BRAVO.

MINING CORP.

BRAVO MINING CORP.

CONSOLIDATED FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2025

AND DECEMBER 31, 2024

(EXPRESSED IN UNITED STATES DOLLARS)

KPMG

KPMG LLP
Bay Adelaide Centre
333 Bay Street, Suite 4600
Toronto, ON M5H 2S5
Canada
Tel 416 777 8500
Fax 416 777 8818

INDEPENDENT AUDITOR'S REPORT

To the Shareholders of Bravo Mining Corp.

Opinion

We have audited the consolidated financial statements of Bravo Mining Corp. (the Entity), which comprise:

the consolidated statements of financial position as at December 31, 2025 and December 31, 2024
the consolidated statements of loss and comprehensive income (loss) for the years then ended
the consolidated statements of changes in shareholders' equity for the years then ended
the consolidated statements of cash flows for the years then ended
and notes to the consolidated financial statements, including a summary of material accounting policy information

(Hereinafter referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the consolidated financial position of the Entity as at December 31, 2025 and December 31, 2024, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the "Auditor's Responsibilities for the Audit of the Financial Statements" section of our auditor's report.

We are independent of the Entity in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

KPMG LLP, an Ontario limited liability partnership and member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. KPMG Canada provides services to KPMG LLP.

KPMG

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for the year ended December 31, 2025. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters to be communicated in our auditor's report.

Evaluation of indicators of impairment for exploration and evaluation assets

Description of the matter

We draw attention to Notes 3(c) and 5 of the financial statements. The Entity has exploration and evaluation assets of $35,504,259. The Entity assesses whether there is any indication of impairment. Indicators of impairment include, but are not limited to:

The right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed
Substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned
Exploration for and evaluation of mineral resources in the specific area have not led to the commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area
Sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full of successful development or by sale.

Why the matter is a key audit matter

We identified the evaluation of indicators of impairment for exploration and evaluation assets as a key audit matter. This matter represented an area of higher assessed risk of material misstatement given the magnitude of exploration and evaluation assets. Significant auditor attention was required to evaluate the results of our audit procedures and assess the Entity's determination of whether the factors, individually, or in the aggregate, resulted in indicators of impairment.

How the matter was addressed in the audit

The primary procedures we performed to address this key audit matter included the following:

We evaluated the Entity's analysis of factors for impairment indicators by considering whether quantitative and qualitative information was consistent with:

KPMG

Information included in Entity's press releases and management's discussion and analysis
Evidence obtained in other areas of the audit, including internal communications to management and the Board of Directors

We assessed the status of the Entity's rights to explore by inspecting government registries and discussing with management if any rights were not expected to be renewed.

We considered the activities to date in each area to which the Entity has a right to explore by comparing the actual expenditures to the budgeted expenditures. We compared the actual expenditures to the budgeted expenditures to assess the Entity's ability to accurately budget.

We assessed if substantive expenditures on further exploration for and evaluation of mineral resources are planned by inspecting future budgeted expenditures.

Other Information

Management is responsible for the other information. Other information comprises the information included in Management's Discussion and Analysis.

Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit and remain alert for indications that the other information appears to be materially misstated.

We obtained the information included in Management's Discussion and Analysis as at the date of this auditor's report. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact in the auditor's report.

We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Entity's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Entity's financial reporting process.

KPMG

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit.

We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Entity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

KPMG

Provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the group audit. We remain solely responsible for our audit opinion.
Determine, from the matters communicated with those charged with governance, those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our auditor's report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication

KPMG LLP

Chartered Professional Accountants, Licensed Public Accountants

The engagement partner on the audit resulting in this auditor's report is Daniel Gordon Ricica.

Toronto, Canada

April 8, 2026

Bravo Mining Corp.
Consolidated Statements of Financial Position
(Expressed in United States Dollars)

As at December 31,	2025	2024
ASSETS
Current
Cash and cash equivalents	$ 20,019,031	$23,843,563
Interest receivable	13,817	49,932
Prepaid expenses	196,885	167,892
Taxes recoverable	25,098	29,077
Total current assets	20,254,831	24,090,464
Exploration and evaluation assets (notes 5 and 11)	35,504,259	26,983,961
Property, plant and equipment (note 7)	1,270,220	1,389,617
Total assets	$ 57,029,310	$52,464,042
LIABILITIES
Current
Accounts payable and accrued liabilities (note 11)	$ 473,693	$ 741,211
Other taxes payable	18,408	29,183
Current portion of lease liability (note 8)	22,945	28,955
Total current liabilities	515,046	799,349
Long-term lease liability (note 8)	371,591	350,593
Total liabilities	$ 886,637	$ 1,149,942
SHAREHOLDERS' EQUITY
Share capital (note 10)	61,103,391	58,006,785
Contributed surplus	7,839,915	6,529,413
Accumulated other comprehensive loss	(1,903,205)	(4,908,107)
Deficit	(10,897,428)	(8,313,991)
Total shareholders' equity	$ 56,142,673	$51,314,100
Total liabilities and shareholders' equity	$ 57,029,310	$52,464,042

Subsequent events (note 14)

Approved on behalf of the Board:

"Luis Azevedo"
Director

"Margot Naudie"
Director

The accompanying notes are an integral part of these consolidated financial statements.

Bravo Mining Corp.
Consolidated Statements of Loss and Comprehensive Income (Loss)
(Expressed in United States Dollars)

Years Ended December 31,	2025	2024
Interest and other income	$ 891,487	$ 1,404,078
Operating expenses
Stock-based compensation (note 13)	1,815,384	1,341,511
Professional fees (note 11)	408,340	347,640
Office and administrative (note 11)	470,582	637,234
Consulting fees (note 11)	512,419	765,294
Foreign exchange	(63,587)	107,194
Travel	211,310	211,992
Investor relations	251,907	191,697
Filing and listing fees	107,276	86,389
Depreciation	23,145	22,578
Total operating expenses	$ 3,736,776	$ 3,711,529
Net loss for the year	(2,845,289)	(2,307,451)
Other comprehensive income (loss)
Items that will be reclassified subsequently to the profit and loss statements
Exchange differences on translating foreign operations	3,004,902	(5,799,891)
Comprehensive income (loss) for the year	$ 159,613	$ (8,107,342)
Net loss per share - basic and diluted	$ (0.03)	$ (0.02)
Weighted average number of common shares outstanding - basic and diluted (note 9)	109,381,152	108,810,932

The accompanying notes are an integral part of these consolidated financial statements.

Bravo Mining Corp.
Consolidated Statements of Cash Flows
(Expressed in United States Dollars)

Years Ended December 31,	2025	2024
Operating activities
Net loss for the year	$ (2,845,289)	$ (2,307,451)
Items not affecting cash:
Depreciation (note 7)	23,145	22,578
Stock-based compensation (note 13)	1,815,384	1,341,511
Interest income	(927,602)	(1,394,593)
Changes in non-cash working capital items:
Taxes recoverable	3,979	103,349
Prepaid expenses	(28,993)	51,063
Interest receivable	36,115	(9,485)
Accounts payable and accrued liabilities	(6,932)	17,088
Other taxes payable	(10,775)	(48,526)
Interest received	927,602	1,344,660
Interest paid	1,914	49,933
Taxes paid	-	4,228
Net cash used in operating activities	$ (1,011,452)	$ (825,645)
Investing activities
Exploration and evaluation assets	(4,417,828)	(7,980,214)
Purchase of property, plant and equipment	(12,660)	(151,402)
Net cash used in investing activities	$ (4,430,488)	$ (8,131,616)
Financing activities
Exercise of stock options	1,662,717	733,479
Repayment of long-term debt	(78,592)	(61,360)
Net cash provided by financing activities	$ 1,584,125	$ 672,119
Foreign exchange gain (loss) on cash and cash equivalents	33,283	(75,202)
Net change in cash and cash equivalents	(3,824,532)	(8,360,344)
Cash and cash equivalents, beginning of year	23,843,563	32,203,907
Cash and cash equivalents, end of year	$ 20,019,031	$ 23,843,563

The accompanying notes are an integral part of these consolidated financial statements.

Bravo Mining Corp.
Consolidated Statements of Changes in Shareholders' Equity
(Expressed in United States Dollars)

	Number of Shares	Share Capital	Contributed surplus	Accumulated other Comprehensive (loss) Income	Deficit	Total
Balance, December 31, 2023	108,537,110	$ 56,648,577	$ 4,585,003	$ 891,784	$ (6,006,540)	$ 56,118,824
Exercise of stock options	528,325	1,358,208	(624,729)	-	-	733,479
Stock-based compensation (note 13)	-	-	2,569,139	-	-	2,569,139
Comprehensive loss for the year	-	-	-	(5,799,891)	(2,307,451)	(8,107,342)
Balance, December 31, 2024	109,065,435	$ 58,006,785	$ 6,529,413	$ (4,908,107)	$ (8,313,991)	$ 51,314,100
Exercise of stock options (note 13)	1,268,133	3,096,606	(1,433,889)	-	-	1,662,717
Transfer of stock options forfeited	-	-	(261,852)	-	261,852	-
Stock-based compensation (note 13)	-	-	3,006,243	-	-	3,006,243
Comprehensive income (loss) for the period	-	-	-	3,004,902	(2,845,289)	159,613
Balance, December 31, 2025	110,333,568	$ 61,103,391	$ 7,839,915	$ (1,903,205)	$ (10,897,428)	$ 56,142,673

The accompanying notes are an integral part of these consolidated financial statements.

Bravo Mining Corp.
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024
(Expressed in United States Dollars)

1. NATURE AND CONTINUANCE OF OPERATIONS

Bravo Mining Corp. (the "Company" or "Bravo") was incorporated on January 1, 2022, under the laws of British Columbia as "BPGM Metals Corp.". On January 5, 2022, the name of the entity was changed to "BPG Metals Corp." and then to "Bravo Mining Corp." on May 19, 2022.

The Company is primarily engaged in the business of acquiring, exploring and, if warranted, developing and operating mineral properties in Brazil.

The Company's head office is located at Av. Jornalista Ricardo Marinho, n°. 360, room 247, Barra da Tijuca, Rio de Janeiro, RJ, Brazil, Zip code 22631-350 and its registered office is located at Bentall 5, 550 Burrard Street, Suite 2501, Vancouver, British Columbia, V6C 2B5.

Continuance of Operations

These consolidated financial statements have been prepared on a going concern basis on the assumption that the Company will continue to operate for the next 12 (twelve) months and be able to realize its assets and discharge its liabilities in the normal course of business.

The Company is subject to risks and challenges similar to other companies in a comparable stage of operation, exploration and development. These risks include, but are not limited to, losses, successfully raising cash through debt or equity markets and the successful development of its mineral property interests to satisfy its commitments and continue as a going concern. The Company believes it has sufficient funds available from existing cash on hand and due to the financings completed after year ended as disclosed in note 14 ("Subsequent Events") to maintain its mineral investments, fund its exploration and evaluation expenditures and administration costs. The Company may require additional financing to complete subsequent work on the Luanga Project.

These consolidated financial statements were authorized for issuance by the Board on April 08, 2026.

2. BASIS OF PRESENTATION

(a) Statement of Compliance

These consolidated financial statements have been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board ("IASB") and Interpretations of the IFRS Interpretations Committee, effective for the Company's reporting for the year ended December 31, 2025.

(b) Basis of Consolidation

These consolidated financial statements incorporate the financial statements of the Company and its subsidiaries. The Company's subsidiaries are outlined below:

Subsidiaries	Place of incorporation	Percentage ownership
Bravo Capital Partners Ltd. (formerly BPGM Holding Ltd.)	British Virgin Islands	100%
Bravo Brazil Ltd. (formerly BPGM Brasil Ltd.)	British Virgin Islands	100%
Bravo Mineração Ltda. ("Bravo Mineração")	Brazil	100%
Bravo Metals Ltda. ("Bravo Metals")	Brazil	100%

Bravo Mining Corp.
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024
(Expressed in United States Dollars)

2. BASIS OF PRESENTATION (CONTINUED)

(b) Basis of Consolidation (continued)

Subsidiaries are consolidated from the date of acquisition, being the date on which the Company obtains control, and continues to be consolidated until the date that such control ceases. Control is achieved when an investor has power over an investee to direct its activities, exposure to variable returns from an investee, and the ability to use the power to affect the investor's returns.

