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Bravo Mining — Capital/Financing Update 2026
Jan 21, 2026
48337_rns_2026-01-20_da5eb6c6-c4dd-4c93-83a2-6a9e61735e8a.pdf
Capital/Financing Update
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FORM 51-102F3
MATERIAL CHANGE REPORT
ITEM 1. NAME AND ADDRESS OF ISSUER
Bravo Mining Corp. (the "Company")
Av. Jornalista Ricardo Marinho, n. 360, room 111
Barra da Tijuca, Rio de Janeiro, RJ
Brazil, 22631-350
ITEM 2. DATE OF MATERIAL CHANGE
January 13, 2026
ITEM 3. NEWS RELEASE
News releases issued on January 13, 2026, January 13, 2026 and January 20, 2026, respectively, were disseminated through the facilities of Globe Newswire and filed on the System for Electronic Document Analysis and Retrieval Plus (SEDAR+).
ITEM 4. SUMMARY OF MATERIAL CHANGE
On January 13, 2026, the Company announced that it had entered into an agreement with a syndicate of underwriters co-led by BMO Capital Markets and National Bank Financial Inc.(collectively, the "Underwriters"), pursuant to which the Underwriters agreed to purchase on a bought deal basis 11,365,000 common shares (the "Common Shares"), at a price of C$4.40 (the "Offering Price") per Common Share for gross proceeds of approximately C$50 million (the "Offering"). The Company has granted the Underwriters an option, exercisable for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any (the "Over-Allotment Option"). In addition to the Offering, the Company entered into a non-binding indicative term sheet with Orion Mine Finance Management LLP ("Orion") pursuant to which, among other things, a fund managed by Orion or a designated affiliate of Orion will subscribe for 7,897,727 Common Shares at the Offering Price for gross proceeds of C$34,750,000 on a non-brokered private placement basis (the "Concurrent Private Placement"). In connection with the Concurrent Private Placement, it is anticipated that the Company will enter into a participation rights agreement whereby, among other things, Orion will have the right to participate pro rata in future equity offerings of the Company and a right to match any offer to provide project financing, acquisition financing, or production-linked financing to the Company.
On January 13, 2026, the Company further announced that due to strong demand the Offering would be increased to 17,050,000 Common Shares at the Offering Price for gross proceeds of approximately C$75 million.
On January 20, 2026, the Company announced that it had closed the Offering. Pursuant to the Offering, the Company has issued 19,607,500 Common Shares at the Offering Price for gross proceeds of C$86,273,000, which includes the exercise in full of the Over-Allotment Option granted to the Underwriters. In connection with the Offering, the Company has paid the Underwriters a cash
commission in the aggregate amount of $4,313,650 equal to 5.0% of the gross proceeds of the Offering.
ITEM 5.1 FULL DESCRIPTION OF MATERIAL CHANGE
See the news release dated January 13, 2026 attached as Schedule "A", news release dated January 13, 2026 attached as Schedule "B", and news release dated January 20, 2026 attached as Schedule "C".
ITEM 5.2 DISCLOSURE FOR RESTRUCTURING TRANSACTIONS
Not applicable
ITEM 6. RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102
Not applicable
ITEM 7. OMITTED INFORMATION
There are no significant facts required to be disclosed herein which have been omitted.
ITEM 8. EXECUTIVE OFFICER
Contact: Alex Penha
EVP Corporate Development
Phone: (416) 509-0583
Email: [email protected]
ITEM 9. DATE OF REPORT
January 20, 2026
LEGAL\71295988\2
Schedule “A”
News Release dated January 13, 2026
(see attached)
BRAVO. PINING CORP.
