# 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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc Original source: https://www.newswire.ca/news-releases/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project-826517320.html Publisher: cnw Original announcement: 2026-09-22T09:31:23.575Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Bravo Mining Corp. - Ticker: BRVO - Exchange: Unavailable - Region: Pará State, Brazil - Primary commodity: Palladium - Secondary commodities: Platinum, Rhodium, Gold, Nickel, Copper - Document categories: Resource update, Economic study, Metallurgy - Extracted: 2026-09-22 09:36:27 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Bravo Mining Corp. announced robust results from its Pre-Feasibility Study \(PFS\) for the Luanga Project, reporting a US$1.45 billion after-tax NPV8% and a 35.1% IRR for the Base Case. The study declares a maiden Mineral Reserve of 86.7 Mt at 2.77 g/t PdEq, based entirely on Measured and Indicated Resources. Improved metallurgical recoveries, particularly for gold and nickel, were achieved through Jameson Cell flotation technology, and the project benefits from vertical integration with an on-site smelter in a Brazilian Export Processing Zone \(ZPE\). Reasoning: Bravo Mining's PFS for the Luanga Project demonstrates strong economics with a US$1.45 billion after-tax NPV8% and 35.1% IRR for the Base Case. The study declares a maiden Mineral Reserve and incorporates improved metallurgical recoveries. The vertically integrated approach with ZPE benefits is a key strategic advantage. While the strip ratio is high, the overall economic indicators are very positive, and the company is well-funded for the next development stages. The inclusion of Inferred Resources in the Opportunity Case is noted as speculative, but the Base Case is robust. - Positive factor: Robust economics with high NPV and IRR for the Base Case PFS. - Positive factor: Maiden Mineral Reserve declared, based solely on Measured and Indicated Resources. - Positive factor: Improved metallurgical recoveries for key metals, particularly gold and nickel, using Jameson Cell technology. - Positive factor: Vertically integrated operation with on-site smelter benefiting from ZPE fiscal incentives. - Positive factor: Strong cash position to fund future studies and development. - Negative factor: High strip ratio of 6.6:1 for the open pit. - Negative factor: Opportunity Case includes Inferred Resources, which are speculative and cannot support economic studies alone. - Negative factor: The 2025 MRE used for the PFS is based on an effective date of February 18, 2025, and does not include 22,100m of 2026 infill and expansion drilling. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 29 ## Classification and evidence **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 \("roasting"\) ## Extracted facts Stored fact records: 25. Some facts used in scoring do not have a stored record. ## Resource Estimates (25) ### Fact 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-4) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### 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:2a606846c588830cd8af - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Tonnes: 86700000 - Grade: 0.93 - Grade Unit: g/t - Contained Metal: 2603 - Contained Unit: koz - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.77 - Metal Eq. Unit: g/t PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The total maiden Mineral Reserve for palladium is a significant positive, indicating substantial scale and good confidence in the project's economics and geology. The grade is strong. - Positive factor: Maiden Mineral Reserve declaration. - Positive factor: Total Reserves indicate significant scale. - Positive factor: Good grade for palladium. #### Tags used in scoring **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 states 'Maiden Mineral Reserve Declared'. Evidence · text > Maiden Mineral Reserve Declared **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 Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101. Evidence · text > The Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Mineral Reserves are reported in accordance with the CIM Standards \(2014\) and Best Practices Guidelines \(2019\), as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects \(NI 43-101\). Evidence · text > Mineral Reserves are reported in accordance with the CIM Standards \(2014\) and Best Practices Guidelines \(2019\), as required by 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: cutoff\_grade is stated **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-5) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### 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:2a606846c588830cd8af - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Tonnes: 86700000 - Grade: 0.68 - Grade Unit: g/t - Contained Metal: 1908 - Contained Unit: koz - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.77 - Metal Eq. Unit: g/t PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The total maiden Mineral Reserve for platinum is a significant positive, indicating substantial scale and good confidence in the project's economics and geology. The grade is strong. - Positive factor: Maiden Mineral Reserve declaration. - Positive factor: Total Reserves indicate significant scale. - Positive factor: Good grade for platinum. #### Tags used in scoring **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 states 'Maiden Mineral Reserve Declared'. Evidence · text > Maiden Mineral Reserve Declared **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 Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101. Evidence · text > The Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Mineral Reserves are reported in accordance with the CIM Standards \(2014\) and Best Practices Guidelines \(2019\), as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects \(NI 43-101\). Evidence · text > Mineral Reserves are reported in accordance with the CIM Standards \(2014\) and Best Practices Guidelines \(2019\), as required by 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: cutoff\_grade is stated **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 3 [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-6) Luanga · rhodium #### Identity - Project: Luanga - Commodity: rhodium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### 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:2a606846c588830cd8af - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Tonnes: 86700000 - Grade: 0.11 - Grade Unit: g/t - Contained Metal: 295 - Contained Unit: koz - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.77 - Metal Eq. Unit: g/t PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The total maiden Mineral Reserve for rhodium is