Mr. Luis Azevedo reports

BRAVO MINING REPORTS EXPANDED METALLURGICAL RESULTS AND PROVIDES WORKSTREAM UPDATE

Bravo Mining Corp. has released additional encouraging metallurgical results from the application of Jameson Cell technology to its 100-per-cent-owned Luanga palladium plus platinum plus rhodium plus gold plus nickel deposit, located in the Carajas, Brazil.

Following the earlier investigations relating to the application of Jameson Cell technology to the beneficiation of the mineral products from the Luanga deposit (see press release dated Jan. 12, 2026), Bravo has continued to make progress in advancing the application of this widely used technology to its Luanga deposit and establishing it as the preferred flotation route for the upcoming prefeasibility study (PFS).

The program is focused on enhancing metals recovery, improving rougher concentrate grades and optimizing the overall process flowsheet.

Metallurgical work, using Jameson cells, continues with both bench-scale testing and pilot scale tests, while also seeking to optimize reagent consumption, economize on circuit configurations, equipment sizing and other process parameters.

Highlights include:

• The application of Jameson Cell technology has continued to demonstrate improved flotation performance over the use of traditional flotation cells.
• A comprehensive rougher-stage flotation program has been completed, with results further supporting the adoption of Jameson Cell technology not only in the rougher stage but also in the cleaner flotation circuit.
  • Final tests are under way, with results expected in the coming weeks in support of the upcoming PFS.
• Current Jameson Cell testing reaffirmed a potential 5- to 10-per-cent improvement in Pt (platinum), Pd (palladium) and Au (gold) recoveries and 5 to 30 per cent higher Ni (nickel) recoveries versus conventional Denver cells, while achieving up to 50 per cent lower mass pull with no material loss in recovery as compared with conventional flotation cells.
• Inclusion of Jameson cells in both rougher and cleaner applications enhance selectivity and has demonstrated potential to raise achievable concentrate grades from historic 80 grams per tonne to 100 to 120 g/t PGMs (a 25-per-cent to 50-per-cent improvement).
• Higher concentrate grades have the potential to improve payabilities, reduce freight and decrease treatment charges.
• Jameson Cell technology is widely employed globally, including within PGM flotation plants in Southern Africa where recoveries/concentrate grades have improved using the technology, and reduced capex (capital expenditure) and opex (operating expenditure) have been reported.

"We are very pleased with the results from our Jameson Cell testing, which continue to demonstrate improved metal recoveries and higher concentrate grades, while achieving significantly lower mass pull compared with conventional flotation cells. We expect these improvements to positively contribute to the Luanga PFS and, importantly, may further enhance the 'vertically integrated' project scenario being evaluated alongside the 'concentrate' scenario planned for inclusion in the PFS," said Luis Azevedo, chairman and chief executive officer. "We also appreciate the strong technical support from Glencore Technology as we advance the flotation program. Their indicated willingness to provide performance guarantees based on their review of the Luanga metallurgical data provides further confidence in the application of Jameson Cell technology to the project.

"With the PFS now approaching completion, we remain on track for delivery in Q3 2026, followed by the installation licence application. Our ongoing PGM infill and expansion drill program is also expected to be completed during Q3, with results supporting an updated mineral resource estimate targeted for Q1 2027 and the definitive feasibility study targeted for Q3 2027. In parallel, we are preparing to commence our copper-gold drilling program by early Q4."

The Jameson Cell technology

The Jameson Cell technology has been in service around the world for over 30 years, with over 500 units in operation today across 30 countries. Perhaps its most best-known application was reported at the world class Mt. Isa copper mine in Australia, where it was developed for its superior performance over traditional flotation cells in the recovery of fine mineral particle sizes not unlike that hosted by Luanga. The improved performance is attributed to the better bubble-particle environment within the Jameson Cell.

Preliminary expanded metallurgical testwork results

Results reported herein include rougher flotation and preliminary Jameson cleaner test results incorporating Glencore Technology's standardized Jameson simulation test protocol. The program is continuing and will include additional cleaner stage optimization and pilot scale tests.

The purpose of the expanded program is to further confirm, with greater confidence, previously recorded results from the initial exploratory Jameson program completed earlier this year and reported in the Jan. 12, 2026, news release. The objective is to generate metallurgical data that will support prefeasibility study requirements and to investigate opportunities for optimization around the flotation process.

As previously reported, the company identified an opportunity to further improve metallurgical performance by targeting incremental recoveries from losses of fine-grained mineralization reporting to final tailings when using conventional flotation cells. To this end, the Jameson flotation cell technology has been evaluated by applying multiple tests on differing samples conducted independently at Base Metallurgical Laboratories Ltd. (Intertek), in Kamloops, B.C., Canada.

The Jameson Cell rougher tests were conducted at laboratory-scale to Glencore Technology's standardized three-stage dilution test.

Testing included composite samples from the North sector grading 1.97 g/t Pd plus Pt plus Rh plus Au (4E PGM), 0.21 per cent Ni to 2.80 g/t 4E PGM, 0.21 per cent Ni. The primary grind size selected was 80 per cent passing (P80) 28 micrometres. Operating conditions were controlled to optimize the Jameson Cell air bubble mixing intensity, including stable air entrainment, feed density and froth washing.

