# Bravo Reports Results of Pre-Feasibility Study for its Luanga Project Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06 Original source: https://orestocks.com/company/BRVO.V/press-releases/6694797469225246 Publisher: orestocks Original announcement: 2026-09-22T09:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Robust economics with high NPV and IRR for the Base Case PFS. - Positive factor: Maiden Mineral Reserve declared, converting a significant portion of M&I resources. - Positive factor: Improved metallurgical recoveries for key metals \(Pd, Au, Ni\) with Jameson Cell technology. - Positive factor: Strategic vertical integration with ZPE smelter providing fiscal benefits. - Positive factor: Key environmental permitting milestone achieved \(Preliminary Licence granted\). - Negative factor: Opportunity Case includes Inferred Mineral Resources in the economic analysis, which is speculative. - Negative factor: The PFS does not contemplate processing the Oxide component of the MRE, which is stockpiled. - Negative factor: 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 Complete** Polarity: positive Definition: 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 IRR** Polarity: positive Definition: 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 Payback** Polarity: positive Definition: 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 Cost** Polarity: positive Definition: 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 Resource** Polarity: neutral Definition: 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 Feed** Polarity: negative Definition: 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 Recovery** Polarity: positive Definition: 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 Improving** Polarity: positive Definition: 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 Complete** Polarity: positive Definition: 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 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 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 Compliant** Polarity: positive Definition: 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 Disclosed** Polarity: positive Definition: 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 Update** Polarity: neutral Definition: 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 Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("concentrator"\) **POX/BIOX Route** Polarity: neutral Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX. Why it applies: the document describes a pox\_biox route \("roasting"\) **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: 31. Some facts used in scoring do not have a stored record. ## Resource Estimates (27) ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-8) Luanga Project · palladium #### 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 factor: Maiden Mineral Reserve declaration is a significant de-risking milestone. - Positive factor: Good overall grade for a PGM deposit. - Positive factor: Total Reserves provide a solid foundation for the project's economics. #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-9) Luanga Project · platinum #### 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 factor: Maiden Mineral Reserve declaration is a significant de-risking milestone. #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-10) Luanga Project · rhodium #### 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 factor: Maiden Mineral Reserve declaration is a significant de-risking milestone. #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-11) Luanga Project · gold #### 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 factor: Maiden Mineral Reserve declaration is a significant de-risking milestone. #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-12) Luanga Project · nickel #### 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 factor: Maiden Mineral Reserve declaration is a significant de-risking milestone. #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-13) Luanga Project · palladium #### 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 factor: Good confidence category \(Indicated Resources\). - Positive factor: Good overall grade for palladium. #### 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/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-14) Luanga Project · platinum #### 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 factor: Good confidence category \(Indicated Resources\). #### 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/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-15) Luanga Project · rhodium #### 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 factor: Good confidence category \(Indicated Resources\). #### 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/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-16) Luanga Project · gold #### 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 factor: Good confidence category \(Indicated Resources\). #### 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/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-17) Luanga Project · nickel #### 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 factor: Good confidence category \(Indicated Resources\). #### 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/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-18) Luanga Project · palladium #### 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 factor: Good overall grade for palladium. - Negative factor: Low confidence category \(Inferred Resources\). #### 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/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-19) Luanga Project · platinum #### 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 factor: Low confidence category \(Inferred Resources\). #### 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/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-20) Luanga Project · rhodium #### 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 factor: Low confidence category \(Inferred Resources\). #### 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/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-21) Luanga Project · gold #### 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 factor: Low confidence category \(Inferred Resources\). #### 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/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-22) Luanga Project · nickel #### 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 factor: Low confidence category \(Inferred Resources\). #### 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-23) Luanga Project · palladium #### 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 factor: High confidence