# Bravo Reports Results of Pre-Feasibility Study for its Luanga Project Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685 Original source: https://orestocks.com/company/BRVO.V/press-releases/6694797469225246 Publisher: orestocks Original announcement: 2026-09-22T09:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-22T10:55:10.315Z Atlas analysis updated: 2026-09-22T10:55:10.315Z - Company: Bravo Mining Corp. - Ticker: BRVO.V - Exchange: Unavailable - Region: Pará State, Brazil - Primary commodity: Palladium - Secondary commodities: Platinum, Rhodium, Gold, Nickel, Copper - Document categories: Resource update, Metallurgy - Extracted: 2026-09-22 10:55:11 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Bravo Mining Corp. has announced strong Pre-Feasibility Study results for its Luanga Project in Brazil, reporting an after-tax NPV8% of US$1.45 billion and an IRR of 35.1%. The study includes a maiden Proven & Probable Mineral Reserve of 86.7 Mt grading 2.77 g/t PdEq for 7,731 kOz of contained PdEq, and improved metallurgical recoveries using Jameson Cell flotation technology. The company plans to advance permitting and a Definitive Feasibility Study, with an updated Mineral Resource expected in Q1 2027. Reasoning: The Pre-Feasibility Study for the Luanga Project demonstrates robust economics with a significant after-tax NPV and IRR, supported by a maiden Mineral Reserve and improved metallurgical recoveries, marking a major de-risking milestone for the project. - Positive factor: Strong economic metrics \(NPV, IRR, payback\) - Positive factor: Maiden Mineral Reserve declared - Positive factor: Improved metallurgical recoveries with Jameson Cell technology - Positive factor: Vertical integration strategy with ZPE benefits - Positive factor: Strategic geographical advantage and advancing permits - Positive factor: Well-funded for next steps - Negative factor: Mineral Reserve does not include 22,100m of 2026 infill and expansion drilling - Negative factor: PFS is based on a 2025 MRE, not the latest drilling - Negative factor: Inferred resources are not included in the Base Case mine plan - Negative factor: Copper is not included in the economic analysis, despite potential Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 85 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The PFS establishes a maiden Mineral Reserve for the Luanga Project. Evidence · text > Maiden Mineral Reserve Declared **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The PFS declares a Proven Mineral Reserve of 17.7 Mt. Evidence · table > Proven Reserves Context: 17.7 **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The PFS declares a Probable Mineral Reserve of 69.0 Mt. Evidence · table > Probable Reserves Context: 69.0 **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The PFS reports a reserve conversion ratio of 55% relative to the Measured and Indicated Mineral Resource tonnes and 74% on a PdEq1 metal contained basis, indicating a conversion of resources to reserves. Evidence · text > Reserve conversion ratio of 55% relative to the Measured and Indicated Mineral Resource tonnes and 74% on a PdEq1metal contained basis. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, an independent QP under NI43-101. Evidence · text > The Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Mineral Reserve estimate explicitly states a defined cut-off grade of 0.87 g/t PdEq1. Evidence · text > Defined cut-off grade of 0.87 g/t PdEq1. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Mineral Reserves are reported in accordance with NI 43-101. Evidence · text > Mineral Reserves are reported in accordance with the CIM Standards \(2014\) and Best Practices Guidelines \(2019\), as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects \(NI 43-101\). **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: Mineral Reserves are reported in accordance with CIM Standards and Best Practices Guidelines, which are CRIRSCO-aligned and consistent with JORC principles. Evidence · text > Mineral Reserves are reported in accordance with the CIM Standards \(2014\) and Best Practices Guidelines \(2019\), as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects \(NI 43-101\). **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The PFS states that no Inferred Resource was counted as Mineral Reserve. Evidence · text > No Inferred Resource was counted as Mineral Reserve. **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Mineral Resource estimate underpinning the Mineral Reserve has an effective date of February 18, 2025, which is over a year prior to the PFS announcement date of September 22, 2026. Evidence · text > The Mineral Resource estimate underpinning the Mineral Reserve has an effective date of February 18, 2025 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: The document is a Pre-Feasibility Study for the Luanga Project. Evidence · text > Bravo Reports Results of Pre-Feasibility Study for its Luanga Project **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Forecast recoveries for gold \(88%\) and nickel \(70.6%\) are particularly high for a flotation circuit, and palladium \(81.5%\) is also strong. Evidence · text > forecast recoveries of 82% Pd, 80% Pt, 55% Rh, 88% Au and 71% Ni **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: Metallurgical test work demonstrated improved recoveries for palladium, gold, and nickel compared to the 2025 PEA. Evidence · text > Testing on representative Luanga sulphide material demonstrated improved recoveries relative to conventional flotation cells, particularly for palladium, gold and nickel, together with improved selectivity and reduced mass pull as compared to the 2025 PEA. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The Base Case process plant is designed around a flotation concentrator incorporating Jameson Cell flotation technology. Evidence · text > flotation concentrator incorporating an updated comminution and Jameson cell flotation circuit **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: Bravo has undertaken an extensive metallurgical test work program focused on variability. Evidence · text > Bravo has undertaken an extensive metallurgical test work program focused on variability **POX/BIOX Route** Polarity: neutral Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX. Why it applies: the document describes a pox\_biox route \("roasting"\) ## Extracted facts Stored fact records: 85. Some facts used in scoring do not have a stored record. ## Resource Estimates (75) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-0) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:6411fff745be91428634 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 17700000 - Grade: 0.95 - Grade Unit: g/t - Contained Metal: 541 - Contained Unit: koz - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.99 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Proven Mineral