The results of subsidiaries acquired or disposed of during the period presented are included in the consolidated statements of loss and comprehensive income (loss) from the effective date of control and up to the effective date of disposal or loss of control, as appropriate. All intercompany transactions, balances, income and expenses are eliminated upon consolidation.

(c) Basis of Measurement

The financial statements have been prepared on a historical cost basis. The accounting policies have been applied consistently throughout all periods presented in these financial statements.

3. MATERIAL ACCOUNTING POLICIES

(a) Functional and presentation currency

The financial statements are presented in United States dollars, which is the functional currency of the Company, Bravo Capital Partners Ltd., and Bravo Brazil Ltd. The functional currency of Bravo Mineração and Bravo Metals is the Brazilian Real.

Transactions in currencies other than an entity's functional currency are translated into their functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the period end exchange rates are recognized in the consolidated statement of loss and comprehensive income (loss). Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated.

Bravo Mineração and Bravo Metals are translated from their functional currency into the presentation currency of USD as follows:

i. Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position;
ii. Income and expenses for each consolidated statement of loss and comprehensive income (loss) and cash flows for the periods presented are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions);
iii. Components of equity are translated at the exchange rates at the dates of the relevant transactions or at average exchange rates where this is a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, and are not re-translated; and
iv. All resulting exchange differences are recognized in other comprehensive income and loss.

(b) Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand and term deposits, together with other short-term, highly liquid investments that are readily convertible into known amounts of cash and are subject to an insignificant risk of changes in value.

Bravo Mining Corp.
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024
(Expressed in United States Dollars)

3. MATERIAL ACCOUNTING POLICIES (CONTINUED)

(c) Exploration and evaluation ("E&E") costs

Exploration and evaluation expenditures include costs which are directly attributable to acquisition, salaries, surveying, geological, geochemical, geophysical, exploratory drilling, underground exploration development, land maintenance, sampling, share-based compensation, and assessing technical feasibility and commercial viability.

Capitalized costs include costs directly related to exploration and evaluation activities in the area of interest. General and administrative costs are only allocated to the asset to the extent that those costs can be directly related to operational activities in the relevant area of interest. When a license is relinquished or a project is abandoned, the related costs are recognized in net loss immediately.

The Company assesses whether there is any indication of impairment. Indicators of impairment include, but are not limited to:

i. The right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed;
ii. Substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned;
iii. Exploration for and evaluation of mineral resources in the specific area have not led to the commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; or
iv. Sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale.

In circumstances where indicators of impairment exist, an impairment test is required to determine if the carrying amount of the exploration and evaluation asset exceeds its estimated recoverable amount. The estimated recoverable amount is the greater of fair value less costs of disposal ("FVLCD"), and value in use ("VIU"). If the exploration and evaluation asset is determined to be impaired, the exploration and evaluation asset is written down to the estimated recoverable amount.

(d) Property, Plant and Equipment

Plant and equipment are recorded at cost less accumulated depreciation, amortisation and impairment charges, if any. Cost includes expenditures that are directly attributable to the acquisition and are recorded as part of the development and construction of the asset.

Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of a replaced part is derecognized. All other repairs and maintenance costs are charged to the consolidated statement of loss during the financial period in which they are incurred.

Depreciation of plant and equipment and other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives. The estimated useful life of vehicles and computers is 5 years, and 10 years for all other items included in property, plant and equipment, except for the right-of-use assets ("ROU") which are being amortised over the term of the lease.

Bravo Mining Corp.
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024
(Expressed in United States Dollars)

3. MATERIAL ACCOUNTING POLICIES (CONTINUED)

(d) Property, Plant and Equipment (continued)

The Company allocates the amount initially recognized in respect of an item of property, plant and equipment to its significant components and depreciates each component separately. The residual values and useful lives of the assets are reviewed and adjusted, if appropriate, at the end of each reporting period.

(e) Share-based Payment Transactions

The fair value of share options granted to employees is recognized as an expense over the vesting period using the graded vesting method with a corresponding increase in equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee, including directors of the Company.

The fair value is measured at the grant date and recognized over the period during which the options vest. The fair value of the options granted is measured using the Black-Scholes option pricing model, taking into account the terms and conditions upon which the options were granted. At each financial position reporting date, the amount recognized as an expense is adjusted to reflect the actual number of share options that are expected to vest. Share-based payments incorporates an expected forfeiture rate of nil.

(f) Income Taxes

Income tax expense comprises current and deferred tax. Income tax expense is recognized in the consolidated statements of loss and comprehensive income (loss) except to the extent that it relates to items recognized directly in equity or other comprehensive income, in which case it is recognized in equity or other comprehensive income.

Current income tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the reporting date, and any adjustment to income taxes in respect of previous years. Current tax assets and current tax liabilities are only offset if a legally enforceable right exists to offset the amounts and the Company intends to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Deferred tax is recognized in respect of all qualifying temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined on a non-discounted basis using tax rates and laws that have been enacted or substantively enacted at the end of the reporting period and are expected to apply when the deferred tax asset or liability is settled. Deferred tax assets are recognized to the extent that it is probable that the assets can be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Bravo Mining Corp.
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024
(Expressed in United States Dollars)

3. MATERIAL ACCOUNTING POLICIES (CONTINUED)

(g) Basic and Diluted Earnings (Loss) Per Share

Basic earnings (loss) per share is based on the weighted average number of common shares of the Company outstanding during the period.

Provided that they are not anti-dilutive, diluted earnings per share amounts are calculated giving effect to the potential dilution that would occur if securities or other contracts to issue common shares were exercised or converted to common shares using the treasury stock method. This method assumes that proceeds received from the exercise of stock options and any unamortised share-based compensation amounts are used to repurchase common shares at the prevailing market rate.

(h) Share Capital

Common shares are classified as equity. Transaction costs directly attributable to the issuance of common shares and share warrants are recognized as a deduction from equity, net of any tax effects.

(i) Provisions

Provisions are recognized when the Company has a present obligation (legal or constructive) that has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and the risk specific to the obligation. The increase in the provision due to passage of time is recognized as interest expense.

(j) Financial Instruments

Financial instruments are measured on initial recognition at fair value, plus, in the case of financial instruments other than those classified as fair value through profit and loss ("FVTPL"), directly attributable transaction costs. Measurement of financial assets in subsequent periods depends on whether the financial asset has been classified as amortised cost, FVTPL or fair value through other comprehensive income ("FVTOCI"). Measurement of financial liabilities subsequent to initial recognition depends on whether they are classified as amortised cost or FVTPL. Financial assets and financial liabilities classified as amortised cost are measured subsequent to initial recognition using the effective interest method.

On initial recognition, financial assets are classified as: amortised cost, FVTPL, or FVTOCI. Such classification is determined according to the assets' contractual cash flow characteristics and the business models under which they are held.

A financial asset is measured at amortised cost if it meets the following criteria: (i) it is not designated as FVTPL, (ii) it is held with the objective of collecting contractual cash flows, and (iii) its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

FVTPL financial instruments are carried at fair value with changes in fair value charged or credited to earnings in the period in which they arise.

Bravo Mining Corp.
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024
(Expressed in United States Dollars)

3. MATERIAL ACCOUNTING POLICIES (CONTINUED)

(j) Financial Instruments (continued)

Loss allowances for ‘expected credit losses’ are recognized on financial assets measured at amortised cost, and on contract assets measured at FVOCI.

Financial liabilities are initially measured at cost or amortised cost, net of transaction costs.

The following is a summary of the financial instruments outstanding and classifications as at December 31, 2025:

Cash and cash equivalents	Amortised Cost
Interest receivable	Amortised Cost
Accounts payable and other liabilities	Amortised Cost
Lease Liability	Amortised Cost

Financial instruments recorded at fair value on the statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

Level 1 - valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 - valuation techniques based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
Level 3 - valuation techniques using inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The instruments outstanding as at December 31, 2025 are classified as Level 1.

(k) Accounting Standards Adopted

The following new standards and amendments to standards and interpretations were effective for the Company from January 1, 2025:

Lack of Exchangeability (Amendments to IAS 21, The effects of Changes in Foreign Exchange Rates), effective date January 1, 2025.

There was no significant impact on the financial statements as a result of adoption.

The following new standards and amendments to standards and interpretations are not yet effective for the current year.

Classification and Measurement of Financial Instruments (Amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures), effective date January 1, 2026.
Annual Improvements to IFRS Accounting Standards, effective date January 1, 2026.
IFRS 18, Presentation and Disclosure in Financial Statements, effective date January 1, 2027.

The Company is in the process of reviewing the impact of future changes on its financial statements.

10 -

Bravo Mining Corp.
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024
(Expressed in United States Dollars)

3. MATERIAL ACCOUNTING POLICIES (CONTINUED)

(I) Use of Estimates and Judgment

The preparation of the financial statements in conformity with IFRS requires management to select accounting policies and make estimates and judgments that may have a significant impact on the financial statements. Estimates are continuously evaluated and are based on management's experience and expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates. Critical judgments exercised in applying accounting policies, apart from those involving estimates, that have the most significant effect on the amounts recognized in the financial statements are as follows:

Economic recoverability and probability of future economic benefits of mining rights

The Company has determined that mining rights, and related costs incurred, which are capitalized, have future economic benefits and are economically recoverable. In making this judgment, the Company has assessed various sources of information including, but not limited to, the geologic and metallurgic information, scoping and feasibility studies, proximity to existing ore bodies, existing permits, and life-of-mine plans.

Mining rights

Management's assumptions and estimates of future cash flows used in the Company's impairment assessment of exploration and evaluation properties are subject to risk and uncertainties, particularly in market conditions where higher volatility exists, and may be partially or totally outside of the Company's control. If an indication of impairment exists, or if an exploration and evaluation asset is not determined to be technically feasible and commercially viable, an estimate of a CGU's recoverable amount is calculated. The recoverable amount is based on the higher of FVLCD and VIU using a discounted cash flow methodology. Cash flows are for periods up to the date that mining is expected to cease which depends on a number of variables including recoverable mineral reserves and resources.

Stock-based compensation

The Company includes an estimate of forfeitures, share price volatility, expected life and risk-free interest rates in the calculation of the fair value for certain long-term incentive plans. These estimates are based on previous experience and may change throughout the life of an incentive plan. Such changes could impact the carrying value of mineral exploration projects, equity and earnings.

4. FINANCIAL RISK MANAGEMENT

The Company manages its exposure to a number of different financial risks arising from operations as well as from the use of financial instruments, including market risks (foreign currency exchange rate and interest rate), credit risk and liquidity risk, through its risk management strategy. The objective of the strategy is to support the delivery of the Company's financial targets while protecting its future financial security and flexibility. Financial risks are primarily managed and monitored through operating and financing activities. The Company does not use derivative financial instruments. The financial risks are evaluated regularly with due consideration to changes in key economic indicators and to up-to-date market information. The Company's risk exposures and the impact on the Company's financial instruments are summarized below:

Bravo Mining Corp.
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024
(Expressed in United States Dollars)

4. FINANCIAL RISK MANAGEMENT (CONTINUED)

a. Credit Risk

Credit risk is the financial risk of non-performance of a contracted counter party. The Company's credit risk is primarily attributable to cash and cash equivalents and recoveries from the governments in Canada and Brazil. The Company reduces its credit risk by maintaining its cash with reputable financial institutions.

b. Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its obligations associated with financial liabilities as they come due. The Company's investment policy is to invest its excess cash in high grade investment securities with varying terms to maturity, selected with regard to the expected timing of expenditures for continuing operations. The Company monitors its liquidity position and budgets future expenditures, in order to ensure that it will have sufficient capital to satisfy liabilities as they come due.

As at December 31, 2025, the Company had current liabilities of $515,046 (December 31, 2024: $799,349) and had cash and cash equivalents of $20,019,031 (December 31, 2024: $23,843,563) to meet its current obligations. The Company regularly evaluates its cash position to ensure preservation and security of capital as well as maintenance of liquidity.

c. Market Risk

Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company is exposed to interest rate risk on its cash and cash equivalents. The Company does not use derivative instruments to reduce its exposure to interest rate risk.

Foreign Exchange Risk

The Company is exposed to foreign currency risk on fluctuations related to cash and cash equivalents, tax recoverable, taxes payable, accounts payable, accrued liabilities and current and long-term lease liability, denominated in Brazilian Real. A 10% fluctuation between the US dollar and the Brazilian real would impact profit or loss for the year ended December 31, 2025 by $14,943 (year ended December 31, 2024 - $2,921).

