Mr. Joe Kizis reports

BRAVADA UPDATES IN-PIT RESOURCE FOR WIND MOUNTAIN PROJECT, NEVADA

Bravada Gold Corp. has provided an updated, independent in-pit resource as part of its continuing prefeasibility study (PFS) for its Wind Mountain gold/silver property in Washoe county, Nevada.

Compared with Bravada's 2022 resource update, indicated resources increased by 15 per cent for gold and 20 per cent for silver and inferred resources increased by 292 per cent for gold and 490 per cent for silver. The large percentage increase in inferred resource is in part due to much of the overlying low-grade gold and silver mineralization that was in 2022 considered waste now being considered profitable to mine and leach because of higher metal prices. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

In addition to the updated pit-constrained resource, other potential resources might be developed with additional drilling at the North End target, the South End target and within historic "waste rock piles" where the company has identified potentially recoverable gold and silver.

President Joe Kizis commented: "Bravada's 2022 preliminary economic assessment (PEA) demonstrated favourable economics for an open-pit mining operation utilizing a small heap-leach pad site directly downhill from the Breeze open pit. Subsequent studies identified additional possible sites for leach pads. The potential for significantly extending mine life with additional pad sites and a dramatic increase in precious metal prices prompted the company to begin advancing Wind Mountain through the PFS stage of development. The in-pit resource is an important update of our progress."

Respec notes that additional studies such as further metallurgical studies to evaluate crushing higher-grade portions of the deposit and grid drilling to delineate economic portions of the previously mined waste rock, which are given no value in the current model, could further enhance the economics. For example, Respec notes that in the 2022 PEA, 1.1 million tons of historic mine waste is currently classified as waste and must be removed during phase I mining; however, results of limited drilling, surface sampling and trenching by Bravada suggest the material contains potentially recoverable gold.

The majority of the technical report dated Jan. 20, 2023, is unchanged, including results of the preliminary economic assessment, except for sections 1 (summary) and 14 (mineral resources). Respec, Woods Process Services and Debra Struhsacker, Bravada's environmental permitting and government relations consultant, compiled the technical report. Thomas Dyer, PE, is a principal engineer for Respec and is responsible for sections of the technical report involving mine designs and the economic evaluation; Michael Lindholm, CPG, is a principal geologist for Respec, and is responsible for the sections involving the mineral resource estimate; Jeffery Woods, SME MMSA QP, is an independent principal consulting metallurgist with Woods Process Services and is responsible for the sections on process 13, 17 and 21. The PEA relies on Ms. Struhsacker as an expert in permitting. Mr. Dyer, Mr. Lindholm and Mr. Woods are the qualified persons of the technical report for the purpose of Canadian National Instrument 43-101 -- Standards of Disclosure for Economic Analyses of Mineral Projects.

A technical report covering the updated pit-constrained resource will be filed with SEDAR+ within 45 days, as per NI 43-101 regulations.

About Wind Mountain

The past-producing Wind Mountain gold/silver project is located approximately 160 kilometres northeast of Reno, Nev., in a sparsely populated region with excellent logistics, including county-maintained road access and a power line to the property. AMAX Gold/Kinross Gold recovered nearly 300,000 ounces of gold and over 1.7 million ounces of silver between 1989 and 1999 from two small open pits and a heap-leach operation (reported data based on Kinross Gold files). Rio Fortuna Exploration (U.S.) Inc., a wholly owned United States subsidiary of Bravada Gold Corp., acquired 100 per cent of the property through an earn-in agreement with Agnico-Eagle (USA) Ltd., a subsidiary of Agnico-Eagle Mines Ltd., which retains a 2-per-cent NSR (net smelter return) royalty interest, of which 1 per cent may be purchased for $1-million at any time prior to commencement of production. The resource and PEA for Wind Mountain were updated in April, 2012, and further updated in November, 2022, and herein in September, 2025.

About Bravada Gold Corp.

Bravada is a long-established exploration and development company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in the world. Utilizing a modified joint venture business model, 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 PEA study conducted in 2022 on a phase I portion of the Wind Mountain deposit, and additional phases are being evaluated for the project as part of a continuing prefeasibility assessment. In addition, the company has significant upside potential from possible new discoveries at its other 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 eight projects in its portfolio, consisting of 756 claims for approximately 5,600 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.

Joseph Anthony Kizis Jr. (AIPG CPG-11513), the president and a director of Bravada Gold, is the qualified person responsible for reviewing and preparing the technical data presented in this release and has approved its disclosure.

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