Reserve for palladium, indicating high confidence in the economic viability of this portion of the resource. - Positive factor: Maiden Proven Reserve declared - Positive factor: High confidence category Evidence · table > 0.95 Context: 17.7 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-1) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:6411fff745be91428634 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 17700000 - Grade: 0.82 - Grade Unit: g/t - Contained Metal: 466 - Contained Unit: koz - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.99 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Proven Mineral Reserve for platinum, contributing to the overall economic viability of the project. - Positive factor: Maiden Proven Reserve declared - Positive factor: High confidence category Evidence · table > 0.82 Context: 17.7 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-2) Luanga · rhodium #### Identity - Project: Luanga - Commodity: rhodium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:6411fff745be91428634 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 17700000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 70 - Contained Unit: koz - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.99 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Proven Mineral Reserve for rhodium, adding to the overall economic value of the project. - Positive factor: Maiden Proven Reserve declared - Positive factor: High confidence category Evidence · table > 0.12 Context: 17.7 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-3) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:6411fff745be91428634 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 17700000 - Grade: 0.08 - Grade Unit: g/t - Contained Metal: 44 - Contained Unit: koz - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.99 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Proven Mineral Reserve for gold, contributing to the polymetallic nature of the project. - Positive factor: Maiden Proven Reserve declared - Positive factor: High confidence category Evidence · table > 0.08 Context: 17.7 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-4) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:6411fff745be91428634 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 17700000 - Grade: 0.1765 - Grade Unit: % - Contained Metal: 31239 - Contained Unit: t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.99 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Proven Mineral Reserve for nickel, adding significant value to the polymetallic project. - Positive factor: Maiden Proven Reserve declared - Positive factor: High confidence category Evidence · table > 0.1765 Context: 17.7 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-5) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:80e57622e651e5be0203 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 69000000 - Grade: 0.93 - Grade Unit: g/t - Contained Metal: 2062 - Contained Unit: koz - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.72 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Probable Mineral Reserve for palladium, contributing significantly to the project's economic viability. - Positive factor: Maiden Probable Reserve declared Evidence · table > 0.93 Context: 69.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-6) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:80e57622e651e5be0203 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 69000000 - Grade: 0.65 - Grade Unit: g/t - Contained Metal: 1442 - Contained Unit: koz - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.72 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Probable Mineral Reserve for platinum, adding to the project's overall economic value. - Positive factor: Maiden Probable Reserve declared Evidence · table > 0.65 Context: 69.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-7) Luanga · rhodium #### Identity - Project: Luanga - Commodity: rhodium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:80e57622e651e5be0203 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 69000000 - Grade: 0.1 - Grade Unit: g/t - Contained Metal: 226 - Contained Unit: koz - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.72 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Probable Mineral Reserve for rhodium, contributing to the project's economic potential. - Positive factor: Maiden Probable Reserve declared Evidence · table > 0.10 Context: 69.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-8) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:80e57622e651e5be0203 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 69000000 - Grade: 0.07 - Grade Unit: g/t - Contained Metal: 161 - Contained Unit: koz - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.72 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Probable Mineral Reserve for gold, adding to the polymetallic nature of the project. - Positive factor: Maiden Probable Reserve declared Evidence · table > 0.07 Context: 69.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-9) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:80e57622e651e5be0203 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 69000000 - Grade: 0.1786 - Grade Unit: % - Contained Metal: 123237 - Contained Unit: t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.72 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Probable Mineral Reserve for nickel, significantly contributing to the project's economic potential. - Positive factor: Maiden Probable Reserve declared Evidence · table > 0.1786 Context: 69.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-10) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:ca0913b1056c32dda2ff - Deposit or zone: Luanga Project - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 4000000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 117 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource for palladium in oxide material, providing high confidence but based on an older estimate. - Positive factor: High confidence category - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.90 Context: 4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-11) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:ca0913b1056c32dda2ff - Deposit or zone: Luanga Project - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 4000000 - Grade: 0.88 - Grade Unit: g/t - Contained Metal: 115 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource for platinum in oxide material, providing high confidence but based on an older estimate. - Positive factor: High confidence category - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.88 Context: 4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-12) Luanga · rhodium #### Identity - Project: Luanga - Commodity: rhodium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:ca0913b1056c32dda2ff - Deposit or zone: Luanga Project - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 4000000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 15 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource for rhodium in oxide material, providing high confidence but based on an older estimate. - Positive factor: High confidence category - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.12 Context: 4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-13) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:ca0913b1056c32dda2ff - Deposit or zone: Luanga Project - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 4000000 - Grade: 0.05 - Grade Unit: g/t - Contained Metal: 7 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource for gold in oxide material, providing high confidence but based on an older estimate. - Positive factor: High confidence category - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.05 Context: 4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-14) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:d5efd0171cc54245346e - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 32000000 - Grade: 0.97 - Grade Unit: g/t - Contained Metal: 1009 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 2.06 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource for palladium in fresh rock, providing high confidence but based on an older estimate. - Positive factor: High confidence category - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.97 Context: 32 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-15) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:d5efd0171cc54245346e - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 32000000 - Grade: 0.67 - Grade Unit: g/t - Contained Metal: 694 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 2.06 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource for platinum in fresh rock, providing high confidence but based on an older estimate. - Positive factor: High confidence category - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.67 Context: 32 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-16) Luanga · rhodium #### Identity - Project: Luanga - Commodity: rhodium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:d5efd0171cc54245346e - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 32000000 - Grade: 0.08 - Grade Unit: g/t - Contained Metal: 88 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 2.06 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource for rhodium in fresh rock, providing high confidence but based on an older estimate. - Positive factor: High confidence category - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.08 Context: 32 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-17) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:d5efd0171cc54245346e - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 32000000 - Grade: 0.04 - Grade Unit: g/t - Contained Metal: 46 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 2.06 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource for gold in fresh rock, providing high confidence but based on an older estimate. - Positive factor: High confidence category - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.04 Context: 32 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-18) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:d5efd0171cc54245346e - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 32000000 - Grade: 0.11 - Grade Unit: % - Contained Metal: 35282 - Contained Unit: t - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 2.06 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource for nickel in fresh rock, providing high confidence but based on an older estimate. - Positive factor: High confidence category - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.11 Context: 32 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-19) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:a9b2d9f97a9e8db3cac6 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 6000000 - Grade: 0.97 - Grade Unit: g/t - Contained Metal: 200 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for palladium in oxide material, providing moderate confidence but based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.97 Context: 6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-20) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:a9b2d9f97a9e8db3cac6 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 6000000 - Grade: 0.73 - Grade Unit: g/t - Contained Metal: 151 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for platinum in oxide material, providing moderate confidence but based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.73 Context: 6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-21) Luanga · rhodium #### Identity - Project: Luanga - Commodity: rhodium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:a9b2d9f97a9e8db3cac6 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 6000000 - Grade: 0.11 - Grade Unit: g/t - Contained Metal: 23 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for rhodium in oxide material, providing moderate confidence but based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.11 Context: 6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-22) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:a9b2d9f97a9e8db3cac6 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 6000000 - Grade: 0.04 - Grade Unit: g/t - Contained Metal: 9 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for gold in oxide material, providing moderate confidence but based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.04 Context: 6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-23) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:bb72d8bedda9620d1ced - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: high\_talc - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 2000000 - Grade: 1.12 - Grade Unit: g/t - Contained Metal: 89 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.83 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for palladium in high talc material, providing moderate confidence but based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 1.12 Context: 2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-24) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:bb72d8bedda9620d1ced - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: high\_talc - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 2000000 - Grade: 0.54 - Grade Unit: g/t - Contained Metal: 43 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.83 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for platinum in high talc material, providing moderate confidence but based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.54 Context: 2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-25) Luanga · rhodium #### Identity - Project: Luanga - Commodity: rhodium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:bb72d8bedda9620d1ced - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: high\_talc - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 2000000 - Grade: 0.08 - Grade Unit: g/t - Contained Metal: 6 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.83 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for rhodium in high talc material, providing moderate confidence but based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.08 Context: 2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-26) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:bb72d8bedda9620d1ced - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: high\_talc - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 2000000 - Grade: 0.11 - Grade Unit: g/t - Contained Metal: 9 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.83 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for gold in high talc material, providing moderate confidence but based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.11 Context: 2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-27) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:bb72d8bedda9620d1ced - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: high\_talc - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 2000000 - Grade: 0.13 - Grade Unit: % - Contained Metal: 3160 - Contained Unit: t - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.83 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for nickel in high talc material, providing moderate confidence but based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.13 Context: 2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-28) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:f493bd42dbe36ec33233 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 113000000 - Grade: 0.99 - Grade Unit: g/t - Contained Metal: 3583 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 2.09 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for palladium in fresh rock, providing moderate confidence but based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.99 Context: 113 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-29) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:f493bd42dbe36ec33233 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 113000000 - Grade: 0.59 - Grade Unit: g/t - Contained Metal: 2133 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 2.09 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for platinum in fresh rock, providing moderate confidence but based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.59 Context: 113 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-30) Luanga · rhodium #### Identity - Project: Luanga - Commodity: rhodium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:f493bd42dbe36ec33233 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 113000000 - Grade: 0.09 - Grade Unit: g/t - Contained Metal: 318 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 2.09 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for rhodium in fresh rock, providing moderate confidence but based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.09 Context: 113 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-31) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:f493bd42dbe36ec33233 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 113000000 - Grade: 0.05 - Grade Unit: g/t - Contained Metal: 193 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 2.09 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for gold in fresh rock, providing moderate confidence but based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.05 Context: 113 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-32) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:f493bd42dbe36ec33233 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 113000000 - Grade: 0.14 - Grade Unit: % - Contained Metal: 156406 - Contained Unit: t - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 2.09 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for nickel in fresh rock, providing moderate confidence but based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.14 Context: 113 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-33) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:cef5a118377268254c76 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3000000 - Grade: 0.88 - Grade Unit: g/t - Contained Metal: 73 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.57 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for palladium in oxide material, which is speculative and based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 0.88 Context: 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-34) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:cef5a118377268254c76 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3000000 - Grade: 1.04 - Grade Unit: g/t - Contained Metal: 86 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.57 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for platinum in oxide material, which is speculative and based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 1.04 Context: 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-35) Luanga · rhodium #### Identity - Project: Luanga - Commodity: rhodium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:cef5a118377268254c76 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3000000 - Grade: 0.13 - Grade Unit: g/t - Contained Metal: 11 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.57 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for rhodium in oxide material, which is speculative and based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 0.13 Context: 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-36) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:cef5a118377268254c76 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3000000 - Grade: 0.05 - Grade Unit: g/t - Contained Metal: 4 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.57 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for gold in oxide material, which is speculative and based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 0.05 Context: 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-37) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:739ce9983925d0bcaf8a - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: high\_talc - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 1.08 - Grade Unit: g/t - Contained Metal: 3 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.76 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for palladium in high talc material, which is speculative and based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 1.08 Context: 0.