positive factors
- Good confidence category (Indicated Resources).
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedLuanga Project · nickelTonnes: 158000000Grade: 0.05Grade Unit: g/tContained Metal: 262Contained Unit: ozView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- nickel
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- resource
- Effective date
- 2025-02-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez
- Resource group id
- resource:6bbadd32f667916d11af
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 158000000
- Grade
- 0.05
- Grade Unit
- g/t
- Contained Metal
- 262
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t PdEq1
Prior Estimate
- Resource Date
- 2025-02-18
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Measured + Indicated Resources for nickel contribute positively to the overall resource profile.
Positive factors
- Good confidence category (Indicated Resources).
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredLuanga Project · palladiumTonnes: 78000000Grade: 2.01Grade Unit: g/tContained Metal: 5013Contained Unit: ozView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- palladium
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- resource
- Effective date
- 2025-02-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez
- Resource group id
- resource:f33f94fe1e7b7dd733d8
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 78000000
- Grade
- 2.01
- Grade Unit
- g/t
- Contained Metal
- 5013
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t PdEq1
Prior Estimate
- Resource Date
- 2025-02-18
Metal Equivalent
- Metal Eq. Grade
- 2.01
- Metal Eq. Unit
- g/t PdEq1
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Inferred Resources have lower confidence, limiting their immediate economic impact and requiring further drilling for conversion.
Positive factors
- Good overall grade for palladium.
Negative factors
- Low confidence category (Inferred Resources).
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredLuanga Project · platinumTonnes: 78000000Grade: 0.97Grade Unit: g/tContained Metal: 2421Contained Unit: ozView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- platinum
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- resource
- Effective date
- 2025-02-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez
- Resource group id
- resource:f33f94fe1e7b7dd733d8
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 78000000
- Grade
- 0.97
- Grade Unit
- g/t
- Contained Metal
- 2421
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t PdEq1
Prior Estimate
- Resource Date
- 2025-02-18
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Inferred Resources for platinum have lower confidence, limiting their immediate economic impact and requiring further drilling for conversion.
Negative factors
- Low confidence category (Inferred Resources).
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredLuanga Project · rhodiumTonnes: 78000000Grade: 0.59Grade Unit: g/tContained Metal: 1476Contained Unit: ozView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- rhodium
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- resource
- Effective date
- 2025-02-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez
- Resource group id
- resource:f33f94fe1e7b7dd733d8
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 78000000
- Grade
- 0.59
- Grade Unit
- g/t
- Contained Metal
- 1476
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t PdEq1
Prior Estimate
- Resource Date
- 2025-02-18
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Inferred Resources for rhodium have lower confidence, limiting their immediate economic impact and requiring further drilling for conversion.
Negative factors
- Low confidence category (Inferred Resources).
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredLuanga Project · goldTonnes: 78000000Grade: 0.08Grade Unit: g/tContained Metal: 202Contained Unit: ozView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- resource
- Effective date
- 2025-02-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez
- Resource group id
- resource:f33f94fe1e7b7dd733d8
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 78000000
- Grade
- 0.08
- Grade Unit
- g/t
- Contained Metal
- 202
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t PdEq1
Prior Estimate
- Resource Date
- 2025-02-18
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Inferred Resources for gold have lower confidence, limiting their immediate economic impact and requiring further drilling for conversion.
Negative factors
- Low confidence category (Inferred Resources).
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredLuanga Project · nickelTonnes: 78000000Grade: 0.05Grade Unit: g/tContained Metal: 128Contained Unit: ozView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- nickel
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- resource
- Effective date
- 2025-02-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez
- Resource group id
- resource:f33f94fe1e7b7dd733d8
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 78000000
- Grade
- 0.05
- Grade Unit
- g/t
- Contained Metal
- 128
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t PdEq1
Prior Estimate
- Resource Date
- 2025-02-18
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Inferred Resources for nickel have lower confidence, limiting their immediate economic impact and requiring further drilling for conversion.
Negative factors
- Low confidence category (Inferred Resources).
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
provenLuanga Project · palladiumTonnes: 17.7Grade: 1703Grade Unit: g/tView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- palladium
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-16T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:c4b20a038643028f95e0
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 17.7
- Grade
- 1703
- Grade Unit
- g/t
- Cutoff Grade
- 0.87
- Cutoff Unit
- g/t PdEq
Prior Estimate
- Resource Date
- 2026-09-16
Metal Equivalent
- Metal Eq. Grade
- 2.99
- Metal Eq. Unit
- g/t PdEq1
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The declaration of Proven Reserves is a strong positive, indicating high confidence in the economic viability of this portion of the deposit. The grade is good, and it's a maiden reserve, adding significant novelty. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence category (Proven Reserves).
