Mr. Alex Penha reports

BRAVO ANNOUNCES MAIDEN MINERAL RESOURCE ESTIMATE OF 4.1 MOZ PALLADIUM EQUIVALENT ("PDEQ") INDICATED AND 5.7 MOZ PDEQ INFERRED AT LUANGA

Bravo Mining Corp. has completed an initial mineral resource estimate for its 100-per-cent-owned Luanga palladium plus platinum plus rhodium plus gold plus nickel project, located in the Carajas mineral province, state of Para, Brazil.

Bravo's maiden and pit-constrained MRE has an effective date of Oct. 22, 2023, and it is composed of 73 million tonnes grading 1.75 grams per tonne palladium equivalent for a total of 4.1 million ounces of PdEq in the indicated category and 118 Mt grading 1.50 g/t PdEq for 5.7 Moz PdEq in the inferred category. The attached average grades and contained metal estimates table shows a breakdown of the MRE by tonnage, grade and metal content for each metal, weathering type and resource classification category.

Luanga mineral resource estimate

The Luanga deposit mineral resource database consists of 394 drill holes (Bravo plus historic drilling) inside the mineralized envelope, with 77,612 metres of drilling between 1992 and 2023. This represents 77,493 metres of assayed intervals at an average interval of close to one metre per assay interval. All assayed interval lengths of core used in the mineralized domains are HQ diameter in the oxide, and NQ2 diameter in fresh rock, diamond drill core.

All historic data used for the MRE have been validated statistically to show no significant bias, either by twinned drill holes, extensive resampling of historic drill core, statistical comparison of historical data with Bravo drilling and field validation of collar locations. In addition, the MRE included 10 trenches for a total of 1,339 metres and 1,349 assays at an average sampling interval close to one m.

Nine mineralized domains were generated based on the six different styles of mineralization. The parent block model is 25 metres by 25 metres by five metres with five-metre-by-five-metre-by-five-metre subblocks, with interpolation of elements multiple indicator kriging for each mineralized fresh rock domain and ordinary kriging for each oxide domain.

There are no known issues that materially affect the MRE other than the usual risks faced by any mining project in Brazil or other jurisdictions, such as the risks and uncertainties inherent in mineral exploration and development, environmental, permitting, taxation, socio-economic, marketing, political factors, or any additional risks.

The metallurgical recovery figures achieved at laboratory scale are based on 117 flotation tests in two phases and more than 30 flotation tests undertaken by the previous owner. Continuous mini-pilot testwork is currently continuing. Oxide recoveries used in the MRE calculation are based on results generated from two programs (2022 and 2023) of carbon-in-leach and gravimetric testwork performed for Bravo, which included 31 leaching tests.

Metal price assumptions are derived from the 10-year trailing price averages to smooth out volatility and price cycle movement in each of these metals.

Based on recoveries and GE21 Consultoria Mineral Ltda.'s estimates of costs, a cut-off grade of 0.44 gram per tonne palladium equivalent was determined, which Bravo elected to round upward to a 0.5 g/t COG, adding a further greater-than-10-per-cent contingency to this calculation to allow for potential future changes in any or several of the assumptions.

A sensitivity analysis of the COG on the MRE, from 0.1 to 1.0 g/t PdEq, in increments of 0.1 g/t is shown in the attached sensitivity analysis table.

Comparison with the previously published historical estimate

A historical estimate prepared internally in 2017 by the prior owner of Luanga indicated a total of "124 Mt grading 1.24 g/t Pd+Pt+Au and 0.11 per cent Ni using a COG of 0.5 g/t PGM+Au" as reported in a technical report prepared for Bravo and titled "Independent Technical Report for the Luanga PGM+Au+Ni Project, Para State, Brazil," with an effective date of March 28, 2023. Information such as individual metal grades or category was not made available to Bravo; therefore, a direct comparison between the historical estimate and the current MRE is not possible. Nevertheless, it is notable that there has been a significant increase in both the tonnage and grade in the overall current MRE versus the historical estimate. This comparison is noted to illustrate the impact on the tonnage and grade in respect of the work completed by Bravo since the historical estimate was completed. The company notes that Rh was not part of the historical estimate, and in addition, while Ni grades in the current MRE are almost identical to the historic estimate, Bravo's Ni assays represent sulphide Ni that is potentially recoverable; whereas, the Ni grades in the historical estimate are total Ni, which includes unrecoverable Ni in silicates.

