Mr. Joe Kizis reports

BRAVADA CANCELS PREVIOUSLY ANNOUNCED FINANCING; ANNOUNCES NEW NON-BROKERED PRIVATE PLACEMENT; DRILLING PLANNED AT HIGHLAND PROJECT & EXPLORATION PROGRAMS ON SF/HC AND GABEL PROPERTIES, NEVADA IN 2024

Further to Bravada Gold Corp.'s news release dated July 20, 2023, it will not be proceeding with the non-brokered private placement of up to 24 million units at a price of five cents per unit for gross proceeds of $1.2-million.

The company also announces that it now plans to issue up to 15 million units in a non-brokered private placement at a price of 3.5 cents per unit for gross proceeds of $525,000. Each unit will consist of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of three years at an exercise price of five cents per share. The company will make provision for an overallotment option (greenshoe) to allow a purchase of up to 10 per cent additional units beyond the number of units in this private placement.

Based on successfully completing the offering, funds are planned to be used as follows:

• Exploration and land costs -- approximately 40 per cent, with 8 per cent payable to non-arm's-length parties;
• General working capital -- approximately 60 per cent, with 17 per cent payable to non-arm's-length parties.

No amounts are proposed to be spent on investor relations activities.

Subject to further financing, the company is planning a 2024 exploration program which will include drilling approximately 2,600 metres in 15 holes at the Highland low-sulphidation-type project. The property consists of 192 federal lode claims (approximately 1,500 hectares) located within the prolific Walker Lane gold belt, where large gold/silver discoveries continue to be made increasingly beneath barren surface alteration. Previous drilling by Bravada intersected vein zones with high-grade intercepts, confirming the potentially productive nature of the system. The company's best hole, H02013, intersected 1.5 metres (m) of 66.9 grams per tonne (g/t) gold and 397.7 g/t silver within a 12.2 m intercept of 9.5 g/t gold and 109.4 g/t silver (previously announced, true thicknesses estimated at 65 per cent of the intervals). A thin layer of alluvial gravel covers much of the property and several targets have been identified that have not been previously tested with drilling.

Highland is a large property with multiple hot spots of high-grade gold at surface. Widespread samples of float, outcrop and soils collected at the Big Hammer target, for example, contain anomalous gold and pathfinder geochemistry, with values ranging from 0.1 g/t to one g/t Au, with a maximum of 15 g/t Au. Minimal erosion indicates undiscovered high-grade vein deposits will be preserved in their entirety.

President Joe Kizis comments: "Despite years of major gold production, Nevada continues to produce excellent new gold/silver discoveries, many in areas previously thought to be completely explored or beneath altered rock that does not contain anomalous gold concentrations. Recent examples are Hecla's discovery in December, 2020, of the Green Racer deposit beneath barren sinter on their Midas property, a Nevada mining operation placed in production 23 years ago, and Anglo Ashanti's Silicon multimillion-ounce gold discovery well beneath barren alteration announced in 2022."

Additional geologic mapping, soil sampling and geophysics are also being planned to refine drill targets on the SF/HC property and the Gabel property, both Carlin-type properties adjacent to new gold discoveries in the Battle Mountain-Eureka gold belt. Permitting is anticipated after integration of that data with drilling later in 2024.

The company may pay finders' fees comprising cash and non-transferable warrants in connection with the offering, subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Bravada Gold Corp.

Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in the world. Bravada has successfully identified and advanced properties with the potential to host high-margin deposits while successfully attracting partners to finance later stages of project development. Bravada's value is underpinned by a substantial gold and silver resource with a positive preliminary economic assessment at Wind Mountain, and the company has significant upside potential from possible new discoveries at its exploration properties.

Since 2005, the company has signed 33 earn-in joint venture agreements for its properties with 20 publicly traded companies, as well as a similar number of property acquisition agreements with private individuals. Bravada currently has 10 projects in its portfolio, consisting of 810 claims for approximately 6,500 hectares in two of Nevada's most prolific gold trends. Most of the projects host encouraging drill intercepts of gold and already have drill targets developed.

Mr. Kizis (AIPG CPG-11513) is the qualified person responsible for reviewing and preparing the technical data presented in this release and has approved their disclosure.

We seek Safe Harbor.