Moreover, positive results were again observed for nickel recoveries, with a 5- to 30-per-cent improvement across the recovery-mass pull curve. This outcome was achieved coincident with up to 50-per-cent reduction in mass pull with no material loss in recovery which is highly desirable and very encouraging for future upside.

Preliminary cleaner test

Cleaner tests have since validated the flotation performance, delivering marginally improved metal recoveries while confirmed the higher concentrate grades. These results indicate that (as yet unoptimized) Jameson Cell cleaner tests have also outperformed conventional cells in cleaning functions. This is evident from the diagram below, where the Jameson cells produced a 120 g/t concentrate at a notably higher recovery that the corresponding Dever cell baseline test.

Future work will seek to optimize the application of Jameson Cell technology to the cleaning duties targeting potential further improvements.

The Jameson Cell technology is characterized by a direct 1:1 scale-up from laboratory cells to full-scale commercial installations, providing a high degree of confidence that lab performance is representative of what can be expected at industrial scale.

Accordingly, the Jameson Cell results are considered a reliable indication of result in commercial processing flowsheet and are accepted as being sufficiently reliable for inclusion in Bravo's PFS/DFS studies.

Continued program

Similar tests have been conducted on the Central and Southwest sector material from Luanga with results pending.

Due to the low mass pull achieved, sector-by-sector cleaner tests will subsequently be conducted on composited rougher products obtained from the three-stage dilution tests.

Further locked cycle tests, simulations and pilot scale L150 tests will be conducted subsequently, incorporating the optimized parameters and circuit configuration established from the three-stage dilution tests.

Glencore Technology independent review and technical support

As part of Bravo's technical assurance, the company has been working in close partnership with the Jameson Cell technology provider, Glencore Technology, to advance and support the continuing program. This includes members of Glencore's team in Brazil, Canada and Australia.

In support of the continuing PFS work, Glencore was asked to independently review all historical and currently generated metallurgical data from the Luanga project. The data included previous conventional flotation test data, locked cycle test data, circuit design and mass balance data, and all recently generated Jameson-related data.

The review provided a further independent verification process on the metallurgical performance assumptions for the Luanga project with reference to how the data and performance assumptions relate and translate into the Jameson Cell environment.

Following the review, Glencore Technology has concluded that it is prepared to issue performance guarantees on the metallurgical performance assumptions based on the current Luanga metallurgical database while confirming the expectation that performance can be further improved with the adoption of the Jameson Cell technology.

Glencore is providing further technical support in test program guidance, simulations and mass balance determinations while providing design support for the PFS.

Metallurgy program next steps

Bravo will continue its metallurgical test work program, with a focus on validating Jameson Cell performance through additional testing and assessing its integration into the Luanga flowsheet.

Testing will include further rougher trials and exercises wherein Jameson cells are used instead of traditional cells in the cleaner circuit. This will then be complemented by lock-cycle testing of various rougher-cleaner circuit configuration.

Upon completion of this work, representative samples from the Luanga Central and Southwest sectors will be tested using Jameson cells to ensure suitability across the deposit.

Prefeasibility study update and next milestones

The prefeasibility study is on track for completion by Q3 this year with the substantial components of the study already completed, including the updated project general arrangement, mining studies, optimization and designs, and plant and infrastructure engineering disciplines. Currently, capital cost estimates and operating costs are in finalization with conclusion of the economic evaluation anticipated in coming weeks.

As Bravo advances toward completion of the prefeasibility study, several key workstreams are continuing in parallel. On completion of the current PGM drilling program, the company's drill rigs will transition to the recently established copper-gold division (see news release dated Feb. 5, 2026), which is expected to commence its drilling program by early Q4 2026.

Following completion of the PFS, Bravo intends to advance the permitting process through submission of the installation licence (LI) application. Results from the 2026 PGM drilling program, expected to be completed in Q3 2026, will support an updated mineral resource estimate (MRE) targeted for Q1 2027. The updated MRE will form the basis of the company's definitive feasibility study (DFS), currently targeted for completion in second half of 2027.

About Bravo Mining Corp.

Bravo is a Canadian and Brazil-based mineral exploration and development company focused on advancing its PGM and copper-gold Luanga project in the world-class Carajas mineral province, Para state, Brazil.

Bravo is one of the most active explorers in Carajas. The team, comprising of local and international geologists, has a proven record of PGM, nickel and copper discoveries in the region. They have successfully taken a past IOCG greenfield project from discovery to development and production in the Carajas.

The Luanga project is situated on mature freehold farming land and benefits from being located close to operating mines and a mining-experienced work force, with excellent access and proximity to existing infrastructure, including road, rail and hydroelectric grid power. Bravo's current environmental, social and governance activities include planting more than 55,000 high-value trees in and around the project area and hiring and contracting locally.

Technical disclosure

Technical information in this news release relates to results from metallurgical testwork overseen by Paulo Medeiros, metallurgical engineer and chief metallurgist for Bravo Mining, and has been reviewed and approved by Simon Mottram, F.AusIMM (fellow, Australia Institute of Mining and Metallurgy), president of Bravo Mining who serves as the company's qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Mottram has verified the technical data and opinions contained in this news release. Mr. Medeiros has reviewed and consented to this release.

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