Bravo Mining - Audit Report / Information 2023

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Independent Technical Report for the Luanga PGM+Au+Ni Project, Pará State, Brazil

Developed by GE21 Consultoria Mineral on behalf of:

Bravo Mining Corp.

Effective Date: 28[th] March 2023

Qualified Person:

Ednie Rafael Fernandes, BSc Geology, MAIG Leonardo Silva Santos Rocha, BSc Geology, MAIG

Luanga PGM+Au+Ni Project, Pará State, Brazil NI 43-101 Independent Technical Report for the Luanga PGM+Au+Ni Project – April 04, 2023

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Date and Signature Page

This report, titled “ Independent Technical Report for the Luanga PGM+Au+Ni Project, Pará State, Brazil ” (“Technical Report”), having an effective date of 28[th] March 2023, was prepared on behalf of Bravo Mining Corp. by Ednie Rafael Fernandes and Leonardo Silva Santos Rocha and signed by them. This Technical Report supersedes and replaces the technical report that had an effective date of April 12, 2022 and that report should no longer be relied upon,

Dated at Belo Horizonte, Brazil, this 04[th] April 2023

ORIGINAL SIGNED BY ORIGINAL SIGNED BY Ednie Rafael M. De C. Fernandes, MAIG Leonardo Silva Santos Rocha, MAIG Author Author

Luanga PGM+Au+Ni Project, Pará State, Brazil NI 43-101 Independent Technical Report for the Luanga PGM+Au+Ni Project – April 04, 2023

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TABLE OF CONTENTS	TABLE OF CONTENTS
1	SUMMARY ........................................................................................................................................ 11
	1.1 PROJECTDESCRIPTION............................................................................................................................. 11
	1.2 MINERALTENEMENTS ANDSTATUS............................................................................................................ 12
	1.3 HISTORICALEXPLORATION........................................................................................................................ 14
	1.4 GEOLOGY ANDMINERALISATION................................................................................................................ 15
	1.5 EXPLORATION......................................................................................................................................... 17
	1.5.1 Bravo Infill Drilling .................................................................................................................... 18
	1.6 DATAVERIFICATION ANDQA/QC .............................................................................................................. 19
	1.7 METALLURGICAL TESTING......................................................................................................................... 20
	1.7.1 Historical Work ......................................................................................................................... 20
	1.7.2 Bravo’s Work ............................................................................................................................ 20
	1.8 MINERALRESOURCES.............................................................................................................................. 21
	1.9 INTERPRETATION ANDCONCLUSION............................................................................................................ 22
	1.10 RECOMMENDATIONS............................................................................................................................... 23
2	INTRODUCTION ................................................................................................................................ 25
	2.1 QUALIFICATIONS, EXPERIENCE,ANDINDEPENDENCE...................................................................................... 25
	2.2 QUALIFIEDPERSONS................................................................................................................................ 26
3	RELIANCE ON OTHER EXPERTS .......................................................................................................... 27
4	PROPERTY DESCRIPTION AND LOCATION ......................................................................................... 28
	4.1 PROJECTDESCRIPTION& OWNERSHIP........................................................................................................ 28
	4.2 LANDACCESS......................................................................................................................................... 28
	4.3 MININGLEGISLATION, ADMINISTRATION ANDRIGHTS.................................................................................... 30
	4.3.1 Prospecting Licenses ................................................................................................................. 30
	4.3.2 Exploration Licenses.................................................................................................................. 31
	4.4 MINERALTENURE................................................................................................................................... 32
	4.4.1 Acquisition or Transaction Terms ............................................................................................. 34
	4.5 ROYALTIES............................................................................................................................................. 35
	4.6 ENVIRONMENTAL ANDSOCIALLIABILITIES.................................................................................................... 35
	4.7 SUDAM ............................................................................................................................................... 36
5	ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE & PHYSIOGRAPHY ........................ 37
	5.1 ACCESSIBILITY& PHYSIOGRAPHY................................................................................................................ 37
	5.2 CLIMATE ANDLENGTH OFOPERATINGSEASON............................................................................................. 42
	5.3 LOCALRESOURCES ANDINFRASTRUCTURE.................................................................................................... 43
	5.4 SOCIAL ANDCOMMUNITY......................................................................................................................... 46
6	HISTORY ........................................................................................................................................... 49
	6.1 HISTORICALDRILLING............................................................................................................................... 50
	6.2 HISTORICALDRILLHOLECOLLARSURVEY..................................................................................................... 53
	6.3 HISTORICALMINERALRESOURCE............................................................................................................... 54
	6.4 HISTORICALMETALLURGICALTESTWORK..................................................................................................... 55
7	GEOLOGICAL SETTING AND MINERALIZATION .................................................................................. 57
	7.1 REGIONALGEOLOGY................................................................................................................................ 57
	7.1.1 The Carajás Mineral Province ................................................................................................... 58
	7.1.2 The Serra Leste Magmatic Suite ............................................................................................... 60

Luanga PGM+Au+Ni Project, Pará State, Brazil NI 43-101 Independent Technical Report for the Luanga PGM+Au+Ni Project – April 04, 2023

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	7.2 REGIONALGEOPHYSICS............................................................................................................................ 61
	7.3 LOCALGEOLOGY..................................................................................................................................... 64
	7.3.1 Ultramafic Zone ........................................................................................................................ 66
	7.3.2 Transition Zone ......................................................................................................................... 66
	7.3.3 Mafic Zone ................................................................................................................................ 68
	7.3.4 Metamorphism ......................................................................................................................... 68
	7.3.5 Mineralization ........................................................................................................................... 68
8	DEPOSIT TYPES ................................................................................................................................. 75
9	EXPLORATION ................................................................................................................................... 77
10	DRILLING ........................................................................................................................................... 88
	10.1 TWINHOLES.......................................................................................................................................... 98
11	SAMPLE PREPARATION, ANALYSIS AND SECURITY .......................................................................... 100
	11.1 HISTORICALDIAMONDDRILLING.............................................................................................................. 100
	11.1.1 Drill Core Logging and Sampling ............................................................................................. 100
	11.1.2 Sample Preparation ................................................................................................................ 102
	11.1.3 Chemical Assay ....................................................................................................................... 103
	11.1.4 Bulk Density Measurements ................................................................................................... 105
	11.1.5 Quality Assurance and Quality Control (QA/QC) .................................................................... 106
	11.2 BRAVO’SDIAMONDDRILLINGCAMPAIGN.................................................................................................. 111
	11.2.1 Sampling ................................................................................................................................. 111
	11.2.1 Quality Assurance and Quality Control (QA/QC) .................................................................... 113
	11.2.2 Bulk density ............................................................................................................................. 115
	11.2.3 Validation of Historical Diamond Drilling Data....................................................................... 116
12	DATA VERIFICATION ....................................................................................................................... 119
13	MINERAL PROCESSING AND METALLURGICAL TESTING .................................................................. 131
	13.1 HISTORICALWORK................................................................................................................................ 131
	13.2 BRAVO’SWORK.................................................................................................................................... 131
14	MINERAL RESOURCE ESTIMATES .................................................................................................... 133
15	MINERAL RESERVE ESTIMATES ....................................................................................................... 134
16	MINING METHODS ......................................................................................................................... 135
17	RECOVERY METHODS ..................................................................................................................... 136
18	PROJECT INFRASTRUCTURE ............................................................................................................ 137
19	MARKET STUDIES AND CONTRACTS ................................................................................................ 138
20	ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT .......................... 139
21	CAPITAL AND OPERATING COSTS .................................................................................................... 140
22	ECONOMIC ANALYSIS ..................................................................................................................... 141
23	ADJACENT PROPERTIES ................................................................................................................... 142
24	OTHER RELEVANT DATA AND INFORMATION ................................................................................. 144
25	INTERPRETATION AND CONCLUSIONS ............................................................................................ 145
26	RECOMMENDATIONS ..................................................................................................................... 147
27	REFERENCES.................................................................................................................................... 150

Luanga PGM+Au+Ni Project, Pará State, Brazil NI 43-101 Independent Technical Report for the Luanga PGM+Au+Ni Project – April 04, 2023

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LIST OF FIGURES
Figure 1-1: Luanga Project Location Plan.	12
Figure 1-2: Luanga Project Tenement Map.	13
Figure 1-3: Luanga A) Geology. B) Section of the central portion, C) Stratigraphic column.	16
Figure 2-1: Bravo Organizational Chart.	25
Figure 4-1: Luanga Project Location Map.	28
Figure 4-2: Luanga Land Access Agreements Map.	29
Figure 4-3: Luanga Project Tenement Map.	33
Figure 4-4: Seedling nursery.	36
Figure 5-1: Regional location of Luanga Project in Pará State, Brazil	38
Figure 5-2: Access map for Luanga Project	39
Figure 5-3: Carajás airport 17km WSW of Parauapebas (top), Marabá airport (bottom).	40
Figure 5-4: Physiography of Carajás region	42
Figure 5-5: Average monthly temperature and rainfall at Curionópolis.	43
Figure 5-6: Power transmission lines in the region of Luanga Project	45
Figure 5-7: New Offices on site.	45
Figure 5-8: Bravo’s nursery at Luanga camp.	46
Figure 5-9: Just Some of Bravo´s social projects at Serra Pelada community.	47
Figure 6-1: Historical drilling at Luanga Project, angled drill hole.	51
Figure 6-2: Drill hole location map for Luanga target, Luanga Project	52
Figure 6-3: Drill hole location map for Luanga South target, Luanga Project	53
Figure 7-1: Simplified regional geology of the north/northeast portion of Brazil.	57
Figure 7-2: Geology and mineral deposits of the Carajás Mineral Province.	59
Figure 7-3: Geology of the Serra Leste region.	60
Figure 7-4: Regional Aeromagnetic image.	62
Figure 7-5: Regional Airborne TEM Image.	63
Figure 7-6: Regional air-radiometric image (Total Count Channel)	64
Figure 7-7: Luanga A) Geology. B) Section of the central portion, C) Stratigraphic column.	65
Figure 7-8: Simplified 3D Luanga model showing overturned structure.	66
Figure 7-9: Luanga rock types	67
Figure 7-10: Drill core showing a thin chromitite layer hosted by noritic rocks of the Mafic Zone.	69
Figure 7-11: Location of historical drilling.	70
Figure 7-12: Drill sections shown in Figure 7-11: (a) Section 1; (b) Section 2; (c) Section 3.	71

Luanga PGM+Au+Ni Project, Pará State, Brazil NI 43-101 Independent Technical Report for the Luanga PGM+Au+Ni Project – April 04, 2023

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Figure	7-13: Drill core showing disseminated sulphides in PGM mineralized rock of the Sulphide Zone.	72
Figure	8-1: Chart summarizing mineralization in a variety of layered mafic intrusions.	75
Figure	8-2: LIP layered intrusion schematic.	76
Figure	9-1: Examples of drill holes selected for independent resampling.	77
Figure	9-2: Historical Core now at the Bravo Offices.	79
Figure	9-3: Resampling programme.	79
Figure	9-4: Luanga Project: Digital Elevation Model, Orthoimage, Drill Collars and Mineralized Zones.	80
Figure	9-5: Luanga Project: IP over Reprocessed Magnetic Imagery.	81
Figure	9-6: Luanga Project: 3D Inversion of IP Resistivity, Depth -125m.	81
Figure	9-7: BHEM survey in DDH22LU047.	82
Figure	9-8: BHEM profile on drill hole DDH22LU047.	83
Figure	9-9: Location map of BHEM and FLTEM surveys.	84
Figure	9-10: Trench opening program.	85
Figure	9-11: photomicrography of sample Ptr-03 (DDHLU047 – 132,90 a 133,05).	86
Figure	9-12: Points described, and trails covered January 2023.	87
Figure	10-1: Rig in operation.	88
Figure	10-2: REFLEX GYRO SPRINT-IQ device used for guided run.	89
Figure	10-3: Safe transport of drill core boxes.	90
Figure	10-4: Checking the core boxes (left) and taking structural measurements with IQ Logger (right).	91
Figure	10-5: Drill cores with core orientation markings.	92
Figure	10-6: Core Photography Table.	92
Figure	10-7: Bravo Drilling – Drill Hole Locations	93
Figure	10-8: All Drilling – Central Zone. Bravo Drill Results in Red.	96
Figure	10-9: Updated Section – Bravo DDH22LU046 and DDH22LU042 (open at depth).	97
Figure	10-10: Section – Bravo DDH22LU048 and DDH22LU058 (open at depth).	97
Figure	10-11: Section – Bravo DDH22LU059 (open at depth).	98
Figure	11-1: Log sheet used on Luanga drilling program.	100
Figure	11-2: Cut core, half-core (right side) sampled.	102
Figure	11-3: Core preparation route used by SGS Laboratory	103
Figure	11-4: Blank sample control chart – Pd (ppb)	106
Figure	11-5: Blank sample control chart – Pt (ppb)	107
Figure	11-6: Blank sample control chart – Au (ppb)	107
Figure	11-7: Blank sample control chart – Ni (ppm)	108

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Figure	11-8: Scatterplot of Pd (ppb) sample duplicates.	109
Figure	11-9: Scatterplot of Pt (ppb) sample duplicates.	110
Figure	11-10: Scatterplot of Au (ppb) sample duplicates.	111
Figure	11-11 - Example of photographic record of drill core box with marks and sampling ID.	112
Figure	11-12: Bravo’s drilling campaign procedures	113
Figure	11-13: Certificate of analysis for OREAS CRM’s control samples used in BRAVO’s drilling.	114
Figure	11-14: Bulk density: Upper left - Scale; Bottom left – Drying oven; Right - Volume calculation.	115
Figure	11-15: Bravo's resampling program correlation plots for Au, Pd, Pt, and Ni.	118
Figure	12-1: Entrance to Bravo facilities.	119
Figure	12-2: Map showing points visited in the Luanga Project.	120
Figure	12-3: Hole ID plates DDH22LU001 (twin drill hole) and MDH22LU905 (geometallurgical drill hole).	120
Figure	12-4: Hole ID plates DDH22LU007 (twin drill hole) and MDH22LU901 (geometallurgical drill hole).	121
Figure	12-5: Hole ID plate DDH22LU022 (infill drill hole).	122
Figure	12-6: Hole ID plates DDH22LU043 (twin drill hole) and MDH22LU902 (geometallurgical drill hole).	122
Figure	12-7: Hole ID plate DDH22LU047 (infill drill hole).	123
Figure	12-8: Hole ID plate DDH22LU052 (infill drill hole).	123
Figure	12-9: Hole ID plate DDH22LU106 (infill drill hole).	124
Figure	12-10: Sulphide PGM mineralization in hole DDH22LU026.	124
Figure	12-11: Magmatic Massive Sulphide in hole DDH22LU047. Pentlandite + chalcopyrite + PGM.	125
Figure	12-12: Sulphide PGM mineralization in hole DDH22LU083.	125
Figure	12-13: Low Sulphide zone PGM mineralization in hole DDH22LU092.	126
Figure	12-14: Office, dormitory, and bathroom containers.	127
Figure	12-15: Sheds for storage, description, and sampling of core drill holes.	127
Figure	12-16: Drill core description and sampling shed.	128
Figure	12-17: Core box storage area.	128
Figure	12-18: Core sawing area.	129
Figure	12-19: Density testing area.	129
Figure	12-20: Physical folders of the drill holes.	130
Figure	23-1: Mineral deposits adjacent to Luanga Project.	143

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LIST OF TABLES

Table	1-1: Mineral Tenement Summary	13
Table	1-2: Vertexes of Luanga mineral property (Exploration License No.1961)	14
Table	1-3: Historical Drill Core – receipt status.	17
Table	1-4: Historical Drill Core – quantity of relogging and resampling.	17
Table	1-5: Diamond drilling quantitative.	19
Table	2-1: QP and Report Items Responsibility Relations	26
Table	4-1: Mineral Tenement Summary	33
Table	4-2: Vertexes of Luanga mineral property	34
Table	5-1: Distances for ground access to Luanga Project.	41
Table	6-1: Historical Drilling Summary	50
Table	6-2: Highlights of mineralized intervals from historical drilling at Luanga.	54
Table	6-3: Results of historical metallurgical work.	56
Table	9-1: Historical Drill Core – receipt status.	78
Table	9-2: Historical Drill Core – quantity of relogging and resampling.	78
Table	9-3: Trench opening program.	85
Table	9-4: Petrographic samples.	86
Table	10-1: Diamond drilling quantitative.	88
Table	10-2: Bravo Drilling – Most Significant PGM+Au Infill Drilling Intersections.	94
Table	10-3: Bravo Drilling – Most Significant Nickel Sulphide Intersections.	95
Table	10-4: Selection of Results from Bravo Twin Hole Drilling.	99
Table	11-1: Lithological units and codes used at Luanga Project	101
Table	11-2: Chemical elements and methods used for core drilling analysis.	104
Table	11-3: Historical density measurements by lithotype	105
Table	11-4: Bravo’s bulk density results by lithotype	116
Table	11-5: Historical drill holes and their respective twin drill holes executed by Bravo.	117
Table	11-6: Relogging and resampling status of Bravo’s drilling campaign	117

APPENDICES

Appendix A –QP Certificates Appendix B – Luanga Drill Hole Collars

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UNITS, SYMBOLS AND ABBREVIATIONS

Unless otherwise stated, the units of measurement in this Report are all metric in the International System of Units (“SI”). All monetary units are expressed in United States Dollars (“USD”), unless otherwise indicated.

Bravo used the Universal Transverse Mercator coordinate system (“UTM”) Zone 22 Southern Hemisphere with a SIRGAS 2000 Datum.

Ac/Ab	Definition/Term
A
Ag	Silver
AIG	Australian Institute of Geoscientists
ANM	Mining National Agency
As	Arsenic
Au	Gold
B
B	Boron
Be	Beryllium
Bi	Bismuth
BNDES	Banco Nacional de Desenvolvimento Econômico e Social
Bravo	Bravo Mining Corp.
BSc	Bachelor of Science
C
Ce	Cerium
CEF	Caixa Econômica Federal
CEP	Código de Endereçamento Postal (Postal Code)
CFEM	Compensação Financeira pela Exploração de Recursos Minerais
Chr	Chromitite
CIM	Canadian Institute of Mining, Metallurgy and Petroleum
CPRM	Companhia de Pesquisa de Recursos Minerais
cm	centimetre(s)
CMM	Companhia Meridional de Mineração
Co	Cobalt
Cr	Chromium
CTSZ	Cinzento Transcurrent Shear Zone
Cu	Copper
CVRD	Companhia Vale do Rio Doce (now Vale S.A.)
CW	Central West
D
DD	Diamond Drilling
DNPM	Departamento Nacional de Produção Mineral(now ANM)
DOCEGEO	Rio Doce Geologia e Mineração S.A. (subsidiaryof CVRD) (Now Vale SA)
E
E	East
e.g.	for example
E-W	East-West

Ac/Ab	Definition/Term
F
FA/AAS	Fire Assay/Atomic Absorption Spectrometry
FFA	FFA Legal
FFAH	FFA Holding e Mineração Ltda
G
g	gram(s)
g/t	grams per ton
H
HQ	96.4mm diameter drill core
I
IBGE	Instituto Brasileiro de Geografia e Estatística
ICP/MS	Inductively Coupled Plasma/Mass Spectrometry
ID	Identification
K
kg	kilogram(s)
km	kilometre(s)
km2	square kilometre(s)
kV	kilovolt
L
La	Lanthanum
LI	Installation License
LMIs	Layered Mafic Intrusions
LIP	Large Igneous Province(s)
LO	Operation License
LP	Preliminary License
M
m	metre(s)
M	Million(s)
Ma	Million years
MAIG	Member of Australian Institute of Geoscientists
mm	millimetre(s)
MME	Ministry of Minerals and Energy
Moz	million ounces
Mt	Million tonnes
MW	Megawatt
N
N	North

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Ac/Ab	Definition/Term
N
NE	Northeast
Ni	Nickel
NQ	76.2mm diameter core drilling
N-S	North-South
NSR	Net Smelter Royalty
NW	Northwest
O
Ol	Olivine
Opx	Orthopyroxene
P
Pb	Lead
Pd	Palladium
PGC	Projeto Grande Carajás
PGE	Platinum Group Elements (Pd + Pt)
PGM	Platinum Group Metals (Pd + Pt + Rh)
PI	Intercumulus plagioclase
ppb	parts per billion
ppm	parts per million
Pt	Platinum
PVC	Polyvinyl chloride
R
Rh	Rhodium
RQD	Rock Quality Designation
S
SAD69	South American Datum
Sb	Antimony
Sc	Scandium

Ac/Ab	Definition/Term
S
SE	Southeast
SIRGAS	Sistema de Referência Geocêntrico para as Americas
Sn	Tin
SPDS	Serra Pelada Divergent Splay
Sr	Strontium
T
T	Tonnes
Te	Tellurium
TEM	Transient Electromagnetic
Ti	Titanium
U
U-Pb	Uranium-Lead
US$	United States dollar
USD	United States dollar
UTM	Universal Transverse Mercator (coordinate system)
V
V	Vanadium
Vale	Vale S.A. (ex-Companhia Vale do Rio Doce - CVRD)
vol%	volume percent
vs.	versus
W
W	West
W	Tungsten
Z
Zn	Zinc
Symbols
#	mesh
%	percentage

Luanga PGM+Au+Ni Project, Pará State, Brazil NI 43-101 Independent Technical Report for the Luanga PGM+Au+Ni Project – April 04, 2023

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1 SUMMARY

GE21 has been commissioned by Bravo Mining Corp.(“Bravo”) to prepare an updated Technical Report for the Luanga PGM+Au+Ni Project (the “Project”, “Luanga Project” or “Luanga”) in Pará, Brazil, in accordance with the directives of National Instrument 43-101 (NI 43-101).

Ednie Rafael Fernandes is one of the Qualified Persons (“QP”) with respect to the objectives of this report. Mr. Fernandes was responsible for all sections and co-responsible for Section 11. Mr. Fernandes is a geologist, a member of the Australian Institute of Geoscientists (“MAIG”) and has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration to be considered as a QP, as defined by the NI 43-101. Mr. Fernandes has over 10 years’ experience working with exploration and mining projects. Mr. Fernandes visited the property on the 28[th] of February and 01[st] of March 2023. On the site visit, some diamond drill collar was located, its recorded coordinates validated with a handheld GPS, and the core was inspected in the onsite core storage facility.

Leonardo Silva Santos Rocha is one of the QP’s responsible for this Report, Mr Rocha coresponsible for Section 11. Mr. Rocha is a geologist, a member of MAIG and has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration to be considered as a QP, as defined by NI 43-101. Mr. Rocha has 9 years’ experience working with exploration and mining projects.

This Technical Report supersedes and replaces the technical report that had an effective date of April 12, 2022, and that report should no longer be relied upon.

1.1 Project Description

Luanga is an intermediate-staged exploration project located in Pará State, Brazil which contains PGM plus Au, plus Ni mineral deposit known as the Luanga deposit (Figure 1-1). The assay database also indicates the presence of cobalt and copper. It is held under the Exploration Licence Nº.1961 and designated ANM.851.966/1992, comprising an area of 7,810.02 hectares in extent.

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Figure 1-1: Luanga Project Location Plan.

1.2 Mineral Tenements and Status

On September 5[th] , 1995, the Ministério de Minas e Energia (Ministry of Minerals and Energy – “MME”) issued to Vale SA (“Vale”) Exploration Licence No.1961 under the process designated ANM.851.966/1992. Exploration Licences are administrated by the Agência Nacional de Mineração (“ANM”), the Brazilian National Mining Agency. This Exploration License is located 40km north-east of the town of Parauapebas in Para State, Brazil.

The license, which covers the Luanga Project, comprises an area of 7,810.02 hectares, currently in the name of Bravo Mineração Ltda, a wholly owned Brazilian subsidiary (see Figure 2-1) of Bravo, as summarized on Table 1-1 and illustrated on Figure 1-2. Exploration License 851.966/1992 remains valid while the Mining License application is pending.

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Table 1-1: Mineral Tenement Summary Source: ANM – March 2023

ANM Process	Municipality	Stage	Mineral	Title Owner	Size (hectares)	License No.	Expiry Date
851.966/1992	Curionópolis	Application for Mining License	Gold, Palladium, Platinum, Nickel	Bravo Mineração Ltda	7,810.02	1961
Comments: Mining License pending				TOTAL	7,810.02	ANM = Mining National Agency

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Figure 1-2: Luanga Project Tenement Map.