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-38) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:739ce9983925d0bcaf8a - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: high\_talc - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 0.53 - Grade Unit: g/t - Contained Metal: 2 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.76 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for platinum in high talc material, which is speculative and based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 0.53 Context: 0.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-39) Luanga · rhodium #### Identity - Project: Luanga - Commodity: rhodium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:739ce9983925d0bcaf8a - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: high\_talc - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 0.07 - Grade Unit: g/t - Contained Metal: 0 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.76 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for rhodium in high talc material, which is speculative and based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 0.07 Context: 0.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-40) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:739ce9983925d0bcaf8a - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: high\_talc - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 0.1 - Grade Unit: g/t - Contained Metal: 0 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.76 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for gold in high talc material, which is speculative and based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 0.10 Context: 0.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-41) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:739ce9983925d0bcaf8a - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: high\_talc - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 0.14 - Grade Unit: % - Contained Metal: 133 - Contained Unit: t - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.76 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for nickel in high talc material, which is speculative and based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 0.14 Context: 0.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-42) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:d39100c5e0d3f1aa38b6 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 75000000 - Grade: 0.97 - Grade Unit: g/t - Contained Metal: 2344 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 2.02 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for palladium in fresh rock, which is speculative and based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 0.97 Context: 75 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-43) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:d39100c5e0d3f1aa38b6 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 75000000 - Grade: 0.58 - Grade Unit: g/t - Contained Metal: 1389 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 2.02 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for platinum in fresh rock, which is speculative and based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 0.58 Context: 75 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-44) Luanga · rhodium #### Identity - Project: Luanga - Commodity: rhodium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:d39100c5e0d3f1aa38b6 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 75000000 - Grade: 0.08 - Grade Unit: g/t - Contained Metal: 191 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 2.02 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for rhodium in fresh rock, which is speculative and based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 0.08 Context: 75 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-45) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:d39100c5e0d3f1aa38b6 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 75000000 - Grade: 0.05 - Grade Unit: g/t - Contained Metal: 123 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 2.02 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for gold in fresh rock, which is speculative and based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 0.05 Context: 75 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-46) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:d39100c5e0d3f1aa38b6 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 75000000 - Grade: 0.13 - Grade Unit: % - Contained Metal: 97586 - Contained Unit: t - Cutoff Grade: 0.5 - Cutoff Unit: g/t PdEq1 #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 2.02 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for nickel in fresh rock, which is speculative and based on an older estimate. - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 0.13 Context: 75 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-57) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:4116e518a8f7ba59f53a - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 17.7 - Grade: 0.95 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.99 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Proven Mineral Reserve for palladium, indicating high confidence in the economic viability of this portion of the resource. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Proven Reserve declared - Positive factor: High confidence category Evidence · table > 0.95 Context: 17.7 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-58) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:4116e518a8f7ba59f53a - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 17.7 - Grade: 0.82 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.99 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Proven Mineral Reserve for palladium, indicating high confidence in the economic viability of this portion of the resource. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Proven Reserve declared - Positive factor: High confidence category Evidence · table > 0.82 Context: 17.7 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-59) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:4116e518a8f7ba59f53a - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 17.7 - Grade: 0.08 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.99 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Proven Mineral Reserve for palladium, indicating high confidence in the economic viability of this portion of the resource. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Proven Reserve declared - Positive factor: High confidence category Evidence · table > 0.08 Context: 17.7 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-60) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:4116e518a8f7ba59f53a - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 17.7 - Grade: 0.1765 - Grade Unit: % - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.99 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Proven Mineral Reserve for palladium, indicating high confidence in the economic viability of this portion of the resource. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Proven Reserve declared - Positive factor: High confidence category Evidence · table > 0.1765 Context: 17.7 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-61) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:46a4dad63642098c78f4 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 69 - Grade: 0.93 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.72 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Probable Mineral Reserve for palladium, contributing significantly to the project's economic viability. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Probable Reserve declared Evidence · table > 0.93 Context: 69.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-62) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:46a4dad63642098c78f4 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 69 - Grade: 0.65 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.72 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Probable Mineral Reserve for palladium, contributing significantly to the project's economic viability. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Probable Reserve declared Evidence · table > 0.65 Context: 69.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-63) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:46a4dad63642098c78f4 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 69 - Grade: 0.07 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.72 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Probable Mineral Reserve for palladium, contributing significantly to the project's economic viability. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Probable Reserve declared Evidence · table > 0.07 Context: 69.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-64) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:46a4dad63642098c78f4 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: fresh\_rock - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 69 - Grade: 0.1786 - Grade Unit: % - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.72 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Probable Mineral Reserve for palladium, contributing significantly to the project's economic viability. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Probable Reserve declared Evidence · table > 0.1786 Context: 69.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-65) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:c0709def194b5938a823 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 86.7 - Grade: 0.93 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.72 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Probable Mineral Reserve for palladium, contributing significantly to the project's economic viability. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Probable Reserve declared Evidence · table > 0.93 Context: 86.7 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-66) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:c0709def194b5938a823 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 86.7 - Grade: 0.68 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.72 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Probable Mineral Reserve for palladium, contributing significantly to the project's economic viability. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Probable Reserve declared Evidence · table > 0.68 Context: 86.7 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-67) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:c0709def194b5938a823 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 86.7 - Grade: 0.07 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.72 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Probable Mineral Reserve for palladium, contributing significantly to the project's economic viability. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Probable Reserve declared Evidence · table > 0.07 Context: 86.7 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-68) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro Rodriguez - Resource group id: resource:c0709def194b5938a823 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 86.7 - Grade: 0.1781 - Grade Unit: % - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2026-09-16 #### Metal Equivalent - Metal Eq. Grade: 2.72 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a maiden Probable Mineral Reserve for palladium, contributing significantly to the project's economic viability. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden Probable Reserve declared Evidence · table > 0.1781 Context: 86.7 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-69) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:e23395c9270e54545d26 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 4 - Grade: 0.9 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource for palladium in oxide material, providing high confidence but based on an older estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence category - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.90 Context: 4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-70) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:e23395c9270e54545d26 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 4 - Grade: 0.88 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource for palladium in oxide material, providing high confidence but based on an older estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence category - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.88 Context: 4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-71) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:e23395c9270e54545d26 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 4 - Grade: 0.05 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource for palladium in oxide material, providing high confidence but based on an older estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence category - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.05 Context: 4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-72) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:90e6af91ee0907ddd781 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2.01 - Grade: 2421 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.57 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for palladium in oxide material, which is speculative and based on an older estimate. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 2,421 Context: 2.01 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-73) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:90e6af91ee0907ddd781 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2.01 - Grade: 1476 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.57 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for palladium in oxide material, which is speculative and based on an older estimate. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 1,476 Context: 2.01 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-74) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:90e6af91ee0907ddd781 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2.01 - Grade: 128 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.57 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for palladium in oxide material, which is speculative and based on an older estimate. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 128 Context: 2.01 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-75) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:90e6af91ee0907ddd781 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2.01 - Grade: 97719 - Grade Unit: % - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.57 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for palladium in oxide material, which is speculative and based on an older estimate. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 97,719 Context: 2.01 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-76) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:94c3ccf0ab31134af168 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 6 - Grade: 0.97 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for palladium in oxide material, providing moderate confidence but based on an older estimate. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.97 Context: 6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-77) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:94c3ccf0ab31134af168 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 6 - Grade: 0.73 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for palladium in oxide material, providing moderate confidence but based on an older estimate. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.73 Context: 6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-78) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:94c3ccf0ab31134af168 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 6 - Grade: 0.04 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for palladium in oxide material, providing moderate confidence but based on an older estimate. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.04 Context: 6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-79) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:fbdd9b0ced6c52c5575d - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 10 - Grade: 0.94 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for palladium in oxide material, providing moderate confidence but based on an older estimate. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.94 Context: 10 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-80) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:fbdd9b0ced6c52c5575d - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 10 - Grade: 0.79 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for palladium in oxide material, providing moderate confidence but based on an older estimate. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.79 Context: 10 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-81) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:fbdd9b0ced6c52c5575d - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 10 - Grade: 0.04 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.51 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource for palladium in oxide material, providing moderate confidence but based on an older estimate. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is stale \(effective date Feb 2025\) Evidence · table > 0.04 Context: 10 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-82) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:cb63a83502c1bcdac157 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3 - Grade: 0.88 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.57 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for palladium in oxide material, which is speculative and based on an older estimate. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 0.88 Context: 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-83) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:cb63a83502c1bcdac157 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3 - Grade: 1.04 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.57 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for palladium in oxide material, which is speculative and based on an older estimate. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 1.04 Context: 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-resource-facts-84) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez - Resource group id: resource:cb63a83502c1bcdac157 - Deposit or zone: Luanga Project - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3 - Grade: 0.05 - Grade Unit: g/t - Cutoff Grade: 0.87 - Cutoff Unit: g/t PdEq #### Prior Estimate - Resource Date: 2025-02-18 #### Metal Equivalent - Metal Eq. Grade: 1.57 - Metal Eq. Unit: g/t PdEq1 - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource for palladium in oxide material, which is speculative and based on an older estimate. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is stale \(effective date Feb 2025\) - Negative factor: Inferred category has high geological uncertainty Evidence · table > 0.05 Context: 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (10) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-metallurgical-facts-47) Luanga · palladium #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: flotation concentrator incorporating Jameson Cell flotation circuit #### Recovery - Recovery: 81.5 % - Recovery Basis: actual\_test - Conc. Grade: 100 - Conc. Grade Unit: g/t PGM+Au #### Lab - Laboratory: Base Metallurgical Laboratories \(Intertek\) - Consultant: Glencore Technology #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Palladium recovery of 81.5% is strong for a flotation circuit and shows improvement over prior testwork, indicating positive metallurgical progress. - Positive factor: High Recovery - Positive factor: Recovery Improving - Positive factor: Advanced test scale \(locked-cycle\) Evidence · table > 81.5 % Context: Pd #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-metallurgical-facts-48) Luanga · platinum #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: flotation concentrator incorporating Jameson Cell flotation circuit #### Recovery - Recovery: 80 % - Recovery Basis: actual\_test - Conc. Grade: 100 - Conc. Grade Unit: g/t PGM+Au #### Lab - Laboratory: Base Metallurgical Laboratories \(Intertek\) - Consultant: Glencore Technology #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Platinum recovery of 80% is strong for a flotation circuit, though it shows a slight decrease from previous estimates. - Positive factor: High Recovery - Positive factor: Advanced test scale \(locked-cycle\) - Negative