The Company also has balances in Canadian dollars for cash and cash equivalents, interest receivable, recoverable taxes, accounts payable and accrued liabilities. A 10% fluctuation between the US dollar and the Canadian dollar would additionally impact profit or loss for the year ended December 31, 2025, by $96,804 (year ended December 31, 2024 - $105,376).

5. LUANGA PROJECT

On October 13, 2020, the Company's subsidiary Bravo Mineração entered into a definitive agreement with Vale S.A. ("Vale") to acquire 100% of the mineral rights in the Luanga Project, registered with the Brazilian National Mining Agency ("ANM") with the number 851.966/92, and located in Carajás region, Pará State, Brazil. Ownership of 100% of the Luanga Project was transferred to Bravo Mineração on November 29, 2021. Vale retained a 1% net smelter royalty.

The Banco Nacional de Desenvolvimento Econômico ("BNDES"), a Brazilian governmental Development Bank, holds a royalty interest in the Luanga Project. Bravo Mineração must pay annually to BNDES a 2% royalty on the Net Operating Revenue generated by the production of platinum concentrate.

12 -

Bravo Mining Corp.
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024
(Expressed in United States Dollars)

LUANGA PROJECT (CONTINUED)

Summary of exploration and evaluation assets:

Balance as at December 31, 2023	$23,669,357
Additions:
- Exploration and evaluation expenditures	8,750,124
- Effect of movements in exchange rates	(5,435,520)
Balance as at December 31, 2024	26,983,961
Additions:
- Exploration and evaluation expenditures	5,694,296
- Effect of movements in exchange rates	2,826,002
Balance as at December 31, 2025	$35,504,259

CAPITAL MANAGEMENT

The Company's objective when managing its capital is to maintain the necessary financing to complete exploration and development of its properties, and to maintain a flexible capital structure that optimizes the cost of capital at an acceptable level of risk. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of its underlying assets. The Company maintains or adjusts its capital level to enable it to meet its objectives by raising capital through equity financings and reviewing and reducing capital spending on mineral properties when necessary.

The Company considers its capital to be equity, comprising share capital, contributed surplus, accumulated other comprehensive loss and deficit, which at December 31, 2025 totaled $56,142,673 (December 31, 2024 - $51,314,100), as well as debt facilities which at December 31, 2025 totaled $394,536 (December 31, 2024 - $379,548).

The Company is not subject to any capital requirements imposed by a regulator. When using debt, the Company evaluates whether the debt level maintained is sufficient to provide adequate cash flows for capital expenditures, repayment of the debt, and for evaluating the need to raise funds for further expansion. To date, the Company has not declared any cash dividends to its shareholders. The Company's management is responsible for the management of capital and reviews its capital management approach on an ongoing basis through the preparation of annual expenditure budgets, which are updated regularly to take into account factors such as successful financings to fund activities, changes in property holdings and related obligations and exploration activities and believes that this approach, given the relative size of the Company, is reasonable. The property in which the Company currently has an interest is in the exploration stage; as such the Company may be dependent on external financing to fund its activities. In order to carry out the planned exploration, the Company may be required to raise additional funding.

There were no changes in the Company's approach to capital management during the twelve months ended December 31, 2025 (December 31, 2024 - same) and the Company is not subject to any externally imposed capital requirements.

13 -

Bravo Mining Corp.
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024
(Expressed in United States Dollars)

PROPERTY, PLANT AND EQUIPMENT

Cost

	Right-of Use Assets	Vehicles	Furniture and Fixtures	Computers	Site buildings and Infrastructure	Total
Balance, December 31, 2023	$ 53,893	$ 286,298	$ 42,921	$ 80,646	$1,184,924	$1,648,682
Additions (note 11)	434,969	37,041	14,399	12,738	87,225	586,372
Disposals	-	(37,439)	(840)	-	(25,311)	(63,590)
Effect on movements in exchange rates	(86,441)	(60,716)	(11,041)	(18,794)	(270,433)	(447,425)
Balance, December 31, 2024	402,421	225,184	45,439	74,590	976,405	1,724,039
Additions (note 11)	-	11,078	-	1,582	-	12,660
Disposals	-	(77,569)	-	-		(77,569)
Effect on movements in exchange rates	50,456	36,098	5,697	8,714	122,423	223,388
Balance, December 31, 2025	$ 452,877	$ 194,791	$ 51,136	$ 84,886	$1,098,828	$1,882,518

Accumulated depreciation

Balance, December 31, 2023	$ 5,389	$ 48,445	$ 3,108	$ 18,114	$ 74,031	$ 149,087
Additions	53,762	79,483	4,886	17,361	116,767	272,259
Disposals	-	(8,353)	(228)	-	(4,075)	(12,656)
Effect on movements in exchange rates	(11,063)	(25,162)	(1,555)	(7,150)	(29,338)	(74,268)
Balance, December 31, 2024	48,088	94,413	6,211	28,325	157,385	334,422
Additions	64,636	75,434	5,633	18,603	126,434	290,740
Disposals	-	(43,166)	-	-	-	(43,166)
Effect on movements in exchange rates	907	9,052	446	2,004	17,893	30,302
Balance, December 31, 2025	$ 113,631	$ 135,733	$ 12,290	$ 48,932	$ 301,712	$ 612,298

Net book value

Balance, December 31, 2024	$ 354,333	$ 130,771	$ 39,228	$ 46,265	$ 819,020	$1,389,617
Balance, December 31, 2025	$ 339,246	$ 59,058	$ 38,846	$ 35,954	$ 797,116	$1,270,220

During the year ended December 31, 2025, the Company capitalized depreciation in exploration and evaluation assets in the amount of $267,595 (December 31, 2024 - $249,771).

Bravo Mining Corp.
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024
(Expressed in United States Dollars)

8. LEASE

The following table is a maturity analysis of the Company's contractual undiscounted payments required to meet obligations of the lease terms.

December 31,	2025	2024
Less than one year	$ 68,235	$ 70,545
One to three years	203,805	177,815
More than three years	356,574	380,764
Total undiscounted lease obligation	$ 628,614	$ 629,124

The following table sets out the carrying amounts of Right-Of-Use (ROU) assets included in PP&E in the consolidated financial statements and the movements during the period:

December 31,	2025	2024
Beginning balance - Right-of-Use	$ 354,333	$ 48,504
Additions (i) (ii)	-	434,969
Depreciation	(64,636)	(53,762)
Effect on movements in exchange rates	49,549	(75,378)
Ending balance - Right-of-Use	$ 339,246	$ 354,333

(i) The Company entered into a lease agreement on September 25, 2023 for its corporate head office commencing October 1, 2023 and ending on March 31, 2026.
(ii) On April 11, 2024, the Company entered into a 5-year lease agreement, with a 10-year renewal option, for a piece of land located in the Luanga Project area, where the field offices and accommodations are located (see note 11).

The following table sets out the lease obligations included in the consolidated financial statements:

December 31,	2025	2024
Current	$ 22,945	$ 28,955
Non-current	371,591	350,593
Total lease obligation	$ 394,536	$ 379,548

9. LOSS PER SHARE

The calculation of basic and diluted loss per share for the year ended December 31, 2025 was based on the net loss attributable to common shares of $2,845,289 (year ended December 31, 2024 - $2,307,451 and the weighted average number of common shares outstanding for the year ended December 31, 2025 of 109,381,152 (year ended December 31, 2024 - 108,810,932). Diluted loss did not include the effect of stock options for the year ended December 31, 2025 and December 31, 2024, as they are anti-dilutive.

Bravo Mining Corp.
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024
(Expressed in United States Dollars)

10. SHARE CAPITAL

Authorized Share Capital

The authorized share capital consisted of an unlimited number of common shares. The common shares do not have a par value. All issued shares are fully paid.

Common Shares Issued

	Number of Shares	Share Capital
Balance, December 31, 2023	108,537,110	$ 56,648,577
Exercise of stock options	528,325	1,358,208
Balance, December 31, 2024	109,065,435	$ 58,006,785
	Number of Shares	Share Capital
Balance, December 31, 2024	109,065,435	$ 58,006,785
Exercise of stock options	1,268,133	3,096,606
Balance, December 31, 2025	110,333,568	$ 61,103,391

11. RELATED PARTY TRANSACTIONS

The transactions below, occurred in the normal course of the operations, are measured at the exchange amount, which is the amount of consideration established as per agreements signed with related parties.

a. Key Management personnel include those persons that have authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of executives and, from an accounting perspective, non-executive members of the Company's Board of Directors and corporate officers, and the companies controlled by these individuals.

16 -

Bravo Mining Corp.
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024
(Expressed in United States Dollars)

RELATED PARTY TRANSACTIONS (CONTINUED)

b. During the year ended December 31, 2025, the Company paid and / or accrued expenses totaling $443,879 (year ended December 31, 2024 - 570,046), relative to: a) Luis Azevedo, and b) FFA Legal Ltda. LFA Consultoria e Serviços Ltda., VCA Locações e Serviços Ltda., BGold Mineração Ltda. and VTF Mineração Ltda. (collectively called "Azevedo Representações"), each an organization of which Luis Azevedo is a shareholder. Luis Azevedo is the Chief Executive Officer, Chairman, and a shareholder of the Company. These expenditures occurred at their exchange amounts and the breakdown is as follows:

Year Ended December 31,	2025	2024
Professional and consulting fees	$ 201,287	$ 284,010
Office and administrative services	116,446	167,706
Recognized in net loss for the period	317,733	451,716
Exploration and evaluation assets (i)	126,146	118,330
	$ 443,879	$ 570,046

(i) Includes $55,778 of lease payment for the year ended December 31, 2025 (December 31, 2024 – $40,759).

As of December 31, 2025, Azevedo Representações was owed $4,802 (December 31, 2024 - $9,132). This amount was included in accounts payable and accrued liabilities.

c. During the year ended December 31, 2025, the Company paid and accrued Key Management compensation and fees as follows:

Year Ended December 31,	2025	2024
Salaries and consulting fees (i)	$ 506,253	$ 712,641
Director fees (ii)	117,341	179,146
Stock-based compensation (iii)	1,371,561	644,672
Recognized in net loss for the period	1,995,155	1,536,459
Salaries and consulting fees (i)	554,903	650,401
Stock-based compensation (iii)	663,716	266,428
Recognized in exploration and evaluation assets	1,218,619	916,829
	$ 3,213,774	$ 2,453,288

(i) The salaries and consulting fees during the year ended December 31, 2025, and 2024, including Luis Azevedo Representações and are as follows:

Year Ended December 31,	2025	2024
Office and administrative	$ 116,446	$ 167,706
Consulting fees	389,807	544,935
Recognized in net loss for the period	506,253	712,641
Exploration and evaluation assets	554,903	650,401
	$ 1,061,156	$ 1,363,042

(ii) Represents the portion of annual retainers for board and committee service paid or accrued to all of the directors during the period, included in office and administrative.

(iii) Reflects costs associated with stock options granted as part of executive's and director's compensation. For the year ended December 31, 2025, the amounts capitalized as Exploration and Evaluation were $663,716 (year ended December 31, 2024 - $286,428). The amounts charged to profit and loss were $1,371,561 (year ended December 31, 2024 - $644,672).

Bravo Mining Corp.
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024
(Expressed in United States Dollars)

INCOME TAX

A reconciliation between income tax expense and the product of accounting loss multiplied by the Company's statutory tax rate is provided below:

Year Ended December 31,	2025	2024
Loss before Income Tax	$ 2,845,289	$ 2,307,451
Statutory Tax Rate	27%	27%
Income tax at statutory rate of 27%	(768,228)	(623,012)
Difference in foreign tax rates	(60,736)	(73,045)
Permanent differences	491,941	362,208
Tax benefits not recognized	337,023	333,849
Income tax expense / (recovery)	$ -	$ -
As at December 31,	2025	2024
Canada
Loss carryforward	$ 2,097,910	$ 1,233,746
Finance fees	956,203	1,676,073
Others	169,186	169,186
	3,223,299	3,079,005
Brazil
Loss carryforward - Brazil	$ 3,788,435	2,325,879

Non-capital losses

The following table summarizes the Company's non-capital losses that can be applied against future taxable profit:

Country	Amount	Expiry date
Brazil	$ 3,788,435	indefinite
Canada	$ 2,097,910	2043

STOCK OPTIONS

The Company has a "rolling" incentive Stock Option Plan (the "Plan") to attract, retain and motivate directors, officers, employees and consultants of the Company, subject to any such amendments or variations thereto as may be required by any regulatory authorities including an applicable stock exchange. The maximum number of common shares reserved for issuance under the Plan may not exceed 10% of the total number of issued and outstanding common shares and, to any one option holder, may not exceed 5% of the issued common shares on a yearly basis. The exercise price of each stock option will not be less than the market price of the Company's stock at the last closing price prior to the date of the grant. The stock options will be exercisable for five years from the grant date, with 25% vesting immediately on the grant date and an additional 25% vesting annually applicable for grants made until September 30, 2024. For grants made after July 1, 2024, 25% will vest on the first anniversary of the grant date, with an additional 25% vesting each subsequent year. The grant made on January 16, 2024 had different vesting schedule (see below).