Luanga is located on private farmland generally used for cattle farming. There are no indigenous claims or protected forests in this area. To carry out exploration works, such as drilling, an access agreement is required with the owner of the surface rights (landowner).

Land access agreements are in place with 5 key landowners, covering 100% of the known mineralized envelope of the Luanga deposit.

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Luanga is centred approximately at coordinates -05⁰57’24.34” S/-49⁰32’51.00” W. Bounding coordinates of Exploration License No.1961 from ANM title documents are presented on Table 1-2.

Table 1-2: Vertexes of Luanga mineral property (Exploration License No.1961)

Vertex	Latitude	Longitude	Vertex	Latitude	Longitude
v1	-05°54'40"284	-49°30'09"580	v10	-06°00'05''795	-49°35'30''045
v2	-05°57'27"643	-49°30'09"580	v11	-05°56'28''677	-49°35'30''072
v3	-05°57'27"638	-49°32'36"608	v12	-05°56'28''677	-49°35'34''710
v4	-05°58'41''177	-49°32'36''614	v13	-05°54'40''336	-49°35'34''693
v5	-05°58'41''177	-49°32'36''617	v14	-05°54'40''300	-49°31'50''304
v6	-05°59'26''752	-49°32'36''617	v15	-05°55'51''911	-49°31'50''304
v7	-05°59'26''758	-49°32'36''617	v16	-05°55'51''911	-49°30'45''503
v8	-05°59'26''758	-49°30'09''580	v17	-05°54'40''289	-49°30'45''503
v9	-06°00'05''822	-49°30'09''580	v18	-05°54'40''284	-49°30'14''770
Exploration License N⁰ 1961, ANM.851.966/1992 - Datum SIRGAS2000

1.3 Historical Exploration

The Carajas Mineral Province:

The first successful mineral exploration in the Carajás was carried out by Companhia de Desenvolvimento de Indústrias Minerais (“CODIM”), a subsidiary of Union Carbide which, in 1966, discovered the manganese deposit of Serra do Sereno. This discovery motivated US Steel, through its subsidiary Companhia Meridional de Mineração (“CMM”), to commence regional-scale exploration in the Carajás. In July 1967, a Brazilian team discovered high-grade iron ore with an average grade of 66% Fe. US Steel wanted to develop the Carajás iron deposit, but the Brazilian Government was unwilling to give a foreign company control over such an important national asset. Instead, in April 1970, the Brazilian Government created a joint venture company, Amazônias Mineração SA (“AMSA”), where 51% was owned by Companhia Vale do Rio Doce (“CVRD”, which now is “Vale”) the Brazilian Government state enterprise, and 49% was owned by CMM. By presidential decree, on 6 September 1974, AMSA was granted the rights to all iron ore in the Carajás Mineral Province.

Iron ore exploration continued until 1977 when CMM, concerned over the high capital cost and poor outlook for iron ore, withdrew from the project. CVRD purchased CMM’s 49% for US$55 million. AMSA, now wholly owned by CVRD, was granted the rights for mineral exploration and development of the entire Carajás Mineral Province.

In June 1978, the construction of the Carajás railroad, linking Ponta da Madeira on the Maranhão coastline to the Carajás, launched the development of the Carajás Iron Ore Project. This is reported to have cost CVRD US$3 billion in direct investments.

With the establishment of the Carajás Iron Ore Project and its associated infrastructure, the Carajás Mineral Province was established and recognised. Decades on it is the largest mineral province in the world, and the largest mining region in Brazil.

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The Luanga Project:

Mafic-ultramafic rocks of the Luanga Complex were identified in 1993 during regional exploration developed by DOCEGEO in the Serra Leste region. Following the discovery of up to 2m thick chromitites, DOCEGEO carried out geological mapping, soil geochemistry survey (400m x 40m grid) and ground magnetic survey in the Luanga Complex. Four diamond bore holes were drilled to test the thickness and lateral continuity of outcropping chromitites. The drilling was not positive for chromitite mineralization, but intersected anomalous concentrations of Pt and Pd, including 9 metres at 2.57ppm of Pt+Pd (drillhole PPT-LUAN-FD0004).

In 1997, a joint-venture DOCEGEO-Barrick Gold carried out a stream sediment campaign over the Luanga Complex area that identified Au anomalism.

In 2000, Vale carried out a new soil geochemistry survey to test the Au anomalies indicated by Barrick Gold. The sampling grid, covering the southern portion of Luanga Complex, indicated a 1km long trend of Pt and Pd anomalies. Due to this anomalous trend, Vale carried out additional soil geochemistry survey in the northern portion of the Luanga Complex (next to chromitite layers), which identified another 1km long Pd and Pt anomalous trend. The geochemical survey was extended to the central portion of the layered complex, adding a further 2km extension, now joining up to form a continuous Pt-Pd anomalous trend along the entire length of the layered intrusion.

1.4 Geology and Mineralisation

Luanga’s principal geological unit is the Luanga Layered Mafic-Ultramafic Complex (“The Luanga Complex”). The Luanga Complex comprises a 6km long and up to 3.5km wide (~18km²) sequence of mafic-ultramafic layered rocks. There is an abundance of unweathered rocks, in comparison to adjacent areas of the Carajás Mineral province, comprising predominantly massive blocks and boulders. The most prominent geomorphologic feature consists of an elongated arcshaped hill of mainly ultramafic units interlayered with mafic units. This hill is up to 60m higher than the surrounding flat areas of predominantly gabbroic rocks. Country rocks include highly foliated gneiss and migmatite of the Xingu Complex in the south/southeast and mafic volcanics and iron formations of the Grão Pará Group in the north/west (Figure 1-3).

Several thin chromitite layers occur in the Luanga Complex, mainly in the upper and lower stratigraphic portions of the Transition Zone (Figure 1-3), where they are hosted by ultramafic cumulates, and through the immediate contact with the overlying Mafic Zone (Figure 1-3), where they are hosted by plagioclase-bearing norite cumulates. This stratigraphic interval consists of several cyclic units interpreted as the result of successive influxes of primitive magma.

While some PGM mineralization is hosted in chromitites, two other distinct styles of PGE mineralization occur in the Luanga Complex; (i) sulphide-related PGE mineralization and (ii) silicaterelated PGM mineralization. PGM mineralization associated with sulphides hosts the bulk of PGM historical mineral resources of the Luanga Complex.

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Figure 1-3: Luanga A) Geology. B) Section of the central portion, C) Stratigraphic column. (Mansur, 2017). The area illustrated lies entirely within the property boundary.

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1.5 Exploration

Bravo’s exploration programs at Luanga commenced in late 2021 with data collection and interpretation and, in 2022, a major relogging and resampling program on Vale’s historical core, drilling of new infill and twin diamond drill holes and metallurgical testing.

Historic drill core is being relocated from the Vale core yard to the Bravo core yard. To date, 150 complete diamond drill holes have been received at the Bravo core yard, representing a good cross section of the geology intersected by historical drilling (Table 1-3).

Table 1-3: Historical Drill Core – receipt status.


	Historic Drill Core

Actual Location	Vale (N5)	Bravo Camp	% Transported	Pending
Total Holes	228	150	65.79	78
Total Metres	45,166	28,701	63.55	16,465
Total Boxes	11,797	7,794	66.07	4,003

Following the receipt of historic drill core, Bravo technical staff repaired and cleaned the core boxes, their markings, and labels prior to relogging the core geologically (Table 1-4). Following this relogging, the historic core was cleaned and photographed before the commencement of resampling.

Table 1-4: Historical Drill Core – quantity of relogging and resampling.


	Relogging & Resampling 2022 Program

Received Core (YTD)	Bravo Camp	Relogged	% Relog	Resampled	% Resample
Total Holes	150	101	67.33	47	31.33
Total Metres	28,701	19,386	67.54	2,036	7.09

To date historical drill core sample data and Bravo’s drill core resampling to date shows an expected positive correlation for PGM assessed. Correlated assay data shows spreading due to the difference in preparation and analytical laboratory methods.

Ni resampling data assays presents two different populations, one probably related to the silicate and other sulphides.

Following the receipt of the remaining core boxes containing the Luanga historic core, resampling of mineralized zones will continue. The aim is to resample all of the historic mineralized

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zones, creating a complete new set of assays, assayed by a modern ISO certified laboratory and with an expanded assay suite.

RR Topografia & Engenharia of Brazil completed the Orthophotography and new Digital Elevation Model. Commercial drone surveying equipment was used to complete the aerial work, while ground surveying was used for control of accuracy, positioning and georeferencing. A mosaic of the orthoimagery overlain on the 3D digital terrain model was created from the DEM.

Geophysical work for Luanga was performed by both Southern Geoscience Consultants of Australia (“SGC”) and Southernrock Geophysics of Chile (“Southernrock”) in 2021. Southernrock reprocessed the historic Induced Polarization (“IP”) data, while SGC reprocessed the historic magnetic data.

Ground geophysical activities conducted during 2022 and January 2023 included borehole electromagnetics and surface electromagnetic surveys. Both surveys were conducted by Geomag S/A (“Geomag”)

Borehole electromagnetics (“BHEM”) were carried out along five drill holes (DDH22LU047, DDH22LU052, DDH22LU068, DDH22LU073 and DDH22LU077), totaling 1,109.35 linear metres. The best BHEM response was along drill hole DDH22LU047 which intersected 11 metres of massive sulphides.

Fixed-Loop Transient Electromagnetics (“FLTEM”) survey was concentrated on the Central and North Sectors along 34 survey transversal lines (total of 30.27km) using the established loops CSL02, CSL03, CSL04, CSL05, NSL01 and NSL02. Loop dimensions were 600 x 400 metres and survey lines were spaced 100 metres apart.

All geophysical data (BHEM and FLTEM) is currently being processed and interpreted in Australia by SGC.

In 2022, 5 out of a total of 7 planned trenches were opened, totaling 448.27 meters. All opened trenches were mapped, sampled, and their location surveyed with GPS with geodetic accuracy. After the work was completed, all trenches were closed. A total of 530 samples were collected and sent to the laboratory.

To improve the geological understanding of Luanga, a petrographic study was carried out by

César Ferreira Filho on 09 drill core samples.

Bravo hired PRCZ Consultores Associados to carry out the geological and structural mapping at the Luanga Project. This work started in November 2022 and is still ongoing at the effective date of this report. So far, 61 field points were fully described and a further 52 stations were marked where observations were made by quick reference to lithologies or contacts.

1.5.1 Bravo Infill Drilling

Bravo has been carrying out its diamond drilling program using third-party company Servdrill Perfuração e Sondagem (“Servdrill”), reaching six drill rigs at the same time. Drill inspection is carried out by Bravo's own employees.

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To the Effective Date, 132 drill holes have been completed to confirm and upgrade the mineral resource, for a total 22,546.3m (Table 1-5), showing the same lithologies (orthopyroxenites and harzburgites) and style of mineralization anticipated based on historical drilling. Of these, 124 are infill holes and eight are twin holes to historical drill holes.

Additionally, another eight geometallurgical drill holes were drilled for the purpose of obtaining samples for metallurgical tests. These holes are not in the database received up to the effective date of this report.

Table 1-5: Diamond drilling quantitative.

Drill Hole Type	Drilling	Executed
	# of Holes	Metreage
Infill	124	21,261.30
Twin	8	1,284.70
Geometallurgical	8	882.00
Total*	140	23,428.00

1.6 Data Verification and QA/QC

Data verification activities carried out by Mr. Fernandes (QP) included a site visit on the 28[th] of February and 1[st] of March 2023, accompanied by the Bravo team. This site visit included a discussion of previous reports that described the historical and Bravo exploration on the property and confirming that the described methods of work were completed to industry standards. The information obtained from the various technical reports was verified and confirmed on the site visit, except for historical collar locations, which were verified in the previous NI 43-101 Independent Technical Report, by another QP in 2022.

During the 2023 site visit, 10 Bravo drill collars were checked in the field. Of these, four are infill drill holes and three are twin drill holes, Bravo versus historical drilling. Collar locations from the historical drilling campaign were not observed in the visited twin drill holes. Important to highlight, three holes checked in the field are geometallurgical drill holes that will not be part of the mineral resource database. Three holes still in progress were observed in the field and these holes had not yet been inserted into the received database.

QP Opinion

The QP reviewed the locations drill holes in the field, drill core in the core yard, assay certificates, drill logs, and other documents available by Bravo. This included, but was not limited to, work on geochemistry, geophysics and geology completed by Bravo, Vale and its consultants and laboratories.

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In the opinion of the QP, Bravo personnel have been careful in the collection and management of the field and assaying exploration data. Based on reports and data available, the QP have no reason to doubt the reliability of exploration information provided by Bravo.

The Author reviewed the mineral exploration operational procedures applied by Bravo on its diamond drilling campaign and is of the opinion that it is being performed to mineral industry best practices. Security procedures and documentation were observed and monitored. Drill core sample analysis is carried out by independent commercial laboratories with a long history in the Brazilian mining sector, following a proper QAQC program.

The Author’s opinion is that Bravo’s mineral exploration program sample preparation, security, and analytical procedures are acceptable for assessment of the historical diamond drilling information.

1.7 Metallurgical testing

1.7.1 Historical Work

The previous project owner substantially advanced the metallurgical testing on the Luanga project. Its development efforts were composed of extensive mineralogical characterization, comminution, flotation studies, preliminary comminution and flotation circuit designs, between 2001 and 2004, and completed through reputable consultants and laboratories in Canada, South Africa, and Brazil.

Principally, a mill-float-mill-float (MF2) regrind circuit for the treatment of material from the higher and lower end of the grade profile was decided upon for the fresh rock mineralization. MF2 and locked cycle test work formed the basis of the historical test work flotation flowsheet.

The prior owner also independently investigated and benchmarked concentrate qualities relative to international producers. The detailed chemical analysis demonstrated that the concentrate samples were free of deleterious elements.

Average test work concentrates from Luanga were independently benchmarked to those of international producers in 2003. At the time, the concentrates benchmarked well within the producers’ group in terms of recoveries and concentrate chemistry.

1.7.2 Bravo’s Work

Bravo initiated a Phase 1 preliminary metallurgical test work program post-IPO, which included a review of historical test work, comminution tests, flotation and hydrometallurgical tests, mineralogical reviews, and concentrate analysis. For the current Phase 1 metallurgical program, samples totaling 3500kg were collected from diamond drill cores and trenches. The sampling program was designed to achieve spatial and material-type representivity. Sampling localities were thus distributed across the main target zones along the 8.1km strike length.

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The purpose of the Phase 1 program was to 1) perform characterization tests and investigations, 2) undertake tests to validate metallurgical results reported by the previous owner, and 3) initiate the development of a Luanga Geo-metallurgical Model. The Phase 1 metallurgical test program is designed to investigate mineralized material across the various host-rock types and grade profiles. The program is focused on sulphide associated PGM mineralization, the principal style of mineralization at Luanga, and will amongst other things, focus on analysis of material in sequential steps down the grade profile to support cut-off grade calculations as part of the ongoing MRE process.

Preliminary flotation and assay results have replicated the historical metallurgical performance and re-affirm that potentially saleable concentrates combined with economic recoveries are readily achievable within the fresh rock. The flotation program will continue to focus on the production of commercially attractive concentrates at similar or improved recoveries. Independent certified assay results are pending for this work.

Gravity and leaching test work is underway to investigate the recovery of PGMs and Au from the saprolite horizon. The saprolite is anticipated to represent less than 10% of the maiden MRE at Luanga for which the previous owner did not carry out leach test work to recover PGMs. Preliminary leach test work by Bravo on SAP material indicates the potential to extract PGMs and Au from this horizon. Independent certified assay results are pending. Later test work will also look at transitional material, which is anticipated to represent less than the SAP material in the maiden MRE.

Bravo furthermore plans to investigate additional opportunities in the modernization and optimization of the historically established flow sheet. Potential areas include the optimization of the comminution circuit, reagent suite and circuit reconfiguration, which may include consideration for MF2 and MF3 routes and locked cycle tests, all which are anticipated to impact positively on recoveries.

1.8 Mineral Resources

There are no current mineral resources on the Project. However, prior owner Vale is reported to have completed a Historical Estimate, that was reported as [email protected]/t 3E (Pd + Pt + Au) + 0.11% Ni using a cut-off grade of 0.5g/t PGE + Au (Mansur, E.T., Ferreira Filho, C.F., & Oliveira, D.P. (2020b). No breakdown of the individual metals contributing to this Historical Estimate has been published and no technical report related to this Historical Estimate is available to the Authors. As a result, aside from the information quoted above, nothing is known of the key assumptions, parameters, and methods used to prepare the Historical Estimate. Further, this Historical Estimate was not classified in accordance with the categories for a mineral resource that are required by NI 43-101. Since Bravo has not yet completed a mineral resource estimate (“MRE”), there are no more recent estimates or data available to the Authors. Despite these limitations, the authors believe that this Historical Estimate is relevant to the reader’s understanding of the status of the Project and its future potential. Further, given that this Historical Estimate was prepared by Vale, a major mining company with global operations, it is likely to have been prepared to standards a reasonable person would use and is therefore considered reliable for the purposes of defining recommendations for future work. See Section 26 of this Report for the Authors’ recommendations as to the work that

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needs to be done to upgrade or verify the Historical Estimate as current mineral resources or mineral reserves.

Bravo has cautioned that a QP has not done sufficient work to classify the Historical Estimate as current mineral resources or mineral reserves under NI 43-101, and Bravo is not treating the Historical Estimate as current mineral resources or mineral reserves. There can be no certainty, following further evaluation and/or exploration work, that the Historical Estimate can be upgraded or verified as mineral resources or mineral reserves in accordance with NI 43-101. Further, the assays values used to calculate the nickel content in the Historical Estimate are total nickel, and thus contain both sulphide nickel (recoverable) and silicate nickel (unrecoverable). It is unknown to Bravo whether the nickel content in the Historic Estimate has been modified to account for this or not.

1.9 Interpretation and Conclusion

GE21 has been commissioned by Bravo to prepare a Technical Report for the Luanga Project in Pará, Brazil, in accordance with the directives of CIM NI 43-101.

The Effective Date for this report of March 28, 2023, is based on the date of receipt of the Project database.

The principal QP with respect to the objectives of this report is Ednie Rafael Fernandes. Mr. Fernandes visited the project on February 28 to March 01, 2023, and was responsible for all sections of this Technical Report. Regarding chapter 11 of this report (sample preparation, analysis and security procedures) Mr. Fernandes is co-responsible with Mr. Leonardo Silva Santos Rocha. Mr. Fernandes is a geologist, member of the Australian Institute of Geoscientists and has over 10 years of experience in working with mining projects. Mr. Rocha is a geologist, member of the Australian Institute of Geoscientists and has over 9 years of experience in working with mining projects.

The Luanga deposit is interpreted as a Neo-Archean age PGM+Au+Ni ± Rh, ± Co, ± Cu deposit hosted in a mafic and ultramafic complex that has an aerial extent of approximately 7km by 3.5km. It is broadly similar in age and geological setting to some of the world’s major PGM deposits and producing mines.

Luanga is an intermediate stage mineral exploration project, with extensive previous drilling, historical mineral resources and preliminary metallurgical test work.

The Authors are of the opinion that mineral exploration programs currently underway follow the mineral industry best practices, including the infill drilling campaign and the relogging and resampling of available historical drill core.

There is a conventional QAQC program in course and the results will be assessed in the next phase of the Project to support the MRE.

Project risks include:

Permitting (delays and bureaucracy).
Resource definition success.

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Concentrate grade and marketability (limited purchasers).
Metals payability and potential for penalty elements.
Reduced historic nickel assay grades after determination of the sulphide (recoverable) nickel values and thus removal (discounting) of the silicate (unrecoverable) nickel portion.
o Surface access/community opposition given the one road to site could be blocked if there were opposition to develop.

Project opportunities include:

Higher grade zones within overall mineralized envelopes, including nickel ( ± copper) sulphide mineralization and rhodium.
Minimal drilling in South Luanga that may indicate the presence of another deposit.
Potential for recovery of other metals besides Pd, Pt and Au (such as Ni, Cu, Co, Rh) and payment for same.
Potential expansion at depth.
Potential for the discovery of additional and/or new styles of mineralization.

1.10 Recommendations

It is recommended:

Develop the MRE due from the Phase 1 Program once all Phase 1 assay results and associated QAQC have been received.
Commence and complete the Phase 2 program of work including geotechnical data acquisition to support further mining studies.
Continue the mineralogical and metallurgical studies to demonstrate the potential recoveries and subsequent economic extraction of payable metals, such as in support of the production of concentrates for export or in support of secondary processing.
Implement drill core sample preparation controls (preparation duplicates) in Bravo’s QAQC protocol.
Undertake bulk density assays on integral drill core samples.
Continue with geochemical, mineralogical and lithological studies to confirm mineralization controls.
Focus a portion of the Phase 2 exploration efforts on exploring the potential of the newly discovered magmatic nickel ( ± copper) sulphide mineralization at depth, within and/or close to the footwall ultramafics.
Exploration should also consider the change noted (significantly higher rhodium to palladium ratio) within the magmatic nickel sulphide mineralization, since this also points to a new style of mineralization, provides another possible vector into higher nickel sulphide zones, but also might vector to higher-grade rhodium mineralization.
Consider the addition of a Phase 3 program to further the extensional drilling program.

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An updated NI 43-101 mineral resource, following completion of extensional drilling.

The recommended work program comprises:

PHASE 1

Estimation of mineral resources in accordance with NI 43-101

*Sub-total – Mineral Resource Estimation*	*US$0.15M*

TOTAL PHASE 1	US$0.15M

2
Mineral Resource definition
	*Sub-total – Mineral Resources*	*US$4.3M*
Exploration of mineral resource expansion potential		and new targets
	*Sub-total – Exploration*	*US$5.75M*
Metallurgical Studies
	*Sub-total – Metallurgical Studies*	*US$1.70M*
Updated Technical Report
	*Sub-total – Technical Report*	*US$0.1M*

	TOTAL PHASE 2	US$11.85M

PHASE 3

The Phase 3 programme is dependent on the results received in the Phase 2 program.

Mineral Resource Expansion

*Sub-total – Mineral Resources*	*US$8.0M*

GRAND TOTAL	US$20.0M

These work programs and cost estimates are preliminary in nature and will be refined, adjusted and modified as additional information is compiled, contracts for the various aspects of the work program entered into, and results from new work are received. This could result in some movement in funds between different categories.

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2 INTRODUCTION

GE21 has been commissioned by Bravo to prepare an updated Technical Report for the Luanga Project in Pará, Brazil, in accordance with the directives of NI 43-101. This Technical Report supersedes and replaces the technical report that had an effective date of April 12, 2022 and the April 12, 2022 technical report should no longer be relied upon,

Ednie Rafael Fernandes is one of the QPs with respect to the objectives of this report. Mr. Fernandes was responsible for all sections and co-responsible for Section 11 with Mr. Rocha. Mr. Fernandes visited the property on the 28[th] of February and 01[st] of March 2023. On the site visit, some diamond drill collar was located, its recorded coordinates validated with a handheld GPS, and the core was inspected in the onsite core storage facility.

The Effective Date of March 28, 2023 is based on the receipt date for the Project database.

Bravo indirectly owns 100% of the Luanga Project. The organizational structure of Bravo and ownership of the Luanga Project is shown in Figure 2-1.

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(BVI = British Virgin Islands)

Figure 2-1: Bravo Organizational Chart.

2.1 Qualifications, Experience, and Independence

GE21 is a specialized, independent mineral consulting company. The geological reconnaissance and due diligence evaluation have been conducted by GE21 staff members, who are members of the Australian Institute of Geoscientists (AIG) and are QP as defined by NI43-101.

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2.2 Qualified Persons

The QPs responsible for this independent Technical Report are Mr. Ednie Rafael Fernandes and Mr. Leonardo Silva Santos Rocha.