NEWS RELEASE 13 January 2026
Bravo Announces C$50 Million Offering of Common Shares and C$34.75 Million Concurrent Private Placement
The base shelf prospectus is accessible, and the prospectus supplement will be accessible within two business days through SEDAR+
Not for distribution to U.S. news wire services or dissemination in the United States
TORONTO, January 13, 2026 – Bravo Mining Corp. (TSX.V: BRVO, OTCQX: BRVMF) (“Bravo” or the “Company”) announces that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and National Bank Capital Markets (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase on a bought deal basis 11,365,000 common shares (the “Common Shares”), at a price of C$4.40 (the “Offering Price”) per Common Share for gross proceeds of approximately C$50 million (the “Offering”). The Company has granted the Underwriters an option, exercisable for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The Offering is expected to close on or about January 20, 2026, subject to certain customary closing conditions, including the receipt of all necessary approvals of the TSX Venture Exchange.
The Company has also entered into a non-binding indicative term sheet with Orion Mine Finance Management LLP (“Orion”) pursuant to which, among other things, a fund managed by Orion or a designated affiliate of Orion will subscribe for 7,897,727 Common Shares at the Offering Price for gross proceeds of C$34,750,000 on a non-brokered private placement basis (the “Concurrent Private Placement”). In connection with the Concurrent Private Placement, it is anticipated that the Company will enter into a participation rights agreement whereby, among other things, Orion will have the right to participate pro rata in future equity offerings of the Company and a right to match any offer to provide project financing, acquisition financing, or production-linked financing to the Company. Subject to the satisfaction of mutually agreed milestones, certain conditions precedent and other customary conditions, Orion intends to commit to provide up to US$300 million of financing support by providing an indicative non-binding term sheet proposal in the form of equity, debt, and other financing instruments promptly upon notice of such milestones being met. The Concurrent Private Placement is subject to customary conditions, including the completion of the Offering and all necessary approvals of the TSX Venture Exchange, but the Offering is not contingent upon the consummation of the Private Placement.
The net proceeds of the Offering and the Concurrent Private Placement will be used to advance the Luanga PGM+Au+Ni Project through to completion of a preliminary feasibility study and subsequently, if warranted, to completion of a feasibility study; to expand the mineral resources associated with the Luanga PGM+Au+Ni Project; to continue to explore and evaluate iron oxide copper gold (IOCG) style mineralization as well as Ni-PGM rich massive sulphides within the Luanga property; and for general working capital purposes.
In connection with the Offering, the Company will file a prospectus supplement (the “Supplement”) to the Company’s short form base shelf prospectus dated December 22, 2025 (the “Shelf Prospectus”), with the securities regulatory authorities in each of the provinces of Canada (except Québec). Copies of the Shelf Prospectus can be found, and the Supplement to be filed in connection with the Offering will be available (within two business days of the date hereof), under the Company’s profile on SEDAR+ at www.sedarplus.ca. Electronic or paper copies of the Shelf Prospectus and the Supplement, when available, may be obtained in Canada, without charge, from BMO Nesbitt Burns Inc., Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 by telephone at 905-791-3151 Ext 4312 or by email at [email protected], or from National Bank Financial Inc. at 130 King Street West, 4th Floor Podium, Toronto, Ontario, M5X 1J9 by telephone at 416-869-8414,
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BRAVO. MINING CORP.
NEWS RELEASE 13 January 2026
or email at [email protected] by providing an e-mail address or address, as applicable. The Shelf Prospectus contains, and the Supplement will contain, important detailed information about the Company and the Offering. Prospective investors should read the Supplement and accompanying Shelf Prospectus and the documents incorporated by reference therein before making an investment decision.
The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act and applicable states securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Bravo Mining Corp.
Bravo is a Canadian and Brazil-based mineral exploration and development company focused on advancing its PGM and copper-gold Luanga Project in the Carajás Mineral Province, Para State, Brazil.
Bravo is one of the most active explorers in Carajás. The team, comprising of local and international geologists, has a proven track record of PGM, nickel, and copper discoveries in the region. They have successfully taken a past IOCG greenfield project from discovery to development and production in the Carajás.
The Luanga Project is situated on mature freehold farming land and benefits from being located close to operating mines and a mining-experienced workforce, with excellent access and proximity to existing infrastructure, including road, rail, and hydroelectric grid power. Bravo's current Environmental, Social and Governance activities include planting more than 50,000 high-value trees in and around the project area and hiring and contracting locally.