Bravo Mining Corp.
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024
(Expressed in United States Dollars)

STOCK OPTIONS (CONTINUED)

The exercise of any option shall be contingent upon receipt by the Company of payment of the aggregate purchase price for the common shares in respect of which the option has been exercised. The Plan contains a cashless exercise provision whereby an option that is eligible for exercise may be exercised on a cashless basis instead of a participant making a cash payment for the aggregate exercise price of the options being exercised, by using a short-term loan provided by an independent brokerage firm. The Plan also contains a net exercise provision whereby an option that is eligible for exercise may be exercised on a net exercise basis instead of the participant making a cash payment for the aggregate exercise price of the options being exercised.

A summary of changes in stock options is as follows:

	Number of Options	Weighted Average Exercise Price (C$)
Balance, December 31, 2023	4,428,300	$ 2.58
Exercised (i)	(528,325)	(1.90)
Granted (ii)	3,854,175	2.38
Forfeited	(300,500)	(3.19)
Balance, December 31, 2024	7,453,650	$ 2.50
	Number of Options	Weighted Average Exercise Price (C$)
Balance, December 31, 2024	7,453,650	$ 2.50
Exercised (iii)	(1,268,133)	(1.83)
Granted (iv)	1,444,500	4.01
Forfeited	(269,925)	(3.09)
Balance, December 31, 2025 (v)	7,360,092	$ 2.89

(i) 528,325 options exercised from January 1, 2024 to December 31, 2024 in exchange for common shares. The Company's common shares had an average market price of C$3.86 on the date of exercise.

(ii) During the year ended December 31, 2024, the Company granted options to employees and consultants of the Company, with conditions below based on the trading data from similar companies with expected dividend yield of 0% and 5 years of expected life, as follows:

Bravo Mining Corp.
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024
(Expressed in United States Dollars)

STOCK OPTIONS (CONTINUED)

Grant date 2024	Number of options	Exercise Price (C$)	Expiry date 2029	Vesting period	Fair value US$	Risk free interest rate	Share price (C$)	Volatility (rounded)
Jan 16	100,000	2.70	January 16	12.5% immediately, 25% each following three years and 12.5% in fifth year	$ 169,895	3.40%	2.70	124%
Jan 16	112,500	2.70	January 16	25% immediately and 25% each year	$ 191,131	3.40%	2.70	124%
April 4	15,000	1.80	April 4	25% immediately and 25% each year	$ 22,775	3.58%	1.80	122%
April 24	1,363,500	3.13	April 24	25% in the following year and 25% each year	$ 2,574,769	3.53%	3.13	120%
Dec 16	2,263,175	1.90	Dec 16	25% in the following year and 25% each year	$ 3,227,478	2.92%	1.90	113%
	3,854,175	2.38

(iii) 1,268,133 options exercised from January 1, 2025 to December 31, 2025 in exchange for common shares. The Company's common shares had an average market price of C$3.54 on the date of exercise.

(iv) During the year ended December 31, 2025, the Company granted options to employees and consultants of the Company, with conditions below based on the trading data from similar companies with expected dividend yield of 0% and 5 year expected life, as follows:

Grant date 2025	Number of options	Exercise Price (C$)	Expiry date 2030	Vesting period	Fair value US$	Risk free interest rate	Share price (C$)	Volatility (rounded)
April 24	150,000	2.58	April 24	25% in the following year and 25% each year	$ 207,531	2.81%	2.58	98%
May 19	75,000	2.10	May 19	25% in the following year and 25% each year	$ 83,021	2.79%	2.10	96%
Dec 16	1,219,500	4.30	Dec 16	25% in the following year and 25% each year	$ 2,615,914	2.96%	4.18	90%
	1,444,500	4.01

Bravo Mining Corp.
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024
(Expressed in United States Dollars)

STOCK OPTIONS (CONTINUED)

(v) As at December 31, 2025, the following stock options were outstanding:

Number of Options	Exercisable Options	Exercise Price (C$)	Weighted Average Remaining Contractual Life (Years)	Expiry Date
1,038,025	1,038,025	1.75	1.55	July 21, 2027
153,442	153,442	2.25	1.99	December 28, 2027
307,500	230,625	3.53	2.47	June 20, 2028
650,200	487,650	4.95	2.56	July 21, 2028
100,000	75,000	4.15	2.72	September 14, 2028
171,250	70,000	2.70	3.05	January 16, 2029
7,500	-	1.80	3.26	April 4, 2029
1,224,500	291,125	3.13	3.58	July 29, 2029
2,263,175	565,793	1.90	3.96	December 16, 2029
150,000	-	2.58	4.32	April 24, 2030
75,000	-	2.10	4.38	May 19, 2030
1,219,500	-	4.30	4.96	December 16, 2030
7,360,092	2,911,660	2.89	3.47

Total stock-based compensation for the year ended December 31, 2025 and 2024 was as follows:

Year Ended December 31,	2025	2024
Exploration and evaluation assets	$ 1,190,859	$ 1,227,628
Loss and comprehensive loss	1,815,384	1,341,511
	$ 3,006,243	$ 2,569,139

SUBSEQUENT EVENTS

On January 20, 2026, the Company completed a public offering of 19,607,500 common shares at a price of C$4.40 per share, generating gross proceeds of C$86,273,000 (US$62,308,970). Transaction costs related to commissions, legal fees, audit and out-of-pocket expenses totaled C$4,704,065 (US$3,397,418), resulting in net proceeds of C$81,568,935 (US$58,911,552).

On April 6, 2026, the Company closed the private placement of common shares of the Company previously announced on January 13, 2026 (the "Private Placement"). Pursuant to the Private Placement, the Company issued 7,010,294 Common Shares to an arm's-length subscriber at a price of C$4.07 per Common Share, for aggregate gross proceeds, received in US dollars, of C$28,531,897 (US$20,500,000). Transaction costs related to commissions, legal and filing fees, audit and out-of-pocket expenses are estimated to be C$1,648,694 (US$1,184,580), resulting in net proceeds of C$26,883,203 (US$19,315,420).

BRAVO.

MINING CORP.

BRAVO MINING CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

YEARS ENDED DECEMBER 31, 2025 AND 2024

(EXPRESSED IN UNITED STATES DOLLARS)

Dated: April 08, 2026

Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

Introduction

The following management's discussion and analysis ("MD&A") of the financial condition and results of operations of Bravo Mining Corp. ("Bravo" or the "Company") constitutes management's review of the factors that affected the Company's financial and operating performance for the years ended December 31, 2025 and 2024. This MD&A has been prepared in accordance with the requirements of National Instrument 51-102 – Continuous Disclosure Obligations. This discussion should be read in conjunction with the audited consolidated financial statements of the Company for the years ended December 31, 2025 and 2024, together with the notes thereto. Results are reported in United States dollars, unless otherwise noted. References to "C$" refer to Canadian dollars and references to "Real" refer to Brazilian Real. The Company's financial statements and the financial information contained in this MD&A have been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board and Interpretations of the IFRS Interpretations Committee. Information contained herein is presented as of April 08, 2026.

For the purposes of preparing this MD&A, management, in conjunction with the Board of Directors of the Company (the "Board"), considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of the Company's common shares; (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. Management, in conjunction with the Board, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

Further information about the Company and its operations can be obtained from the offices of the Company or can be found under the Company's profile on the System for Electronic Document Analysis and Retrieval Plus website ("SEDAR+") at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Information

This MD&A contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). All statements other than statements of historical facts are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plan", "expect", "budget", "target", "estimate", "ensure", "dependent", "confirm", "obtain", "continue", "project", "intend", "advance", "anticipate", "seek", "believe", "goal", "acquire", "develop", "license", "permit", "operate", "discover", "identify", "evaluate", or variations of, or the negatives of, such words and phrases, or statements that certain actions, events or results "may", "could", "would", "should" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this MD&A speak only as of the date of this MD&A or as of the date specified in such statement. Such forward-looking statements include, without limitation, statements with respect to information based on expectations of future performance and planned work programs on the Company's Luanga Project (the "Work Programs"); possible events, conditions or financial performance that are based on assumptions about future economic conditions and courses of action; timing, costs and potential success of future activities on the Company's Luanga Project, including but not limited to exploration and development plans and costs; potential results of exploration, development and environmental protection and remediation activities; future outlook, goals, business strategy, objectives and milestones; the potential for reallocation of funds; the potential effects of tariffs and indirect impacts thereof; permitting timelines and requirements, the negotiation of future royalties and land, surface and access rights; regulatory and legal changes; requirements for additional capital; requirements for additional land, surface, access or water rights and the potential effect of notices of environmental conditions relating to mineral claims; and planned expenditures, budgets and the execution thereof.

Forward-looking statements are not a guarantee of future performance and are based upon estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of

Page | 2

Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

this MD&A or as of the date specified in such statement including, without limitation, assumptions that: the state of equity and debt capital markets will remain stable and/or improve; the Company will be able to raise the necessary additional capital on reasonable terms to advance the exploration and development of the Company's properties and assets; the timing and results of exploration and any future development programs will be in line with management's expectations, including the exploration of new targets, the results of completed and planned metallurgical testing, the timing and results of any future economic studies for the development of the Luanga Project, whether or not the Company can identify and acquire additional mineral projects on acceptable terms; the geology of the Luanga Project as set forth in the 2025 PEA Technical Report (as defined herein) conforms and complies in all material respects with applicable regulatory requirements; the budgeted exploration, development, operational and administrative costs and expenditures of the Company will be in line with management's expectations; operating conditions will be sufficiently favorable to permit the Company to operate in a safe, efficient and effective manner; political, economic and regulatory stability; governmental, regulatory and third party approvals, licenses and permits (and the required renewals thereof) including the granting of an LI and LO (as defined below) for the Luanga Project will be received on a timely basis and reasonable terms; requirements under applicable laws will not change in a material or adverse manner; sustained labour stability will continue; the financial and capital goods markets will be stable; the Company will be able to acquire and retain key personnel; and the global political and economic climate will remain the same or improve.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, or achievements to be materially different from any of its current or envisaged results, performance or achievements expressed or implied by forward-looking statements. Such risks include, without limitation: the impact of epidemics, pandemics (such as the COVID-19 outbreak) or other public health crises, and government responses thereto; natural disasters, geopolitical instability, wars and international conflict or other unforeseen events; mineral prices are volatile and may be lower than expected; mining operations are risky; resource exploration and development is a speculative business; the successful operation of exploration activities at the Luanga Project depend on the skills of the Company's management and teams; operations during mining cycle peaks are more expensive; title to the Luanga Project may be disputed; the Company may fail to comply with the law or may fail to obtain necessary permits and licenses; compliance with environmental regulations can be costly; social and environmental activism can negatively impact future exploration, development and mining activities; the mining industry is intensely competitive; inadequate infrastructure may constrain mining operations; the Company may incur losses and experience negative operating cash flow for the foreseeable future; the Company may be subject to costly legal proceedings; the Company will incur ongoing costs as a result of complying with the reporting requirements, rules and regulations affecting public issuers; the Luanga Project is located in an underdeveloped rural area; the Company may not be able to obtain sufficient capital to pursue all of its intended exploration activities or continue on a going concern basis; the inability to obtain or renew necessary land, surface and access rights; the Company may be negatively impacted by changes to tax and mining laws and regulations; failure to maintain a listing of the Company's common shares on the TSX Venture Exchange (the "TSXV") may adversely affect the market liquidity for the common shares and the Company's ability to obtain financing; and uncertainties resulting from government policies or legislation, and/or increased political tensions between countries, may adversely affect our operations and financial condition.