Mr. Fernandes is a geologist and member of the Australian Institute of Geoscientists (“MAIG”) and has sufficient experience that is relevant to the styles of mineralization and types of deposit under consideration to be considered as a QP, as defined by the Canadian Securities Administrators’ NI 43-101. Mr. Fernandes has over 10 years’ experience working with exploration and mining projects, Mr. Fernandes is responsible for all sections in this Independent Technical Report, except Section 11 where he is co-responsible with Mr. Rocha.

Mr. Rocha is a geologist and member of MAIG and has sufficient experience that is relevant to the styles of mineralization and types of deposit under consideration to be considered as a QP, as defined by the Canadian Securities Administrators’ NI 43-101. Mr. Rocha has over nine years of experience working with exploration and mining projects. Mr. Rocha is co-responsible for section 11 in this Independent Technical Report.

Neither GE21, nor the Authors of this Technical Report, have, or have had, any material interest invested in Bravo or any of its related entities. GE21's and the Authors relationship with Bravo is strictly professional, consistent with that held between a client and an independent consultant. This report was prepared in exchange for payment based on fees that were stipulated in a commercial agreement. Payment of these fees is not dependent on the results of this report. Table 2-1 below, relates each QP with their report items responsibility.

Table 2-1: QP and Report Items Responsibility Relations

Company	QP	Section Responsibility	Site Visit	Responsibility
GE21	Ednie Rafael Fernandes, MAIG	All sections, with co- responsibility for Section 11	28 February & 01 March 2023	Author
GE21	Leonardo Silva Santos Rocha, MAIG	Section 11	-	Author

The Effective Date of this report is March 28, 2023. The Authors have relied on information provided by Bravo which was provided in a database with full access given to the QPs.

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3 RELIANCE ON OTHER EXPERTS

The Technical Report relies on reports and statements from legal and technical experts who are not QPs as defined by NI 43-101. The QPs responsible for the preparation of this Technical Report have reviewed the information and conclusions provided, determined that they conform to industry standards and are professionally sound, and are acceptable for use in this report.

Specifically, the QP relied upon the following information in the following sections in this

report:

Section 4.3 - Mining legislation, supplied by FFA Legal
Section 4.4 – Luanga ANM title opinion supplied by Linneu de Albuquerque Mello, 20[th] January 2023.
Section 4.7 – SUDAM tax relief, supplied by FFA Legal

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4 PROPERTY DESCRIPTION AND LOCATION

4.1 Project Description & Ownership

Luanga is an intermediate-staged exploration project located in Pará State, Brazil which contains PGM plus Au, plus Ni mineral deposit known as the Luanga deposit (Figure 4-1). The assay database also indicates the presence of Co and Cu. It is held under the Exploration Licence Nº.1961 and designated ANM.851.966/1992, comprising an area of 7,810.02 hectares in extent.

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Figure 4-1: Luanga Project Location Map.

4.2 Land Access

The Luanga Project resides on private farmland generally used for cattle farming. There are no indigenous claims or protected forests in this area. To carry out exploration/feasibility works, such as drilling, an access agreement is required with the owner of the surface rights (landowner).

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Land access agreements (Figure 4 - 2 ) are currently in place with five key landowners, covering 100% of the known mineralized envelope of the Luanga deposit. These agreements have just been renewed are valid for two years each time. There is no reason to believe they will not be renewed again in the future. See Section 4.3 for discussion on Bravo’s rights in respect of non-owned surface rights.

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Figure 4-2: Luanga Land Access Agreements Map.

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Under Brazilian mining law, exploration and study work (including all works in the recommendations of this report) do not require any permitting, as the land is privately owned, and permission to conduct work is resolved under the land access agreements with various owners.

As far as the Authors are aware, there are no other significant factors or risks that may impede access or the ability to perform the proposed work on the property, the information contained in this report is current and complete as of the report’s Effective Date and complies with Section 4.2(8) of NI 43-101.

4.3 Mining Legislation, Administration and Rights

Brazilian Mining Legislation, Administration and Rights are governed by the Brazil Mining Code (Federal Law Decree No. 227/1967), which regulates exploration and development of mineral resources and mining projects in Brazil.

Mineral tenements in Brazil generally comprise Prospecting Licenses, Exploration Licenses and Mining Licenses. These are granted subject to various conditions including an annual fee per hectare payment and reporting requirements. Each tenement is granted subject to standard conditions that regulate the holder’s activities and regulations that are designed to protect the environment.

The holder of a granted Prospecting License, Exploration License or Mining License is not required to spend a set annual amount per hectare in each tenement on exploration or mining activities. There is no statutory or other minimum expenditure requirement in Brazil. However, annual rental payments are made to the Brazilian National Department of Mineral Production (Mining National Agency, ANM) and the holder of an Exploration License must pay rates and taxes ranging, based on current exchange rate, from US$0.69 to US$1.03 per hectare to the Government.

If a mineral tenement is located on private land, then the holder must arrange or agree with the landowners to access the property, however in the absence of an agreement the company can request access in court and by depositing a compensation value that is established and estimated by a court expert.

4.3.1 Prospecting Licenses

A Prospecting License entitles the holder, to the exclusion of all others, to explore for minerals in the area of the License, but not to conduct commercial mining. A Prospecting License may cover a maximum area of 50 hectares and remains in force for up to 5 years. The holder may apply for a renewal of the Prospecting License, which is subject to approval by ANM. The period of renewal may be up to a further 5 years.

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4.3.2 Exploration Licenses

The federal department responsible for issuing Exploration Licences is ANM. Exploration licenses are typically granted for 3 years and can be extended for an additional 3 years maximum, subject to ANM approval. An exploration license allows the holder to explore for minerals in the granted concession, but not to conduct commercial mining.

License applications must include applicant details, the elements or metals to be explored for, the application license area, and be accompanied by stipulated technical documents that have been prepared under the responsibility of a qualified geologist or mining engineer. Such documents typically include budget forecasts for the planned exploration program, maps of the intended area, payment of governmental fees and taxes, and proof of sufficient funds or financing for the investment forecast set forth in the proposed exploration plan. Licenses are deemed granted when they are published in the National Official Gazette.

In order to renew the exploration license, the ANM shall take into consideration the development of the work performed. The request for renewal of the exploration license must be presented 60 days prior to the expiration date of the original license. As to the renewal request, a report must be presented of the work already carried out, indicating the results achieved, as well as reasons justifying the work continuation. The renewal of the exploration license does not depend on the publication of a new license, but only on the publication of the decision to renew it.

A final exploration report summarizing the economic viability and technical feasibility of the claim must be supplied to the ANM prior to the expiration of the granted time period. Such report must be prepared under technical responsibility of a legally qualified professional and must also contain: (i) information on the area, means of access and communication.

(ii) plan of the geological survey.
(iii) description of the main aspects of the deposit.
(iv) quality of the mineral substance and definition of the deposit.
(v) genesis of the deposit, as well as its qualification and comparison to similar deposits.
(vi) report on the assay results of samples collected.
(vii) demonstration of the economic feasibility of the deposit, and
(viii) the necessary information for the calculation of the reserve, such as the density, area, volume and grade.

The final exploration report must be presented independently from the results of the work and shall indicate the feasibility or non-feasibility of the development and exploitation of the mineralization, or the non-existence of the deposit. The holder of an exploration license who does not present a final exploration report, within the date established by the regulations, will be fined. Nevertheless, the exemption from presentation of the report is permitted in certain cases where the license is relinquished by the titleholder. The ANM must confirm the relinquishment, provided it happened in one of the two following instances:

(i) at any time, if the titleholder has not been successful at entering the area, despite all the efforts made, including judicial means, or;

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(ii) before one-third (1/3) of the term of duration of the exploration license has passed.

If the final exploration report concludes that mineral exploitation or development is temporarily non-feasible (due to economic conditions, logistics, commodities prices, among others) then the license holder may request the postponement of the decision related to the report (“Sobrestamento”) which shall be reviewed by the ANM.

A concession holder has one year from approval of the report to apply for a mining concession or to transfer this right to a third party. The application period may be extended for longer than a year at the discretion of the ANM, if requested by the holder prior to the expiration date, with necessary motivations and justifications (for example more time to obtain environmental approvals or conduct further studies on economic viability and technical feasibility).

Development of mining projects are governed by three phases: Preliminary Licence (LP), Installation Licence (LI) and Operating Licence (LO). Issuance of these licences is governed by the Brazilian Institute of Environment and Renewable Natural Resources (“IBAMA”), the State Environmental Agencies, which would be the Pará State Environmental Agency (“SEMA”) for the Luanga Project or the Municipality Authorities.

Stage 1 Licencing: Preliminary Licence (LP)

Receipt of the LP requires the licencing agency to evaluate the location and overall design of the project, environmental impact, social/community impact and establish terms of reference for future development. The Luanga Project occurs on predominantly privately owned, cleared land and there are no indigenous communities within the property boundary or within a 10km radius, so there is no consultation requirement under the National Foundation of the Indian Fundação Nacional do Índio (“FUNAI”), the federal agency that that establishes and manages policies relating to indigenous communities.

Stage 2 Licencing: Installation Licence (LI)

Receipt of the LI allows earthworks and mine construction to start. Application for the LI must include layout of the mine, processing plant, tailings dam and all associated infrastructure. It also includes detail on mining methods, recovery methods, tailings dam design (and dam break study). The LI also expands and updates the environmental and social/community studies that were included in the LP terms of reference and conditions.

Stage 3 Licencing: Operating Licence (LO)

Receipt of the LO allows operating activities to start and is essentially a review of the operation to ensure it was constructed according to the detail provided in the LI.

4.4 Mineral Tenure

On September 5th, 1995, the Ministério de Minas e Energia (Ministry of Minerals and Energy – “MME”) issued to Vale, Exploration Licence No.1961 under the process designated ANM.851.966/1992. Exploration Licences are administrated by the ANM. This Exploration License is located 40km north-east of the town of Parauapebas in Para State, Brazil.

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The license, which covers the Luanga Project, comprises an area of 7,810.02 hectares, currently in the name of Bravo Mineração Ltda, as summarized on Table 4-1 and illustrated on Figure 4-3. Exploration License 851.966/1992 remains valid while the Mining License application is pending.

Table 4-1: Mineral Tenement Summary (Source ANM – March 2023).

ANM Process	Municipality	Stage	Mineral	Title Owner	Size (hectares)	License No.	Expiry Date
851.966/1992	Curionópolis	Application for Mining License	Au, Pd, Pt, Ni	Bravo Mineração Ltda	7,810.02	1961
Comments: Mining License pending				TOTAL	7,810.02	ANM = Mining National Agency

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Figure 4-3: Luanga Project Tenement Map.

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The Luanga mineral property is centred approximately at coordinates -05⁰57’24.34” S/49⁰32’51.00” W. Bounding coordinates of Exploration License No.1961 from ANM title documents are presented on Table 4-2.

Table 4-2: Vertexes of Luanga mineral property

(Exploration License No.1961)

Vertex	Latitude	Longitude	Vertex	Latitude	Longitude
v1	-05°54’40”284	-49°30’09”580	v10	-06°00’05’’795	-49°35’30’’045
v2	-05°57’27”643	-49°30’09”580	v11	-05°56’28’’677	-49°35’30’’072
v3	-05°57’27”638	-49°32’36”608	v12	-05°56’28’’677	-49°35’34’’710
v4	-05°58’41’’177	-49°32’36’’614	v13	-05°54’40’’336	-49°35’34’’693
v5	-05°58’41’’177	-49°32’36’’617	v14	-05°54’40’’300	-49°31’50’’304
v6	-05°59’26’’752	-49°32’36’’617	v15	-05°55’51’’911	-49°31’50’’304
v7	-05°59’26’’758	-49°32’36’’617	v16	-05°55’51’’911	-49°30’45’’503
v8	-05°59’26’’758	-49°30’09’’580	v17	-05°54’40’’289	-49°30’45’’503
v9	-06°00’05’’822	-49°30’09’’580	v18	-05°54’40’’284	-49°30’14’’770
Exploration License N⁰ 1961, ANM.851.966/1992 – Datum SIRGAS2000

The first three years of exploration permit expired on September 5[th] , 1998, but the ANM only provided renewal of Exploration License on April 12[th] , 2005, due to its internal bureaucracy, renewing for additional three years until April 12[th] , 2008. On April 11[th] , 2008, Vale presented a Final Exploration Report to the ANM, and, on April 19[th] , 2013, the company applied for a Mining License.

The ANM continues to postpone the decision on the Project’s Final Exploration Report and Bravo expects this status to continue until such time that the Company submits a new study that demonstrates the technical and economic feasibility of the Project.

Bravo retained Linneu de Albuquerque Mello whose lawyers are qualified to carry out the practice of law in the Federative Republic of Brazil. According to a title opinion by Linneu de Albuquerque Mello dated January 20[th] , 2023, the Luanga Mineral Rights were valid and in good standing at that time.

4.4.1 Acquisition or Transaction Terms

On June 3[rd] , 2020, Vale, FFA Holding e Mineração Ltda (“FFAH”) and Brazil Americas Investments and Participation Mineração Ltda (“BAIP”), where Bravo is the beneficiary party, appointed FFAH and BAIP to acquire the Luanga Project. Payment terms are as follows, with royalties shown in Section 4.5.

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USD300k paid in Dec 7, 2021
USD500k paid in Nov 09, 2022
USD500k to be paid on Nov 12, 2023

Total: USD1.3 Million

On 24 January 2022, Bravo´s wholly owned subsidiary acquired 100% of the shares of AIPL (Americas Investments & Participation Ltd.), giving it a 100%, undivided interest in the Luanga Project.

4.5 Royalties

The following royalties are applicable to the Luanga Project:

1% NSR royalty to Vale
2% NSR royalty to BNDES
CFEM Government Royalties:
1.5% NSR royalty Au
2% NSR royalty on precious metals (Pd, Pt, Rh)
2% NSR royalty on base metals (Ni, Cu)
The Private Landowner Royalty is equal to 50% of CFEM royalties.

4.6 Environmental and Social Liabilities

No environmental liabilities have been identified within the Luanga Exploration License. The current land use at the Luanga Project is solely agricultural cattle grazing. There are no significant rivers running through the property. There are also no existing forests on the property, thus no deforestation is required. However, it is the intention of Bravo to plant 10 trees for every drill hole completed (Figure 4-4 ).

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Figure 4-4: Seedling nursery.

The most significant activity to be completed by the company in the next few years is relatively low impact drilling. Bravo will concurrently rehabilitate drill sites.

It is expected that social or community impact will also be negligible since the nearest community is the village of Serra Pelada, which is approximately 8km away. There are no indigenous communities within 25km of Luanga.

The unpaved road to Serra Pelada crosses Luanga in the northern half of the property. This road is currently in the process of being asphalted by Vale. A low voltage power line parallels this road. Bravo does not expect to encounter major difficulties in moving the road and associated power line if the Project advances to a construction decision. The location of the road and power line will not impact planed exploration activities.

4.7 SUDAM

Bravo is subject to corporate income tax rate of 25% which is applied to pre-tax profit. The company can apply for a tax incentive under SUDAM (Superintendência do Desenvolvimento da Amazônia) based on Federal Law Nº 13,799, January 3, 2019. If granted this reduces the 25% income tax by 75% for a 10-year period, starting from the year in which the Appraisal Certificate from SUDAM is issued. The total tax burden in this case is 15.25% (75% of 25% + 9% social contribution tax), plus royalties as defined in section 4.5.

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5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE & PHYSIOGRAPHY

5.1 Accessibility & Physiography

The Luanga Project is located in the municipality of Curionópolis in the central-eastern region of Pará State, approximately 500km south of Belém (a sizeable coastal port city, Figure 5-1). Luanga is accessible via paved and unpaved roads from two regional centres, Parauapebas and Marabá Figure 5-2). Both cities have commercial airports with multiple flights a day to Brasilia and Belém from Parauapebas and to Brasilia, São Paulo, Rio de Janeiro, Salvador and others from Marabá (Figure 5-3). Access to the Project is via a high-quality unpaved road that turns off paved Highway PA-257 (Table 5-1).

The closest population centres to the Project are the small town of Curionópolis, with a population of approximately 17,846, approximately 17km south-southwest of Luanga and the mining community of Serra Pelada approximately 12km to the west of Luanga. There are no communities within the property boundary. Bravo’s centre of operations is in the north-central part of the area.

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Figure 5-1: Regional location of Luanga Project in Pará State, Brazil

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Figure 5-2: Access map for Luanga Project

Parauapebas, located approximately 40km to west-southwest of Luanga, is the key service provider and labour source in the region. Parauapebas is the largest mining town in the state, with a significant labour force resident in the town supporting multiple World class sized iron ore and coppergold mines in the Carajás. Parauapebas is also home to all the mining-related services and mining infrastructure in the region. Parauapebas was recorded as having a population of 213,576 in 2020. It is expected that any future operation will be able to source all labour from the local region.

The nearest rail services are those privately owned by Vale located in Parauapebas, which connect to Marabá. As part of the purchase agreement with Vale, Bravo has access to this train line. The nearest commercial scale port facilities are Vila da Conde located adjacent to state capital Belém, approximately 660km to the north. The port facilities can also be accessed via barge on the Tocantins River, the nearest access to which is also in Marabá.

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Figure 5-3: Carajás airport 17km WSW of Parauapebas (top), Marabá airport (bottom).

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Table 5-1: Distances for ground access to Luanga Project.

Departing (from)	Destination (to)	Road distance (km)	Estimated time (hours)
Marabá town	Eldorado dos Carajás town	102 (on BR-222)	01:15
Eldorado dos Carajás town	Unpaved road access	16 (on PA-275)	00:20
Unpaved road access	Luanga property	20	00:25
TOTAL		138	02:00
Departing (from)	Destination (to)	Road distance (km)	Estimated time (hours)
Parauapebas town	Curionópolis town	36 (on PA-275)	00:40
Curionópolis town	Unpaved road access	16 (on PA-275)	00:20
Unpaved road access	Luanga property	20	00:25
TOTAL		72	01:25
Departing (from)	Destination (to)	Road distance (km)	Estimated time (hours)
Curionópolis town	Unpaved road access	16 (on PA-275)	00:20
Unpaved road access	Luanga property	20	00:25
TOTAL		36	00:45

The Luanga Project is located in Carajás Mineral Province which lies within the South Pará Plateau, where the altitudes vary from 500m to 700m above sea level. A series of NNE-SSW trending ranges project above the plateau, remnants of an older surface that was eroded to a peneplain and uplifted during the Paleozoic. Luanga lies on the south-east flank of one of these, the Serra Sereno range, with peaks up to 600m above sea level. The stream banks are terraced and capped with ironaluminous laterite, which are currently being actively eroded (Figure 5-4).

The drainage of the area flows into the Sereno Gorge, part of the Rio Parauapebas system. A tributary of the Sereno Gorge flows north-east from Serra Pelada.

Inside the Luanga Project area, vegetation has been cleared for pasture and subsistence cultivation, which is indicated in Figure 5-4 by the pink areas, versus dark green which is forested areas. The Luanga project covers 7,810 Ha, which is more than sufficient for any contemplated future mining related activities, including waste rock and tailings disposal, process plant and related infrastructure. Similarly, the other surface rights agreements discussed in Section 4 and shown in will also provide sufficient space within the 7,810 Ha for proposed work programs and any contemplated future mining-related activities.

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Figure 5-4: Physiography of Carajás region

5.2 Climate and Length of Operating Season

Situated approximately 6⁰ south of the equator, the climate at Luanga Project is typically equatorial with little variation in mean monthly temperatures throughout the year. The average maximum temperature 32⁰C while the average minimum is 22⁰C. There are two distinct seasons; the winter is warm and dry while the summer is wet and humid. Three-quarters of the annual precipitation falls from December through April. In August, average rainfall for the month is 10mm, while in January, February and March the monthly rainfall exceeds 150mm. Rainfall intensity can be high. For these reasons, water availability for any contemplated future mining related activity in the region is plentiful, and readily accessible. Figure 5-5: shows the climate data for Curionópolis. Annual rainfall average is 2,082mm.

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Figure 5-5: Average monthly temperature and rainfall at Curionópolis.

Source: Meteoblue.com, 2023

5.3 Local Resources and Infrastructure

The Luanga Project area is in a region of moderately fertile red/yellow podsols. Agricultural production includes rice, corn, beans, palm oil, banana, tomato, watermelon, coffee, avocado, guava and cashew nuts. Throughout the region, there is extensive cattle-ranching, producing both milk and meat; using natural pastures that are annually burnt to stimulate young growth of grasses. Total stock numbers include up to 400,000 head of cattle and 50,000 pigs in the region. The remaining forest areas have been intensively exploited for fuel wood for domestic use and especially for the production of charcoal. This is an important material for the production of pig iron for small plants in Marabá.

The burgeoning mining industry in the Carajás Mineral Province required a massive investment in infrastructure to create transport routes for industrial and agricultural exports. One of the biggest mining projects in Brazil is based on the iron ore deposits in the Serra dos Carajás near Parauapebas. With a reported 18 billion tonnes of ore, this is one of the biggest iron ore deposits in the world. The Luanga Project lies within the Projeto Grande Carajás Mining and Industrial Zone (“PGC”) that is reported to be gazetted over an area of 400,000km[2] and to involve a total investment of US$62 billion. The town of Carajás has been completely rebuilt and is closed to all but Vale’s workers. Vale constructed a heavy-duty rail line, over 892km from the iron mines to the Atlantic port of São Luís. The nearest railhead to Luanga Project is at Carajás, a distance of 55km by road from Luanga.

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Besides iron ore, other minerals such as gold, copper, nickel, manganese and bauxite have been discovered in significant quantities in the Carajás Mineral Province with additional discoveries a regular occurrence. Much of the metal mined in the region is exported in its raw form but there has been some attempt at metal refining. These include the aluminium smelter in Belém (the largest industrial plant in Latin America) and a steel mill in São Luís. Mining developments have led to increased energy demands, spurring the construction of dams for the generation of hydroelectric power.

The economy of the region is heavily dependent on mining, principally from the iron ore mines of Carajás. Vale is reported to be developing five projects in Southern Pará located within a radius of 90km from Carajás, three of them to the southeast and two to the northeast.

The city of Parauapebas is equipped with all the local amenities such as banks, hospitals, hotels, and supermarkets. In addition, the long history of mining in the town has provided the area with a skilled workforce experienced in disciplines that support mining such as machinery mechanics and general maintenance.

Marabá is the market centre for the region and a hub for road, rail and river transport. Together with the mining industry, the city economy relies also on agriculture, cattle raising, handcraft production and commerce. There are many experienced miners in the vicinity and the university in Marabá is focused on training professionals for the mineral industry.

The Tocantins River and its tributaries are of vital economic importance to the region, both as a source of fresh water for the population and industry, and as a source of hydro-electric power.

Downstream from Marabá, the Tucuruí hydro-electric dam had its capacity expanded in 2005, to lift output to 8,370MW. Three other hydro-electric plants on the Tocantins River have a combined capacity of 2,630MW and an additional plant is near completion. Seven more hydro-electric plants are planned on the Tocantins River (Figure 5-6).

A branch of the main 230kV hydro-electric power transmission line from Tucuruí to Carajás has the available capacity to supply the necessary power to the Luanga Project area for any contemplated future mining-related activity. This power transmission line is approximately 25km to NW of the Luanga property.

However, it is worth noting that Bravo has existing office facilities close to the Project, on land that is owned by Bravo and is within a local farm which is close to Curionópolis and Parauapebas (Figure 5 - 7 ).

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Figure 5-6: Power transmission lines in the region of Luanga Project

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Figure 5-7: New Offices on site.

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5.4 Social and Community

The branch of the main 230kV hydro-electric power transmission line from Tucuruí to Carajás has the available capacity to supply the necessary power to the Luanga Project area for any contemplated future mining-related activity. This power transmission line is approximately 25km to NW of the Luanga property.

Bravo has implemented several initiatives related to Environmental, Social, and Governance (“ESG”) performance during the implementation and development of Luanga. One of the ESG initiatives is related to environmental management. Bravo has implemented measures to minimize the impact of its operations on the environment. For example, it has developed a water management plan that includes monitoring water quality and quantity, as well as implementing measures to reduce water consumption. Additionally, Bravo has implemented a waste management plan that includes recycling and proper disposal of waste material. To not simply proceed, but to also enhance the natural environment, Bravo created an internal procedure to plant 10 new trees for each drill holes carried out on the Project area and, to the Effective Date, has planted over 2,000 trees (or approximately 13 trees per hole drilled). Currently, the company has 20,735 trees on its local nursery awaiting planting (Figure 5 - 8 ).