- Maiden Mineral Reserve declaration is a significant de-risking milestone.
- Good grade for a PGM deposit.
Evidence · table
“1,703”
Context: 17.7
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
provenLuanga Project · platinumTonnes: 17.7Grade: 0.95Grade Unit: g/tView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- platinum
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-16T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:c4b20a038643028f95e0
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 17.7
- Grade
- 0.95
- Grade Unit
- g/t
- Cutoff Grade
- 0.87
- Cutoff Unit
- g/t PdEq
Prior Estimate
- Resource Date
- 2026-09-16
Metal Equivalent
- Metal Eq. Grade
- 2.99
- Metal Eq. Unit
- g/t PdEq1
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The declaration of Proven Reserves is a strong positive, indicating high confidence in the economic viability of this portion of the deposit. The grade is good, and it's a maiden reserve, adding significant novelty. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence category (Proven Reserves).
- Maiden Mineral Reserve declaration is a significant de-risking milestone.
- Good grade for a PGM deposit.
Evidence · table
“0.95”
Context: 17.7
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
provenLuanga Project · goldTonnes: 17.7Grade: 0.82Grade Unit: g/tView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-16T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:c4b20a038643028f95e0
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 17.7
- Grade
- 0.82
- Grade Unit
- g/t
- Cutoff Grade
- 0.87
- Cutoff Unit
- g/t PdEq
Prior Estimate
- Resource Date
- 2026-09-16
Metal Equivalent
- Metal Eq. Grade
- 2.99
- Metal Eq. Unit
- g/t PdEq1
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The declaration of Proven Reserves is a strong positive, indicating high confidence in the economic viability of this portion of the deposit. The grade is good, and it's a maiden reserve, adding significant novelty. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence category (Proven Reserves).
- Maiden Mineral Reserve declaration is a significant de-risking milestone.
- Good grade for a PGM deposit.
Evidence · table
“0.82”
Context: 17.7
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
provenLuanga Project · nickelTonnes: 17.7Grade: 466Grade Unit: %View all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- nickel
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-16T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:c4b20a038643028f95e0
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 17.7
- Grade
- 466
- Grade Unit
- %
- Cutoff Grade
- 0.87
- Cutoff Unit
- g/t PdEq
Prior Estimate
- Resource Date
- 2026-09-16
Metal Equivalent
- Metal Eq. Grade
- 2.99
- Metal Eq. Unit
- g/t PdEq1
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The declaration of Proven Reserves is a strong positive, indicating high confidence in the economic viability of this portion of the deposit. The grade is good, and it's a maiden reserve, adding significant novelty. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence category (Proven Reserves).
- Maiden Mineral Reserve declaration is a significant de-risking milestone.
- Good grade for a PGM deposit.
Evidence · table
“466”
Context: 17.7
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableLuanga Project · palladiumTonnes: 69Grade: 6028Grade Unit: g/tView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- palladium
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-16T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:fce4e5180991afafb611
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 69
- Grade
- 6028
- Grade Unit
- g/t
- Cutoff Grade
- 0.87
- Cutoff Unit
- g/t PdEq
Prior Estimate
- Resource Date
- 2026-09-16
Metal Equivalent
- Metal Eq. Grade
- 2.72
- Metal Eq. Unit
- g/t PdEq1
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The declaration of Probable Reserves is a strong positive, indicating high confidence in the economic viability of this portion of the deposit. The grade is good, and it's a maiden reserve, adding significant novelty. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence category (Probable Reserves).
- Maiden Mineral Reserve declaration is a significant de-risking milestone.
- Good grade for a PGM deposit.
Evidence · table
“6,028”
Context: 69.0
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableLuanga Project · platinumTonnes: 69Grade: 0.93Grade Unit: g/tView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- platinum
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-16T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:fce4e5180991afafb611
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 69
- Grade
- 0.93
- Grade Unit
- g/t
- Cutoff Grade
- 0.87
- Cutoff Unit
- g/t PdEq
Prior Estimate
- Resource Date
- 2026-09-16
Metal Equivalent
- Metal Eq. Grade
- 2.72
- Metal Eq. Unit
- g/t PdEq1
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The declaration of Probable Reserves is a strong positive, indicating high confidence in the economic viability of this portion of the deposit. The grade is good, and it's a maiden reserve, adding significant novelty. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence category (Probable Reserves).