Mineral resource growth potential

The company believes that there is excellent potential to increase this initial MRE at Luanga, as follows:

• The mineralization is open at depth along the entire 8.1 kilometres of strike.
• Outside of the Central sector, the current MRE generally extends to depths that align with the depths of the phase 1 drilling, typically around 200 metres in the Southwest and North sectors. Drilling in the phase 1 (completed) program targeted the depth extent of historical drilling (typically up to approximately 150 m) while the continuing phase 2 and 3 programs aim to test the extensions of mineralization to 300-plus metres below surface. To date, only the Central sector drilling reached depths of approximately 300 m below surface.
• Several deeper phase 2 drill holes completed by Bravo in the Central sector have intersected wider and higher-grade mineralization intervals than typical of the MRE, such as hole DDH23LU175, which reported 54.2 m at 3.33 g/t platinum group metal plus gold, 0.22 per cent Ni from 280.5 m, including 32.5 m at 4.99 g/t PGM plus Au, 0.30 per cent Ni from 300.2 m (see the news release dated Aug. 15, 2023). This could indicate potential for higher grades and greater widths of mineralization below the limit of the current MRE, with potential for additional tonnage.
• Bravo's trenching program is only partially complete, with the entire Central sector yet to be trenched and some trenches still to be completed in the North and Southwest sectors. Nevertheless, where completed, trenching indicates a potential for greater aerial extent and typically higher grades (see the news releases dated May 8, 2023, and Sept. 26, 2023) of oxide mineralization (likely due to supergene enrichment and more extensive surface dispersion). As a result, the current MRE shows a limited extent and lower grades in oxides in areas, where no trenching has been completed versus those areas where trenching has been completed. Bravo plans to complete trenching over the entire strike length of the Luanga deposit over the next six months, and, if recent trends continue, Bravo could expect to see increased tonnes and grade in the oxides versus those within the current MRE. Additionally, trenching to date has identified the presence of high-grade zones within the oxide, which could be studied in later phases as well.
• Some of Bravo's deeper drilling has intersected several mineralized horizons stratigraphically above or below the main mineralized horizon, which is known as the Main Sulphide zone (MSZ). However, many historic holes and several of Bravo's earlier drill holes did not extend deep enough to adequately test these horizons. As a result, they are relatively minor contributors to the current MRE. As Bravo continues its deeper drilling and re-enters earlier holes to deepen them, these poorly defined mineralized zones may develop into more significant contributors to future MRE growth.

About Bravo Mining Corp.

Bravo is a Canadian- and Brazil-based mineral exploration and development company focused on advancing its Luanga PGM plus Au plus Ni project in the world-class Carajas mineral province of Brazil.

The Luanga project benefits from being in a location close to operating mines, with excellent access and proximity to existing infrastructure, including road, rail and clean and renewable hydro grid power. Fully financed 63,000-metre infill, stepout and exploration drilling is currently under way. Bravo's current environmental, social and governance activities include replanting trees in the region, hiring and contracting locally, and ensuring protection of the environment during its exploration activities.

Technical disclosure and qualified persons

Porfirio Cabaleiro Rodriguez, mining engineer, BSc (mine engineer), MAIG, director of GE21, is an independent QP as defined in National Instrument 43-101 and is responsible for the MRE.

An independent peer review was carried out by Anderson Candido, FAusIMM (fellow of Australasian Institute of Mining and Metallurgy). Mr. Candido is a full-time employee of independent consultancy RPM Global, is an independent QP as defined in NI 43-101 and was responsible for the independent peer review over the complete MRE process.

Technical assurance was carried out by Prof. Mark Noppe, MAICD, FAusIMM (CP). Prof. Noppe is the director of the WH Bryan Mining Geology Research Centre at the University of Queensland, is an independent QP as defined in NI 43-101, and was responsible for technical assurance and peer review over the complete MRE process.

Each of Mr. Cabaleiro, Mr. Candido and Prof. Noppe has reviewed and approved the scientific and technical information related to the MRE contained in this news release.

Technical information in this news release has also been reviewed and approved by Simon Mottram, FAusIMM, president of Bravo, who serves as the company's QP as defined in NI 43-101. Mr. Mottram has verified the technical data and opinions contained in this news release.

Details of the MRE will be provided in a technical report with an effective date of Oct. 22, 2023, prepared in accordance with NI 43-101, which will be filed under the company's SEDAR+ profile within 45 days of this news release.

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