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Figure 5-8: Bravo’s nursery at Luanga camp.

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Bravo's social focus was to encourage the education of underprivileged children and young people in the Serra Pelada village (more than 160 of whom have been helped), supporting two social projects that aim to improve school performance through sport, leisure, and culture (Figure 5 - 9 ).

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Figure 5-9: Just Some of Bravo´s social projects at Serra Pelada community.

The company is committed to the highest possible health and safety standards to achieve a zero-incident work environment.

The company is also providing training programs for local residents to develop skills that can be used in the mining industry or in other sectors of the local economy, establishing partnerships with local communities to promote sustainable development in the region. Currently, 80% of Bravo’s workforce are part of the local communities in the Carajas region, exceeding Bravo’s goals for local hiring.

Bravo has also set a goal of local spending, with major contracts such as drilling and assaying being let to companies within the Carajás region.

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As part of Bravo’s ESG strategy, the company developed, approved, and disseminated the following policies:

Code of Conduct & Ethics Policy.
Anti-Bribery & Anti-Corruption Policy.
Disclosure & Confidentiality Policy.
Diversity & Inclusion Policy.
Whistleblower Policy.
ESG Policy (including Health & Safety, and Environment).

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6 HISTORY

The Carajas Mineral Province:

The history of the Carajás region is important to contextualize the discovery and subsequent evaluation of the Luanga deposit. Until the 1960s, geological work carried out in the Carajás region has been restricted, by lack of access, to the vicinity of the major rivers. In 1966, DNPM/PROSPEC published the results of Project Araguaia. This involved the acquisition of aerial photo coverage and photointerpretation of the Carajás region. No mineral discoveries were reported as the field work was restricted to the major drainages. The bare patches in the rain forest that later turned out to be highgrade iron ore were interpreted at the time to be calcareous sandstone.

The first mineral exploration in the Carajás region was carried out by Companhia de Desenvolvimento de Indústrias Minerais (“CODIM”), a subsidiary of Union Carbide which, in 1966 discovered the manganese deposit of Serra do Sereno. This discovery motivated US Steel, through its subsidiary Companhia Meridional de Minerações (“CMM”), to commence broad-scale exploration in the region. In July 1967, a Brazilian team discovered high-grade iron ore with an average grade of 66% Fe. US Steel wanted to develop the Carajás iron deposit, but the Brazilian Government was unwilling to give a foreign company control over such an important national asset. Instead, the Brazilian Government created in April 1970 a joint venture company, Amazônias Mineração SA (“AMSA”), of which 51 percent was owned by the Companhia Vale do Rio Doce (“CVRD”, which now is “Vale”), the Brazilian Government state enterprise, and 49 percent was owned by CMM. By presidential decree on 6 September 1974, AMSA was granted the rights to all iron ore in the Carajás Mineral Province.

Exploration continued until 1977, when CMM, concerned over the high capital cost and poor outlook of the international market for iron ore at the time, withdrew from the project. Vale purchased CMM’s 49% for US$55 million. AMSA, now wholly owned by Vale, was granted the rights for mineral exploration and development of the entire Carajás Mineral Province.

In June 1978, at the commencement of laying the Carajás railroad, linking Ponta da Madeira on the Maranhão coastline to the Carajás reserves, effectively launched the implementation of the Carajás Iron Ore Project, which was to cost CVRD US$3 billion in direct investments: 56% for the railroad, 20% for the mine and beneficiation plant, 14% for the marine terminal, and 10% for infrastructure. With the establishment of the Carajás Iron Ore Project and its associated infrastructure, the Carajás Mineral Province was established and recognised. Decades on, it is one of the largest mineral provinces in the world, and the largest mining region in Brazil. As a result of the recognition of the global importance of the Carajás Mineral Province, significant exploration was undertaken over the following decades by Vale as well as other domestic and foreign mining companies. This work resulted in the discovery of a number of deposits in the province and the development of several mines.

The Luanga Project:

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grid) and ground magnetic survey in the Luanga Complex. Four diamond bore holes were drilled to test the thickness and lateral continuity of outcropping chromitites. The drilling was not positive for chromitite mineralization, but intersected anomalous concentrations of Pt and Pd, including 9 metres at 2.57ppm of Pt+Pd (drillhole PPT-LUAN-FD0004).

In 1997, a joint-venture DOCEGEO-Barrick Gold carried out a stream sediment campaign over the Luanga Complex area that identified Au anomalism.

In 2001, Vale started an exploration program for PGM in the Serra Leste region. Systematic geological and structural mapping using RADARSAT and Landsat-TM5 integrated data, along with airborne geophysical survey, led to the discovery of several other layered mafic intrusions.

6.1 Historical Drilling

Historical drilling consisted of 252 diamond drill holes (50,352.89 linear metres) at Luanga between 1993 to 2003 (Table 6-1 ). Most of the diamond drilling occurred between 2001 and 2003 over two main targets, Luanga and Luanga South. At Luanga, 228 diamond drill holes (45,165.74 linear metres) were completed, representing approximately 90% of the entire drilling program. At Luanga South, 24 drill holes (5,187.15 linear metres) were completed.

Most of the diamond drilling was carried out by two Brazilian diamond drilling companies Geologia e Sondagem S.A. (“Geosol”) and Engenharia e Sondagem Ltda (Rede). DOCEGEO was responsible for the first four drill holes at the Project.

Table 6-1: Historical Drilling Summary

Year	Drill Type	Drill Holes	Total Metres	Contractor
1993	DD	4	643.69	DOCEGEO
2001	DD	89	15,392.10	Geosol
2002	DD	68	14,603.40	Geosol
2003	DD	91	19,713.70	Geosol
				Rede
TOTAL		252	50,352.89

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Most of the diamond drill holes (248 holes) were drilled with inclinations varying from -55.0⁰ to -70.0⁰, with the predominant inclination at -60.0º (Figure 6-1). Only four diamond drill holes were drilled vertically or close to vertical (-90.0⁰ to -80.0⁰).

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Figure 6-1: Historical drilling at Luanga Project, angled drill hole. Source: Vale

The maximum drill hole length in historical drilling was 497.60m and the average hole length was 199.8 metres. The diamond drilling (“DD”) holes were drilled with a HQ (96.40mm) diameter in the weathered zone, changing to NQ (76.20mm) diameter in the fresh rock. There is no information about the drilling recovery in the historical database. However, from visual inspection of available core from these programs, recoveries appear to have been excellent.

The near surface portion of Luanga has been oxidized to depths of a few meters to a few tens of metres is underlain by a thin transition zone before fresh sulphide mineralization is encountered. PGMs and Au are potentially recoverable from both oxide and sulphide mineralization, based on comparable deposits, whereas Ni would typically only be recovered from sulphide mineralization, where present in sulphide minerals.

The location of the drill holes at Luanga and Luanga South targets are illustrated on Figure 6-2 and Figure 6-3, respectively.

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Figure 6-2: Drill hole location map for Luanga target, Luanga Project

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Figure 6-3: Drill hole location map for Luanga South target, Luanga Project

6.2 Historical Drill Hole Collar Survey

The drill holes collars were sited based on the Instituto Brasileiro de Geografia e Estatística (IBGE) base datum. All the drill holes collars were surveyed at the end of each drilling campaign, using Total Station TOPCOM GTS 229 equipment with the final location entered into the drilling database. The survey Datum used for the Luanga Project was SAD69.

All the drillholes collars were capped with cement blocks, including a PVC tube and aluminium plates, including drillhole number. Information related to hole ID, coordinates, elevation, dip, azimuth and final depth data are included on the collar plugs on the aluminium plates.

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Downhole deviation surveys were carried out along the length of 240 diamond drillholes with readings collected at 3 metres intervals. The downhole survey covered approximately 95% of the total drillhole population.

A selection of the main mineralized intervals from Luanga’s historical drilling is summarized in Table 6-2. It is important to note that many other mineralized intersections exist within the deposit. The original grade units (ppb and ppm) have been restated as g/t and %, respectively.

Table 6-2: Highlights of mineralized intervals from historical drilling at Luanga.


			Thickness
HOLE-ID	From (m)	To (m)		Pd g/t	Pt g/t	Rh g/t	Au g/t	Type
			(m)


FD0136	0	17	17	17.36	18.36	2.94	0.06	Ox
FD0036	0	71	71	2.22	1.10	0.10	0.28	Ox+FR
FD0124	0	12	12	9.97	6.12	1.02	0.07	Ox
FD0018#	0	47	47	1.98	1.36	0.13	0.25	Ox+ FR
FD0035	3	18	15	6.18	2.49	0.00	0.64	Ox
FD0095	28	59	31	2.55	1.61	0.21	0.03	FR
And	71	93	22	2.63	1.59	0.09	0.02	FR
FD0145	0	40	40	1.88	0.69	0.08	0.27	Ox+ FR
FD0132	0	65	65	0.80	0.91	0.04	0.00	Ox+ FR
FD0068	75	89	14	4.04	3.16	0.00	0.18	FR
FD0220	108	157	49	1.09	0.62	0.25	0.12	FR
FD0069	99	124	25	2.10	1.39	0.24	0.15	FR
FD0019	79	109	30	1.76	0.97	0.12	0.06	FR
FD0014	11	21	10	5.65	2.61	0.41	0.05	Ox
FD0059	55	98	43	0.78	0.93	0.01	0.00	FR
FD0173	0	35	35	0.26	1.16	0.58	0.00	Ox
And	44	77	33	0.23	0.78	0.56	0.00	FR
FD0026	6	20	14	2.00	1.79	0.26	0.08	Ox
FD0218	41	53	12	1.98	1.51	0.98	0.16	FR
FD0137	76	93	17	2.05	0.76	0.12	0.03	FR

Notes: All drill holes ID have a prefix “PPT-LUAN-”

All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.

Holes marked with # were drilled sub-parallel to mineralization and therefore do not represent true thicknesses. Intercepts are estimated to be 70% to 100% of true thickness.

NA: Not Applicable as intercept is oxide, or a mix of oxide and fresh rock mineralization. Ox = Oxide. FR = Sulphide. Recovery methods and results will differ based on the type of mineralization.

6.3 Historical Mineral Resource

The “Historical Estimate” of mineral resources for Luanga was prepared internally in 2017 by Vale and reported in Mansur et al., 2020 as:

[email protected]/t 3E (Pd + Pt + Au) + 0.11% Ni using a cut-off grade of 0.5g/t PGE + Au.

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This disclosure is made as per Section 2.4 of NI 43-101, parts 1 to 7 inclusive:

The “Historical Estimate” was prepared internally in 2017 by Vale and reported publicly by Mansur et al., 2020, who obtained this information internally from Vale and subsequently report it himself.
Bravo acquired the Project directly from Vale and has since conducted a significant amount of infill drilling, resampling of historical core, metallurgical testwork, geophysics and other works. Given these substantive works the Authors believe that this “Historical Estimate” is strongly supported by Bravo’s work to date and is relevant to the reader’s understanding of the status of the Project and its future potential. Further, given that this estimate was prepared by Vale, a major mining company with global operations, the Authors believe it is likely to have been prepared to standards a reasonable person would use and is therefore considered reliable for the purposes of defining recommendations for future work.
No breakdown of the individual metals contributing to this Historical Estimate has been published and no technical report related to this Historical Estimate is available to the authors. As a result, aside from the information quoted above, nothing is known of the key assumptions, parameters, and methods used to prepare the Historical Estimate.
The “Historical Estimate” used no categories to define it.
There are no more recent estimates or data available to the Authors.
The work needed to be done before the "Historical Estimate” could be classified as a current mineral resource is defined in Section 26 of this report.
(i) A QP has not done sufficient work to classify the "Historical Estimate” as a current mineral resource; and
(ii) Bravo is not treating the “Historical Estimate” as a current mineral resource.

Bravo also cautions that there can be no certainty, following further evaluation and/or exploration work, that the “Historical Estimate” can be upgraded or verified as a current mineral resource in accordance with NI 43-101. Further, the assays values used to calculate the Nickel content in the “Historical Estimate” are total Nickel, and thus contain both sulphide Nickel (recoverable) and silicate Nickel (unrecoverable). It is unknown to Bravo whether the nickel content in the “Historical Estimate” has been modified to account for this or not.

6.4 Historical Metallurgical Testwork

The Project is an intermediate stage exploration project and, as a result, historical metallurgical testwork has been limited to first pass (or fatal flaw) metallurgical testwork.

This testwork is early stage, however it indicates that a “saleable” Pd-Pt- Au-Ni concentrate

could potentially be produced.

The Luanga deposit is the largest PGM deposit in South America (Mansur et al., 2020) and has two distinct styles of PGM mineralization. The first type, termed as the “Sulphide Zone”, consists

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of 10-50m thick intervals with disseminated base metal sulphides (pentlandite, pyrrhotite and minor chalcopyrite) located along the upper contact of the intrusion’s Ultramafic Zone. The Sulphide Zone extends along the entire length of the intrusion and hosts the bulk of the historical PGM mineralization at Luanga. There is a positive correlation between the PGM and S content. The second type of PGE mineralization, termed “Low S", consists of several zones of 2-10m thick stratabound PGE mineralization within a sequence of interlayered ultramafic and mafic cumulates located above the Sulphide Zone.

The focus of historical metallurgical testwork has been on samples from the Sulphide Zone, since this represents the bulk of the historical PGM mineralization identified a Luanga. Work was performed at a number of facilities between 2002 to 2007 and can be summarised as follows:

Mintek, 2002
CDM (internal Vale laboratory), 2002-2004
SGS Lakefield, 2003-2004

Initial work by Mintek and CDM used a higher-grade sample (5.0g/t Pt+Pd+Au) from the Sulphide Zone. Metallurgical testwork by both companies demonstrated that recoveries to concentrates of approximately 70% could be achieved using conventional milling, griding and froth flotation, similar to other sulphide PGM deposits globally.

Testwork subsequently carried out SGS Lakefield (Canada) on a lower grade 200kg sample from the Sulphide Zone, also indicated that recoveries of approximately 70%, with a concentrate from 0.78% of the fed mass of 132g/t PGM+Au. Internal work by CDM using the same sample also supported these results.

Results of historical metallurgical work are summarised in Table 6-3.

Table 6-3: Results of historical metallurgical work.

Sample	Lab	Test	Average Grade *(g/t 3E)**	Mass	Concentrate Grade (g/t 3E) *	Recovery
M1	Mintek	Lock Cycle Test	5,00	2.2%	137	66.2
M2	CDM	Open Circuit	5,00	3.4%	104	72.1

S1A3	CDM	Lock Cycle Test 1	1.70	1.2%	95	73.0
S1A3	CDM	Lock Cycle Test 2	1.70	0.89%	137	69.3
S1A3	Lakefield	Lock Cycle Test	1.49	0.78%	132	69.4

*3E = Pt+Pd+Au. No data is available for Rh or Ni.

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7 GEOLOGICAL SETTING AND MINERALIZATION

The following is summarized from published academic works describing the regional geological framework of the Amazon Craton.

7.1 Regional Geology

The Brazilian Shield extends over much of South America east of the Andes Mountains. The major tectonic units of the Shield are the Mesoproterozoic Amazon, São Francisco and the Rio de la Plata Cratons, surrounded by Neoproterozoic orogenic belts (Figure 7-1). There are many smaller cratonic fragments, such as the São Luís Craton. Paleoarchean rocks occur as small cratonic nuclei in north-eastern Brazil. The cratons contain voluminous 2,600-3,000 Ma granitic and greenstone belts and a large volume of Paleoproterozoic rocks. The Neoproterozoic orogenic belts are dominantly derived from re-working of older Archean crust but also include Mesoproterozoic sediments and volcanogenic sediments. Major orogenic activity ceased in the Cambrian. Deformation of the Shield in the Phanerozoic is limited to re-activation of older sub-vertical shear zones.

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Figure 7-1: Simplified regional geology of the north/northeast portion of Brazil.

The Amazon Craton is the largest preserved block in the Brazilian Shield. Deformation is concentrated along the Neoproterozoic Araguaia orogenic belt on the eastern flank of the south Amazon craton.

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Like similar PGE/PGM deposits (such as Chalice’s Gonneville deposit (Julimar Project)), Luanga is intruded close to the edge of the Amazon craton edge, within a dilation splay at the end of the Cinzento Shear.

Gold deposits are concentrated in the Archean and Paleoproterozoic terranes, including the Archean Carajás Mineral Province of the Amazon Craton. The Carajás Mineral Province is composed mostly of granites and greenstone belts and hosts the largest gold deposits in the Amazon Craton, including Serra Pelada and the Salobo and Igarapé Bahia Cu-Au deposits.

7.1.1 The Carajás Mineral Province

The Carajás Mineral Province is one of the most important mineral provinces of the South American continent, hosting several world-class Fe, Cu-Au and Ni deposits. It is in the south-eastern portion of the Amazonian Craton, bounded by the Neoproterozoic Araguaia Belt in the east and south, and overlain by Paleoproterozoic sequences generically assigned to the Uatumã Supergroup in the west (Araújo and Maia, 1991; Docegeo, 1988). To the north, where Paleoproterozoic gneissmigmatite-granulite terrains predominate (Vasquez et al., 2008), geological limits are not precisely defined. The Carajás Mineral Province is subdivided into two Archean tectonic domains: the older Mesoarchean Rio Maria Domain to the south and the younger Neoarchean Carajás Domain to the north (Araújo and Maia, 1991; Araújo et al., 1988; Dall’Agnol et al., 2006; Docegeo, 1988; Feio et al., 2013). A regional E–W shear zone, known as the Transition Subdomain (Feio et al., 2013), separates the Rio Maria and Carajás domains (Figure 7-2).

The Rio Maria Domain is a typical granite–greenstone terrain (Vasquez et al., 2008). The Andorinhas Supergroup comprises several individual Mesoarchean greenstone belts (2904 ± 29 Ma) and metasedimentary rocks (Huhn et al., 1986; Souza and Dall’Agnol, 1996; Souza et al., 2001). The recent characterization of spinifex-textured komatiites in a greenstone belt sequence within the Transition Subdomain (Siepierski and Ferreira Filho, 2016) suggests that granite–greenstone terrains extend further north than indicated in previous regional maps.

The basement of the Carajás Domain consists mainly of gneiss-migmatite-granulite terrains of the Xingu Complex (Machado et al., 1991; Pidgeon et al., 2000). The evolution of the Carajás Domain is widely discussed. Different models have been proposed to explain the evolution of the Archean volcano-sedimentary sequences, which includes the large sequence of metabasalts of the Grão Pará Group (ca. 2.75 Ga). While several studies have proposed an intraplate rift model (Gibbs et al., 1986; Villas and Santos, 2001), others have suggested subduction-related environments (Dardenne et al., 1988; Teixeira and Eggler, 1994). These volcano-sedimentary sequences are covered by low-grade metamorphic sequences of clastic sedimentary rocks of the Águas Claras Formation.

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----- Start of picture text -----

Luanga
----- End of picture text -----

Figure 7-2: Geology and mineral deposits of the Carajás Mineral Province. (Mansur, 2017)

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Several mafic–ultramafic complexes intrude into both the Xingu Complex and the Archean volcano-sedimentary sequences (Docegeo, 1988; Ferreira Filho et al., 2007). These intrusions host large Ni laterite deposits (e.g., Onça-Puma, Vermelho and Jacaré) as well as PGM deposits (e.g., Luanga, Lago Grande) and were ascribed as part of the Cateté Suite in regional studies. Significant differences in the magmatic structure and evolution of the layered intrusions suggest, however, that they belong to different Neoarchean magmatic suites (Ferreira Filho et al., 2007; Rosa, 2014; Teixeira et al., 2015).

7.1.2 The Serra Leste Magmatic Suite

The Serra Leste Magmatic Suite (Ferreira Filho et al., 2007) consists of a cluster of small- to medium-size layered mafic-ultramafic intrusions located in the north-eastern portion of the Carajás Mineral Province (Figure 7-3). Mafic-ultramafic complexes are intrusive into gneissic rocks of the Xingu Complex and/or volcanic-sedimentary rocks of the Grão Pará Group. This suite was originally grouped based on the abundant PGE anomalies in the layered intrusions, disregarding any geological, stratigraphic or petrological consideration (Ferreira Filho et al., 2007). Magmatic ages of the layered intrusions overlap with the age of the bimodal volcanism of the Grão Pará Group (2,759 ± 2 Ma, U-Pb in zircon and 2,760 ± 11 Ma, U-Pb in zircon), supporting the interpretation that they are part of a major Neoarchean magmatic event (Machado et al., 1991; Ferreira Filho et al., 2007).

The architecture of the intrusion and the crystallization sequence described in the Luanga and Lago Grande complexes indicate an overturned layered sequence (Ferreira Filho et al., 2007; Teixeira et al., 2015). Even though the tectonic processes leading to the overturned sequence of layered rocks in the Lago Grande and Luanga complexes have so far not been studied in detail, regional structural studies in the Serra Leste region indicate significant tectonic transport that may lead to major overturned blocks (Holdsworth and Pinheiro, 2000; Tavares, 2015).

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Figure 7-3: Geology of the Serra Leste region. (Mansur, 2017)

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7.2 Regional Geophysics

The Luanga Project area is covered by airborne geophysical surveys carried out on behalf of the Brazilian Government and currently available in the public domain. These surveys include magnetic, radiometric and electromagnetic data obtained by Geoterrex-Dighem in 1999, using flight lines oriented along an E-W direct with lines spaced 250m apart. Control flight lines were N-S oriented and spaced 5km apart. Flying height was 120m above the ground.

Magnetic field anomalies highlight the structural framework and main geological features in the area. High signal values are associated with meta-ultramafic rocks of the mafic-ultramafic complexes and magnetite-rich shear zones related to the Serra Pelada Divergent Splay (SPDS). The meta-ultramafic rocks include dunite, meta-peridotite, serpentinite, sulphide-rich zones with pyrrhotite, and shear zones with magnetite. Formation of magnetite in meta-peridotite occurs simultaneously with talc and serpentine as a product of olivine alteration.

The axes of the anomalies appear as anastomosed features that are ductile shear zones. Magnetite-rich, sub-parallel splays related to the Cinzento Transcurrent Shear Zone (“CTSZ”) crosscut the Luanga mafic-ultramafic complex (Figure 7-4). Magnetic highs are associated with magnetite-enriched meta-ultramafic rocks, such as dunite, peridotite, serpentinite, and talc-schist, as well as shear zones that truncate these complexes and remobilized the magnetite from the metaultramafic units. PGM mineralization in the mafic–ultramafic Luanga Complex is associated with pyrrhotite-rich meta-pyroxenite and chromitite layers close to the contact between meta-pyroxenite and peridotite/serpentinite.

Discrete circular high magnetic anomalies can be seen in the central part of the area. These anomalies are associated with shallow depth magnetic banded iron formation sources such as the Serra Leste iron deposit.

Discontinuities in the high values of the N-S or NNW anomaly patterns likely represent magnetite-enriched gabbroic dikes, which are widespread in the Itacaiúnas Supergroup.

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Figure 7-4: Regional Aeromagnetic image. (CPRM data, 1999)

The transient electromagnetic (“TEM”) data shows conductive zones in: (a) the NE portion of the map, where there are NE-trending aligned features (part of the Serra Sereno), which may represent carbonate and manganese-rich phyllite of the Rio Fresco Group; (b) the surroundings of the Formiga deposit, highlighting the thick alteration mantle, the meta-ultramafic rocks of the Formiga complex as well as banded magnetite-rich formations; (c) the mafic-ultramafic Luanga complex, where sulphide-related PGM mineralization occurs; and (d) the Serra Pelada Au-Pd-Pt deposit, where highly conductive zones occur due to the presence of carbonaceous meta-siltstone (Figure 7-5).

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Figure 7-5: Regional Airborne TEM Image. (CPRM data, 1999)

High values of total radiation count can be related to the presence of Archean granitic rocks of the Estrela Granite Complex, the Xingu Complex and Paleoproterozoic Cigano-type granites. Intermediate to high total radiation count values in the central area reflects the sericite-rich metasiltstones of the Rio Fresco Group.