Inherent in forward-looking statements are risks, uncertainties, and other factors beyond the Company's ability to predict or control. Please also refer to those risk factors referenced in the "Risks and Uncertainties" section below and under the "Risk and Uncertainties" section in the Company's Annual Information Form dated April 17, 2025 (the "AIF"), a copy of which is available on the Company's SEDAR+ profile at www.sedarplus.ca. Readers are cautioned that the above list does not contain an exhaustive list of the factors or assumptions that may affect the forward-looking statements, and that the assumptions underlying such statements may prove to be incorrect. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A.

All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether because of new information or future events or otherwise, except as may be

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Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law.

Description of Business

The Company was incorporated on January 1, 2022 under the Business Corporations Act (British Columbia) as "BPGM Metals Corp." The Company changed its name to "BPG Metals Corp." on January 5, 2022, and to "Bravo Mining Corp." on May 19, 2022.

The Company has one direct wholly owned subsidiary, Bravo Capital Partners Ltd., and three indirect wholly owned subsidiaries, Bravo Brazil Ltd., Bravo Mineração Ltda. ("Bravo Mineração") and Bravo Metals Ltda. ("Bravo Metals"). The combined entity of Bravo and its wholly owned subsidiaries are referred to as "the Company" in this MD&A.

The Company is a mineral exploration company focused on the exploration and development of the Luanga Project, a palladium, platinum, rhodium (collectively platinum group metals or "PGMs"), gold and nickel project (PGM+Au+Ni) as well as the exploration for copper within its 7,810 hectares exploration licence, located in the Carajás Mineral Province, Pará State, Brazil. The Luanga Project is the Company's only material property. The Company holds its interest in the Luanga Project through its indirect wholly owned subsidiary, Bravo Mineração, which holds 100% right, title and interest in the Luanga Project, subject to royalty interests held by Vale S.A. ("Vale"), a major Brazilian mining company and the original owner of the Luanga Project, and Banco Nacional de Desenvolvimento Econômico e Social ("BNDES"), a Brazilian government business Development Bank. Bravo Mineração acquired its interest in the Luanga Project from Vale in consideration for cash payments in the aggregate amount of $1.3 million (the "Mineral Rights Payments"), a 1.0% net smelter returns royalty on the Luanga Project to Vale and a 2.0% royalty on the net operating revenue generated by the production of platinum concentrate from the Luanga Project to BNDES. In the event that the production of any minerals other than a platinum concentrate on the Luanga Project becomes economically viable, BNDES and Bravo Mineração have agreed to negotiate the terms of the royalties (if any) payable to BNDES on the revenue generated from such production.

The Company has no source of revenue, and its ability to ensure continuing operations is dependent on the successful definition of economically recoverable mineral resources and mineral reserves, confirmation of its interest in the underlying mineral claims, its ability to obtain necessary financing to complete the exploration and development activities, such activities are proven successful, and future profitable production. The Company is subject to risks and challenges like other mining companies at a comparable stage of operation, exploration, and development. These risks include, but are not limited to, losses, and negative operating cash flow for the foreseeable future, and the Company's dependence on raising cash through debt or equity markets and the successful development of its mineral property interests to satisfy its commitments and continue as a going concern. While the Company believes it has sufficient funds available from existing cash on hand to maintain its mineral investments and fund further exploration, evaluation and administration costs, the Company may require additional financing to complete the recommended Work Programs or subsequent work on the Luanga Project. The Work Programs are defined in the 2025 PEA Technical Report.

Bravo's goal is to deliver superior returns to shareholders over time by concentrating on the acquisition, exploration and, if warranted, development and subsequent operation of mining properties. The Company's current focus is the exploration and development of the Luanga Project, as set out below under "Mineral Property Interests".

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Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

Outlook and Economic Conditions

The Company is a mineral exploration company, focused on exploring its property interests, and on identifying potential acquisitions of other mineral properties, should such acquisitions be consistent with its objectives and acquisition criteria. The Company's business is currently restricted to Brazil. The Company's financial success will be dependent upon the extent to which it can define and/or make discoveries of economic mineral deposits. The development of such assets may take years to complete and the resulting income, if any, and the timing and quantum of any such income is difficult to determine with any certainty. To date, the Company has not produced any operating revenues. The sales value of any minerals produced, defined and/or discovered by the Company is largely dependent upon factors beyond its control, such as prevailing treatment/refining costs and commodities prices from time to time.

There are significant uncertainties regarding the prices of base and precious metals and the availability of financing for the purposes of exploration and evaluation. The future performance of the Company is largely tied to commodity prices and the successful exploration, discovery and future potential development of its projects. Financial and equity markets are likely to be volatile, reflecting ongoing concerns about the stability of the global economy.

Management regularly monitors economic conditions, estimates their impact on the Company's operations, and incorporates these estimates in both short-term and longer-term strategic planning.

Highlights

a) On April 6, 2026, the Company closed the private placement of common shares of the Company previously announced on January 13, 2026 (the "Private Placement"). Pursuant to the Private Placement, the Company issued 7,010,294 Common Shares to an arm's-length subscriber at a price of C$4.07 per Common Share, for aggregate gross proceeds, received in US dollars, of C$28,531,897 (US$20,500,000). Transaction costs related to commissions, legal and filing fees, audit and out-of-pocket expenses are estimated to be C$1,648,694 (US$1,184,580), resulting in net proceeds of C$26,883,203 (US$19,315,420).

b) On January 20, 2026, the Company completed a public offering of 19,607,500 common shares at a price of C$4.40 per share, generating gross proceeds of C$86,273,000 (US$62,308,970). Transaction costs related to commissions, legal fees, audit and out-of-pocket expenses totaled C$4,704,065 (US$3,397,418), resulting in net proceeds of C$81,568,935 (US$58,911,552).

c) On November 5, 2025, the Company announced that Brazil's "Conselho Nacional das Zonas de Processamento de Exportação – CZPE" (National Council of Export Processing Zones) has approved the creation of a new Export Processing Zone (ZPE, or Free-Trade Zone) in the municipality of Barcarena, Pará State, northern Brazil, which includes the endorsement of Bravo Metals, a 100% subsidiary of Bravo, as the anchor company for the potential future installation of a downstream smelter facility to process concentrates from its 100% owned Luanga Project.

d) On August 20, 2025, the Company filed a technical report in respect of the PEA titled "NI 43-101 Preliminary Economic Assessment (PEA) Independent Technical Report for the Luanga PGM + Au + Ni Project, Pará, Brazil" dated August 20, 2025 (with an effective date of July 7, 2025) and revised on November 28, 2025, prepared by Porfírio Cabaleiro Rodriguez (B.Sc. Mining Engineer, FAIG), Bernardo Viana (B.Sc. Geology, FAIG), Paulo Roberto Bergmann Moreira (B.Sc Mine Eng, FAusIMM) and Juliano Lima (B.Sc Geology Eng, MAIG) of GE21 Consultoria Mineral (the "2025 PEA Technical Report").

e) 1,268,133 options were exercised during the year ended December 31, 2025 to acquire 1,268,133 common shares at an average exercise price of C$1.83.

f) On June 5, 2025, the Company announced the results of voting from the Annual General and Special Meeting of shareholders (the "Meeting"). A total of 82,049,040 common shares were represented at the meeting, representing

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Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

75.18% of the issued and outstanding shares of the Company at the record date. All matters presented for approval at the Meeting were approved by shareholders (see the Company's news release dated June 5, 2025).

g) Effective April 24, 2025, the Company granted 150,000 incentive stock options to a Director, with an exercise price of C$2.58, exercisable until April 24, 2030.

h) On April 3, 2025, the Company filed a technical report for the Luanga Project titled "NI 43-101 Independent Technical Report Luanga PGM+Au+Ni Project, Pará State, Brazil" dated April 2, 2025 (with an effective date of February 18, 2025), prepared by Porfirio Cabaleiro Rodriguez (B.Sc. Mining Engineer, FAIG) and Bernardo Viana (B.Sc. Geology, FAIG) of GE21 Consultoria Mineral (the "2025 Technical Report"), which 2025 Technical Report has since been superseded by the 2025 PEA Technical Report and should no longer be relied upon.

i) During the first quarter of 2025, the Company completed the Phase 4 Work Program of the four-phase Work Program as outlined in the technical report titled "Independent Technical Report on Resources Estimate for the Luanga PGM+Au+Ni Project, Pará State, Brazil" dated effective October 22, 2023 and delivered on December 1, 2023, prepared by Porfirio Cabaleiro Rodriguez (B.Sc. Mining Engineer, FAIG) and Bernardo Viana (B.Sc. Geology, FAIG) of GE21 Consultoria Mineral (the "2023 Technical Report"). The Phase 4 Work Program was comprised of additional infill drilling and metallurgical/pyro-metallurgical studies, with a total cost of $5.0 million.

j) On March 3, 2025, the Pará State Environmental Agency (Secretaria de Estado de Meio Ambiente e Sustentabilidade – SEMAS) granted Bravo a preliminary licence ("PL") for its Luanga Project. The Brazilian mine permitting process consists of three key stages: the PL, which has now been granted, followed by the installation licence ("IL") and, finally, the licence to operate ("LO"). The PL is the most critical, time-consuming and challenging to secure, as it defines the project's fundamental parameters and requires both environmental feasibility and social acceptance, both of which were affirmed during the successful public hearing in December 2024. The PL provides for the extraction and processing of metallic minerals, including platinum group metals as well as nickel, copper and gold. The subsequent IL will be applied for as a prerequisite for the commencement of construction activities, while the final LO is granted upon completion of construction and the start of operations.

k) In February 2025, the Company reported an updated mineral resource estimate for the Luanga Project (see news release dated February 18, 2025).

The information provided in the highlights above is summary in nature. For more details, please refer to the Company's news releases available on SEDAR+ at www.sedarplus.ca.

Overall Objective

The primary business objective of the Company is the acquisition, exploration, and evaluation of mineral properties in Brazil and, if warranted, their development and operation. In furtherance of this objective, the Company established the following business strategy:

Develop and implement a discretionary exploration budget on its property interests with a view to establishing a viable mineral deposit;
Advance the Luanga PGM+Au+Ni Project to completion of a preliminary feasibility study and, if warranted, a feasibility study; and
Capitalize on management's technical expertise and ability to identify, evaluate, and acquire mineral properties.

See "Risks and Uncertainties" below.

Page | 6

Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

Mineral Property Interests

The Company commissioned the 2025 PEA Technical Report, which supersedes the previous 2025 Technical Report issued on April 2, 2025 (with an effective date of February 18, 2025), which should no longer be relied upon. The 2025 Technical Report outlined an additional two-phase Work Program (Phases 5 and 6), however according to the 2025 PEA Technical Report the Phase 5 of the Work Program was split into four sub-phases, which commenced on February 1, 2026, with a total estimated cost of $9.25 million. The total cost incurred for Phase 5 as of December 31, 2025 up to current date was $3.6 million.

The completed Phase 1 Work Program cost $10.2 million and consisted primarily of validation of previous data, infill drilling, mineral resource estimation, exploration drilling, metallurgical studies and preparation of an updated technical report with a maiden mineral resource estimate ("MRE") for the Luanga Project.

The completed Phase 2 Work Program cost $8.7 million and consisted primarily of further infill drilling, further exploration drilling, metallurgical studies, and preparation of an updated technical report.

The completed Phase 3 Work Program cost approximately $5.4 million and consisted primarily of further mineral resource expansion drilling.

The Phase 4 Work Program was completed during the first quarter of 2025 and consisted of additional infill drilling as well as metallurgical and pyro-metallurgical studies. The total cost was $5.0 million, and which ended up below budget primarily attributable to significantly lower than budgeted drill costs, as a result of drilling mostly shallower than planned, thereby incurring cheaper per meter drilling rates. The Company successfully achieved its objective by efficiently providing an update on the MRE.

Work to implement the recommendations of the prior technical reports (being the 2023 Technical Report and 2025 Technical Report, which have been superseded by the 2025 PEA Technical Report) commenced in Q1 2022 and, by December 31, 2025, the work completed included 374 diamond drill holes (77,686 meters drilled), including eight twin holes and eight metallurgical drill holes. Results have been reported for 347 drill holes and assay results for 37 drill holes that have been completed are currently outstanding (excluding the metallurgical holes not subject to routine assaying). A total of 58 trenches (total excavations of 10,901 meters) has been completed to date. Results for 52 trenches have been reported and six are currently pending as of the date of this MD&A.