category \(Proven Reserves\). - Positive factor: Maiden Mineral Reserve declaration is a significant de-risking milestone. - Positive factor: Good grade for a PGM deposit. Evidence · table > 1,703 Context: 17.7 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 **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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-24) Luanga Project · platinum #### 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 factor: High confidence category \(Proven Reserves\). - Positive factor: Maiden Mineral Reserve declaration is a significant de-risking milestone. - Positive factor: Good grade for a PGM deposit. Evidence · table > 0.95 Context: 17.7 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 **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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-25) Luanga Project · gold #### 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 factor: High confidence category \(Proven Reserves\). - Positive factor: Maiden Mineral Reserve declaration is a significant de-risking milestone. - Positive factor: Good grade for a PGM deposit. Evidence · table > 0.82 Context: 17.7 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 **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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-26) Luanga Project · nickel #### 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 factor: High confidence category \(Proven Reserves\). - Positive factor: Maiden Mineral Reserve declaration is a significant de-risking milestone. - Positive factor: Good grade for a PGM deposit. Evidence · table > 466 Context: 17.7 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-27) Luanga Project · palladium #### 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 factor: High confidence category \(Probable Reserves\). - Positive factor: Maiden Mineral Reserve declaration is a significant de-risking milestone. - Positive factor: Good grade for a PGM deposit. Evidence · table > 6,028 Context: 69.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-28) Luanga Project · platinum #### 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 factor: High confidence category \(Probable Reserves\). - Positive factor: Maiden Mineral Reserve declaration is a significant de-risking milestone. - Positive factor: Good grade for a PGM deposit. Evidence · table > 0.93 Context: 69.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-29) Luanga Project · gold #### 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 factor: High confidence category \(Probable Reserves\). - Positive factor: Maiden Mineral Reserve declaration is a significant de-risking milestone. - Positive factor: Good grade for a PGM deposit. Evidence · table > 0.65 Context: 69.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-30) Luanga Project · nickel #### 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 factor: High confidence category \(Probable Reserves\). - Positive factor: Maiden Mineral Reserve declaration is a significant de-risking milestone. - Positive factor: Good grade for a PGM deposit. Evidence · table > 1,442 Context: 69.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-31) Luanga Project · palladium Historical result Needs review: historical\_restatement #### 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 factor: High confidence category \(Probable Reserves\). - Positive factor: Maiden Mineral Reserve declaration is a significant de-risking milestone. - Positive factor: Good grade for a PGM deposit. Evidence · table > 7,731 Context: 86.7 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-32) Luanga Project · platinum #### 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 factor: High confidence category \(Probable Reserves\). - Positive factor: Maiden Mineral Reserve declaration is a significant de-risking milestone. - Positive factor: Good grade for a PGM deposit. Evidence · table > 0.93 Context: 86.7 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-33) Luanga Project · gold #### 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 factor: High confidence category \(Probable Reserves\). - Positive factor: Maiden Mineral Reserve declaration is a significant de-risking milestone. - Positive factor: Good grade for a PGM deposit. Evidence · table > 0.68 Context: 86.7 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-resource-facts-34) Luanga Project · nickel #### 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 factor: High confidence category \(Probable Reserves\). - Positive factor: Maiden Mineral Reserve declaration is a significant de-risking milestone. - Positive factor: Good grade for a PGM deposit. Evidence · table > 1,908 Context: 86.7 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ## Metallurgical Results (4) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-metallurgical-facts-4) Luanga Project · palladium #### 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 factor: High recovery for palladium \(81.5%\). - Positive factor: Recovery improved significantly \(+4.5%\) compared to prior PEA. - Positive factor: Use of Jameson Cell technology and independent laboratory/consultant adds credibility. - Positive factor: Achieved higher concentrate grade \(100 g/t PGM+Au\). #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-metallurgical-facts-5) Luanga Project · platinum #### 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 factor: Good recovery for platinum \(80%\). - Positive factor: Use of Jameson Cell technology and independent laboratory/consultant adds credibility. - Positive factor: Achieved higher concentrate grade \(100 g/t PGM+Au\). - Negative factor: Slight decrease in recovery \(-1.0%\) compared to prior PEA. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-metallurgical-facts-6) Luanga Project · rhodium #### 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 factor: Recovery improved \(+4.0%\) compared to prior PEA. - Positive factor: Use of Jameson Cell technology and independent laboratory/consultant adds credibility. - Positive factor: Achieved higher concentrate grade \(100 g/t PGM+Au\). #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--0763e655-bae4-4e45-809e-f504ab026c06#fact-metallurgical-facts-7) Luanga Project · gold #### 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 factor: Exceptional recovery for gold \(88%\). - Positive factor: Recovery improved dramatically \(+40.0%\) compared to prior PEA. - Positive factor: Use of Jameson Cell technology and independent laboratory/consultant adds credibility. - Positive factor: Achieved higher concentrate grade \(100 g/t PGM+Au\). #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: 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.