Low values of total gamma radiation count are associated with outcrops of the mafic– ultramafic complexes (a = Luanga, b = Luanga South) and appear as dark colours (Figure 7-6). It is interesting to note that immediately east of the Serra Pelada Au-Pt-Pd deposit there is a small area of low values that is compatible with the radiometric signature of meta-mafic to ultramafic units. The possible presence of buried meta-mafic and meta-ultramafic rocks near this mineralization could provide a source for the Pt and Pd associated with Au in the Serra Pelada deposit.

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Figure 7-6: Regional air-radiometric image (Total Count Channel)

(CPRM data, 1999)

7.3 Local Geology

The principal geological unit on the mineral property is the Luanga Layered Mafic-Ultramafic Complex (The “Luanga Complex”). The Luanga Complex consists of a 6km long and up to 3.5km wide (~18km²) sequence of mafic-ultramafic layered rocks. There is an abundance of unweathered rocks, in comparison to adjacent areas of the Carajás Mineral province, that consist mainly of massive blocks and boulders. The most prominent geomorphologic feature consists of an elongated arcshaped smooth hill sustained mainly by ultramafic rocks, up to 60m higher than flat areas where gabbroic rocks prevail. The layering forms an arc-shaped structure that matches the morphology. Pre-existing host rocks of the Luanga Complex consist of highly foliated gneiss and migmatite of the Xingu Complex in the south/southeast and mafic volcanics and iron formations of the Grão Pará Group in the north/west (Figure 7-7).

The central portion of the Luanga Complex has the thickest sequence of layered rocks. To the north and northeast, the layered sequence is truncated by granitic intrusions, and to the south it becomes progressively thinner. The Luanga Complex and host rocks are crosscut by NNW-SSE diabase dykes. These vertical dykes are up to several metres wide and consist of fine- to mediumgrained intergranular to ophitic textured rocks with thin aphanitic chilled margins. Diabase dykes consist mainly of clinopyroxene, olivine and plagioclase, with accessory Ti-magnetite. They belong to

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a Proterozoic swarm of magnetic mafic dykes that occurs in the Serra Leste region (Teixeira, 2013; Teixeira et al., 2015).

Geological sections (Figure 7-7) defined by historical drilling indicate that igneous layers have steep dips to the SE. These sections indicate that the Ultramafic Zone overlies the Transition Zone, which overlies the Mafic Zone, suggesting that the layered sequence is tectonically overturned. An overturned layered sequence was previously described for the Luanga Complex (Ferreira Filho et al., 2007) and for the Lago Grande Complex (Teixeira, et al., 2015). These studies suggest the existence of regional scale structures leading to large, overturned blocks in the Serra Leste region.

The subdivision of the Luanga Complex into three zones, ‘Ultramafic’, ‘Transition’ and ‘Mafic’, is based on the different type and/or proportion of cumulus minerals. The estimated thickness of the layered sequence is some 3,500m thick, as indicated in both the stratigraphic column (Figure 7-7) and schematic block diagram (Figure 7-8) and supported by the extensive drilling in the central portion of the complex, which is likely to represent the axial portion of the original magma chamber.

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Figure 7-7: Luanga A) Geology. B) Section of the central portion, C) Stratigraphic column. (Mansur, 2017) The area illustrated lies entirely within the property boundary.

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Figure 7-8: Simplified 3D Luanga model showing overturned structure.

(Mansur, 2017). The area illustrated lies entirely within the property boundary.

7.3.1 Ultramafic Zone

The Ultramafic Zone, about 5km long and up to 1km wide, is up to 800m thick and consists of harzburgites with lesser dunites and lenses of orthopyroxenite at the upper portions (facing criteria, considering the overturned sequence). The lower contacts of the Ultramafic Zone with the Xingu Complex and Grão Pará Group are poorly exposed and was mapped mainly by soil sample assays of the geochemistry surveys. The contact with the stratigraphically overlying Transition Zone is gradational and characterized by a 5-10m thick sequence of interlayered orthopyroxenite and harzburgite. Typically, harzburgites in the basal ultramafic zone consist of variable altered ultramafic rocks with abundant olivine + orthopyroxenite and/or their alteration products (serpentine, talc and magnetite). Domains with primary magmatic textures are locally preserved and consist of medium-to coarse-grained harzburgite.

7.3.2 Transition Zone

The Transition Zone is about 5km long and up to 1km wide, comprises a pile of interlayered ultramafic and mafic cumulate rocks, which is up to 800m thick. Interlayering of different rock types in different scales (from a few centimetres up to dozens of metres), is a distinctive feature of the Transition Zone. Cumulate rocks have variable textures, from adcumulate to orthocumulate, and variable assemblages of cumulus and intercumulus minerals. The most common rock types are orthopyroxenite locally with chromite-rich zones/chromitite layers and minor norite/harzburgite layers.

Orthopyroxenite is a medium- to coarse-grained orthopyroxene cumulate. The texture varies from adcumulate (Figure 7-9) to meso and orthocumulate with plagioclase as the predominant

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intercumulus mineral. Primary textures and minerals are variably altered to fine-grained aggregates consisting mainly of talc, serpentine, chlorite and minor magnetite.

Chromitite layers with variable thickness and textures occur mainly in the upper portions of the Transition Zone and the lowermost portion of the Mafic Zone. The thickest chromitite is an up to 60cm chromitite-rich layer located at the contact between the upper harzburgite and orthopyroxenite layers from the Transition Zone. Several thin chromitites (<10cm thick) occur in the Transition Zone and in the lowermost portion of the Mafic Zone. Thin chromitites hosted by noritic rocks are commonly preceded by a thin layer of harzburgite. These chromitites are fine- to medium-grained chromitite cumulates with intercumulus plagioclase and orthopyroxene. The upward transition from massive chromitite, to chain textured chromitite and disseminated chromitite is common and provides a facing criterion for the igneous stratigraphy of the Luanga Complex (Figure 7-9).

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Figure 7-9: Luanga rock types A) Serpentinite B) Adcumlate orthopyroxenite C) Harzburgite D) Harzburgite E) Orthopyronenite norite contact F) Chromitite layer.

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7.3.3 Mafic Zone

The Mafic Zone, about 5km long and up to 3km wide, comprises an up to 2,000m thick sequence of monotonous noritic rocks. Norite consists of medium-grained orthopyroxene + plagioclase cumulates (Figure 7-9). Primary textures and minerals are variably altered to fine-grained aggregates consisting mainly of talc, serpentine, chlorite and minor magnetite.

Minor interlayered ultramafic rocks in the Mafic Zone consist mainly of orthopyroxenite.

7.3.4 Metamorphism

Metamorphic assemblages commonly replace primary igneous minerals of the Luanga Complex. This metamorphic alteration is heterogeneous and characterized by an extensive hydration that largely preserves primary textures, bulk rock compositions and the compositional domains of igneous minerals. The penetrative fabric is restricted to narrow domains of up to a few metres across, and igneous textures are identified in adjacent non-deformed domains. These assemblages include serpentine + talc + magnetite ± cummingtonite in replaced olivine-bearing ultramafic rocks, talc + serpentine + magnetite ± cummingtonite in replaced orthopyroxenites, and hornblende + chlorite + epidote in replaced mafic rocks.

Metamorphic assemblages indicate temperatures of the greenschist facies and up to the amphibolite facies of metamorphism in the Luanga Complex (Ferreira Filho et al., 2007) and Lago Grande Complexes (Teixeira et al., 2015). The age and type of metamorphism affecting the layered intrusions and their host metavolcanic and metasedimentary rocks in the Serra Leste region is a debated issue. However, the effect of metamorphism on sulphides is relevant for discussions regarding PGM mineralization hosted by sulphide-bearing and sulphide-poor cumulate rocks in the Luanga Complex.

The metamorphic alteration is heterogeneous as indicated by rocks with magmatic minerals and texture closely associated (i.e., a few metres, to tens of metres apart in drill core) with rocks where primary textures are preserved but magmatic minerals are extensively replaced. Apart from highly variable hydration, the compositions of variably altered samples are very similar when recalculated on anhydrous basis, thus supporting that metamorphic alteration does not promote a significant change in composition.

7.3.5 Mineralization

The following description of the mineralization at Luanga has been compiled based on published peer reviewed academic papers in international journals (especially Mansur, E.T. – 2017).

Several thin chromitites layers occur in the Luanga Complex mainly in the upper and lower stratigraphic portions of the Transition Zone, where they are hosted by ultramafic cumulates, and through the immediate contact with the overlying Mafic Zone, where they are hosted by plagioclasebearing norite cumulates (Figure 7-10).

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Figure 7-10: Drill core showing a thin chromitite layer hosted by noritic rocks of the Mafic Zone.

This stratigraphic interval consists of several cyclic units interpreted as the result of successive influxes of primitive magma.

The Figure 7-11 and Figure 7-12 show sections with historical drilling with significant intersections of mineralization.

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Figure 7-11: Location of historical drilling.

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----- Start of picture text -----

a)
b)
c)
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Figure 7-12: Drill sections shown in Figure 7-11: (a) Section 1; (b) Section 2; (c) Section 3.

These sections lie entirely within the property boundary. 3PGM = Pd + Pt+ Rh.

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While some PGM mineralization is hosted in the chromitites, two main styles of PGM mineralization occur in the Luanga Complex are: (i) sulphide-related PGM mineralization (bulk of tonnage) and (ii) low-sulphur PGM mineralization.

7.3.5.1 Sulphide-related PGM

PGM mineralization associated with disseminated sulphides hosts the bulk of PGM historical mineral resources of the Luanga Complex. The stratigraphic section hosting the PGM deposit, referred to as the “Sulphide Zone”, consists of a 10–50m thick interval with disseminated sulphides located along the contact of the Ultramafic and Transition Zones (Figure 7-13).

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Figure 7-13: Drill core showing disseminated sulphides in PGM mineralized rock of the Sulphide Zone.

The Sulphide Zone is a zone of stratabound PGM mineralization consisting of interstitial sulphides (~ 1-3vol%) hosted by variably metamorphically altered orthopyroxenite and peridotite. The location of the Sulphide Zone along the contact zone is variable, such that sulphides may be hosted just by the lowermost orthopyroxenite of the Transition Zone or encompass both the orthopyroxenite and the underlying peridotite of the Ultramafic Zone. The mineralogy of the Sulphide Zone does not show major variation through the deposit and consists of base metal sulphides with pentlandite>pyrrhotite>>chalcopyrite. Magnetite is commonly developed at the outer border or along fractures in sulphide blebs. Both magnetite and rare pyrite crystals occur in partially altered sulphide aggregates. Chalcopyrite is not abundant (<10vol% of the sulphides) and commonly occurs as finegrained crystals at the borders of larger pentlandite and/or pyrrhotite crystals. Additionally, thin

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lamellar chalcopyrite occurs enclosed within pentlandite crystals. The metamorphic transformation of primary igneous silicates of the hosting rocks does not seem to significantly modify the sulphide mineralogy.

The occurrence of sulphide minerals is not restricted to the Sulphide Zone. Minor sulphide veinlets occur in thin (up to 8m thick) discontinuous shear zones located along the Luanga Complex. Sulphides in these zones have distinct texture and mineralogy described for the Sulphide Zone, showing typically intergrowth with amphibole, and predominantly composed by chalcopyrite. These occurrences are described as hydrothermal sulphides.

PGM mineralization associated with sulphides, hosts the bulk of PGE historical mineral resources of the Luanga Complex.

7.3.5.1 Low-Sulphur PGM

This style of mineralization comprises PGM-mineralized rocks devoid of base metal sulphides and/or chromitite. The low-sulphur PGM mineralization of the Luanga Complex consists of 2-10m thick stratabound zones across the Transition Zone. These zones occur above the Sulphide Zone and do not show extensive lateral continuity. The low-sulphur PGM zones commonly occur at the contact between layers of distinct cumulate rocks in the Transition Zone, but its occurrence within one rock type is also observed. The hosting rocks, mainly harzburgite and orthopyroxenite, do not show any distinctive texture or change in modal composition that characterize the PGM enrichment. As a result, the PGM enriched intervals were not identified during core logging or routine petrographic studies. These PGM-anomalous intervals were only indicated by their anomalous Pt-Pd assay values. A remarkable feature is the occurrence of anomalously Ni-rich olivines in harzburgites closely associated with low-sulphur PGM mineralization.

All the different styles of mineralization at Luanga can be classified into two sub-classes based on based on the weathering processes:

The fresh rock mineralization where sulphides and other minerals are completely

unweathered.

• The oxide mineralization where the weathering and oxidization transformed the original mineralogy. The oxide mineralization includes the completely weathered material (saprolite) and the transition zone (saprock) between saprolite and fresh rock.

7.3.5.2 Magmatic Nickel (+/-Copper) Sulphide Mineralization

Infill by Bravo in 2022-23 has subsequently identified new zone and style of mineralization at Luanga, namely magmatic nickel (+/-copper) sulphide. This mineralization appears to be located in the harzburgite footwall rocks below the Transitional Zone containing the Luanga PGM deposit, within the Ultramafic footwall, or close to the contact of these zones within the Luanga intrusion.

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In the Northern Sector, magmatic massive sulphide nickel copper was intersected, while in the Central Sector step-out drilling targeting deeper intersections of PGM mineralization, has intersected net-textured and cumulus magmatic nickel sulphide mineralization.

These results demonstrate the potential for higher-grade nickel ± copper sulphides at Luanga, below the existing ~8.1km strike of PGM+Au+Ni mineralization intersected in shallow historical drilling.

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8 DEPOSIT TYPES

The alternating magmatic layers and the stratabound nature of magmatic sulphide mineralization encountered at Luanga Complex fit with the “reef” model of mineralization for layered mafic-ultramafic complexes such as Bushveld, Stillwater, Great Dyke, Penikat, Julimar and the Skaergaard.

Layered mafic intrusions (“LMIs”) are significant sources of PGE/PGMs, base metal sulphides, chromitite, magnetite and ilmenite. These types of deposits (magmatic deposits) are derived from accumulations of crystal of metallic oxides, or immiscible sulphide, or oxide liquids that formed during the cooling and crystallization of magma, typically with mafic to ultramafic compositions, according Zientek, M.L., 2012.

“PGE/PGM reefs” are stratabound enriched lode mineralization in mafic to ultramafic layered intrusions. The term “reef” is derived from Australian and South African literature for this style of mineralization and used to refer to (1) the rock layer that is mineralized and has distinctive texture or mineralogy or (2) the enriched sulphide mineralization that occurs within a rock layer.

The dominance of the Bushveld Complex in world-wide production of minerals related to mafic layered intrusions (Figure 8-1) gives this intrusion an archetypal status in exploration and resource models for mafic intrusions.

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Figure 8-1: Chart summarizing mineralization in a variety of layered mafic intrusions.

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A schematic model of an LIP-related layered intrusion is presented on Figure 8-2, showing the relative position and petrological affinities (e.g., chromitite vs. sulphide dominated; ultramafic vs. mafic; reef vs. contact styles of mineralization) of the differing types of LIP-related PGE/PGMdominated magmatic sulphide deposits. A single layered intrusion is unlikely to host all of these styles of mineralization, and that PGE/PGM deposits with differing magmatic affinities can occur in similar positions within an intrusive system.

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Figure 8-2: LIP layered intrusion schematic.

Adapted from Hoatson et al. (2006) and Naldrett (2010a)

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9 EXPLORATION

The earliest exploration completed by Bravo was from the 21[st] to the 23[rd] of September 2020. Bravo staff visited Vale´s core facilities where they collected five verification core samples from four historical drill holes. Samples were ¼ core from mineralized intervals previously sampled by Vale (Figure 9-2). Those samples were cut and bagged in Vale’s facilities by Bravo personnel, who were responsible for the identification (the same ID as the original sample) and shipping of the sample bags.

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Figure 9-1: Examples of drill holes selected for independent resampling.

Samples chosen for assay analysis by Bravo were shipped directly to the analytical laboratory of ALS Brasil Ltda in Belo Horizonte, Minas Gerais state. ALS Brasil Ltda. is a part of ALS Global, an international laboratory company with certified labs all over the world. ALS are ISO/IEC

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17025:2017 and ISO 9001:2015 certified/accredited. At ALS, all samples were weighed, dried, crushed, split, and pulverized up to 85% <75µm.

All samples were analysed for Pt, Pd, and Au by fire assay with ICP-AES finish, and for Rh by fire assay with ICP-MS finish. The samples also were analysed for 48 elements by four acid and ICP-MS finish.

Historical drill core is being relocated from the Vale core yard to the Bravo core yard. To date 150 complete diamond drill holes have been received at the Bravo core yard, representing a good cross section of the geology intersected by Drilling (Table 9-1).

Table 9-1: Historical Drill Core – receipt status.


	Historical Drill Core

Actual Location	Vale (N5)	Bravo Camp	% Transported	Pending
Total Drill Holes	228	150	65.79	78
Total Metres	45,166	28,701	63.55	16,465
Total Boxes	11,797	7,794	66.07	4,003

Following the receipt of historical drill core, Bravo technical staff repaired and cleaned the core boxes, their markings and labels prior to relogging the core geologically (Table 9-2 and Figure 9-2). Following this relogging, the historical core was cleaned and photographed before the commencement of resampling.

Table 9-2: Historical Drill Core – quantity of relogging and resampling.


	Relogging & Resampling 2022 Program

Received Core (YTD)	Bravo Camp	Relogged	% Relog	Resampled	% Resample
Total Drill Holes	150	101	67.33	47	31.33
Total Metres	28,701	19,386	67.54	2,036	7.09

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Figure 9-2: Historical Core now at the Bravo Offices.

For the resampling programme, half core was cut in half again by a standard industry core saw and, in cases where only quarter remains, it was sampled in its entirety. 47 holes received to date have been resampled, for a total of 2,036 samples collected (Figure 9-3). Certified Reference Materials (blanks and standards) were inserted through the sample sequence at a ratio of one in every twenty samples for each, resulting in a quality control sample after every ten primary samples. Standards were purchased from both OREAS in Australia and AIMS in South Africa. These standards cover a variety of grades, while also being the best matrix match for the type of mineralization at Luanga. Samples were submitted to ALS Brasil at their facility located in Parauapebas.

Following the receipt of the remaining core boxes containing all the rest of the Luanga historical mineralized zones, the resampling will continue. The aim is to reassay all the historical mineralized zones, creating a complete new set of assays, assayed by a modern ISO certified laboratory and with an expanded assay suite.

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Figure 9-3: Resampling programme.

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Historical drill core sample data and Bravo’s drill core resampling to date shows an expected positive correlation for the PGM assessed. Correlated assay data shows spreading due to the difference in preparation and analytical laboratory methods. Ni resampling data assays presents two different populations, one probably related to the silicate and other sulphides. GE21 emphasizes the importance in receiving the remaining historical DD core to complete the relogging and resampling programs.

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Figure 9-4: Luanga Project: Digital Elevation Model, Orthoimage, Drill Collars and Mineralized Zones.

Geophysical work for Luanga was performed by both Southern Geoscience Consultants of Australia (SGC) and Southernrock Geophysics of Chile (Southernrock) in 2021. Southernrock reprocessed the historical IP data, while SGC reprocessed the historical magnetic data. The images below show the IP one of the images form the Southernrock work (Figure 9-5) and IP overlaid on reprocessed magnetic image produced by SGC (Figure 9-6). Location of this work is entirely within the property boundary and shown in Figure 9-5.

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Figure 9-5: Luanga Project: IP over Reprocessed Magnetic Imagery.

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Figure 9-6: Luanga Project: 3D Inversion of IP Resistivity, Depth -125m.

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Ground geophysics activities conducted during 2022 and January 2023 included borehole electromagnetics and surface electromagnetic survey. Both surveys were conducted by Geomag S/A (“Geomag”)

Borehole electromagnetics (“BHEM”) were carried out along five drill holes (DDH22LU047, DDH22LU052, DDH22LU068, DDH22LU073 and DDH22LU077), totaling 1,109.35 linear metres (Figure 9-7). The best BHEM response was along drill hole DDH22LU047 which intersected 11 metres of massive sulphide (Figure 9-8).

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Figure 9-7: BHEM survey in DDH22LU047.

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Figure 9-8: BHEM profile on drill hole DDH22LU047.

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Figure 9-9: Location map of BHEM and FLTEM surveys.

All geophysical data (BHEM and FLTEM) is currently being processed and interpreted by Australia-based Southern Geoscience Consultants (“SGC”).

In 2022, five out of a total of seven planned trenches were opened, totaling 448.27 meters. All opened trenches were mapped, sampled, and their location surveyed with GPS with geodetic accuracy. After the work was completed, all trenches were closed (Figure 9-10 and Table 9-3). A total of 530 samples were collected and sent to the laboratory. The results of the chemical analysis have not yet been reported.

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Table 9-3: Trench opening program.

	Trenching	Program - Southwest Sector	Program - Southwest Sector	Program - Southwest Sector
Trench_ID	Status	Survey	Mapping	Length (m)	# Samples	Results
TRCxxLU001	planned
TRC22LU002	completed & closed	done	done	82.61	99	pending
TRC22LU003	completed & closed	done	done	164.43	193	pending
TRC22LU004	completed & closed	done	done	81.08	96	pending
TRC22LU005	completed & closed	done	done	80.85	94	pending
TRC22LU006	completed & closed	done	done	39.3	48	pending
TRCxxLU007	planned
			TOTALS	448.27	530

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Figure 9-10: Trench opening program.

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To improve the geological understanding of the deposit, a petrographic study was carried out by César Ferreira Filho on 09 drill core samples (Table 9-4 and Figure 9-11).

Table 9-4: Petrographic samples.

Drill Hole ID	Sample ID	From (m)	To (m)	Description
DDH22LU047	Ptr-01	121.10	121.20	Sulphide Semi massive - Po rich
DDH22LU047	Ptr-02	131.40	131.50	Sulphide Semi massive - Po rich
DDH22LU047	Ptr-03	132.90	133.05	Sulphide massive - Po rich
DDH22LU047	Ptr-04	137.20	137.25	Sulphide Semi massive - Ccp rich
DDH22LU047	Ptr-05	140.00	140.20	Sulphide massive - Po rich
DDH22LU047	Ptr-06	161.60	161.70	Mag-Hbl - banded
DDH22LU047	Ptr-07	163.50	163.70	Amphibolitite (Hbl)
DDH22LU039	Ptr-08	130.10	130.20	Dunite - Net textured suphide
DDH22LU039	Ptr-09	130.85	131.00	Dunite - Net textured suphide

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Figure 9-11: photomicrography of sample Ptr-03 (DDHLU047 – 132,90 a 133,05).

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Bravo hired PRCZ Consultores Associados to carry out the geological and structural mapping work at the Luanga Project. This work started in November 2022 and is continuing after the Effective Date of this report. So far, 61 field points were fully described and a further 52 stations were marked where observations were made by quick reference to lithologies or contacts (Figure 9-12). The description, structural measures, photos and location coordinates of each field point are stored in a spreadsheet.

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Figure 9-12: Points described, and trails covered January 2023.

(Source: internal report entitled Geological Mapping Report – Second Field Work).

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10 DRILLING

Historical drilling information presented in this Report is included in Section 6.

Bravo has been carrying out its diamond drilling program using equipment from third-party company Servdrill Perfuração e Sondagem (Servdrill), reaching 6 drills at the same time. Drill inspection is carried out by Bravo's own employees (Figure 10-1).

To the Effective Date, 132 drill holes have been completed as part of the mineral resource infill and confirmation program, for a total 22,546.3m (Table 10-1), showing the same lithologies (orthopyroxenites and harzburgites) and style of mineralization anticipated based on historical drilling. Of these, 124 are infill holes and eight are twin holes to historical drilling.

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Figure 10-1: Rig in operation.

Table 10-1: Diamond drilling quantitative.

Drill Hole Type	Executed	Executed
	Amount	Metreage
Infill	124	21,261.30
Twin	8	1,284.70
Geometallurgical	8	882.00
Total*	140	23,428.00

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The shallowest hole drilled by Bravo was 76.55m and the deepest hole was 270.85m, with an average depth of 170m. Drilling is by HQ sized diamond core from surface, until reaching competent fresh rock from where drilling is by NQ sized diamond core. Core recoveries are generally excellent, with average >99% in the fresh rock and 94% for oxidized rocks. Mineralization is finely and evenly disseminated, thus it is believed that there will be no nugget effects or issues affecting accuracy and reliability, as was the case in the historical core.