The Phase 5 Work Program is underway and consists of completing further metallurgical test work and optimization, carbon sequestration study, preliminary economic studies, deep drilling and regional exploration. The total cost estimated for the current phase is $5.9 million, of which $3.6 million had already been incurred as of December 31, 2025.

Project expenditures during the year ended December 31, 2025, totaled $5,706,956 (including $12,660 of Property, Plant & Equipment additions, and $1,190,859 of capitalized stock-based compensation), as compared to the year ended December 31, 2024, which totaled $9,336,496 (including $151,402 of Property, Plant & Equipment additions, $434,969 of Right-of-Use additions and $1,227,628 of capitalized stock-based compensation).

See "Liquidity and Financial Position" below for further details relating to the Company's plan and milestones for the Luanga Project.

Technical information

Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

Technical information in this MD&A has been reviewed and approved by Simon Mottram, F. AusIMM (Fellow Australian Institute of Mining and Metallurgy), President of the Company, who serves as the Company's "qualified person", as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Summary of Quarterly Results

Three Months Ended	Revenue	Profit and Loss		Total Assets ($)
	Total ($)	Total ($)	Basic and Diluted Income (Loss) Per Share (9) ($)
December 31, 2025	Nil	(610,935) (1)	(0.01)	57,029,310
September 30, 2025	Nil	(731,885) (2)	(0.01)	57,100,053
June 30, 2025	Nil	(812,879) (3)	(0.01)	55,955,315
March 31, 2025	Nil	(689,590) (4)	(0.01)	54,124,866 (10)
December 31, 2024	Nil	(718,640) (5)	(0.01)	52,464,042 (13)
September 30, 2024	Nil	(433,079) (6)	(0.00)	55,930,940 (12)
June 30, 2024	Nil	(621,615) (7)	(0.01)	54,975,710 (11)
March 31, 2024	Nil	(534,117) (8)	(0.00)	56,688,586 (10)

(1) Net loss of $610,935 during the three months ended December 31, 2025, consisted of: professional fees of $82,393; office and administrative expenses of $116,450; consulting fees of $125,053; travel costs of $50,903; filing and listing fees of $3,485; investor relations of $78,899; stock-based compensation of $368,954; foreign exchange gain of $22,191; and depreciation costs of $5,787. Interest and other income amounted to $198,798.

(2) Net loss of $731,885 during the three months ended September 30, 2025, consisted of: professional fees of $123,006; office and administrative expenses of $110,658; consulting fees of $125,229; travel costs of $94,130; filing and listing fees of $5,095; investor relations of $76,345; stock-based compensation of $425,805; foreign exchange gain of $18,344; and depreciation costs of $5,787. Interest and other income amounted to $252,514.

(3) Net loss of $812,879 during the three months ended June 30, 2025, consisted of: professional fees of $185,789; office and administrative expenses of $115,118; consulting fees of $122,455; travel costs of $46,118; filing and listing fees of $51,743; investor relations of $44,024; stock-based compensation of $509,447; foreign exchange gain of $53,713; and depreciation costs of $5,803. Interest and other income amounted to $213,905.

(4) Net loss of $689,590 during the three months ended March 31, 2025, consisted of: professional fees of $17,152; office and administrative expenses of $128,356; consulting fees of $139,682; travel costs of $20,159; filing and listing fees of $46,952; investor relations of $52,639; stock-based compensation of $511,178; foreign exchange gain of $6,027; and depreciation costs of $5,769. Interest and other income amounted to $226,270.

(5) Net loss of $718,640 during the three months ended December 31, 2024, consisted of: professional fees of $78,568; office and administrative expenses of $150,572; consulting fees of $172,653; travel costs of $68,889; filing and listing fees of $2,203; investor relations of $49,936; stock-based compensation of $376,498; foreign exchange of $88,266; and depreciation costs of $5,769. Interest and other income amounted to $274,714.

(6) Net loss of $433,079 during the three months ended September 30, 2024, consisted of: professional fees of $81,982; office and administrative expenses of $140,988; consulting fees of $188,191; travel costs of $41,996; filing and listing fees of $5,300; investor relations of $57,988; stock-based compensation of $333,643; foreign exchange gain of $20,803; and depreciation costs of $5,871. Interest and other income amounted to $402,077.

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Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

(7) Net loss of $621,615 during the three months ended June 30, 2024, consisted of: professional fees of $131,688; office and administrative expenses of $167,683; consulting fees of $207,913; travel costs of $36,090; filing and listing fees of $45,741; investor relations of $55,601; stock-based compensation of $308,050; foreign exchange loss of $10,920; and depreciation costs of $5,418. Interest and other income amounted to $347,489.

(8) Net loss of $534,117 during the three months ended March 31, 2024, consisted of: professional fees of $55,402; office and administrative expenses of $177,990; consulting fees of $196,538; travel costs of $65,017; filing and listing fees of $33,145; investor relations of $28,172; stock-based compensation of $323,320; foreign exchange of $28,811; and depreciation costs of $5,520. Interest and other income amounted to $379,798.

(9) Per share amounts are rounded to the nearest cent, therefore aggregating quarterly amounts may not reconcile to year-to-date per share amounts.

(10) The total assets as of March 31, 2025 have been restated. Refer to the restatement note in the December 31, 2024 MD&A dated August 29, 2025.

(11) The total assets as of June 30, 2024 have been restated. Refer to note 11 to the unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2025, and 2024.

(12) The total assets as of September 30, 2024 have been restated. Refer to note 11 to the unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2025, and 2024.

(13) The total assets as of December 31, 2024 have been restated. Refer to note 14 to the restated audited consolidated financial statements for the year ended December 31, 2024, and 2023.

Significant factors that have caused variations

The Company is primarily engaged in the business of acquiring, exploring, and, if warranted, developing and operating mineral properties in Brazil. Issues of seasonality have not materially impacted our results or operations; however, commodity market fluctuations — particularly in the prices of PGM, gold, nickel, and copper — can affect the scope and timing of our exploration activities. The Company does not generate revenue from operations. Instead, quarterly results are primarily influenced by the timing and amount of corporate development costs, professional fees, consulting arrangements, travel and investor relations activities, and non-cash charges such as stock-based compensation. Interest income fluctuates based on available cash balances and prevailing interest rates. Foreign exchange gains or losses arise from the translation of Brazilian Real-denominated balances to the presentation currency, the U.S. dollar.

Overall, these factors contribute to variability in quarterly performance and may continue to cause fluctuations in net income (or loss) in future periods.

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Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

Financial Highlights

Financial Performance

Year Ended December 31, 2025, compared with year ended December 31, 2024

The Company's net loss totaled $2,845,289 for the year ended December 31, 2025, with basic and diluted loss per share of $0.03, compared to a net loss of $2,307,451 with basic and diluted loss per share of $0.02 for the year ended December 31, 2024.

During the year ended December 31, 2025, stock-based compensation increased to $1,815,384 (2024 - $1,341,511). The increase of $473,873 was primarily due to the option grants on December 19, 2024, April 24, 2025, May 19, 2025, and December 16, 2025.
During the year ended December 31, 2025, office and administrative expenses decreased to $470,582 (2024 - $637,234), a decrease of $166,652 mainly due to a reduction in the number of employees, in the level of Directors' fees (as approved by the Board), insurance and in the cost of the administration services agreement.
During the year ended December 31, 2025, consulting fees decreased to $512,419 (2024 - $765,294). The reduction of $252,875 was mainly due to a reduction in the number of consultants and in the cost of the consultants' service agreements.
During the year ended December 31, 2025, foreign exchange loss changed to a gain of $63,587 (2024 - loss of $107,194). The variance of ($170,781) was due to the devaluation of the Canadian dollar in 2025.
During the year ended December 31, 2025, interest and other income decreased to $891,487 (2024 - $1,404,078). The decrease of $512,591 was mainly due to the lower cash available for investment and decrease in the interest rates in the current year compared with the previous year's period.

Three months ended December 31, 2025, compared with three months ended December 31, 2024

The Company's net loss totaled $610,935 for the three months ended December 31, 2025, with basic and diluted loss per share of $0.01, compared to a net loss of $718,640 with basic and diluted loss per share of $0.01 for the three months ended December 31, 2024.

During the three months ended on December 31, 2025, office and administrative expenses decreased to $116,450 (Q4 2024 - $150,572), a decrease of $34,123 mainly due to a reduction in the number of employees, in the amount of Directors' fees (as approved by the Board), and in the cost of the administration services agreement.
During the three months ended December 31, 2025, consulting fees decreased to $125,053 (Q4 2024 - $172,653). The reduction of $47,599 was mainly due to a reduction in the number of consultants and in the cost of the consultants' service agreements.
During the three months ended December 31, 2025, foreign exchange gain amounted to $22,191 (Q4 2024 - loss of $88,266). The variance of $110,457 was due to fluctuations in the Canadian dollar exchange rate in Q4 2025.
During the three months ended December 31, 2025, travel amounted to $50,903 (Q4 2024 - $68,889). The $17,986 decrease was mainly due to a longer European roadshow in 2024 compared to the current year.

Page | 10

Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

During the three months ended December 31, 2025, interest and other income decreased to $198,798 (Q4 2024 - $274,714). The decrease of $75,916 was mainly due to the lower cash available for investment and a decrease in the interest rates in the quarter compared with the same period in the prior year.

Total assets

Total assets were $57,029,310 on December 31, 2025 (December 31, 2024 - $52,464,042); the increase of $4,565,268 was primarily due to exchange rate movements affecting the presentation currency as of year-end, totaling $2,826,002. Cash and cash equivalents making up approximately 35% (December 31, 2024 – 45%), exploration and evaluation assets, which only includes the Luanga Project, making up approximately 62% (December 31, 2024 – 51%), and property, plant and equipment making up approximately 2% (December 31, 2024 – 3%) of total assets. On December 31, 2025, the Company had cash and cash equivalents of $20,019,031 (December 31, 2024 - $23,843,563), a decrease of $3,824,532 mainly due to payments of exploration and evaluation expenditures, professional fees, office and administrative, consulting fees, travel, investor relations and filing and listing fees partially offset by inflows from exercising options of $1,662,717.

Total liabilities

As of December 31, 2025, liabilities were $886,637 (December 31, 2024 - $1,149,942), including aggregate long-term lease liability of $371,591 (December 31, 2024 - $350,593). The variation is primarily the result of fluctuations (decrease) in accounts payable and accrued liabilities, which are usually paid as and when they become due, partially offset by an increase in lease liability.

Cash Balance and Working Capital (Financial Condition)

As of December 31, 2025, the Company had cash of $20,019,031 and working capital, defined as current assets less current liabilities, of $19,739,785. As of December 31, 2025, the Company's remaining unspent use of proceeds totaled $10,616,000 (refer to "Liquidity and Financial Position"). On January 20, 2026, the Company completed a public offering of 19,607,500 common shares at a price of C$4.40 per share, generating gross proceeds of C$86,273,000 (US$62,308,970). On April 6, 2026, the Company closed the private placement of common shares of the Company previously announced on January 13, 2026 (the "Private Placement"), generating gross proceeds of C$28,531,897 (US$20,500,000). As a result, the Company ensured that it has sufficient cash resources to continue operations beyond the twelve months ending December 31, 2026.

Cash Flow

Year ended December 31, 2025, compared with year ended December 31, 2024

As of December 31, 2025, the Company had a cash balance of $20,019,031 (compared to $23,843,563 as of December 31, 2024). The decrease in cash of $3,824,532 from December 31, 2024 (compared to $8,360,344 decrease in cash from December 31, 2023) balance was mainly due to the following:

Operating Activities

During the year ended December 31, 2025, cash used in operations totaled ($1,011,452) compared to ($825,645) in the comparative period. These expenditures primarily relate to ongoing operating costs, overhead expenses, and the repayment of accounts payable.

Investing Activities

Investing activities focused on the Luanga Project in Brazil. Cash used for investing activities for the year ended December 31, 2025, was $4,430,488 compared to $8,131,616 in the same period of the previous year. See "Mineral Property Interests"

Page | 11

Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

above for further details. The Company purchased property, plant, and equipment in the current period in the amount of $12,660, compared to $151,402 spent in the comparative period.

Financing Activities

During the year ended December 31, 2025, the Company received $1,662,717 from the exercise of outstanding stock options, compared to $733,479 in the same period of the previous year. The amount raised was partially offset by payment of a lease liability of $78,592 during the current period compared to $61,360 in the comparative period.