a significant positive, indicating substantial scale and good confidence in the project's economics and geology. - Positive factor: Maiden Mineral Reserve declaration. - Positive factor: Total Reserves indicate significant scale. #### Tags used in scoring **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 states 'Maiden Mineral Reserve Declared'. Evidence · text > Maiden Mineral Reserve Declared **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 Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101. Evidence · text > The Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Mineral Reserves are reported in accordance with the CIM Standards \(2014\) and Best Practices Guidelines \(2019\), as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects \(NI 43-101\). Evidence · text > Mineral Reserves are reported in accordance with the CIM Standards \(2014\) and Best Practices Guidelines \(2019\), as required by 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: cutoff\_grade is stated **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 4 [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-7) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### 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:2a606846c588830cd8af - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Tonnes: 86700000 - Grade: 0.07 - Grade Unit: g/t - Contained Metal: 205 - Contained Unit: koz - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.77 - Metal Eq. Unit: g/t PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The total maiden Mineral Reserve for gold is a significant positive, indicating substantial scale and good confidence in the project's economics and geology. - Positive factor: Maiden Mineral Reserve declaration. - Positive factor: Total Reserves indicate significant scale. #### Tags used in scoring **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 states 'Maiden Mineral Reserve Declared'. Evidence · text > Maiden Mineral Reserve Declared **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 Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101. Evidence · text > The Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Mineral Reserves are reported in accordance with the CIM Standards \(2014\) and Best Practices Guidelines \(2019\), as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects \(NI 43-101\). Evidence · text > Mineral Reserves are reported in accordance with the CIM Standards \(2014\) and Best Practices Guidelines \(2019\), as required by 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: cutoff\_grade is stated **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 5 [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-8) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### 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:2a606846c588830cd8af - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Tonnes: 86700000 - Grade: 0.1781 - Grade Unit: % - Contained Metal: 154476 - Contained Unit: t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.77 - Metal Eq. Unit: g/t PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The total maiden Mineral Reserve for nickel is a significant positive, indicating substantial scale and good confidence in the project's economics and geology. - Positive factor: Maiden Mineral Reserve declaration. - Positive factor: Total Reserves indicate significant scale. #### Tags used in scoring **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 states 'Maiden Mineral Reserve Declared'. Evidence · text > Maiden Mineral Reserve Declared **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 Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101. Evidence · text > The Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Mineral Reserves are reported in accordance with the CIM Standards \(2014\) and Best Practices Guidelines \(2019\), as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects \(NI 43-101\). Evidence · text > Mineral Reserves are reported in accordance with the CIM Standards \(2014\) and Best Practices Guidelines \(2019\), as required by 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: cutoff\_grade is stated **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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-9) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### 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:ff462591f6a12ce5196a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 17.7 - Grade: 0.95 - Grade Unit: g/t - Contained Metal: 541 - Contained Unit: oz - 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 PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The declaration of a maiden Proven Mineral Reserve for palladium is a significant positive, indicating high confidence in the project's economics and geology. The grade is strong. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Mineral Reserve declaration. - Positive factor: Proven category indicates high confidence. - Positive factor: Good grade for palladium. 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 **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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-10) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### 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:ff462591f6a12ce5196a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 17.7 - Grade: 0.82 - Grade Unit: g/t - Contained Metal: 466 - Contained Unit: oz - 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 PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The declaration of a maiden Proven Mineral Reserve for palladium is a significant positive, indicating high confidence in the project's economics and geology. The grade is strong. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Mineral Reserve declaration. - Positive factor: Proven category indicates high confidence. - Positive factor: Good grade for palladium. 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 **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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-11) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### 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:ff462591f6a12ce5196a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 17.7 - Grade: 0.08 - Grade Unit: g/t - Contained Metal: 44 - Contained Unit: oz - 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 PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The declaration of a maiden Proven Mineral Reserve for palladium is a significant positive, indicating high confidence in the project's economics and geology. The grade is strong. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Mineral Reserve declaration. - Positive factor: Proven category indicates high confidence. - Positive factor: Good grade for palladium. Evidence · table > 0.08 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 **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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-12) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### 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:ff462591f6a12ce5196a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 17.7 - Grade: 0.1765 - 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 PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The declaration of a maiden Proven Mineral Reserve for palladium is a significant positive, indicating high confidence in the project's economics and geology. The grade is strong. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Mineral Reserve declaration. - Positive factor: Proven category indicates high confidence. - Positive factor: Good grade for palladium. Evidence · table > 0.1765 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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-13) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### 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:67b1cb25b156bdc5b82f - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 69 - Grade: 0.93 - Grade Unit: g/t - Contained Metal: 2062 - Contained Unit: oz - 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 PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The declaration of a maiden Probable Mineral Reserve for palladium is a significant positive, indicating good confidence in the project's economics and geology. The grade is strong. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Mineral Reserve declaration. - Positive factor: Probable category indicates good confidence. - Positive factor: Good grade for palladium. 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 **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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-14) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### 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:67b1cb25b156bdc5b82f - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 69 - Grade: 0.65 - Grade Unit: g/t - Contained Metal: 1442 - Contained Unit: oz - 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 PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The declaration of a maiden Probable Mineral Reserve for palladium is a significant positive, indicating good confidence in the project's economics and geology. The grade is strong. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Mineral Reserve declaration. - Positive factor: Probable category indicates good confidence. - Positive factor: Good grade for palladium. 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 **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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-15) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### 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:67b1cb25b156bdc5b82f - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 69 - Grade: 0.07 - Grade Unit: g/t - Contained Metal: 161 - Contained Unit: oz - 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 PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The declaration of a maiden Probable Mineral Reserve for palladium is a significant positive, indicating good confidence in the project's economics and geology. The grade is strong. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Mineral Reserve declaration. - Positive factor: Probable category indicates good confidence. - Positive factor: Good grade for palladium. Evidence · table > 0.07 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 **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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-16) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### 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:67b1cb25b156bdc5b82f - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 69 - Grade: 0.1786 - 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 PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The declaration of a maiden Probable Mineral Reserve for palladium is a significant positive, indicating good confidence in the project's economics and geology. The grade is strong. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Mineral Reserve declaration. - Positive factor: Probable category indicates good confidence. - Positive factor: Good grade for palladium. Evidence · table > 0.1786 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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-17) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### 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:ed1f043a81e1a8b657d8 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 86.7 - Grade: 0.93 - Grade Unit: g/t - Contained Metal: 2603 - Contained Unit: oz - 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 PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The declaration of a maiden Probable Mineral Reserve for palladium is a significant positive, indicating good confidence in the project's economics and geology. The grade is strong. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Mineral Reserve declaration. - Positive factor: Probable category indicates good confidence. - Positive factor: Good grade for palladium. 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 **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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-18) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### 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:ed1f043a81e1a8b657d8 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 86.7 - Grade: 0.68 - Grade Unit: g/t - Contained Metal: 1908 - Contained Unit: oz - 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 PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The declaration of a maiden Probable Mineral Reserve for palladium is a significant positive, indicating good confidence in the project's economics and geology. The grade is strong. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Mineral Reserve declaration. - Positive factor: Probable category indicates good confidence. - Positive factor: Good grade for palladium. 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 **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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-19) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### 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:ed1f043a81e1a8b657d8 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 86.7 - Grade: 0.07 - Grade Unit: g/t - Contained Metal: 205 - Contained Unit: oz - 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 PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The declaration of a maiden Probable Mineral Reserve for palladium is a significant positive, indicating good confidence in the project's economics and geology. The grade is strong. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Mineral Reserve declaration. - Positive factor: Probable category indicates good confidence. - Positive factor: Good grade for palladium. Evidence · table > 0.07 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 **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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-20) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### 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:ed1f043a81e1a8b657d8 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 86.7 - Grade: 0.1781 - 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 PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The declaration of a maiden Probable Mineral Reserve for palladium is a significant positive, indicating good confidence in the project's economics and geology. The grade is strong. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Mineral Reserve declaration. - Positive factor: Probable category indicates good confidence. - Positive factor: Good grade for palladium. Evidence · table > 0.1781 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-21) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### Resource scope - Estimate type: resource - Effective date: 2025-02-18T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:f10664b3beb2e1148610 - 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: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Indicated Resource for palladium in oxide material indicates good confidence, but this material is currently excluded from the PFS mine plan, limiting its immediate economic impact. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated category indicates good confidence. - Positive factor: Good grade for palladium in oxide material. - Negative factor: Oxide material is not contemplated for processing in the PFS Base Case. Evidence · table > 0.98 Context: 158 #### 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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-22) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### Resource scope - Estimate type: resource - Effective date: 2025-02-18T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:f10664b3beb2e1148610 - 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: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Indicated Resource for palladium in oxide material indicates good confidence, but this material is currently excluded from the PFS mine plan, limiting its immediate economic impact. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated category indicates good confidence. - Positive factor: Good grade for palladium in oxide material. - Negative factor: Oxide material is not contemplated for processing in the PFS Base Case. Evidence · table > 0.62 Context: 158 #### 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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-23) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### Resource scope - Estimate type: resource - Effective date: 2025-02-18T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:f10664b3beb2e1148610 - 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: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Indicated Resource for palladium in oxide material indicates good confidence, but this material is currently excluded from the PFS mine plan, limiting its immediate economic impact. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated category indicates good confidence. - Positive factor: Good grade for palladium in oxide material. - Negative factor: Oxide material is not contemplated for processing in the PFS Base Case. Evidence · table > 0.05 Context: 158 #### 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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-24) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO #### Resource scope - Estimate type: resource - Effective date: 2025-02-18T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:f10664b3beb2e1148610 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 158000000 - Grade: 0.12 - Grade Unit: % - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Indicated Resource for palladium in oxide material indicates good confidence, but this material is currently excluded from the PFS mine plan, limiting its immediate economic impact. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated category indicates good confidence. - Positive factor: Good grade for palladium in oxide material. - Negative factor: Oxide material is not contemplated for processing in the PFS Base Case. Evidence · table > 0.12 Context: 158 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-25) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Ticker: BRVO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - Resource group id: resource:e33ac9a77c56af930e38 - 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: 0.87 - Cutoff Unit: g/t PdEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.97 Context: 78 #### 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 **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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-26) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Ticker: BRVO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - Resource group id: resource:e33ac9a77c56af930e38 - 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: 0.87 - Cutoff Unit: g/t PdEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.59 Context: 78 #### 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 **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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-27) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Ticker: BRVO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - Resource group id: resource:e33ac9a77c56af930e38 - 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: 0.87 - Cutoff Unit: g/t PdEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.05 Context: 78 #### 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 **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--788367f9-7d20-4d54-b3b6-4a2a3dd95acc#fact-resource-facts-28) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Ticker: BRVO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - Resource group id: resource:e33ac9a77c56af930e38 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 78000000 - Grade: 0.13 - Grade Unit: % - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.13 Context: 78 #### 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 **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 ## 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.