In the Southwest Sector of Luanga, drill holes are drilled in a northerly direction, with a dip of 60º. In the central part, holes are drilled at azimuth N330, with a dip of 60º, except holes DDH22LU110 and DDH22LU112 which were drilled with a dip of 70º. In the north part, holes are drilled at azimuth N90, with a dip of 60º, except holes DDH22LU013 and DDH22LU017 which were drilled with azimuth N330.

All drilling holes collars are obtained with GPS with geodetic accuracy, being initially outsourced through the company RR Top and, currently, done by Bravo's own team. When finished, deviation surveys are conducted for all holes by the drilling company itself using REFLEX GYRO SPRINT-IQ device. In addition, runs are guided whenever possible with Reflex ACT3 device (Figure 10-2).

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Figure 10-2: REFLEX GYRO SPRINT-IQ device used for guided run.

At the end of each drilling shift, the wooden boxes containing the drill cores are taken to the drilling shed by the outsourced drilling company or by Bravo employees. The boxes are always transported securely tied and covered (Figure 10-3).

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Figure 10-3: Safe transport of drill core boxes.

In the core shed, the boxes are placed on racks for checking the depth, advance and recovery information, in addition to meter-by-meter marking. Then, magnetic susceptibility measurements are taken with the KT-20 S/C device. Marking of the oriented intervals is carried out to then proceed with the taking of structural measurements using the IQ Logger device (Figure 10-4).

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Figure 10-4: Checking the core boxes (left) and taking structural measurements with IQ Logger (right).

A geotechnical description of the holes is completed, focusing on obtaining the RQD measurement, which consists of adding the length of all core fragments greater than 10cm, within the same run, dividing this sum by the length of the run. Information about the strength and weathering of the rocks is also collected.

In the geological description, the following information is collected: granulation, texture, colour, mineralogy, magnetism, geological contacts, lithology, geological structures (fractures, faults, veins and crenulations), among others.

After the geological description, a sampling plan is drawn up (discussed in detail in Chapter 11). Then the numbering of the samples is marked on the boxes. A marking is also made to guide the sawing of the core into two equal halves (Figure 10-5). Photographs are taken of all core boxes, which are then sawed and sampled (Figure 10-6).

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Figure 10-5: Drill cores with core orientation markings.

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Figure 10-6: Core Photography Table.

Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~70 to 100% of true thickness.

Drill hole locations are listed in Appendix B and are shown in Figure 10-7, and a summary of the main intersections in Table 10-2 and Table 10-3, and Figure 10-8 to Figure 10-11. Holes were sampled in their entirety.

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Figure 10-7: Bravo Drilling – Drill Hole Locations

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Table 10-2: Bravo Drilling – Most Significant PGM+Au Infill Drilling Intersections.

HOLE-ID	From	To	Thickness (m)	Pd	Pt	Rh	Au	PGM+Au	TYPE
	(m)	(m)		(g/t)	(g/t)	(g/t)	(g/t)	(g/t)
DDH22LU003	33.20	70.00	36.80	1.53	0.70	0.100	0.30	2.64	FR
And	89.00	94.20	5.20	1.51	0.72	0.110	0.17	2.52	FR
DDH22LU004	78.60	91.60	13.00	1.63	0.77	0.140	0.06	2.60	FR
DDH22LU005	93.00	124.00	31.00	1.19	0.59	0.090	0.11	1.98	FR
DDH22LU008	0.00	8.60	8.60	3.39	2.66	0.360	0.03	6.45	Ox
And	27.60	42.60	15.00	0.82	0.34	0.070	0.03	1.25	Ox
DDH22LU016	55.50	75.30	19.80	0.48	1.94	0.260	0.01	2.68	FR/LS
DDH22LU018	90.80	107.70	16.90	1.60	0.89	0.220	0.10	2.82	FR
DDH22LU019	0.00	64.20	64.20	0.58	0.29	0.040	0.07	0.99	Ox/FR
DDH22LU022	81.20	101.00	19.80	1.27	0.77	0.120	0.05	2.21	FR
DDH22LU029	9.70	68.50	58.80	1.33	0.64	0.090	0.06	2.11	Ox/FR
Including	29.10	68.50	39.40	1.12	0.48	0.070	0.07	1.74	FR
DDH22LU029	108.40	117.10	8.70	2.12	1.70	0.24*	0.03	4.09*	FR
And	158.50	165.00	6.50	0.33	0.14	0.010	0.01	0.50	FR
DDH22LU031	16.60	26.50	9.90	3.27	2.42	0.350	0.04	6.07	Ox
DDH22LU032	115.20	119.80	4.60	5.52	1.27	0.26*	0.02	7.07*	FR/LS
DDH22LU034	109.40	144.40	35.00	0.87	0.51	0.100	0.03	1.50	FR
DDH22LU037	51.00	65.00	12.00	2.14	1.47	0.240	0.03	3.87	FR
And	100.00	118.50	18.50	1.48	0.97	0.230	0.01	2.69	FR
DDH22LU039	128.20	155.90	27.70	0.40	0.10	0.110	0.01	0.62	FR
DDH22LU040	36.60	89.50	52.90	1.44	0.52	0.100	0.08	2.14	FR
DDH22LU042	47.00	114.30	67.30	0.89	0.33	0.060	0.07	1.35	FR
DDH22LU045	0.00	12.00	12.00	1.10	0.37	0.050	0.02	1.54	Ox
DDH22LU046	0.00	35.50	35.50	1.14	0.45	0.050	0.01	1.66	Ox
DDH22LU047	131.11	142.15	11.04	3.56	0.57	0.070	0.04	4.24	FR
DDH22LU049	49.60	74.90	25.30	0.68	0.22	0.130	0.12	1.14	FR
DDH22LU050	58.40	79.80	21.40	0.79	0.41	0.070	0.11	1.38	FR
DDH22LU051	17.20	37.00	19.80	3.15	3.56	0.320	0.06	7.10	Ox/FR
DDH22LU052	151.00	158.10	7.10	0.69	0.04	0.300	0.11	1.13	FR
DDH22LU053	90.50	141.40	50.90	1.82	0.61	0.090	0.12	2.64	FR
DDH22LU055	49.10	68.10	19.00	1.34	0.80	0.100	0.40	2.64	FR
DDH22LU058	115.40	145.90	30.50	2.04	0.71	0.130	0.20	3.09	FR
DDH22LU059	144.00	161.10	17.10	2.77	1.01	0.160	0.03	3.97	FR
DDH22LU061	102.40	103.60	1.20	0.55	0.04	0.310	0.15	1.05	FR
DDH22LU062	54.50	61.70	7.20	4.39	1.91	0.320	0.11	6.73	FR
DDH22LU064	136.60	154.30	17.70	3.81	1.69	0.25*	0.22	5.98*	FR
DDH22LU066	77.50	93.00	15.50	0.91	0.86	0.110	0.05	1.93	FR
DDH22LU073	136.90	155.80	18.90	0.96	0.29	0.020	0.02	1.30	FR
DDH22LU074	0.00	52.90	52.90	0.48	0.76	0.050	0.01	1.29	Ox/FR
DDH22LU075	105.00	116.00	11.00	0.80	1.35	0.190	0.02	2.35	FR/LS
DDH22LU076	134.80	168.00	33.20	1.22	0.63	0.110	0.07	2.02	FR

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HOLE-ID	From	To	Thickness (m)	Pd	Pt	Rh	Au	PGM+Au	TYPE
	(m)	(m)		(g/t)	(g/t)	(g/t)	(g/t)	(g/t)
DDH22LU077	169.40	171.30	1.90	1.33	0.05	0.84*	0.04	2.27*	FR
DDH22LU078	122.30	150.7	28.40	0.55	0.95	0.010	0.01	1.53	FR/LS
DDH22LU082	115.60	~~EOH~~ 131.60	16.00	2.05	1.73	0.260	0.06	4.11	FR
DDH22LU084	80.80	96.80	16.00	1.38	0.70	0.130	0.01	2.23	FR
DDH22LU086	0.00	9.20	9.20	3.22	1.36	0.180	0.04	4.79	Ox
And	86.40	130.90	44.50	1.19	0.70	0.150	0.03	2.07	FR
DDH22LU090	0.00	39.90	39.90	1.11	0.64	0.110	0.02	1.88	FR
DDH22LU091	54.60	62.60	8.00	1.37	0.99	0.140	0.01	2.51	FR
And	68.20	92.60	24.00	1.33	1.36	0.24*	0.04	2.98*	FR
And	106.60	109.60	3.00	2.12	4.42	0.73*	0.03	7.30*	FR/LS
DDH22LU097	51.60	107.60	56.00	0.47	0.64	0.080	0.03	1.22	FR/LS
DDH22LU103	0.00	45.10	45.10	0.86	0.50	0.080	0.05	1.49	Ox
DDH22LU104	0.00	12.20	12.20	1.17	0.66	0.110	0.02	1.96	Ox
DDH22LU106	17.40	26.50	9.10	6.96	19.65	0.39*	0.04	27.04*	Ox/LS
DDH22LU107	163.10	200.10	37.00	1.05	0.69	0.120	0.17	2.04	FR
Notes:	All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole. PGM+Au = Pd+Pt+Rh+Au in g/t ‘NA’ Not applicable for Oxide material. ‘EOH’ End Of Hole. Type: Ox = Oxide. LS = Low Sulphur. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization. * Includes result/s Rh >1.00g/t requiring reassay with a higher detection limit, results pending.

Table 10-3: Bravo Drilling – Most Significant Nickel Sulphide Intersections.

HOLE-ID	From	To	Thickness (m)	PGM+Au	Ni (%) - sulphide	Cu (%)	TYPE
	(m)	(m)		(g/t)
DDH22LU029	158.50	165.00	6.50	0.50	0.43		FR
DDH22LU039	128.20	155.90	27.70	0.62	0.42		FR
Including	128.20	132.80	4.60	1.12	1.12		FR
Also Including	130.20	131.20	1.00	1.85	2.08		FR
DDH22LU042	47.00	55.00	8.00	0.62	0.81		FR
DDH22LU047	131.11	142.15	11.04	4.24	2.04	1.23	FR
Including	132.26	136.80	4.54	4.23	2.77	0.54	FR
Also Including	136.80	137.60	0.80	5.23	0.98	10.82	FR
DDH22LU049	49.60	74.90	25.30	1.14	0.40	0.23	FR
Including	66.90	70.30	3.40	2.12	0.84	0.34	FR
DDH22LU052	151.00	158.10	7.10	1.13	0.82	0.45	FR
Including	151.00	153.80	2.80	1.18	1.09	0.22	FR
Also Including	154.30	158.10	3.80	1.24	0.73	0.68	FR
DDH22LU052	161.90	164.50	2.60	0.94	0.72	0.26	FR
DDH22LU061	102.40	103.60	1.20	1.05	1.18		FR
DDH22LU073	136.90	155.80	18.90	1.30	0.41		FR

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HOLE-ID	From	To	Thickness (m)	PGM+Au	Ni (%) - sulphide	TYPE
	(m)	(m)		(g/t)
Including	150.80	153.80	3.00	3.14	1.15	FR
DDH22LU077	169.40	175.50	6.10	0.96	0.63	FR
Including	169.40	171.30	1.90	2.27*	1.47	FR
Also Including	170.60	171.30	0.70	2.59*	2.27	FR
DDH22LU094	78.80	82.80	4.00	1.45	0.53	FR
Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole. PGM+Au = Pd+Pt+Rh+Au in g/t FR = Fresh Rock. * Includes result/s Rh>1.00g/t requiring reassay with a higher detection limit, results pending.

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Figure 10-8: All Drilling – Central Zone. Bravo Drill Results in Red.

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Figure 10-9: Updated Section – Bravo DDH22LU046 and DDH22LU042 (open at depth).

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Figure 10-10: Section – Bravo DDH22LU048 and DDH22LU058 (open at depth).

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Figure 10-11: Section – Bravo DDH22LU059 (open at depth).

10.1 Twin Holes

A twin hole program has been designed to validate the historical drilling (Table 10-4). The objective is to support the insertion of historical drilling into Bravo's database with the same degree of quality and confidence in the geological, geochemical, and sample information. This program includes the drilling of 8 "twin holes" against historical drilling, following the coordinates surveyed in the field in SIRGAS 2000 format.

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Table 10-4: Selection of Results from Bravo Twin Hole Drilling.


		TWIN of Historical Hole			PPT-LUAN-FD0136

HOLE-ID	Fro m (m)	To (m)	Thickne ss (m)	Pd (g/t)	Pt (g/t)	Rh (g/t)	Au (g/t)	Historic SGS PGM+Au (g/t)	Bravo ALS PGM + Au (g/t)
DDH22LU043	0.0	16.7	16.7	15.92	16.51	3.63	0.05		36.12
PPT-LUAN-FD0136	0.0	17.0	17.0	17.36	18.36	2.94	0.17	38.73
DDH22LU043	34.9	86.5	51.6	0.84	0.56	0.08	0.12		1.60
PPT-LUAN-FD0136	24.0	78.0	54.0	0.46	0.36	0.11	0.07	0.93

		TWIN of Historical Hole			PPT-LUAN-FD0083

DDH22LU083	0.0	93.0	93.0	1.80	1.15	0.20	0.02		3.17
PPT-LUAN-FD0095	0.0	93.0	93.0	*1.60*	*1.01*	*0.10*	*0.01*	*2.71*

		TWIN of Historical Hole			PPT-LUAN-FD0145

DDF22LU006	0.00	37.2	37.22						3.08
PPT-LUAN-FD0145	0.00	40.0	40.00					2.92

Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole. Intercepts are estimated to be 75% to 85% of true thickness.

NA: Not Applicable as intercept is oxide, or a mix of oxide and fresh rock mineralization.

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11 SAMPLE PREPARATION, ANALYSIS AND SECURITY

11.1 Historical Diamond Drilling

Sample preparation, analysis and security procedures employed on historical diamond drilling were consistent to mineral exploration industry practices as detailed below.

11.1.1 Drill Core Logging and Sampling

Historical diamond drill core was stored in wooden boxes and transported to the Carajás/N5 camp facility, where they were logged. The logs described several features, including weathering, rock types, lithological contacts, structures, textures, granulometry, mineralogy and magnetism. Concomitant with logging, magnetic susceptibility readings and Rock Quality Designation (“RQD”) measurements were carried out along the core.

Figure 11-1 presents the original logging spreadsheet, before being transferred to electronic format and the Project database. Both records remain available for validation.

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Figure 11-1: Log sheet used on Luanga drilling program.

The different lithologies described in the drill logs were combined by the project geologists resulting in a group of 30 different lithologies. These litho-types were coded as illustrated on Table 11-1.

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Table 11-1: Lithological units and codes used at Luanga Project

Ref	Lithology	Litho-Code
1	Anorthosite	ANO
2	Banded Iron Formation	BIF
3	Chlorite-Actinolite-Talc Schist	CATAX or CATX
4	Chlorite-Biotite Schist	CBX
5	Chromitite	CR
6	Diabase	DB
7	Magnetite Gabbro	GBM
8	Granite	GR
9	Hydrothermalite	HIDRO
10	Manganese	MAN
11	Meta Anorthosite	MANT
12	Meta Diabase	MDB
13	Monzodiorite	MDI
14	Meta Diorite	MDRT
15	Meta Gabbro	MGB
16	Meta Leuco Gabbro	MLGB
17	Meta Norite	MNO or MNRT
18	Meta Peridotite	MPD or MPDT
19	Meta Pyroxenite	MPX or MPXT
20	Meta Felspathic Pyroxenite	MPXF
21	Meta Quartz Diorite	MQDI or MQDT
22	Meta Troctolite	MTCT
23	Magnetite Serpentinite	MTST
24	Quartz Diorite	QDI
25	Saprock	RSI
26	Saprolite	SAP
27	Soil	SOLO
28	Magnetic Serpentinite	SPTM
29	Serpentinite	SPTN
30	Quartz Vein	VQTZ

After logging, the core was sampled as half-core samples, split in half with a machete (at weathered zones) or diamond saw (Figure 11-2). Sample intervals were marked in nominal 1-metre intervals. Geological contacts were not used to define sampling intervals. Only a small group of samples (469 samples), representing approximately 1% of the total population (48,237 samples), used different intervals, including a maximum and minimum sample lengths reaching 3.00 metres and 0.10 metres, respectively. In general, these samples represent the last intervals at the end of holes.

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Figure 11-2: Cut core, half-core (right side) sampled.

As of the date of this report, the historical drilling database comprises a total of 48,237 core samples.

Chemical assays were performed for Au, Pd, Pt, Rh, Cu, Ni, Cr and Co for all samples. A portion of the samples were also analysed for Bi, Ag, As, Te, Ti, V, S, Sb and Zn. During the drill program, different commercial and independent laboratories, including Nomos, SGS Lakefield (Ontario, Canada) and SGS Brasil were used. All of them were independent. SGS Lakefield and SGS Brazil are ISO 9001:2015, ISO 14001:2015 and ISO/IEC 17025:2005 accredited today. The author is not aware of the status of their accreditation in 2001 to 2003, which pre-dates current ISO standards.

11.1.2 Sample Preparation

Historical drill core samples (as of 2005) were prepared at the Nomos or Lakefield laboratories and from mid-2005 on the core sample preparation was done exclusively at the SGS Laboratory. All three laboratories involved are considered independent.

Details on basic sample preparation applied by Nomos and Lakefield before 2005 are described in the historical database. The aliquot for analysis prepared by Nomos used the fraction - 200 mesh (“#”) while Lakefield used the fractions -150# and -200#.

The preparation method used by SGS for drill core samples included drying, two crushing stages, splitting and pulverization to reach a final aliquot of 200g at -150# granulometry, as illustrated on Figure 11-3.

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----- Start of picture text -----

Sample
~2.2 kg
↓
Drying
(105⁰ C)
↓
Crushing
(<6.3 mm)
↓
Crushing
(< 2 mm)
↓
Splitting
↓ ↔ ↓
Archive at N5 Lab aliquot
(~1.7 kg) (500 gr)
↓
Pulverization
(95% <150#)
↓
Splitting
↓ ↔ ↓
Archive Analysis
(~300 gr) (200 gr)
----- End of picture text -----

Figure 11-3: Core preparation route used by SGS Laboratory

11.1.3 Chemical Assay

11.1.3.1 Drill Core Samples

Historical drill core samples were analysed by three different laboratories (Nomos, Lakefield and SGS). The suite of elements and the analytical methods used by each laboratory are summarized on Table 11-2.

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Table 11-2: Chemical elements and methods used for core drilling analysis.

Lab	Element	Analytical Method	Fraction	Unit	Lower Limit	Upper Limit
NOMOS	Au	FIRE ASSAY/ATOMIC ABSORPTION	-200#	PPM	<0.01	*
	Pd				<0.01	*
	Pt				<0.05	*
	Rh				<0.001	*
	Cu	ATOMIC ABSORPTION			<10	*
	Ni				<10	*
	Cr				<10	*
	Co				<10	*
	Ag				<0.1	*
	V				<10	*
	Zn				<10	*
LAKEFIELD	Au	FIRE ASSAY/ATOMIC ABSORPTION	-150#/200#	PPM	<0.005	*
	Pd				<0.01	*
	Pt				<0.01	*
	Rh				<0.001	*
	Cu	AQUA REGIA/ATOMIC ABSORPTION			<1	>5000
	Ni				<1	>5000
	Cr				<1	>5000
	Co				<1	*
	Ti				<10	*
	V				<10	*
	As	ATOMIC ABSORPTION			<1	*
	As	AQUA REGIA/ICP			<5	*
	Cu				<1	>5000
	Ni				<1	>5000
	Cr				<1	>5000
	Co				<1	*
	Te				<3	*
	Ti				<10	*
	V				<10	*
	S	X-RAY			<50	*
SGS	Au	FIRE ASSAY/ICP	-150#	PPB	<20	*
	Pd				<20	*
	Pt				<75	*
	Rh				<15	*
	Cu	AQUA REGIA/ICP		PPM	<1	>5000
	Ni				<1	>5000
	Cr				<1	>5000
	Co				<1	*
	Bi				<10	*
	Te				<3	*
	S	LECO/INFRA-RED			<40	*
	Sb	AQUA REGIA/ATOMIC ABSORPTION			<0.1	*

Regarding Nickel assaying specifically, historical assay methods were for total Nickel and thus contain both sulphide Nickel (present in fresh rock and recoverable by froth flotation) and silicate Nickel (unrecoverable by froth flotation). As a result, reported nickel values in fresh rock (oxide Nickel

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is not relevant to the Project) are not reflective of recoverable Nickel by froth flotation, which is the likely extraction method for fresh rock at the Project, and has been the focus of historical metallurgical test work to date. Bravo intends to resolve Nickel sulphide contents by reassaying the historical core at the current drilling campaign prior to any future MRE reported in NI 43-101.

11.1.3.2 Soil Samples

All soil samples were submitted to chemical analyses for a suite of 16 elements (in ppb), including: Ag, As, Be, Bi, Ce, Co, Cr, Cu, La, Ni, Pb, Sb, Sn, Te, W and Zn. This suite of elements was analysed by inductively coupled plasma/mass spectrometry (“ICP/MS”) by the three different laboratories (Nomos, Lakefield and SGS).

Soil samples were also analysed for Au, Pt and Pd (in ppb) by fire assay/atomic absorption spectrometry (“FA/AAS”). Information about the laboratory responsible for the FA/AAS analyses is not included in the database.

11.1.4 Bulk Density Measurements

Bulk density measurements (weight in water-weight in air) were completed on 2,962 pieces of fresh and weathered core from 14 individual drill holes, including mineralized and non-mineralized rocks. Weathered pieces were infused and sealed with paraffin. The weight was obtained using an electronic scale (Urano manufacturer, model 10000/1) with a nominal capacity of 10kg and precision of 0.5g.

The bulk density measurements for the main lithotypes from Luanga deposit are presented in Table 11-3.

Table 11-3: Historical density measurements by lithotype

Lithotype	Nb. Samples	Mean	Median	Minimum	Maximum	Standard Deviation
CATAX	347	2.92	2.93	2.66	3.11	0.05
CBX	12	2.98	2.97	2.93	3.05	0.03
CR	3	2.89	2.88	2.85	2.93	0.04
MDI	271	2.96	2.98	2.63	3.56	0.14
MGB	13	2.83	2.84	2.72	2.97	0.07
MLGB	16	2.84	2.84	2.81	2.87	0.02
MNO	129	2.85	2.84	2.72	2.96	0.05
MNRT	38	2.88	2.87	2.70	3.05	0.07
MPD	8	2.81	2.84	2.71	2.89	0.06
MPDT	58	2.90	2.90	2.68	3.15	0.14
MPX	785	2.99	2.99	2.66	3.32	0.09
MPXF	331	3.06	3.08	2.8	3.31	0.09
MPXT	85	2.92	2.92	2.62	3.07	0.08
MTST	674	2.94	2.94	2.67	3.34	0.06
SPTM	23	2.72	2.70	2.64	2.92	0.06
SPTN	169	2.94	2.94	2.78	3.07	0.05
TOTAL	2962	2.90	2.90	2.72	3.10	0.07

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11.1.5 Quality Assurance and Quality Control (QA/QC)

All the information related to quality assurance or quality control (QA/QC) procedures were provided by the historical drill database. These data include an excel spreadsheet with 2,836 duplicates and 720 blank samples.

11.1.5.1 Blanks

Blank samples were inserted randomly during the sampling of drill core, with one in every 20 samples, starting with drilling in 2002. Information on the source of the blank material was not available at the date of this report.

The blank assays for the elements of interest (Pd, Pt, Au and Ni) were compiled from the historical database, with a total of 799 blank samples. All the blanks in the database were analysed by SGS Laboratory during the years of 2002 and 2003. Blank sample assay control charts are presented in Figure 11-4 to Figure 11-7 for Pd, Pt, Au and Ni respectively. All the control charts show analytical results with an adjustment of samples below of detection limit changed by the respective detection limit divided by 2.