For further information about Bravo, please visit www.bravomining.com or contact:
Luis Azevedo, Chairman and CEO or
Alex Penha, EVP Corporate Development
T: +1-416-509-0583
[email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements.
Certain statements ("forward-looking statements") in this news release contain forward-looking information concerning the Offering and the Concurrent Private Placement, the use of proceeds thereof, the anticipated closing date of the Offering and the Concurrent Private Placement, and the requirement for receipt of regulatory approvals, including the approval of the TSX Venture Exchange, plans related to Bravo's business and other matters that may occur in the future, made as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Such factors include, but are not limited to business closures, quarantines and a general reduction in consumer activity; actual results and timing of exploration and development, mining, environmental services and remediation and reclamation activities; future prices of commodities; possible variations in mineral resources, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; indigenous rights and title; continued capitalization and commercial viability; global economic conditions; competition; and
BRAVO. FIRING CORP.
NEWS RELEASE
13 January 2026
delays in obtaining governmental approvals or financing or in the completion of development activities. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements included in this news release, Bravo has applied several material assumptions, including, but not limited to, the assumption that Bravo will be able to raise additional capital as necessary, that the proposed exploration and development activities will proceed as planned, and that market fundamentals will result in sustained platinum group metals, nickel, copper and gold demand and prices. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Bravo expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
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Schedule "B"
News Release dated January 13, 2026
(see attached)
BRAVO. MINING CORP.
NEWS RELEASE 13 January 2026
Bravo Increases Previously Announced Offering of Common Shares to C$75 Million and C$34.75 Million Concurrent Private Placement
The base shelf prospectus is accessible, and the prospectus supplement will be accessible within two business days through SEDAR+
Not for distribution to U.S. news wire services or dissemination in the United States.
TORONTO, January 13, 2026 – Bravo Mining Corp. (TSX.V: BRVO, OTCQX: BRVMF) (“Bravo” or the “Company”) is pleased to announce that due to strong demand, it has increased the size of the previously announced bought deal of common shares to 17,050,000 common shares (the “Common Shares”) at a price of C$4.40 (the “Offering Price”) per Common Share for gross proceeds of approximately C$75 million (the “Offering”). The Company previously entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and National Bank Capital Markets (collectively, the “Underwriters”). The Company has granted the Underwriters an option, exercisable for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The Offering is expected to close on or about January 20, 2026, subject to certain customary closing conditions, including the receipt of all necessary approvals of the TSX Venture Exchange.
The Company has also entered into a non-binding indicative term sheet with Orion Mine Finance Management LLP (“Orion”) pursuant to which, among other things, a fund managed by Orion or a designated affiliate of Orion will subscribe for 7,897,727 Common Shares at the Offering Price for gross proceeds of C$34,750,000 on a non-brokered private placement basis (the “Concurrent Private Placement”). In connection with the Concurrent Private Placement, it is anticipated that the Company will enter into a participation rights agreement whereby, among other things, Orion will have the right to participate pro rata in future equity offerings of the Company and a right to match any offer to provide project financing, acquisition financing, or production-linked financing to the Company. Subject to the satisfaction of mutually agreed milestones, certain conditions precedent and other customary conditions, Orion intends to commit to provide up to US$300 million of financing support by providing an indicative non-binding term sheet proposal in the form of equity, debt, and other financing instruments promptly upon notice of such milestones being met. The Concurrent Private Placement is subject to customary conditions, including the completion of the Offering and all necessary approvals of the TSX Venture Exchange, but the Offering is not contingent upon the consummation of the Private Placement.
The net proceeds of the Offering and the Concurrent Private Placement will be used to advance the Luanga PGM+Au+Ni Project through to completion of a preliminary feasibility study and subsequently, if warranted, to completion of a feasibility study; to expand the mineral resources associated with the Luanga PGM+Au+Ni Project; to continue to explore and evaluate iron oxide copper gold (IOCG) style mineralization as well as Ni-PGM rich massive sulphides within the Luanga property; and for general working capital purposes.