factor: Slight decrease in recovery compared to prior PEA Evidence · table > 80.0 % Context: Pt #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-metallurgical-facts-49) Luanga · rhodium #### Identity - Project: Luanga - Commodity: rhodium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: flotation concentrator incorporating Jameson Cell flotation circuit #### Recovery - Recovery: 55 % - Recovery Basis: actual\_test - Conc. Grade: 100 - Conc. Grade Unit: g/t PGM+Au #### Lab - Laboratory: Base Metallurgical Laboratories \(Intertek\) - Consultant: Glencore Technology #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Rhodium recovery of 55% shows improvement over prior testwork, contributing positively to the project's economics. - Positive factor: Recovery Improving - Positive factor: Advanced test scale \(locked-cycle\) Evidence · table > 55.0 % Context: Rh #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-metallurgical-facts-50) Luanga · gold #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: flotation concentrator incorporating Jameson Cell flotation circuit #### Recovery - Recovery: 88 % - Recovery Basis: actual\_test - Conc. Grade: 100 - Conc. Grade Unit: g/t PGM+Au #### Lab - Laboratory: Base Metallurgical Laboratories \(Intertek\) - Consultant: Glencore Technology #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Gold recovery of 88% is exceptionally high for a flotation circuit and shows significant improvement over prior testwork, strongly de-risking the project. - Positive factor: High Recovery - Positive factor: Recovery Improving - Positive factor: Advanced test scale \(locked-cycle\) Evidence · table > 88.0 % Context: Au #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-metallurgical-facts-51) Luanga · nickel #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: flotation concentrator incorporating Jameson Cell flotation circuit #### Recovery - Recovery: 70.6 % - Recovery Basis: actual\_test - Conc. Grade: 7 - Conc. Grade Unit: % Ni #### Lab - Laboratory: Base Metallurgical Laboratories \(Intertek\) - Consultant: Glencore Technology #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Nickel recovery of 70.6% is very strong for a flotation circuit and shows significant improvement over prior testwork, enhancing the project's economic viability. - Positive factor: High Recovery - Positive factor: Recovery Improving - Positive factor: Advanced test scale \(locked-cycle\) Evidence · table > 70.6 % Context: Ni #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 70.6% is below the weak band \(75%\) **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-metallurgical-facts-52) Luanga · palladium Historical result Needs review: historical\_restatement #### Identity - Project: Luanga - Commodity: palladium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: flotation concentrator #### Recovery - Recovery: 77 % - Recovery Basis: actual\_test - Conc. Grade: 80 - Conc. Grade Unit: g/t PGM+Au #### Lab - Laboratory: Base Metallurgical Laboratories \(Intertek\) - Consultant: Glencore Technology #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-02-18T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Historical palladium recovery from the 2025 PEA, now superseded by improved results from the PFS. - Negative factor: Historical data, superseded by new testwork Evidence · table > 77.0 % Context: Pd #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-metallurgical-facts-53) Luanga · platinum Historical result Needs review: historical\_restatement #### Identity - Project: Luanga - Commodity: platinum - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: flotation concentrator #### Recovery - Recovery: 81 % - Recovery Basis: actual\_test - Conc. Grade: 80 - Conc. Grade Unit: g/t PGM+Au #### Lab - Laboratory: Base Metallurgical Laboratories \(Intertek\) - Consultant: Glencore Technology #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-02-18T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Historical platinum recovery from the 2025 PEA, now superseded by new testwork results. - Negative factor: Historical data, superseded by new testwork Evidence · table > 81.0 % Context: Pt #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-metallurgical-facts-54) Luanga · rhodium Historical result Needs review: historical\_restatement #### Identity - Project: Luanga - Commodity: rhodium - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: flotation concentrator #### Recovery - Recovery: 51 % - Recovery Basis: actual\_test - Conc. Grade: 80 - Conc. Grade Unit: g/t PGM+Au #### Lab - Laboratory: Base Metallurgical Laboratories \(Intertek\) - Consultant: Glencore Technology #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-02-18T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Historical rhodium recovery from the 2025 PEA, now superseded by improved results from the PFS. - Negative factor: Historical data, superseded by new testwork Evidence · table > 51.0 % Context: Rh #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-metallurgical-facts-55) Luanga · gold Historical result Needs review: historical\_restatement #### Identity - Project: Luanga - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: flotation concentrator #### Recovery - Recovery: 48 % - Recovery Basis: actual\_test - Conc. Grade: 80 - Conc. Grade Unit: g/t PGM+Au #### Lab - Laboratory: Base Metallurgical Laboratories \(Intertek\) - Consultant: Glencore Technology #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-02-18T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Historical gold recovery from the 2025 PEA, now significantly improved by new testwork results. - Negative factor: Historical data, superseded by new testwork Evidence · table > 48.0 % Context: Au #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 48% is below the weak band \(80%\) **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/bravo-reports-results-of-pre-feasibility-study-for-its-luanga-project--970ce7ae-df00-4f16-acae-3d195900f685#fact-metallurgical-facts-56) Luanga · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Luanga - Commodity: nickel - Region: brazil - Reported Region: Pará State, Brazil - Ticker: BRVO.V #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: flotation concentrator #### Recovery - Recovery: 50 % - Recovery Basis: actual\_test #### Lab - Laboratory: Base Metallurgical Laboratories \(Intertek\) - Consultant: Glencore Technology #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-02-18T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Historical nickel recovery from the 2025 PEA, now significantly improved by new testwork results. - Negative factor: Historical data, superseded by new testwork Evidence · table > 50.0 % Context: Ni #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 50% is below the weak band \(75%\) **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.