Majority of blank sample assays report results close to the analytical detection limit for each element. There is no evidence of systematic sample contamination during preparation and/or assaying.

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Figure 11-4: Blank sample control chart – Pd (ppb)

Yellow lines=5 times detection limit; red lines= 10 times detection limit.

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Figure 11-5: Blank sample control chart – Pt (ppb) Yellow lines=5 times detection limit; red lines= 10 times detection limit.

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Figure 11-6: Blank sample control chart – Au (ppb) Yellow lines=5 times detection limit; red lines= 10 times detection limit.

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Figure 11-7: Blank sample control chart – Ni (ppm) Yellow lines=5 times detection limit; red lines= 10 times detection limit.

11.1.5.2 Duplicates

The historical database contains 2,836 duplicates analysed by three different laboratories (Nomos, Lakefield and SGS) during the years of 2002 and 2003. Duplicates are sampled by quarter cutting the core and submitting two identical quarter core samples.

The samples duplicate performance is presented as scatterplots for Pd (ppb), Pt (ppb) and Au (ppb) by three different laboratories in Figure 11-8 to Figure 11-10, respectively. The original assay is plotted on the X-axis with the duplicate assay plotted on the Y-axis.

The duplicates evidence no systematic bias in the analyses.

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----- Start of picture text -----

NOMOS
LAKEFIELD SGS GEOSOL
----- End of picture text -----

Figure 11-8: Scatterplot of Pd (ppb) sample duplicates.

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----- Start of picture text -----

NOMOS
LAKEFIELD SGS GEOSOL
----- End of picture text -----

Figure 11-9: Scatterplot of Pt (ppb) sample duplicates.

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----- Start of picture text -----

NOMOS
LAKEFIELD SGS GEOSOL
----- End of picture text -----

Figure 11-10: Scatterplot of Au (ppb) sample duplicates.

11.2 Bravo’s Diamond Drilling Campaign

Bravo is currently undertaking a diamond drilling campaign aimed to infill the zones of historically defined mineralization and to check the historical drilling campaign.

11.2.1 Sampling

The standard sample support is 1 meter length, tolerance of 0.70m to 1.20m length sample (to respect lithological contacts, weathering, and intervals with low recovery).

After drawing up the sampling plan, the samples are identified in the core boxes with the respective numbers. Then the core boxes are photographed, with drill core dry and wet (Figure 11-11).

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Figure 11-11 - Example of photographic record of drill core box with marks and sampling ID.

Sampling takes place on the right side of the cut of the core and organized in plastic bags closed and sealed with identified seals. Each sample is weighed individually the information is registered at the sampling plan and the database.

The assay request is prepared by the geologist responsible for the sampling plan, which is accompanied by a letter of custody with volumes sent with the list of samples and their respective seals. Each analytical batch is transported by Bravo’s technical team to ALS laboratory at Parauapebas-PA (Brazil) by truck from Bravo’s site. The relogging and reanalysis executed as of December/2022 is described at Table 11-6.

Drill core samples are prepared at Parauapebas-PA and analysed at Lima (Peru) by ALS laboratories as principal laboratory and at Vespasiano-MG (Brazil) by SGS Geosol Laboratórios Ltda (“SGS Geosol”) as secondary laboratory. Drill core samples are dried, crushed (90% passing the 2mm), split (riffle splitter) and pulverized (200 mesh). Analytical methods applied are fire assay with ICP-AES finish (Pt, Pd, Au), nickel sulphide leach with ICP-AES finish (Ni) and fire assay with ICPMS finish (Rh). ALS and SGS Geosol ISO-accredited (ISO: 17025:2005) commercial laboratories, completely independent of Bravo. Bravo’s drilling campaign procedures flowchart is described in Figure 11-12.

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Figure 11-12: Bravo’s drilling campaign procedures

11.2.1 Quality Assurance and Quality Control (QA/QC)

The Quality Assurance and Quality Control (“QA/QC”) procedures for assays adopted in Bravo’s diamond drilling campaign include field duplicates, insertion of Certified Reference Materials (“CRMs”), blank samples and umpire assay samples, to be analysed at the secondary laboratory (SGS Geosol). Blank and CRM samples used are of commercial nature, acquired from OREAS, AMIS and Brasil Minas suppliers (Figure 11-13). Each type of control sample (blank, CRM and duplicate) is inserted in the analytical batch at the site (without knowledge of the laboratory) at a ratio of 1:20 regular samples.

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Figure 11-13: Certificate of analysis for OREAS CRM’s control samples used in BRAVO’s drilling.

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11.2.2 Bulk density

Bulk density sampling executed by Bravo’s technical team are conducted after sawing and sampling for chemical analysis. A half drill core sample is collected every meter, corresponding to half of the remaining core in the box. The selected samples are 10 to 35cm in length and marked with the sample number and core orientation. Subsequently, the samples are submerged in water and weighed on a 0.001kg precision scale to obtain the wet weight. The samples are then dried in an oven for a period of 24 hours at 105°C and weighed for a second time to obtain the dry weight. After the dry weight measurement, the samples are wrapped in cling film and subjected to volume measurement using the water displacement method. Finally, the samples are returned to the core box (Figure 11-14).

Bravo has performed a total of 14,967 bulk density assays as of the effective date of this report.

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Figure 11-14: Bulk density: Upper left - Scale; Bottom left – Drying oven; Right - Volume calculation.

Bravo’s bulk density results for the main lithotypes of Luanga Project are presented in Table

11-4.

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Table 11-4: Bravo’s bulk density results by lithotype

Lithotype	# Samples	Mean	Minimum	Maximum	Standard Deviation
AMP	77	2.71	2.32	3.08	0.17
CHR	10	3.06	2.56	3.46	0.31
DIO	499	2.75	2.04	3.52	0.18
DOL	278	2.89	2.05	3.38	0.14
DUN	88	2.56	2.27	3.31	0.14
DYK	14	2.72	2.39	2.90	0.15
FMA	1,047	2.94	1.44	4.16	0.33
GRA	192	2.58	2.25	2.97	0.09
HAR	2,501	2.73	1.50	4.64	0.17
HBC	66	2.57	2.35	3.05	0.14
MAf	38	3.32	2.58	4.43	0.39
MAG	5	3.62	3.32	4.10	0.29
MSU	8	3.93	3.52	4.47	0.27
NOR	1,160	2.75	1.98	3.82	0.17
OPY	8,939	2.79	1.30	5.31	0.20
PER	15	2.77	2.62	2.87	0.07
QVN	8	2.66	2.41	3.14	0.24
SAP	7	2.60	2.31	2.75	0.14
SCH	10	2.75	2.44	2.96	0.16
SER	5	2.74	2.61	2.82	0.08
Total	14,967

11.2.3 Validation of Historical Diamond Drilling Data

Part of Bravo`s mineral exploration campaign is aimed to check the historical DD campaign. Logging, sampling, sample preparation and analysis procedures were the same as the ones employed at Bravo’s infill drilling campaign.

11.2.3.1 Twin holes

Historical drilling is checked through relogging and resampling of the 228 historical drillholes, and with 8 twin drillholes executed by Bravo (Table 11-5). Figure 10-7 shows the location of infill and twin drill holes in Bravo’s diamond drilling campaign as of December 2022.

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Table 11-5: Historical drill holes and their respective twin drill holes executed by Bravo.

	Historical	Historical				Bravo	Bravo
HOLE-ID	EASTING	NORTHING	RL		HOLE-ID	EASTING	NORTHING	RL
PPT-LUAN-FD0145	658,495.3	9,340,827.8	243.2	Vs.	DDH22LU006	658,495.8	9,340,828.1	243.0
PPT-LUAN-FD0069	659,092.5	9,341,001.7	241.3	Vs.	DDH22LU007	659,092.9	9,341,002.1	241.2
PPT-LUAN-FD0220	659,997.3	9,341,771.9	276.4	Vs.	DDH22LU026	659,998.8	9,341,772.0	254.7
PPT-LUAN-FD0136	659,950.6	9,341,976.3	290.3	Vs.	DDH22LU043	659,950.7	9,341,976.0	268.5
PPT-LUAN-FD0221	659,954.0	9,341,774.6	268.7	Vs.	DDH22LU081	659,954.1	9,341,775.1	247.5
PPT-LUAN-FD0095	659,603.1	9,342,861.4	288.4	Vs.	DDH22LU083	659,602.8	9,342,861.0	289.3
PPT-LUAN-FD0036	657149.3	9,339,723.8	272.1	Vs.	DDH22LU001	657,148.3	9,339,726.1	272.0
PPT-LUAN-FD0173	659,446.0	9,343,565.3	226.0	Vs.	DDH22LU113	659,446.0	9,343,564.9	225.9

11.2.3.2 Resampling

Bravo is relogging and resampling the 228 historical DD holes (Table 11-6). After the geological/structural description, photograph of core boxes and magnetic susceptibility measurements, the geologist prepares the sampling plan respecting lithological contacts, weathering profile, drill core diameter and drilling recovery. Relogging and resampling activities follow the same operational procedures and QA/QC protocols of Bravo’s diamond drilling campaign. To date, the historical drill core sample data and Bravo’s drill core resampling of historical core shows an expected positive correlation for PGM assessed. Correlated assay data shows spreading due to the difference in preparation and analytical laboratory methods.

Table 11-6: Relogging and resampling status of Bravo’s drilling campaign


	Relogging & Resampling 2022 Program

Received Core (YTD)	Bravo Camp	Relogged	% Relog	Resampled	% Resample
Total Holes	150	101	67.33	47	31.33
Total Metres	28,701	19,386	67.54	2,036	7.09

Ni resampling data assays presents two different populations, one probably related to the silicate and other sulphides. Figure 11-15 presents correlation plots of Au, Pd, Pt and Ni for historical core samples and Bravo’s core resampling campaign as of February 2023.

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Figure 11-15: Bravo's resampling program correlation plots for Au, Pd, Pt, and Ni.

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12 DATA VERIFICATION

Data verification activities carried out by GE21 included a site visit by Ednie Fernandes on the 28[th] of February and 01[st] of March 2023, accompanied by the Bravo team (Figure 12-1). This site visit included a discussion of previous reports that described historical work and Bravo exploration on the property and confirming that the described methods of work were completed to industry standards. The information obtained from the various technical reports were verified and confirmed on the site visit, except for historical collar locations, which were verified in the previous Luanga Technical Report by another QP in 2022.

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Figure 12-1: Entrance to Bravo facilities.

During the site visit, 10 Bravo drill collar locations were checked in the field (Figure 12-2). Of these, 4 were infill drill holes and 3 were twin drill holes Bravo x Historical drilling. The original historical drill collars were not observed in the field. A further three drill holes checked in the field were geometallurgical drill holes that are not part of the received database. A further three drill holes that were still in progress, were also observed in the field at operating drill rigs. These holes had not yet been inserted into the received database.

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Figure 12-2: Map showing points visited in the Luanga Project.

Figure 12-3 to Figure 12-9 show the conditions of the identification landmarks found in the site visit.

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Figure 12-3: Hole ID plates DDH22LU001 (twin drill hole) and MDH22LU905 (geometallurgical drill hole).

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Figure 12-4: Hole ID plates DDH22LU007 (twin drill hole) and MDH22LU901 (geometallurgical drill hole).

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Figure 12-5: Hole ID plate DDH22LU022 (infill drill hole).

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Figure 12-6: Hole ID plates DDH22LU043 (twin drill hole) and MDH22LU902 (geometallurgical drill hole).

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Figure 12-7: Hole ID plate DDH22LU047 (infill drill hole).

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Figure 12-8: Hole ID plate DDH22LU052 (infill drill hole).

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Figure 12-9: Hole ID plate DDH22LU106 (infill drill hole).

Drill Core Samples

A range of orthopyroxenites and harzburgites, lithologies of interest (hosting reported Pd+Pt+Rh+Au+Ni mineralization), were observed in the core boxes (Figure 12-10 to Figure 12-13).

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Figure 12-10: Sulphide PGM mineralization in hole DDH22LU026.

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Figure 12-11: Magmatic Massive Sulphide in hole DDH22LU047. Pentlandite + chalcopyrite + PGM.

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Figure 12-12: Sulphide PGM mineralization in hole DDH22LU083.

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Figure 12-13: Low Sulphide zone PGM mineralization in hole DDH22LU092.

The drill core is preserved in wooden boxes and organized on shelves or pallets inside an enclosed area. The company's structure in the field includes an office, accommodations, and bathrooms, 4 tent-like sheds for storage, description, and sampling of core drill holes, a container for density testing, and a tent for sample sawing. (Figure 12-14 to Figure 12-19)

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Figure 12-14: Office, dormitory, and bathroom containers.

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Figure 12-15: Sheds for storage, description, and sampling of core drill holes.

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Figure 12-16: Drill core description and sampling shed.

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Figure 12-17: Core box storage area.

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Figure 12-18: Core sawing area.

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Figure 12-19: Density testing area.

Each drill hole contains a physical folder with all the information and data collected, such as drilling reports, geological and geotechnical descriptions, sampling, among others (Figure 12-20).

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Figure 12-20: Physical folders of the drill holes.

QP Opinion

The QP reviewed the locations drill holes in the field, drill core in the core yard, assay certificates, drill logs, and other documents available by Bravo. This included but was not limited to work on geochemistry, geophysics and geology completed by Bravo, Vale and its consultants and laboratories.

The Author reviewed the mineral exploration operational procedures applied by Bravo on its diamond drilling campaign and is of the opinion that it is being performed in accordance with mineral industry best practices. Security procedures and documentation were observed and monitored. Drill core samples analysis are carried out by independent commercial laboratories with a long history in the Brazilian mining sector, following a proper QA/QC program.

The QP also verified uncommon variation in Bravo`s bulk sample results, in special for OPX lithology which indicates misclassification.

In the Author’s opinion, Bravo’s mineral exploration program sample preparation, security, and analytical procedures are acceptable for validation of historical drilling.

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13 MINERAL PROCESSING AND METALLURGICAL TESTING

13.1 Historical Work

13.2 Bravo’s Work

Bravo initiated a Phase 1 preliminary metallurgical test work program post-IPO, which included a review of historical test work, comminution tests, flotation test work, hydrometallurgical tests, mineralogical reviews, and concentrate analysis. For the current Phase 1 metallurgical program, samples totaling 3500kg were collected from diamond drill cores and trenches. The sampling program was designed to achieve spatial and material-type representivity. Sampling localities were thus distributed across the main target zones along the 8.1km strike length.

Gravity and leaching test work is underway to investigate the recovery of PGMs and Au from the saprolite horizon. The saprolite is anticipated to represent less than 10% of the maiden MRE at

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Luanga for which the previous owner did not carry out leach test work to recover PGMs. Preliminary leach test work by Bravo on SAP material indicates the potential to extract PGMs and Au from this horizon. Independent certified assay results are pending. Later test work will also look at transitional material, which is anticipated to represent less than the SAP material in the maiden MRE.

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14 MINERAL RESOURCE ESTIMATES

There are no current mineral resources on the Luanga Project that comply with the CIM Standards on Mineral Resources and Reserves Definitions and Guidelines adopted by the CIM Council. However, the prior owner is reported to have completed a Historical Estimate, which is included in Section 6. Historical Mineral Resource.

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15 MINERAL RESERVE ESTIMATES

These sections are not applicable to Luanga given it is an exploration stage project.

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16 MINING METHODS

These sections are not applicable to Luanga given it is an exploration stage project.

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17 RECOVERY METHODS

These sections are not applicable to Luanga given it is an exploration stage project.

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18 PROJECT INFRASTRUCTURE

These sections are not applicable to Luanga given it is an exploration stage project.

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19 MARKET STUDIES AND CONTRACTS

These sections are not applicable to Luanga given it is an exploration stage project.

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20 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT

These sections are not applicable to Luanga given it is an exploration stage project.

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21 CAPITAL AND OPERATING COSTS

These sections are not applicable to Luanga given it is an exploration stage project.

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22 ECONOMIC ANALYSIS

These sections are not applicable to Luanga given it is an exploration stage project.

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23 ADJACENT PROPERTIES

Within 10km of the Project, there are two main mineral deposits: the Serra Pelada Au+PGE deposit and the Serra Leste iron ore deposit (Figure 23-1). In addition, there are several minor gold occurrences, mostly operated by artisanal miners, in the area. These projects are located to the west of the Luanga Project.

The Serra Pelada Au+PGE deposit occurs 8km west of Luanga in a tenement with a Mining License held by Serra Pelada Companhia de Desenvolvimento Mineral. During the 1980s, there were tens of thousands of illegal miners active in the Serra Pelada open pit, the largest gold mine in Brazil in its day. The pit reached 400m in length by 300m wide, to a depth over 120m below surface, all dug by hand. History records that 1.04Moz was extracted (Source: Meireles & Silva, 1988).

The Serra Leste high-grade hematite open pit iron ore mine occurs approximately 8.5km southwest of the Luanga Project, in a tenement held by Vale. Serra Leste includes active open pit mining and a beneficiation process comprising screening, hydrocycloning, crushing and filtration (Source: Vale public records)

There is no open ground for new exploration claims surrounding the Luanga License, and Vale S.A. is the major holder of exploration claims in the region.

The QP has not been able to verify the information on the adjacent properties and observes that the information in section 23 is not indicative of the mineralization on the property that is the subject of this technical report.

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----- Start of picture text -----

Luanga Tenement
----- End of picture text -----

Figure 23-1: Mineral deposits adjacent to Luanga Project.

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24 OTHER RELEVANT DATA AND INFORMATION

To the best of the author’s’ knowledge, there is no other relevant information or data that would add material benefit to the interpretation and conclusions outlined in this Report.

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25 INTERPRETATION AND CONCLUSIONS

GE21 had been commissioned by Bravo to prepare an updated Technical Report for the Luanga Project in Pará, Brazil, in accordance with the directives of NI 43-101. This Technical Report supersedes and replaces the technical report dated April 12, 2022 and the April 12, 2022 technical report should no longer be relied upon.

The "Effective Date" for the current Technical Report of March 28, 2023, is based on the date of receipt of the project database from Bravo.

The principal QP with respect to the objectives of this report is Ednie Rafael Fernandes. Mr. Fernandes visited the project on February 28 to March 01, 2023, and was responsible for developing the chapters 09, 10, 12 and 13. For chapter 11, Mr. Fernandes is co-responsible with Mr. Leonardo Silva Santos Rocha. Mr. Fernandes is a geologist, member of the Australian Institute of Geoscientists and has over 11 years of experience in working with mining projects. Mr. Rocha is a geologist, member of the Australian Institute of Geoscientists and has over 9 years of experience in working with mining projects.

Luanga is an intermediate stage mineral exploration project, with extensive previous drilling, historical mineral resources and preliminary metallurgical test work.

The Authors are of the opinion that mineral exploration program in development follows the mineral industry best practices including the infill drilling campaign and the relogging and resampling of historical drill core samples.

There is a conventional QA/QC program in course and the results will be assessed on the next phase of the project.

Project risks include:

Permitting (delays and bureaucracy)
Resource definition success
Concentrate grade and marketability (limited purchasers)
Metals payability and potential for penalty elements
Reduced historical nickel assay grades after determination of the sulphide (recoverable) nickel values and thus removal (discounting) of the silicate (unrecoverable) nickel portion.
- Surface access/community opposition given the one road to site could be blocked if there were opposition to project development.

Project opportunities include:

Higher grade zones within overall mineralized envelopes, including nickel ( ± copper) sulphide mineralization.
Minimal drilling in South Luanga that may indicate the presence of another deposit.

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Potential for recovery of other metals besides Pd, Pt and Au (such as Ni, Cu, Co, Rh) and payment for same
Potential expansion at depth
Potential for the discovery of additional deposits

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26 RECOMMENDATIONS

To date, the historical drill core sample data and Bravo’s drill core resampling of historical core shows an expected positive correlation for PGM assessed. Ni resampling data assays presents two different populations, one probably related to the silicate and other sulphides. GE21 recommends the continuity of historical DD core relogging and resampling programs.

The potential of the newly discovered magmatic nickel (+/- copper) sulphide mineralization and its associated higher rhodium values should be a key focus for exploration going forward.

The continuation of the current systematic geo-metallurgical program is also recommended to increase confidence in the metallurgical characteristics of the Project.

In addition, the prospectivity of the entire Project area warrants additional work in the form of geological and structural detailed surface mapping and sampling to evaluate the potential for new discoveries and check the possibility that the known mineralization continues to depth.

Therefore, it is recommended that Bravo:

Develop the MRE due from the Phase 1 Program once all Phase 1 assay results and associated QAQC have been received.
Commence and complete the Phase 2 program of work including geotechnical data acquisition to support further mining studies.
Continue the mineralogical and metallurgical studies to demonstrate the potential recoveries and subsequent economic extraction of payable metals, such as in support of the production of concentrates for export or in support of secondary processing.
Implement drill core sample preparation controls (preparation duplicates) in Bravo’s QAQC protocol.
Undertake bulk density assays on integral drill core samples.
Continue with geochemical, mineralogical and lithological studies to confirm mineralization controls.
Focus a portion of the Phase 2 exploration efforts on exploring the potential of the newly discovered magmatic nickel ( ± copper) sulphide mineralization at depth, within and/or close to the footwall ultramafics.
Exploration should also consider the change noted (significantly higher rhodium to palladium ratio) within the magmatic nickel sulphide mineralization, since this also points to a new style of mineralization, provides another possible vector into higher nickel sulphide zones, but also might vector to higher-grade rhodium mineralization.
Consider the addition of a Phase 3 program to further the extensional drilling program.
An updated NI 43-101 mineral resource, following completion of extensional drilling.

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The recommended work program comprises:

PHASE 1

A. Estimation of mineral resources in accordance with NI 43-101

`o` Estimate US$0.15M
*Sub-total – Mineral Resource Estimation*	*US$0.15M*

TOTAL PHASE 1	US$0.15M

PHASE 2

A. Mineral Resource definition

Infill drilling program of the whole of Luanga, particularly areas where previous drilling campaigns are not considered sufficient to classify mineral resources, in two phases: (a) to an inferred mineral resource and (b) to an indicated mineral resource standard:
50 holes @ ~200m = 10,000m @ US$400/m = US$4M
Prepare geological, geo-metallurgical, environmental and grade models: o Estimate US$0.15M
Estimation of mineral resources in accordance with NI 43-101:
Estimate US$0.15M

Sub-total – Mineral Resources US$4.30M

B. Exploration of mineral resource expansion potential and new targets

Geological, geophysical and drilling programs to evaluate the potential for the atdepth and lateral continuation of the known mineralization, where it is still open:
Geological and geophysical studies US$0.2M
Drilling of lateral extensions 10 holes @ ~200m = 2,000m @ US$400/m = US$0.8M
Drilling of depth extensions ~50 holes extended from 200m to ~350m depth, for 7,500m of drilling @ US$500/m[1] = US$3.75M
Geological, geophysical and drilling programs to evaluate the potential for the discovery of additional zones of mineralization:
Geology & geophysical studies US$0.2M
Drilling 10 holes @ ~200m for 2,000m @ US$400/m = US$0.8M
Sub-total – Exploration US$5.75M

C. Metallurgical Studies

Study and classification of mineralogical and metallurgical characteristics of the mineralization:
- Estimate US$0.2M
Metallurgical test work to evaluate potential metallurgical recoveries in a variety of scenarios:
- Phase 2 estimate US$0.5M
Study of alternative processing routes, especially for lower grade mineralization.
1 Includes additional US$100/m for deeper portions of holes.

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o Phase 2 estimate US$1.0M Sub-total – Metallurgical Studies

US$1.70M

D. Updated Technical Report

• Preparation of an updated technical report o Estimate US$0.1M Sub-total – Technical Report US$0.1M TOTAL PHASE 2 US$11.85M

PHASE 3

A. Mineral Resource Expansion

Additional extensional drilling at depth across the Luanga deposit.

PHASE 3	A. Mineral Resource Expansion • Additional extensional drilling at depth across the Luanga deposit.
	`o` 40 holes @ ~400m = 16,000m @ US$500/m1= US$8.0M
	*Sub-total – Mineral Resources* *US$8.00M*

	TOTAL PHASE 3 *US$8.00M*

GRAND TOTAL US$20.00M

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27 REFERENCES

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Araújo, O.J.B., Maia, R.G.N., 1991. Projeto especial mapas de recursos minerais, de solos e de vegetação para a área do Programa Grande Carajás; Subprojeto Recursos Minerais; Folha SB.22-Z-A Serra dos Carajás - Estado do Pará: DNPM/CPRM.

