Mr. Joseph Kizis reports

BRAVADA FILES TECHNICAL REPORT SIGNIFICANTLY INCREASING THE IN-PIT AU/AG RESOURCE FOR WIND MOUNTAIN PROJECT, NEVADA

Bravada Gold Corp. has filed a technical report prepared in accordance with Canadian Securities Administrators' National Instrument 43-101. The report may be found under the company's profile at SEDAR+ and on Bravada's website.

The report dated Oct. 23, 2025, entitled "Updated Technical Report and Preliminary Economic Assessment, Wind Mountain Gold-Silver Project," and located in Washoe county, Nevada, was prepared by Respec Company LLC (formerly Mine Development Associates) and Woods Process Services. The report presents an updated, independent in-pit resource as part of its continuing prefeasibility study.

Highlights compared with Bravada's 2022 resource:

• Indicated resources increased by 15 per cent for gold and 20 per cent for silver.
• Inferred resources increased by 292 per cent for gold and 490 per cent for silver. The large percentage increase is in part due to much of the overlying low-grade gold and silver mineralization that was in 2022 considered waste being considered profitable to mine and leach.
• Strip ratio of waste to mineralization decreased from 0.58 to 1 to 0.36 to 1.
• Potential mine life of the in-pit resource for a mining operation similar to that modelled as phase 1 in the 2022 PEA increased from 4.2 years to over 10 years.

Note: Mineral resources that are not mineral reserves do not have demonstrated economic viability. Readers are reminded that the preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them, which would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized, and the reader is advised to read notes from the qualified persons regarding the resource update, which are provided below in the pit-constrained resource table.

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

President Joe Kizis commented: "Bravada's 2022 preliminary economic assessment demonstrated favourable economics for an open-pit mining operation utilizing a small heap leach pad site directly downhill from the Breeze open pit. With increased prices in precious metal prices and additional leach pad sites now identified, the current report indicates potential for significantly extending mine life to over 10 years. The company's updating of the in-pit resource and ultimate advancement of Wind Mountain through the PFS stage are important steps in Wind Mountain's development."

There are no material differences in the mineral resource or the phase 1 PEA results contained in the report from those disclosed in the Sept. 9, 2025, news release.

Total pit-constrained resource

Respec utilized the approximately three-year trailing-average, base-case price of $2,400 (U.S.) per ounce of gold and $28.80 (U.S.) per ounce of silver to update the pit-constrained resource tabulated below.

Respec notes that additional studies such as further metallurgical studies to evaluate crushing higher-grade portions of the deposit and grid drilling to delineate economic portions of the previously mined waste rock, which are given no value in the current model, could further enhance the economics. For example, Respec notes that, in the 2022 PEA, 1.1 million tons of historic mine waste is currently classified as waste and must be removed during phase 1 mining; however, results of limited drilling, surface sampling and trenching by Bravada suggest the material contains potentially recoverable gold.

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

About Wind Mountain

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

About Bravada Gold Corp.

Bravada is a long-established exploration and development company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in the world. Utilizing a modified joint venture business model, Bravada has identified and advanced properties with the potential to host high-margin deposits while attracting partners to finance later stages of project development. Bravada's value is underpinned by a substantial gold and silver resource with a positive PEA study conducted in 2022 on a phase 1 portion of the Wind Mountain deposit, and additional phases are being evaluated for the project as part of a continuing prefeasibility assessment. In addition, the company has significant upside potential from possible new discoveries at its other exploration properties.

Since 2005, the company has signed 33 earn-in joint venture agreements for its properties with 20 publicly traded companies, as well as a similar number of property acquisition agreements with private individuals. Bravada currently has eight projects in its portfolio, consisting of 756 claims for approximately 5,600 hectares in two of Nevada's most prolific gold trends. Most of the projects host encouraging drill intercepts of gold and already have drill targets developed.

Several videos are available on the company's website that describe Bravada's major properties, answering investors' commonly asked questions.

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

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