- Maiden Mineral Reserve declaration is a significant de-risking milestone.
- Good grade for a PGM deposit.
Evidence · table
“0.93”
Context: 69.0
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableLuanga Project · goldTonnes: 69Grade: 0.65Grade Unit: g/tView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-16T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:fce4e5180991afafb611
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 69
- Grade
- 0.65
- Grade Unit
- g/t
- Cutoff Grade
- 0.87
- Cutoff Unit
- g/t PdEq
Prior Estimate
- Resource Date
- 2026-09-16
Metal Equivalent
- Metal Eq. Grade
- 2.72
- Metal Eq. Unit
- g/t PdEq1
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The declaration of Probable Reserves is a strong positive, indicating high confidence in the economic viability of this portion of the deposit. The grade is good, and it's a maiden reserve, adding significant novelty. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence category (Probable Reserves).
- Maiden Mineral Reserve declaration is a significant de-risking milestone.
- Good grade for a PGM deposit.
Evidence · table
“0.65”
Context: 69.0
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableLuanga Project · nickelTonnes: 69Grade: 1442Grade Unit: %View all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- nickel
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-16T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:fce4e5180991afafb611
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 69
- Grade
- 1442
- Grade Unit
- %
- Cutoff Grade
- 0.87
- Cutoff Unit
- g/t PdEq
Prior Estimate
- Resource Date
- 2026-09-16
Metal Equivalent
- Metal Eq. Grade
- 2.72
- Metal Eq. Unit
- g/t PdEq1
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The declaration of Probable Reserves is a strong positive, indicating high confidence in the economic viability of this portion of the deposit. The grade is good, and it's a maiden reserve, adding significant novelty. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence category (Probable Reserves).
- Maiden Mineral Reserve declaration is a significant de-risking milestone.
- Good grade for a PGM deposit.
Evidence · table
“1,442”
Context: 69.0
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableLuanga Project · palladiumTonnes: 86.7Grade: 7731Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- palladium
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-16T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:b1ab8baa83ed8358fe1d
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 86.7
- Grade
- 7731
- Grade Unit
- g/t
- Cutoff Grade
- 0.87
- Cutoff Unit
- g/t PdEq
Prior Estimate
- Resource Date
- 2026-09-16
Metal Equivalent
- Metal Eq. Grade
- 2.72
- Metal Eq. Unit
- g/t PdEq1
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The declaration of Probable Reserves is a strong positive, indicating high confidence in the economic viability of this portion of the deposit. The grade is good, and it's a maiden reserve, adding significant novelty. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence category (Probable Reserves).
- Maiden Mineral Reserve declaration is a significant de-risking milestone.
- Good grade for a PGM deposit.
Evidence · table
“7,731”
Context: 86.7
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableLuanga Project · platinumTonnes: 86.7Grade: 0.93Grade Unit: g/tView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- platinum
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-16T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:b1ab8baa83ed8358fe1d
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 86.7
- Grade
- 0.93
- Grade Unit
- g/t
- Cutoff Grade
- 0.87
- Cutoff Unit
- g/t PdEq
Prior Estimate
- Resource Date
- 2026-09-16
Metal Equivalent
- Metal Eq. Grade
- 2.72
- Metal Eq. Unit
- g/t PdEq1
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The declaration of Probable Reserves is a strong positive, indicating high confidence in the economic viability of this portion of the deposit. The grade is good, and it's a maiden reserve, adding significant novelty. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence category (Probable Reserves).
- Maiden Mineral Reserve declaration is a significant de-risking milestone.
- Good grade for a PGM deposit.
Evidence · table
“0.93”
Context: 86.7
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableLuanga Project · goldTonnes: 86.7Grade: 0.68Grade Unit: g/tView all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-16T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:b1ab8baa83ed8358fe1d
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 86.7
- Grade
- 0.68
- Grade Unit
- g/t
- Cutoff Grade
- 0.87
- Cutoff Unit
- g/t PdEq
Prior Estimate
- Resource Date
- 2026-09-16
Metal Equivalent
- Metal Eq. Grade
- 2.72
- Metal Eq. Unit
- g/t PdEq1
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The declaration of Probable Reserves is a strong positive, indicating high confidence in the economic viability of this portion of the deposit. The grade is good, and it's a maiden reserve, adding significant novelty. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence category (Probable Reserves).