Cabri, L.J. (2003). A Mineralogical Study of Samples from the Luanga Layered PGE Deposit, Carajás, Brazil. Parte 5: Samples from the Luanga Orebody. Confidential Report 2003-07. 74p.

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Ferreira Filho, C.F., Cançado, F., Correa, C., Macambira, E.M.B., Siepierski, L., Brod, T.C.J., 2007. Mineralizações estratiformes de EGP-Ni associadas a complexos 91 acamadados em Carajás: os exemplos de Luanga e Serra da Onça. In: Publitec Gráfica & Editora, Contribuições à Geologia da Amazônia, vol. 5, pp. 01-14.

Gibbs, A.K., Wirth, K.R., Hirata, W.K., Olszewski Jr, W.J., 1986. Age and composition of the Grão Pará Group volcanics, Serra dos Carajás. Revista Brasileira de Geociências 16, 201-211.

HDK Engenharia. (2003). Caracterização de Amostras e Dimensionamento Preliminar de Circuito de Moagem – Depósito Luanga. 28p.

Hoatson, D.M., Jaireth, S., and Jaques, A.L., 2006, Nickel sulphide deposits in Australia: Characteristics, resources, and potential: Ore Geology Reviews, v. 29, p. 177–241.

Holdsworth, R.E., Pinheiro, R.V.L., 2000. The anatomy of shallow-crustal transpressional structures: insights from the Archean Carajás fault zone, Amazon, Brazil. Journal of Structural Geology 61, 1105-1123.

Huhn, S.R.B., Santos, A.B.S., Amaral, A.F., Ledsham, E.J., Gouveia, J.L., Martins, L.P.B., Montalvão, R.M.G., Costa, V.C., 1986. O terreno granito-greenstone da região de Rio Maria-Sul do Pará. 35º Congresso Brasileiro de Geologia, Belém, Brasil, Anais, Sociedade Brasileira de Geologia, pp. 1438-1452.

Machado, N., Lindenmayer, Z.G., Krogh, T.E., Lindenmayer, D., 1991. U-Pb geochronology of Archean magmatism and basement reactivation in the Carajás area, Amazon shield, Brazil. Precambrian Research 49, 329-354.

Mansur, E.T. (2017). Caracterização e Metalogênese do Depósito de Elementos do Grupo da Platina do Complexo Luanga, Província Mineral do Carajás. 158p.

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Mansur E.T., Ferreira Filho C.F., Oliveira D.P.L. (2020). The Luanga deposit, Carajás Mineral Province, Brazil: Different styles of PGE mineralization hosted in a medium-size layered intrusion. Ore Geology Reviews. 18p.

Meireles, E.M., and Silva, A.R.B., 1988, Depósito de ouro de Serra Pelada, Marabá, Pará, in Schobbenhaus, C., and Coelho, C.E.S., eds., Principais depósitos minerais do Brasil – volume III: Brasília, Departamento Nacional da Produção Mineral, Companhia Vale do Rio Doce, p. 547–557.

Muller, P.H. (2020) Technical Report on Luanga PGE+Au Project, State of Para, Brazil

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Pidgeon, R.T., Macambira, M.J.B., Lafon, J.M., 2000. Th-U-Pb isotopic systems and internal structures of complex zircons from enderbite from the Pium Complex, Carajás Province, Brazil: evidence for the ages of granulite facies metamorphism and the protolith of the enderbite. Chemical Geology 166, 159-171.

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Villas, R.N., Santos, M.D., 2001. Gold deposits of the Carajás Mineral Province: deposit types and metallogenesis. Mineralium Deposita 36, 300–331.

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Appendix A Technical Report QP Signature Page & Certificates

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QP CERTIFICATE OF EDNIE RAFAEL M. DE C. FERNANDES

I, Ednie Rafael M. de C. Fernandes, MAIG, (#7974), as an author of the technical report titled “National Instrument 43-101 Independent Technical Report for the Luanga PGM+Au+Ni Project, Pará State, Brazil”, dated April 04, 2023, with an effective date of March 28, 2023 (the “Technical Report”), prepared for Bravo Mining Corp. (“Bravo”) do hereby certify that:

1) I am a Geologist and Associate Consultant for GE21 Consultoria Mineral, which is located on Avenida Afonso Pena, 3130, 12[th] floor, Savassi, Belo Horizonte, MG, Brazil - CEP 30130-910.
2) I am a graduate of the Federal University of Bahia, located in Salvador, Brazil, and hold a Bachelor of Science Degree in Geology (2010). I have practised my profession continuously since 2011.
3) I am a Professional enrolled with the Australian Institute of Geoscientists (“AIG”) - (“MAIG”) #7974.
4) I am a professional geologist, with more than 10 years’ relevant experience in exploration geology. My relevant experience for the purpose of this report is:
i. Co-authored reports including gold projects in Brazil.
ii. A senior position within a consulting company.
iii. Performing as an exploration geologist for several Brazilian mining companies working in geological systems of the same type as Luanga.
5) I have read the definition of “qualified person” set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and certify that, by reason of my education, affiliation with a professional association as defined in NI 43-101, and past relevant work experience, I fulfil the requirements to be a “qualified person” for the purposes of NI 43-101.
6) I have no prior involvement with the property that is the subject of this Technical Report, other than as an author of the independent technical report “National Instrument 43-101 Independent Technical Report for the Luanga PGE+Au+Ni Project'', dated June 27, 2022, with an effective date of April 12, 2022, prepared for Bravo. The relationship with Bravo was solely for professional works in exchange for fees based on rates set by commercial agreement. Payment of these fees is in no way dependent on the results of the Technical Report.
7) I am independent of Bravo and the Property and have no material interest invested in the Property, Bravo or any of its related entities. My relationship with Bravo is strictly professional, consistent with that held between a client and an independent consultant.
8) I am responsible for authoring all sections of this Technical Report and for co-authoring Section 11.
9) I did personally inspect the property for 2 days, between February 28, 2023, and March 01, 2023.
10) As of the effective date of the Technical Report, to the best of my knowledge, information, and belief, the sections of the Technical Report that I have authored, and I am responsible for all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.
11) I have no personal knowledge, as of the date of this certificate, of any material fact or material change which is not reflected in this Technical Report.
12) I am independent of Bravo, applying all the tests in section 1.5 of NI 43-101.
13) I have read NI 43-101 and Form 43-101F1 – Technical Report, and the Technical Report has been prepared in compliance with that instrument and form.
14) I do hereby consent to the public filing (including electronic) of the Technical Report by Bravo, with any stock exchange and other regulatory authority, and any publication by

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them for regulatory purposes, in the public company files on their websites accessible by the public, of the Technical Report.

Belo Horizonte, Brazil, April 04, 2023.

ORIGINAL SIGNED BY

________ Ednie Rafael M. de C. Fernandes, MAIG

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QP CERTIFICATE OF LEONARDO SILVA SANTOS ROCHA

I, Leonardo Silva Santos Rocha, MAIG, (#7623), as an author of the technical report titled “National Instrument 43-101 Independent Technical Report for the Luanga PGM+Au+Ni Project, Pará State, Brazil”, dated April 04, 2023, with an effective date of March 28[th] , 2023 (the “Technical Report”), prepared for Bravo Mining Corp. (“Bravo”), do hereby certify that:

1) I am a Geologist and Associate Consultant for GE21 Consultoria Mineral, which is located on Avenida Afonso Pena, 3130, 12th floor, Savassi, Belo Horizonte, MG, Brazil - CEP 30130-910.
2) I am a graduate of the Federal University of Minas Gerais, located in Belo Horizonte, Brazil, and hold a Bachelor of Science Degree in Geology. I have practised my profession continuously since 2013.
3) I am a Professional enrolled with the Australian Institute of Geoscientists (“AIG”) - (“MAIG”) #7623.
4) I am a professional geologist, with more than 9 years’ relevant experience in exploration geology. My relevant experience for the purpose of this Technical Report includes: ▪ 2013 to 2016 – Geologist at Coffey Mining consulting, developing technical studies of exploration, open pit design, projects and validation of mineral resources for mining negotiations.
2016 to present – Geologist which provides advice, assistance, and audits for the entire mining cycle, from defining strategies, generating and selecting mineral targets, mineral exploration, geological assessments, resource reserve estimation for JORC and NI 43-101 reports in level of conceptual technical and economic studies, and economic feasibility.
5) I have read the definition of “qualified person” set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and certify that, by reason of my education, affiliation with a professional association as defined in NI 43-101, and past relevant work experience, I fulfil the requirements to be a “qualified person” for the purposes of NI 43-101.
6) I have no prior involvement with the property that is the subject of this Technical Report, other than as an author of the independent technical report “National Instrument 43-101 Independent Technical Report for the Luanga PGM+Au+Ni Project'', dated April 04, 2023, with an effective date of March 28[th] , 2023, prepared for Bravo. The relationship with Bravo was solely for professional works in exchange for fees based on rates set by commercial agreement. Payment of these fees is in no way dependent on the results of the Technical Report.
7) I am independent of both Bravo and the Property and have no material interest invested in the Property, Bravo or any of its related entities. My relationship with Bravo is strictly professional, consistent with that held between a client and an independent consultant.
8) I am responsible for co-authoring Section 11 of this Technical Report.
9) As of the effective date of the Technical Report, to the best of my knowledge, information, and belief, the sections of the Technical Report that I have authored, and I am responsible for all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.
10) I have no personal knowledge, as of the date of this certificate, of any material fact or material change which is not reflected in this Technical Report.
11) I am independent of Bravo, applying all the tests in section 1.5 of NI 43-101.
12) I have read NI 43-101 and Form 43-101F1 – Technical Report, and the Technical Report has been prepared in compliance with that instrument and form.

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13) I do hereby consent to the public filing (including electronic) of the Technical Report by Bravo, with any stock exchange and other regulatory authority, and any publication by them for regulatory purposes, in the public company files on their websites accessible by the public, of the Technical Report.

Belo Horizonte, Brazil, April 04, 2023.

ORIGINAL SIGNED BY

________ Leonardo Silva Santos Rocha, MAIG

Luanga PGM+Au+Ni Project, Pará State, Brazil NI 43-101 Independent Technical Report for the Luanga PGM+Au+Ni Project – April 04, 2023

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Appendix B Luanga Drill Hole Collars

Luanga PGM+Au+Ni Project, Pará State, Brazil NI 43-101 Independent Technical Report for the Luanga PGM+Au+Ni Project – April 04, 2023

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ID	EASTING	NORTHING	HEIGHT	DEPTH	YEAR
DDH22LU001	657148.27	9339726.11	271.99	100.35	2022
DDH22LU002	657099.99	9339714.97	277.36	152.35	2022
DDH22LU003	657199.98	9339715.45	254.52	150.50	2022
DDH22LU004	657300.03	9339777.59	252.05	203.40	2022
DDH22LU005	657399.97	9339804.76	259.36	200.50	2022
DDH22LU006	658495.77	9340828.05	243.05	76.55	2022
DDH22LU007	659092.89	9341002.10	241.23	230.40	2022
DDH22LU008	659827.13	9341623.78	242.57	150.60	2022
DDH22LU009	659101.84	9341075.30	232.45	160.25	2022
DDH22LU010	659852.14	9341580.93	221.61	100.20	2022
DDH22LU011	659028.75	9341007.34	241.87	200.10	2022
DDH22LU012	659850.54	9341825.16	255.78	151.10	2022
DDH22LU013	659938.89	9341630.21	219.39	100.15	2022
DDH22LU014	656999.90	9339580.01	270.50	151.35	2022
DDH22LU015	659925.01	9341825.05	265.24	199.05	2022
DDH22LU016	659067.99	9341140.05	231.20	150.25	2022
DDH22LU017	659913.93	9341673.10	231.91	150.30	2022
DDH22LU018	659164.67	9341072.65	235.07	150.25	2022
DDH22LU019	659924.98	9341725.04	239.05	150.00	2022
DDH22LU020	657000.03	9339654.43	288.60	150.80	2022
DDH22LU021	660000.70	9341825.04	256.77	250.00	2022
DDH22LU022	659195.85	9341118.15	227.84	150.30	2022
DDH22LU023	660000.02	9341721.99	241.36	250.05	2022
DDH22LU024	657100.06	9339629.97	259.19	170.00	2022
DDH22LU025	659158.01	9341182.98	225.69	150.35	2022
DDH22LU026	659998.83	9341772.02	254.66	200.80	2022
DDH22LU027	659245.18	9341231.67	229.00	150.35	2022
DDH22LU028	657000.01	9339729.10	296.06	170.40	2022
DDH22LU029	659836.03	9341725.05	243.28	183.75	2022
DDH22LU030	659282.85	9341168.22	226.02	150.25	2022
DDH22LU031	659926.52	9341925.06	265.39	253.40	2022
DDH22LU032	659312.96	9341214.04	225.71	150.10	2022
DDH22LU033	656999.95	9339804.99	289.53	170.35	2022
DDH22LU034	659139.00	9341009.99	243.33	175.15	2022
DDH22LU035	660050.30	9341925.04	279.61	201.95	2022
DDH22LU036	657100.00	9339875.01	291.06	151.95	2022
DDH22LU037	659818.60	9341537.87	214.15	150.80	2022
DDH22LU038	659975.28	9341875.03	268.01	149.00	2022
DDH22LU039	658669.93	9340730.09	262.74	177.70	2022
DDH22LU040	658310.99	9340552.88	280.11	150.15	2022
DDH22LU041	657200.00	9339630.32	232.45	165.00	2022

Luanga PGM+Au+Ni Project, Pará State, Brazil NI 43-101 Independent Technical Report for the Luanga PGM+Au+Ni Project – April 04, 2023

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ID	EASTING	NORTHING	HEIGHT	DEPTH	YEAR
DDH22LU042	658632.00	9340794.97	253.04	150.35	2022
DDH22LU043	659950.68	9341976.01	268.53	86.45	2022
DDH22LU044	656950.01	9339949.95	282.64	116.45	2022
DDH22LU045	658594.91	9340859.19	246.20	154.40	2022
DDH22LU046	658272.83	9340618.34	269.55	150.25	2022
DDH22LU047	659899.99	9342475.05	275.18	170.05	2022
DDH22LU048	658416.99	9340768.02	254.80	130.30	2022
DDH22LU049	659975.11	9342475.00	270.59	159.30	2022
DDH22LU050	657400.01	9339857.06	263.99	130.15	2022
DDH22LU051	659500.87	9343075.02	268.15	151.45	2022
DDH22LU052	659825.80	9342475.01	274.16	233.20	2022
DDH22LU053	658389.87	9340615.20	276.84	155.05	2022
DDH22LU054	658556.96	9340924.02	241.98	150.10	2022
DDH22LU055	657300.00	9339814.66	259.24	134.55	2022
DDH22LU056	659575.40	9343075.06	272.52	155.45	2022
DDH22LU057	659864.82	9342657.02	282.51	162.15	2022
DDH22LU058	658458.99	9340694.91	278.43	170.15	2022
DDH22LU059	658743.97	9340801.03	250.61	175.05	2022
DDH22LU060	659824.67	9342775.00	270.08	150.10	2022
DDH22LU061	658595.91	9340659.10	271.55	191.00	2022
DDH22LU062	657700.03	9340029.70	253.25	200.35	2022
DDH22LU063	659759.00	9342775.03	289.14	152.90	2022
DDH22LU064	658824.90	9340862.14	245.91	168.30	2022
DDH22LU065	658991.81	9340972.35	245.10	150.25	2022
DDH22LU066	657800.00	9340055.06	253.65	200.00	2022
DDH22LU067	659650.31	9343074.99	256.86	174.85	2022
DDH22LU068	659900.11	9342525.01	280.91	251.00	2022
DDH22LU069	658923.82	9340890.84	255.60	150.25	2022
DDH22LU070	659875.10	9342224.96	241.74	250.30	2022
DDH22LU071	659999.92	9342125.03	278.85	269.70	2022
DDH22LU072	659715.07	9343075.01	275.50	190.90	2022
DDH22LU073	659900.09	9342425.00	273.40	270.85	2022
DDH22LU074	659425.31	9343075.00	254.98	150.30	2022
DDH22LU075	659975.17	9342074.98	271.79	150.90	2022
DDH22LU076	659524.94	9341249.04	211.80	188.60	2022
DDH22LU077	659824.96	9342524.96	279.74	264.20	2022
DDH22LU078	659300.37	9343275.01	232.07	150.70	2022
DDH22LU079	659822.30	9342425.01	270.84	250.50	2022
DDH22LU080	659900.26	9342025.03	254.09	265.05	2022
DDH22LU081	659954.14	9341775.10	247.46	190.30	2022
DDH22LU082	659375.02	9343275.01	245.71	150.35	2022
DDH22LU083	659602.83	9342861.00	289.27	120.05	2022

Luanga PGM+Au+Ni Project, Pará State, Brazil NI 43-101 Independent Technical Report for the Luanga PGM+Au+Ni Project – April 04, 2023

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ID	EASTING	NORTHING	HEIGHT	DEPTH	YEAR
DDH22LU084	659486.88	9341314.15	221.74	150.95	2022
DDH22LU085	659880.03	9341875.04	256.24	238.25	2022
DDH22LU086	659450.53	9343274.96	264.97	150.60	2022
DDH22LU087	659999.97	9342225.03	274.29	220.20	2022
DDH22LU088	659874.86	9342274.98	239.38	172.50	2022
DDH22LU089	659625.02	9341455.91	221.91	150.15	2022
DDH22LU090	659525.56	9343275.01	262.20	151.20	2022
DDH22LU091	659950.01	9342274.98	251.98	180.65	2022
DDH22LU092	659600.63	9343275.04	244.46	161.50	2022
DDH22LU093	659675.02	9343275.02	234.53	159.40	2022
DDH22LU094	659672.99	9341390.97	203.98	162.10	2022
DDH22LU095	660050.27	9341874.99	268.33	157.40	2022
DDH22LU096	659325.30	9343475.04	234.73	150.55	2022
DDH22LU097	659474.65	9343475.00	237.45	160.15	2022
DDH22LU098	659800.16	9342275.03	237.42	250.35	2022
DDH22LU099	659569.86	9342774.89	269.78	199.55	2022
DDH22LU100	659400.47	9343475.04	232.35	165.35	2022
DDH22LU101	659628.98	9343475.06	222.62	150.05	2022
DDH22LU102	659791.97	9341382.61	198.89	260.20	2022
DDH22LU103	659887.89	9341717.90	241.77	120.75	2022
DDH22LU104	659500.06	9343675.04	222.03	150.05	2022
DDH22LU105	659550.07	9343475.02	227.28	150.30	2022
DDH22LU106	659207.54	9341296.47	221.81	150.05	2022
DDH22LU107	659200.47	9341009.00	245.39	220.65	2022
DDH22LU108	659736.06	9341724.96	246.71	200.40	2022
DDH22LU109	659574.76	9343674.97	205.14	150.00	2022
DDH22LU110	659607.32	9341303.84	200.95	250.55	2022
DDH22LU111	657250.01	9339900.35	290.45	150.00	2022
DDH22LU112	659266.72	9341095.83	229.07	230.75	2022
DDH22LU113	659446.03	9343564.94	225.89	129.60	2022
DDH22LU114	656849.99	9339530.06	260.80	150.20	2022
DDH22LU115	659319.35	9341303.75	233.68	150.40	2022
DDH22LU117	659880.80	9341531.75	206.16	180.25	2022
DDH22LU118	659349.88	9343074.98	244.92	150.20	2022
DDH22LU119	656850.00	9339455.08	245.38	150.15	2022
DDH22LU120	659846.14	9341490.49	210.63	150.35	2022
DDH22LU121	659793.43	9341581.13	227.64	150.35	2022
DDH22LU122	659550.06	9343024.97	275.12	200.00	2022
DDH22LU123	658361.10	9340466.59	281.30	250.55	2022
DDH22LU124	659790.31	9341487.81	210.87	150.50	2022
DDH22LU125	659765.26	9341530.97	217.77	149.85	2022
DDH22LU126	659474.70	9343025.05	271.02	150.70	2022

Luanga PGM+Au+Ni Project, Pará State, Brazil NI 43-101 Independent Technical Report for the Luanga PGM+Au+Ni Project – April 04, 2023

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ID	EASTING	NORTHING	HEIGHT	DEPTH	YEAR
DDH22LU127	659815.31	9341444.81	205.62	150.15	2022
DDH22LU128	659067.09	9340943.14	245.67	150.00	2022
DDH22LU129	659029.33	9340907.84	250.00	150.10	2022
DDH23LU130	656550.00	9339367.75	240.32	150.00	2023
DDH23LU131	656649.97	9339344.85	255.74	150.70	2023
DDH23LU132	656649.99	9339419.92	260.18	150.15	2023
DDH23LU134	657399.92	9339747.06	254.66	180.70	2023

Luanga PGM+Au+Ni Project, Pará State, Brazil NI 43-101 Independent Technical Report for the Luanga PGM+Au+Ni Project – April 04, 2023

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AI assistant

Bravo Mining — Audit Report / Information 2023

48337_rns_2023-04-17_4dc1718c-542c-49ca-a4a5-6fa06d7b1117.pdf

Independent Technical Report for the Luanga PGM+Au+Ni Project, Pará State, Brazil

Bravo Mining Corp.

Date and Signature Page

LIST OF TABLES

APPENDICES

UNITS, SYMBOLS AND ABBREVIATIONS

1 SUMMARY

1.1 Project Description

1.2 Mineral Tenements and Status

1.3 Historical Exploration

The Carajas Mineral Province:

The Luanga Project:

1.4 Geology and Mineralisation

1.5 Exploration

1.5.1 Bravo Infill Drilling

1.6 Data Verification and QA/QC

QP Opinion

1.7 Metallurgical testing

1.7.1 Historical Work

1.7.2 Bravo’s Work

1.8 Mineral Resources

1.9 Interpretation and Conclusion

1.10 Recommendations

The recommended work program comprises:

PHASE 1

Estimation of mineral resources in accordance with NI 43-101

PHASE 3

Mineral Resource Expansion

2 INTRODUCTION

2.1 Qualifications, Experience, and Independence

2.2 Qualified Persons

3 RELIANCE ON OTHER EXPERTS

4 PROPERTY DESCRIPTION AND LOCATION

4.1 Project Description & Ownership

4.2 Land Access

4.3 Mining Legislation, Administration and Rights

4.3.1 Prospecting Licenses

4.3.2 Exploration Licenses

Stage 1 Licencing: Preliminary Licence (LP)

Stage 2 Licencing: Installation Licence (LI)

Stage 3 Licencing: Operating Licence (LO)

4.4 Mineral Tenure

4.4.1 Acquisition or Transaction Terms

4.5 Royalties

4.6 Environmental and Social Liabilities

4.7 SUDAM

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE & PHYSIOGRAPHY

5.1 Accessibility & Physiography

5.2 Climate and Length of Operating Season

5.3 Local Resources and Infrastructure

5.4 Social and Community

6 HISTORY

The Luanga Project:

6.1 Historical Drilling

6.2 Historical Drill Hole Collar Survey

6.3 Historical Mineral Resource

[email protected]/t 3E (Pd + Pt + Au) + 0.11% Ni using a cut-off grade of 0.5g/t PGE + Au.

6.4 Historical Metallurgical Testwork

Table 6-3: Results of historical metallurgical work.

7 GEOLOGICAL SETTING AND MINERALIZATION

7.1 Regional Geology

7.1.1 The Carajás Mineral Province

7.1.2 The Serra Leste Magmatic Suite

7.2 Regional Geophysics

7.3 Local Geology

7.3.1 Ultramafic Zone

7.3.2 Transition Zone

7.3.3 Mafic Zone

7.3.4 Metamorphism

7.3.5 Mineralization

7.3.5.1 Sulphide-related PGM

7.3.5.1 Low-Sulphur PGM

7.3.5.2 Magmatic Nickel (+/-Copper) Sulphide Mineralization

8 DEPOSIT TYPES

9 EXPLORATION

10 DRILLING

10.1 Twin Holes

Bravo Mining Audit Report / Information 2023