Three months ended December 31, 2025, compared with three months ended December 31, 2024

The decrease in cash of $400,490 from September 30, 2025 (compared to $2,237,749 decrease in cash from September 30, 2024) balance was mainly due to the following:

Operating Activities

During the three months ended December 31, 2025, cash used in operations totaled ($266,735) compared to ($297,187) in the comparative period. These expenditures primarily relate to ongoing operating costs, overhead expenses, and the repayment of the accounts payable.

Investing Activities

Investing activities focused on the Luanga Project in Brazil. Cash used for investing activities for the three months ended December 31, 2025, was $1,315,779 compared to $1,810,647 in the same period of the prior year. See "Mineral Property Interests" above for further details. The Company did purchase property, plant, and equipment in the current period in the amount of $11,950, compared to $1,357 spent in the comparative period.

Financing Activities

During the three months ended December 31, 2025, the Company received $1,206,017 from the exercise of outstanding stock options, compared to $nil in the same period of the prior year. In addition, the Company paid lease liability of $20,593 during the current period compared to $17,480 in the comparative period.

Liquidity and Financial Position

The activities of the Company, principally the acquisition, exploration, and evaluation of mineral properties, are financed through equity from shareholders. The Company will continue to seek capital through various means, including the issuance of equity and/or debt, where and when appropriate.

The Company has no operating revenues and therefore must utilize its current cash reserves and other financing transactions to maintain its capacity to meet ongoing discretionary and committed exploration and operating activities. There is no guarantee that the Company will obtain financing transactions in the future or on favourable terms. See "Risks and Uncertainties" section below.

Page | 12

Bravo Mining Corp.

Management's Discussion & Analysis

Year Ended December 31, 2025

Dated: April 08, 2026

Use of Proceeds Received on July 21, 2022 as set out in the Company's final prospectus dated July 15, 2022 (the "IPO Prospectus") and updated by the 2025 Technical Report (as of December 31, 2025):

Use of Proceeds	Approximate Amount Allocated (1)	Spent (Approx.)	Reallocated (Approx.) (2) (7)	Remaining to Spend
Phase 1 Work Program (3)	$ 16,150,000	$ 10,173,000	$ (5,977,000)	$ nil
Phase 2 Work Program (3)	14,000,000	8,728,000	(5,272,000)	nil
Phase 3 Work Program (3)	nil	5,366,000	5,366,000	nil
Phase 4 Work Program (3)	nil	5,048,000	5,048,000	nil
Phase 5 Work Program (3)	nil	1,271,000	1,271,000	nil
G&A Expenses	1,603,000 (4)	2,118,000	515,000 (5)	nil
Mineral Rights Payments (6)	1,000,000	1,000,000 (6)	nil	nil
Unallocated Working Capital	951,000	nil	(951,000) (5)	nil
Total	$ 33,704,000	$ 33,704,000	$ nil	$ nil

(1) Intended use of proceeds disclosed in the IPO Prospectus dated July 15, 2022.

(2) Approximate amount by which the intended use of proceeds disclosed in the IPO Prospectus has been re-allocated following the recommendations in the subsequent technical reports adjusted by the original estimates where applicable. Amounts do not include stock-based compensation.

(3) Phases 1, 2 and 3 were recommended by the technical report titled "Independent Technical Report for the Luanga PGE+Au+Ni Project, Para State, Brazil" developed by GE21 Consultoria Mineral, and authored by Ednie Rafael Fernandes, BSc Geology, MAIG and Marlon Sarges Ferreira, BSC Geology, MAIG with effective date on April 12, 2022 (the "2022 Technical Report"); Phase 4 was added by the 2023 Technical Report with effective date on October 22, 2023; Phase 5 was added by the 2025 Technical Report with effective date on February 18, 2025.

(4) The estimated general administrative expenses was for the period Q3 2022 to Q2 2023 and are comprised of (i) office and administration (including travel expenses, insurance, office costs (Brazil and Canada), estimated at approximately $544,000 (including $206,000 to related parties)); (ii) professional fees (legal), estimated at approximately $95,000 (all to related parties); (iii) professional fees (audit, including tax review), estimated at approximately $65,000; (iv) management remuneration and directors' fees, estimated at approximately $505,000; (v) filing and listing fees, estimated at approximately $9,000; (vi) accounting and administrative services (including registrar and transfer agency fees), estimated at approximately $83,000; and (vii) investor relations and communications, estimated at approximately $302,000. Investor relations and communications activities include fees and expenses (including registration fees and travel costs) associated with attending conferences and conventions; analyst and investor site visits; media, design and marketing; dissemination of press releases; membership in and sponsorship of mining databases; it does not include any estimation for stock-based compensation.

(5) Reallocated from working capital to G&A to cover the deficit for 2022/2023; G&A was negatively impacted by the $235,000 foreign exchange loss in 2023.

(6) Represents the Mineral Rights Payments installments of $500,000 each, paid on November 9, 2022 and on November 8, 2023, respectively, under the option agreement with Vale in respect of the Luanga Project.

(7) Underspend is primarily attributable to significantly lower than budgeted drill costs, as a result of drilling mostly shallower than planned, thereby incurring cheaper per meter drilling rates, and greater efficiencies achieved; Phase 1 Work Program, Phase 2 Work Program and Phase 3 Work Program were complete as of May 28, 2024. Phase 4 Work Program was completed during the first quarter of 2025. The underspend following completion of the Phase 1 Work Program and Phase 2 Work Program were reallocated to the next phases of the Work Program.

Page | 13

Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

Use of Proceeds Received on June 8 and 15, 2023 as set out in the Prospectus Supplement dated June 1, 2023 (the "Prospectus Supplement") and updated by the 2025 Technical Report (as of December 31, 2025):

Use of Proceeds	Approximate Amount Allocated (1)	Spent (Approx.)	Reallocated (Approx.) (2) (5)	Remaining to Spend
Phase 1 Work Program (3)	$ 150,000	$ 642,000	$ 492,000	$ nil
Phase 2 Work Program (3)	11,850,000	8,728,000	(3,122,000)	nil
Phase 3 Work Program (3)	8,000,000	5,366,000	(2,634,000)	nil
Phase 4 Work Program (3)	nil	5,048,000	5,048,000	nil
Phase 5 Work Program (3)	nil	3,623,000	5,850,000	2,227,000
Phase 6 Work Program (3)	nil	nil	1,000,000	1,000,000
General Working Capital (4)	17,570,000	3,547,000	(6,634,000)	7,389,000
Total	$ 37,570,000	$ 26,954,000	$ nil	$ 10,616,000

(1) Intended use of proceeds disclosed in the Prospectus Supplement (includes the working capital before June 2023 financing).
(2) Approximate amount by which the intended use of proceeds disclosed in the Prospectus Supplement has been re-allocated following the recommendations in the subsequent 2025 Technical Report, adjusted by the original estimates where applicable, and the expenditures incurred up to December 31, 2025; spent and reallocated amounts do not include stock-based compensation.
(3) Phases 1 to 3 were recommended by the 2022 Technical Report with effective date on April 12, 2022; Phase 4 was added by the 2023 Technical Report with effective date on October 22, 2023; Phases 5 and 6 were added by the 2025 Technical Report with effective date on February 18, 2025.
(4) Includes G&A Expenses, Mineral Rights Payments and interest income.
(5) Underspend is primarily attributable to significantly lower than budgeted drill costs, as a result of drilling mostly shallower than planned, thereby incurring cheaper per metre drilling rates, and greater efficiencies achieved; Phase 1 Work Program, Phase 2 Work Program and Phase 3 Work Program were complete as of May 28, 2024. Phase 4 Work Program was completed during the first quarter of 2025. The underspend following completion of the Phase 2 Work Program and Phase 3 Work Program were reallocated to the subsequent phases of the Work Program.

There may be circumstances where, for valid business reasons, an additional reallocation of funds may be necessary in order for the Company to achieve its stated business objectives. The Company cannot guarantee it will have a cash flow positive status from operating activities in future periods. As a result, the Company continues to rely on the issuance of equity/securities or other sources of financing to generate sufficient funds to fund its working capital requirements and for corporate expenditures. The Company is expected to have negative cash flow from operating activities until, and if sufficient levels of production and sales are achieved. To the extent that the Company has negative cash flow from operating activities in future periods, the Company will need to use proceeds from any financing/offering to fund such negative cash flow. See "Risks and Uncertainties" section below.

Trends

Management regularly monitors economic conditions and estimates their impact on the Company's operations and incorporates these estimates in both short-term operating and long-term strategic planning and subsequent decisions. Although the junior resource exploration sector has recently faced challenging equity market conditions, the Company has been able to raise sufficient capital to date to fund exploration programs on its material property. Stronger equity markets

Page | 14

Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

can create more favourable conditions for completing a public merger, financing, or acquisition transaction. Apart from these and the risk factors noted under the heading "Risks and Uncertainties" and "Outlook and Economic Conditions" in this MD&A and those in the Company's AIF, management is not aware of any other trends, commitments, events, or uncertainties that would have a material effect on the Company's business, financial condition, or results of operations.

Off-Balance-Sheet Arrangements

As of the date of this MD&A, the Company does not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on the results of operations or financial condition of the Company, including, and without limitation, such considerations as liquidity, capital expenditures and capital resources that would be material to investors.

Related Party Transactions

The transactions below occurred in the normal course of the operations and are measured at the exchange amount, which is the amount of consideration established as per agreements signed with related parties.

(a) Key Management personnel include those persons that have authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of executives and, from an accounting perspective, non-executive members of the Company's Board of Directors and corporate officers, and the companies controlled by these individuals.

(b) During the year ended December 31, 2025, the Company paid and / or accrued expenses totaling $443,879 (year ended December 31, 2024 - 570,046), relative to: a) Luis Azevedo, and b) FFA Legal Ltda., VCA Locações e Serviços Ltda., BGold Mineração Ltda. and VTF Mineração Ltda. (collectively called "Azevedo Representações"), each an organization of which Luis Azevedo is a shareholder. Luis Azevedo is the Chief Executive Officer, Chairman, and a shareholder of the Company. These expenditures occurred at their exchange amounts and the breakdown is as follows:

Year Ended December 31,	2025	2024
Professional and consulting fees	$ 201,287	$ 284,010
Office and administrative services	116,446	167,706
Recognized in net loss for the period	317,733	451,716
Exploration and evaluation assets (i)	126,146	118,330
	$ 443,879	$ 570,046

As of December 31, 2025, Azevedo Representações was owed $4,802 (December 31, 2024 - $9,132). This amount was included in accounts payable and accrued liabilities.

(c) During the year ended December 31, 2025, the Company paid and accrued Key Management compensation and fees as follows:

Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

Year Ended December 31,	2025	2024
Salaries and consulting fees (i)	$ 506,253	$ 712,641
Director fees (ii)	117,341	179,146
Stock-based compensation (iii)	1,371,561	644,672
Recognized in net loss for the period	1,995,155	1,536,459
Salaries and consulting fees (i)	554,903	650,401
Stock-based compensation (iii)	663,716	266,428
Recognized in exploration and evaluation assets	1,218,619	916,829
	$ 3,213,774	$ 2,453,288

(i) The salaries and consulting fees during the year ended December 31, 2025, and 2024, including Luis Azevedo Representações and are as follows:

Year Ended December 31,	2025	2024
Office and administrative	$ 116,446	$ 167,706
Consulting fees	389,807	544,935
Recognized in net loss for the period	506,253	712,641
Exploration and evaluation assets	554,903	650,401
	$ 1,061,156	$ 1,363,042

(ii) Represents the portion of annual retainers for board and committee services paid or accrued to all of the directors during the period, included in office and administrative.

Financial Instruments

The Company manages its exposure to a number of different financial risks arising from operations as well as from the use of financial instruments, including market risks (foreign currency exchange rate and interest rate), credit risk and liquidity risk, through its risk management strategy. The objective of the strategy is to support the delivery of the Company's financial targets while protecting its future financial security and flexibility. Financial risks are primarily managed and monitored through operating and financing activities. The Company does not use derivative financial instruments. The financial risks are evaluated regularly with consideration to changes in key economic indicators and to up-to-date market information. The Company's risk exposures and the impact on the Company's financial instruments are summarized below:

(a) Credit Risk

Credit risk is the financial risk of non-performance of a contracted counterparty. The Company's credit risk is primarily attributable to cash and cash equivalents. The Company reduces its credit risk by maintaining its cash with reputable financial institutions.

