Mr. Luis Azevedo reports
BRAVO'S ANNUAL LETTER TO SHAREHOLDERS
Bravo Mining Corp. has issued its annual letter to shareholders as per below.
Dear fellow shareholders,
By the time we entered 2024, Bravo had already established a solid platform anchored by our multimillion-ounce maiden mineral resource estimate reported in October, 2023 (see news release dated
Oct. 22, 2023).
This milestone established the Luanga palladium plus platinum plus rhodium plus gold plus nickel project as one of the largest undeveloped platinum group metal deposits and, subject to completion of the appropriate economic studies, a leading candidate to become a key western supplier of these essential metals. This advantageous position is supported by leveraging our prime location in the mining-friendly Carajas mineral province, where cost-effective hydro power, power lines, sealed roads, rail, water, skilled labour and suppliers are readily available close to the project area. These strengths represent a crucial advantage, setting us apart from our peers, a number of which appear to be facing political and labour instability, infrastructure shortcomings, operational challenges, and permitting complexities. That the mineralization crops out on surface, lending itself to potential open-pit mining, also stands out from other PGM projects.
We also began 2024 with a clear path to enhance the initial MRE by executing additional infill drilling with the objective of upgrading current resource confidence levels and extensional drilling to tap the growth potential beyond the existing resource limits while also targeting shallow, high-grade zones of oxide mineralization through an extensive trenching program.
On the wider exploration front, we started the year with great optimism, aiming to follow up on the 17 priority drill targets defined by the helicopter-based (HeliTEM) electromagnetic geophysical survey that covered 100 per cent of the Luanga tenement in the prior year (see news release dated
Sept. 11, 2023).
Twelve months later, I am pleased to report that we have effectively achieved our objectives on our PGM infill and stepout drilling and trenching programs, while making an important discovery through the exploration of selected EM targets, demonstrating the impact of our work.
Throughout the Luanga project area, a total of 94 drill holes for 19,269 metres were completed by end of 2024. Combining the drill holes executed in 2024 with those from 2023, 2022 and historically, Bravo's drilling inventory concluded 2024 with 124,029 metres from 597 drill holes, of which just 394 drill holes for 77,612 metres (or 63 per cent of total) were used in the current MRE. Work is under way to update the MRE, incorporating the new drilling and trenching data.
Our exploration efforts were rewarded in mid-2024, when we reported the intersections of iron oxide copper/gold-style mineralization at the T5 EM target. Management believes this could represent a high-grade copper-gold discovery, highlighting drill hole DDH2405T002, which intersected 11.5 metres of massive/semi-massive/breccia high-grade copper sulphide mineralization grading 14.3 per cent copper, 3.3 grams per tonne gold, including 2.9 m at 22.9 per cent Cu and 3.6 g/t Au (see news release dated
May 28, 2024). That was followed up by hole DDH2405T004 with 8.8 m grading 9.5 per cent Cu and 2.1 g/t Au (see news release dated
June 10, 2024).
These discoveries have opened a whole new prospective frontier for Bravo as it is known that the Carajas mineral province is a fertile area for copper discoveries and Luanga sits within a geological corridor containing several large-scale IOCG deposits/operations. Whilst we are very encouraged with these discoveries and have, so far, traced copper-gold mineralization continuously over 300 metres at the T5 target, we are still in the early days of understanding the structural and geological controls that were the source of such rich Cu-Au intercepts. Accordingly, we will maintain our focus on the T5 target in 2025, alongside other similar anomalies at Luanga.
Concurrent with the above achievements, our metallurgical team undertook optimization tests on the PGM plus gold plus nickel mineralization for both sulphide and oxide materials, and will continue with this work in 2025.
On the permitting front, I am very pleased to report that, on Dec. 12, 2024, we held a public hearing in the municipality of Curionopolis, Para state, as part of the process to obtain the preliminary licence for the entire Luanga project (PGM plus Au plus Ni and Cu-Au). The public hearing provided local communities and key stakeholders with a formal opportunity to contribute to the project and its environmental impact study and environmental impact report by sharing suggestions and voicing their opinions. This hearing represents the final stage, and the most important step, of the LP process, which is critical for securing environmental approval for any major development in Brazil.
