Bravo reports $1.45B post-tax NPV in Luanga study

Bravo Mining Corp. announced on September 22, 2026, the results of an independent pre-feasibility study for its wholly owned Luanga palladium, platinum, rhodium, gold, and nickel deposit in Pará State, Brazil. Under its vertically integrated base case, the project yields an after-tax net present value of $1.45 billion at an 8% discount rate, an after-tax internal rate of return of 35.1%, and a two-year post-tax payback period over a 10-year mine life.

The base case estimates pre-production capital expenditures of $784.9 million and life-of-mine sustaining capital of $98.2 million. Operating parameters show an average C1 cash cost of $478 per ounce of 4E platinum group metals and an all-in sustaining cost of $706 per ounce. Economics reflect price assumptions of $1,245 per ounce for palladium, $1,700 for platinum, $8,000 for rhodium, $3,500 for gold, and $7.71 per pound for nickel.

Luanga features a maiden proven and probable mineral reserve of 86.7 million tonnes grading 2.77 grams per tonne palladium equivalent, containing 7.731 million ounces of palladium equivalent. Average annual payable production is projected at 208,900 ounces of palladium, 150,700 ounces of platinum, 16,100 ounces of rhodium, 18,100 ounces of gold, and 9,800 tonnes of nickel, with a strip ratio of 6.6 to 1.

The operational plan pairs an open-pit mine and concentrator at the site with a Bravo-owned smelter in the Barcarena Export Processing Zone, located approximately 600 kilometres away. The structure generates $90.2 million in smelter capital expenditure savings and $41.20 per tonne in operating cost savings from special tax regime incentives. Bravo plans to submit its installation licence application in the fourth quarter of 2026 and target an updated mineral resource estimate in the first quarter of 2027, backed by $94.1 million in cash and cash equivalents held as of June 30, 2026.