- Maiden Mineral Reserve declaration is a significant de-risking milestone.
- Good grade for a PGM deposit.
Evidence · table
“0.68”
Context: 86.7
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableLuanga Project · nickelTonnes: 86.7Grade: 1908Grade Unit: %View all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- nickel
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-16T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:b1ab8baa83ed8358fe1d
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 86.7
- Grade
- 1908
- Grade Unit
- %
- Cutoff Grade
- 0.87
- Cutoff Unit
- g/t PdEq
Prior Estimate
- Resource Date
- 2026-09-16
Metal Equivalent
- Metal Eq. Grade
- 2.72
- Metal Eq. Unit
- g/t PdEq1
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The declaration of Probable Reserves is a strong positive, indicating high confidence in the economic viability of this portion of the deposit. The grade is good, and it's a maiden reserve, adding significant novelty. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence category (Probable Reserves).
- Maiden Mineral Reserve declaration is a significant de-risking milestone.
- Good grade for a PGM deposit.
Evidence · table
“1,908”
Context: 86.7
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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 (4)
flotationLuanga Project · palladiumRecovery: 81.5 %View all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- palladium
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- Jameson Cell flotation
- Sample
- representative Luanga sulphide material
Recovery
- Recovery
- 81.5 %
- Recovery Basis
- actual_test
- Conc. Grade
- 100
- Conc. Grade Unit
- g/t PGM+Au
Lab
- Laboratory
- Base Metallurgical Laboratories (Intertek)
- Consultant
- Glencore Technology
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Palladium recovery is strong and shows significant improvement over previous test work, indicating a robust processing solution for this key commodity.
Positive factors
- High recovery for palladium (81.5%).
- Recovery improved significantly (+4.5%) compared to prior PEA.
- Use of Jameson Cell technology and independent laboratory/consultant adds credibility.
- Achieved higher concentrate grade (100 g/t PGM+Au).
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
flotationLuanga Project · platinumRecovery: 80 %View all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- platinum
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- Jameson Cell flotation
- Sample
- representative Luanga sulphide material
Recovery
- Recovery
- 80 %
- Recovery Basis
- actual_test
- Conc. Grade
- 100
- Conc. Grade Unit
- g/t PGM+Au
Lab
- Laboratory
- Base Metallurgical Laboratories (Intertek)
- Consultant
- Glencore Technology
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Platinum recovery is good, although it saw a slight decrease compared to the previous PEA. The overall processing strategy appears robust for this metal.
Positive factors
- Good recovery for platinum (80%).
- Use of Jameson Cell technology and independent laboratory/consultant adds credibility.
- Achieved higher concentrate grade (100 g/t PGM+Au).
Negative factors
- Slight decrease in recovery (-1.0%) compared to prior PEA.
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
flotationLuanga Project · rhodiumRecovery: 55 %View all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- rhodium
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- Jameson Cell flotation
- Sample
- representative Luanga sulphide material
Recovery
- Recovery
- 55 %
- Recovery Basis
- actual_test
- Conc. Grade
- 100
- Conc. Grade Unit
- g/t PGM+Au
Lab
- Laboratory
- Base Metallurgical Laboratories (Intertek)
- Consultant
- Glencore Technology
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Rhodium recovery shows improvement over previous test work, contributing positively to the overall PGM recovery profile.
Positive factors
- Recovery improved (+4.0%) compared to prior PEA.
- Use of Jameson Cell technology and independent laboratory/consultant adds credibility.
- Achieved higher concentrate grade (100 g/t PGM+Au).
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
flotationLuanga Project · goldRecovery: 88 %View all detailsHide details
Identity
- Project
- Luanga Project
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- BRVO.V
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- Jameson Cell flotation
- Sample
- representative Luanga sulphide material
Recovery
- Recovery
- 88 %
- Recovery Basis
- actual_test
- Conc. Grade
- 100
- Conc. Grade Unit
- g/t PGM+Au
Lab
- Laboratory
- Base Metallurgical Laboratories (Intertek)
- Consultant
- Glencore Technology
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Gold recovery is exceptionally high and shows a very significant improvement, indicating a highly effective processing solution for gold.
Positive factors
- Exceptional recovery for gold (88%).
- Recovery improved dramatically (+40.0%) compared to prior PEA.
- Use of Jameson Cell technology and independent laboratory/consultant adds credibility.
- Achieved higher concentrate grade (100 g/t PGM+Au).
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
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.