Over 500 people attended the public hearing in person, as well as over 900 virtually, engaging in productive discussions with the Bravo team, our environmental consultant, and representatives from Secretaria de Estado de Meio Ambiente e Sustentabilidade, the Para state environmental agency. The public hearing was deemed officially valid by SEMAS for the purposes of the LP issuance process, which is expected to be completed in due course.
Our commitment to environmental, social and governance continued to be at the forefront of the company's activities, and I am delighted to report that we have achieved 1,065 consecutive days (or 522,307 hours) free of lost-time injuries, underlying our seriousness toward occupational health and safety and good management supervision of field activities. Respect of the environment has also been underscored as we have surpassed 30,000 trees planted from our nurseries, with an additional 16,000 ready to be planted during 2025, for the rehabilitation of previously degraded areas within the Luanga project, in local communities and in off-site areas impacted by artisanal mining. Our plantings prioritize high-value, fruit-bearing trees such as Brazil nuts, cocoa, acai, acerola cherry and other native species, representing 90 per cent of the total trees planted.
As a testament to our holistic approach to community development, approximately 73 per cent of our work force is sourced from the Carajas region, which also supplies over 94 per cent of our materials and services, in line with our objective of hiring and purchasing locally. In addition, together with the RCF Foundation, part of the same group as one of our cornerstone investors, RCF Opportunities Fund, we actively support two impactful social projects benefiting around 300 children, youths and adults. These initiatives, which focus on education, sports, dance, theatre and leisure, have been positively impacting school performance, reducing absenteeism, and enhancing self-esteem and motivation, according to the local association that co-ordinates these activities. We sincerely thank the RCF Foundation for its invaluable partnership in supporting these efforts.
We have been able to accomplish all the above with our usual cash-conscious approach, which, along with the Brazilian real devaluation over the year and the high-interest-rate environment, allowed us to end the year with our treasury stronger than our budget forecast (last reported cash position was $26.1-million (U.S.) on Sept. 30, 2024). This positions us to embrace the current challenging commodity cycle for nickel and PGMs, while continuing to be fully financed to complete the revised and improved MRE in the PGM plus Au plus Ni project, and perform further metallurgical optimization testwork and other key development activities, such as economic studies and permitting. Our strong cash position also allows us to continuing exploring our cluster of Cu-Au prospects, in addition to executing a regional exploration with a team dedicated to evaluating additional Cu-Au prospects and assessing other opportunities to enhance shareholder value while continuing to advance Luanga.
To reinforce our conservative approach to cash management and alignment with shareholders, executive management and directors have voluntarily taken substantial reductions in salaries and fees, while our work force has been resized to reflect the completion of infill drilling and the envisaged 2025 work program.
Our progress is the result of a shared vision and relentless dedication from our employees, leadership, contractors and the communities surrounding Luanga. Their steadfast efforts and support have been the driving force behind our achievements, reflecting a collective commitment to our success.
To you, our shareholders, we extend our gratitude for your continuing support. Your trust enables us to face challenges and capitalize on opportunities with resilience and discipline. We are one phone call away at any time you need to discuss your company.
On behalf of the board of directors and management, we thank you once again for your invaluable support. To an even more promising future ahead, we are Bravo.
Luis Azevedo,
Chairman and chief executive officer
About Bravo Mining Corp.
Bravo is a Canadian and Brazil-based mineral exploration and development company focused on advancing its PGM plus Au plus Ni Luanga project, as well as its Cu-Au exploration opportunities in the world-class Carajas mineral province, Para state, Brazil.
Bravo is one of the most active explorers in Carajas. The team, comprising local and international geologists, has a proven record of PGM, nickel and copper discoveries in the region. It has 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, ports and hydroelectric grid power. A fully financed infill, stepout, and exploration drilling and trenching program was completed in 2024. Bravo's current environmental, social and governance activities include planting more than 30,000 high-value trees in and around the project area, while hiring and contracting locally.
Technical disclosure
Technical information in this news release has been reviewed and approved by Simon Mottram, FAusIMM (fellow of the Australia Institute of Mining and Metallurgy), president of Bravo, 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.
The exploration and other technical information in this document is more fully described in the news releases referenced herein, and, more particularly, the mineral resource estimate is more fully described in the news release dated Oct. 22, 2023, and fully detailed in the technical report dated Oct. 22, 2023, and is subject to the assumptions, qualifications and cautionary language contained therein, which can be viewed on SEDAR+.
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