(b) Liquidity Risk

Page | 16

Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

terms of maturity, selected as to align with the expected timing of expenditures for continuing operations. The Company monitors its liquidity position and budgets future expenditures to ensure that it will have sufficient capital to satisfy liabilities as they come due.

Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company has no significant risk to future cash flows from interest rate risk. The Company does not use derivative instruments to reduce its exposure to interest rate risk.

Foreign Exchange Risk

The Company is exposed to foreign currency risk on fluctuations related to cash and cash equivalents, tax recoverable, taxes payable, accounts payable and accrued liabilities, denominated in Brazilian Real. A 10% fluctuation between the US dollar and the Brazilian real would impact profit or loss for the year ended December 31, 2025 by $14,943 (year ended December 31, 2024 - $2,921).

The Company also has balances in Canadian dollars for cash and cash equivalents, interest receivable, recoverable taxes, accounts payable and accrued liabilities. A 10% fluctuation between the US dollar and the Canadian dollar would additionally impact profit or loss for year ended December 31, 2025, by $96,804 (year ended December 31, 2024 - $105,376).

Capital Management

The Company considers its capital to be equity, comprising share capital, contributed surplus, accumulated other comprehensive loss and deficit, which at December 31, 2025 totaled $56,142,673 (December 31, 2024 - $51,314,100), as well as debt facilities, which at December 31, 2025 totaled $394,536 (December 31, 2024 - $379,548).

Page | 17

Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

Share Capital

As of the date of this MD&A, the Company had:
136,989,238 Common Shares issued and outstanding on an undiluted basis.
No share purchase warrants issued and outstanding.
7,322,216 options issued and outstanding as set out below:

Number of Options	Exercisable Options	Exercise Price (C$)	Expiry Date
1,033,025	1,033,025	1.75	July 21, 2027
147,191	147,191	2.25	December 28, 2027
298,125	221,250	3.53	June 20, 2028
650,200	487,650	4.95	July 21, 2028
100,000	75,000	4.15	September 14, 2028
171,250	114,375	2.70	January 16, 2029
7,500	-	1.80	April 04, 2029
1,207,250	273,875	3.13	July 29, 2029
2,263,175	565,793	1.90	December 16, 2029
150,000	-	2.58	April 24, 2030
75,000	-	2.10	May 19, 2030
1,219,500	-	4.30	December 16, 2030
7,322,216	2,918,159	2.89

Therefore, the Company had 144,311,454 Common Shares outstanding on a fully diluted basis as of the date of this MD&A.

Proposed Transactions

There are no transactions of a material nature being considered by the Company at the date of this MD&A. The Company also continues to evaluate prospective mineral properties and related opportunities to advance its exploration, development, and operating objectives.

Page | 18

Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

Extractive Sector Transparency Sector Transparency Measure Act ("ESTMA")

In accordance with the Extractive Sector Transparency Measures Act (ESTMA), which was enacted on December 16, 2014 and came into force on June 1, 2015 to contribute to global efforts to enhance transparency and deter corruption in the extractive sector, we were required to report by May 30, 2026 for the 2025 reporting year.

Accordingly, the Company has declared to ESTMA that it did not need to file an ESTMA report for the year ended December 31, 2025, as payments did not exceed the reporting threshold. Bravo will continue to disclose such contributions on an annual basis.

Disclosure Controls and Procedures and Internal Controls Over Financial Reporting

Disclosure controls and procedures and internal controls over financial reporting have been designed to provide reasonable assurance that all material information related to the Company is identified and communicated on a timely basis.

At December 31, 2025, the Company was listed on the TSXV and OTCQX. TSXV listed companies are not required to provide representations in their annual and interim filings relating to the establishment and maintenance of DC&P and ICFR, as defined in Multinational Instrument 52-109. In particular, the Chief Executive Officer and the Chief Financial Officer certifying officers do not make any representations relating to the establishment and maintenance of (a) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation, and (b) processes to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with the issuer's GAAP.

Risks and Uncertainties

An investment in the securities of the Company is highly speculative and involves numerous and significant risks. Such investment should be undertaken only by investors whose financial resources are sufficient to enable them to assume these risks and who have no need for immediate liquidity in their investment. Prospective investors should carefully consider the risk factors that have affected, and which in the future are reasonably expected to affect, the Corporation and its financial position. Please refer to the section entitled "Risk Factors" in the Company's prospectus supplement dated January 15, 2026, and most recent AIF available on SEDAR+ at www.sedarplus.ca.

United States Tariffs and Retaliatory Tariffs

The imposition of tariffs by the United States (the "U.S. Tariffs") and resulting retaliatory measures between governments may have multifaceted effects on the economy. The U.S. Tariffs could adversely affect the Company's operations by contributing to economic downturns, inflationary pressures, and increased uncertainty in capital markets. Currently, the Company believes there are no direct impacts of the U.S. Tariffs on its operations. However, the Company continues to assess the potential indirect impacts of these tariffs, as well as any retaliatory tariffs or other protectionist trade measures that may arise. These indirect impacts could be significant and may include additional inflationary pressures. Failure to effectively mitigate the negative effects of the U.S. Tariffs could have a material adverse impact on the Company's operating results and financial condition.

Selected Annual Financial Information

The following is selected financial data derived from the audited annual consolidated financial statements of the Company at December 31, 2025, December 31, 2024 and December 31, 2023 and for the years then ended:

Page | 19

Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

Income (Loss)	December 31, 2025	December 31, 2024	December 31, 2023
Total revenues	$ nil	$ nil	$ nil
Total loss	(2,845,289)	(2,307,451)	(2,704,731)
Net loss per share – basic	(0.03)	(0.02)	(0.03)
Net loss per share – diluted	(0.03)	(0.02)	(0.03)
Assets / Liabilities	December 31, 2025	December 31, 2024	December 31, 2023
Total assets	$ 57,029,310	$ 52,464,042	$ 57,764,687
Total non-current financial liabilities	371,591	350,593	29,932
Distribution or cash dividends	nil	nil	nil

Significant factors that have caused variations

Similar to the "Summary of Quarterly Results" discussed above, seasonality has not materially impacted the Company's results or operations. However, commodity market fluctuations — particularly in the prices of PGM, gold, nickel, and copper — can affect the scope and timing of exploration activities.

Total assets have increased year over year primarily due to proceeds received from equity financings, which have provided additional cash resources. These cash inflows have been partly offset by expenditures capitalized as exploration and evaluation assets, the acquisition of property, plant and equipment, and general operating expenses. The Company does not generate revenue from operations. Instead, annual results are driven by the timing of corporate development costs, professional fees, consulting expenses, travel and investor relations activities, and non-cash charges such as stock-based compensation.

Interest income fluctuates depending on available cash balances and prevailing market interest rates during the year. Foreign exchange gains or losses arise from the translation of Brazilian Real-denominated balances into the Company's presentation currency, the U.S. dollar. These factors contribute to annual variations in net loss and total assets and are expected to continue to affect financial performance in future periods.

New Accounting Policies

The following new standards and amendments to standards and interpretations were effective for the Company from January 1, 2025:

Lack of Exchangeability (Amendments to IAS 21, The effects of Changes in Foreign Exchange Rates), effective date January 1, 2025.

There was no significant impact on the financial statements as a result of adoption.

The following new standards and amendments to standards and interpretations are not yet effective for the current year.

Classification and Measurement of Financial Instruments (Amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures), effective date January 1, 2026.
Annual Improvements to IFRS Accounting Standards, effective date January 1, 2026.
IFRS 18, Presentation and Disclosure in Financial Statements, effective date January 1, 2027.

Page | 20

Bravo Mining Corp.
Management's Discussion & Analysis
Year Ended December 31, 2025
Dated: April 08, 2026

The Company is in the process of reviewing the impact of future changes on its financial statements.

Additional Information

Office and administrative

Activities	Year Ended December 31, 2025 ($)	Year Ended December 31, 2024 ($)
Directors' fees	127,367	182,632
Administration services	117,127	168,073
Insurance	134,887	165,355
Financial tax	1,913	4,228
Occupancy costs	21,313	19,666
Employees	30,754	54,612
Bank charges and brokerage fees	23,066	21,453
Computer maintenance	6,992	12,730
Other expenses	7,163	8,485
	470,582	637,234

Bravo Mining Corp.

Management's Discussion & Analysis

Year Ended December 31, 2025

Dated: April 08, 2026

Luanga Project

The total exploration and evaluation expenditures in respect of the Luanga Project year ended December 31, 2025, were $5,694,296 (December 31, 2024: $8,750,124), comprised of the following:

Activities	Year Ended December 31, 2025 ($)	Year Ended December 31, 2024 ($)
Balance, beginning of period	26,983,961	23,669,357

Drilling	801,621	2,667,996
Assays	427,298	1,030,543
Stock-based compensation	1,190,859	1,227,628
Geological consulting	928,177	1,005,566
Salaries and related costs	616,107	886,463
Field costs	230,666	321,291
Rent and maintenance	145,978	217,021
Software maintenance and rights	48,404	89,564
Geophysics	148,908	139,996
Metallurgical testing and mineralogical studies	434,575	356,620
Travel	144,716	77,556
Mineral Resource Estimates	37,926	31,208
Environmental, social and governance	84,399	203,049
Professional fees	74,499	81,140
Landowner payments	57,978	53,976
Depreciation	267,595	249,771
Insurance	2,024	19,904
Information technology services	7,413	16,207
Other expenditures	45,153	74,625
Total exploration and evaluation expenditures	5,694,296	8,750,124
Effect of movements in exchange rates	2,826,002	(5,435,520)
Balance, end of period	35,504,259	26,983,961

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AI assistant

Bravo Mining — Audit Report / Information 2025

48337_rns_2026-04-27_5c3826ab-91c7-4bc5-b68b-2f724861ff5b.pdf

BRAVO MINING CORP.

INDEPENDENT AUDITOR'S REPORT

Opinion

Basis for Opinion

Key Audit Matters

Evaluation of indicators of impairment for exploration and evaluation assets

Description of the matter

Why the matter is a key audit matter

How the matter was addressed in the audit

Other Information

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Auditor's Responsibilities for the Audit of the Financial Statements

1. NATURE AND CONTINUANCE OF OPERATIONS

Continuance of Operations

2. BASIS OF PRESENTATION

(a) Statement of Compliance

(b) Basis of Consolidation

2. BASIS OF PRESENTATION (CONTINUED)

(b) Basis of Consolidation (continued)

(c) Basis of Measurement

3. MATERIAL ACCOUNTING POLICIES

(a) Functional and presentation currency

(b) Cash and Cash Equivalents

3. MATERIAL ACCOUNTING POLICIES (CONTINUED)

(c) Exploration and evaluation ("E&E") costs

(d) Property, Plant and Equipment

3. MATERIAL ACCOUNTING POLICIES (CONTINUED)

(d) Property, Plant and Equipment (continued)

(e) Share-based Payment Transactions

(f) Income Taxes

3. MATERIAL ACCOUNTING POLICIES (CONTINUED)

(g) Basic and Diluted Earnings (Loss) Per Share

(h) Share Capital

(i) Provisions

(j) Financial Instruments

3. MATERIAL ACCOUNTING POLICIES (CONTINUED)

(j) Financial Instruments (continued)

(k) Accounting Standards Adopted

3. MATERIAL ACCOUNTING POLICIES (CONTINUED)

(I) Use of Estimates and Judgment

4. FINANCIAL RISK MANAGEMENT

4. FINANCIAL RISK MANAGEMENT (CONTINUED)

a. Credit Risk

b. Liquidity Risk

c. Market Risk

Interest Rate Risk

Foreign Exchange Risk

5. LUANGA PROJECT

8. LEASE

9. LOSS PER SHARE

10. SHARE CAPITAL

Authorized Share Capital

Common Shares Issued

11. RELATED PARTY TRANSACTIONS

BRAVO MINING CORP.

Introduction

Cautionary Note Regarding Forward-Looking Information

Description of Business

Outlook and Economic Conditions

Highlights

Overall Objective

Mineral Property Interests

Technical information

Significant factors that have caused variations

Financial Highlights

Financial Performance

Total assets

Total liabilities

Cash Balance and Working Capital (Financial Condition)

Cash Flow

Operating Activities

Investing Activities

Financing Activities

Operating Activities

Investing Activities

Financing Activities

Liquidity and Financial Position

Bravo Mining Audit Report / Information 2025