Mr. Luis Azevedo reports

BRAVO'S ANNUAL LETTER TO SHAREHOLDERS

Bravo Mining Corp. has issued its annual letter to shareholders as per below.

Dear fellow shareholders,

As we reflect on the significant accomplishments that we have made in advancing our Luanga palladium plus platinum plus rhodium plus gold plus nickel project and the challenges presented by the mining capital markets in 2023, we are pleased to extend our gratitude for your continued support throughout our second year of business. Your trust and confidence have played a crucial role in our journey, and we would like to take this opportunity to share the highlights of our endeavours with you.

During 2023, we achieved a number of significant milestones, which culminated with the release of our maiden mineral resource estimate (MRE) in October, 2023 (see news release Oct. 22, 2023) and the establishment of the Luanga project as one of the few multimillion-ounce potential sources of critical and scarce PGMs (platinum group metals) and nickel outside regions challenged by political and labour instability, infrastructure shortcomings, and permitting complexities. This remarkable achievement came only 15 months after our initial public offering (IPO) in July, 2022.

The foundation of Bravo's mineral resource success was cemented by the completion of our phase I drill program, and commencement of the phase II and phase III drilling campaigns. A total of 116 holes for 30,920 metres were completed, of which 86 drill holes have been released to the market. Combining the drill holes executed in 2023 with those from 2022 and historical data, Bravo's drilling inventory concluded 2023 with an impressive 104,242 metres from 503 drill holes, of which 394 drill holes for 77,612 metres were used in the MRE, ultimately defining 4.1 million ounces (Moz) at 1.75 grams per tonne of palladium equivalent (PdEq) in the indicated category and 5.7 Moz at 1.50 g/t of PdEq in the inferred category.

As indicated in our drilling press releases post MRE announcement, there remains substantial and immediate growth potential beyond the MRE. This is evidenced by the intersection of additional mineralization beyond the MRE pit constraints. Another example is the very encouraging results emanating from the continuing trenching program targeting the shallow high-grade zones of oxide mineralization.

On the exploration of Luanga, we have made progress by continuing to discover evidence of magmatic nickel sulphides, which have been intersected in the north, central and southwest sectors. We now have a dedicated exploration team focusing on following up on the 17 priority drill targets defined by the extensive helicopter-based (HeliTEM) electromagnetic (EM) geophysical survey flown over 100 per cent of the Luanga area.

Our site infrastructure has been significantly improved with the installation of a state-of-the-art core storage facility with an area of 1,250 square metres and designed to house over 200,000 metres of drill core. This facility is adequate to accommodate historical and Bravo's drill cores, with ample room for future drilling campaigns. Beyond storage, the new core facility boasts expansive working areas for our team of geologists and technicians, where they can seamlessly conduct their activities. In addition, we have completed other site infrastructure improvements, such as upgraded and expanded accommodations, leisure facilities and improved office spaces for our site-based team.

Concurrent with the above achievements, we are very proud to report 694 consecutive days free of lost time injuries. We believe this is a testament to our commitment to occupational health and safety and good management supervision of field activities. We have also honoured our promise to respect the environment by planting 12,735 trees so far, or 53 per drill hole, five times our initial plan of 10 trees per each drill hole. Our goal is to plant 60,000 trees in the next three years to continue the environmental rehabilitation of degraded areas within the Luanga project, within local communities and in areas off site impacted by artisanal mining. Our plantings prioritize high-value fruit-bearing trees, such as Brazil nuts, cocoa, acai, acerola cherry and other native trees.

Our commitment to communities surrounding the Luanga project has been underlined by proudly sourcing 76 per cent of our work force from the Carajas region and acquiring over 70 per cent of materials and services from local suppliers. Further, we actively support two social projects, benefiting approximately 200 children and youths, with a focus on education, sports and leisure, reflecting our holistic approach to community engagement.

The drilling program continues to steadily move forward, with a heightened emphasis on exploration aimed at increasing and upgrading our mineral resource base, while exploring for new discoveries. Simultaneously, we are actively evaluating a range of development options, with a particular focus on permitting and improving the metallurgical studies for both sulphide and oxide materials as well as investigating customer marketing alternatives for Luanga products.

In recognition of our achievements in 2023, we were honoured to have received two prestigious awards in Brazil for Exploration Company of the Year, one from the Brazilian Association of Mineral and Mining Research Companies (ABPM) and the other from Brasil Mineral magazine, which for more than four decades has been recognizing excellence in the mineral sector through its Empresas do Ano do Setor Mineral Companies of the Year in the Mineral Sector) awards. These awards hold special significance for us, given the relatively short period since our IPO in July, 2022.

We owe our accomplishments to the collective efforts of our dedicated employees, management, directors, key contractors and communities around Luanga. Their unwavering commitment has been instrumental in supporting our activities and driving our success.

To you, our shareholders, we express our gratitude for your continuing support. Your participation in our three rounds of equity financing, from pre-IPO, IPO and follow-on financing in June, 2023, empowered us to navigate challenges and seize opportunities with determination and discipline.

On behalf of the board of directors and management, we thank you once again for your invaluable support. Here's to an even more promising future ahead. We are Bravo!

Luis Azevedo

Chairman and chief executive officer

Bravo Mining

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 is situated on mature freehold farming land and benefits from being in a location close to operating mines, with excellent access and proximity to existing infrastructure, including road, rail and clean renewable hydro grid power. A fully financed 63,000 m infill, stepout and exploration drilling is currently under way. Bravo's current environmental, social and governance activities includes replanting trees in the project area, 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 engineering), MAIG, director of GE21 Consultoria Mineral Ltda., 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 the Australia Institute of Mining and Metallurgy). Mr. Candido is a full-time employee of independent consultancy RPM Global and 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.

Technical information in this letter has been reviewed and approved by Simon Mottram, FAusIMM, president of Bravo Mining, 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 letter.

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 is filed under the company's SEDAR+ profile.

We seek Safe Harbor.