In connection with the Offering, the Company will file a prospectus supplement (the “Supplement”) to the Company’s short form base shelf prospectus dated December 22, 2025 (the “Shelf Prospectus”), with the securities regulatory authorities in each of the provinces of Canada (except Québec). Copies of the Shelf Prospectus can be found, and the Supplement to be filed in connection with the Offering will be available (within two business days of the date hereof), under the Company’s profile on SEDAR+ at www.sedarplus.ca. Electronic or paper copies of the Shelf Prospectus and
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BRAVO. MINING CORP.
NEWS RELEASE 13 January 2026
the Supplement, when available, may be obtained in Canada, without charge, from BMO Nesbitt Burns Inc., Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 by telephone at 905-791-3151 Ext 4312 or by email at [email protected], or from National Bank Financial Inc. at 130 King Street West, 4th Floor Podium, Toronto, Ontario, M5X 1J9 by telephone at 416-869-8414, or email at [email protected] by providing an e-mail address or address, as applicable. The Shelf Prospectus contains, and the Supplement will contain, important detailed information about the Company and the Offering. Prospective investors should read the Supplement and accompanying Shelf Prospectus and the documents incorporated by reference therein before making an investment decision.
The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act and applicable states securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Bravo Mining Corp.
Bravo is a Canadian and Brazil-based mineral exploration and development company focused on advancing its PGM and copper-gold Luanga Project in the Carajás Mineral Province, Para State, Brazil.
Bravo is one of the most active explorers in Carajás. The team, comprising of local and international geologists, has a proven track record of PGM, nickel, and copper discoveries in the region. They have successfully taken a past IOCG greenfield project from discovery to development and production in the Carajás.
The Luanga Project is situated on mature freehold farming land and benefits from being located close to operating mines and a mining-experienced workforce, with excellent access and proximity to existing infrastructure, including road, rail, and hydroelectric grid power. Bravo's current Environmental, Social and Governance activities include planting more than 50,000 high-value trees in and around the project area and hiring and contracting locally.
For further information about Bravo, please visit www.bravomining.com or contact:
Luis Azevedo, Chairman and CEO or
Alex Penha, EVP Corporate Development
T: +1-416-509-0583
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements.
Certain statements ("forward-looking statements") in this news release contain forward-looking information concerning the Offering and the Concurrent Private Placement, the use of proceeds thereof, the anticipated closing date of the Offering and the Concurrent Private Placement, and the requirement for receipt of regulatory approvals, including the approval of the TSX Venture Exchange, plans related to Bravo's business and other matters that may occur in the future, made as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Such factors include, but are not limited to business closures, quarantines and a general reduction in consumer activity; actual results and timing of exploration and
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BRAVO. MINING COOP.
NEWS RELEASE
13 January 2026
development, mining, environmental services and remediation and reclamation activities; future prices of commodities; possible variations in mineral resources, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; indigenous rights and title; continued capitalization and commercial viability; global economic conditions; competition; and delays in obtaining governmental approvals or financing or in the completion of development activities. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements included in this news release, Bravo has applied several material assumptions, including, but not limited to, the assumption that Bravo will be able to raise additional capital as necessary, that the proposed exploration and development activities will proceed as planned, and that market fundamentals will result in sustained platinum group metals, nickel, copper and gold demand and prices. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Bravo expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
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Schedule "C"
News Release dated January 20, 2026
(see attached)
BRAVO. PINING CORP.
NEWS RELEASE 20 January 2026
Bravo Announces Completion of Oversubscribed Public Offering for C$86 Million
TORONTO, January 20, 2026 – Bravo Mining Corp. (TSX.V: BRVO, OTCQX: BRVMF) (“Bravo” or the “Company”) announces that it has closed the previously announced public offering (the “Offering”) of common shares of the Company (the “Common Shares”). Pursuant to the Offering, the Company has issued 19,607,500 Common Shares at a price of C$4.40 per Common Share for gross proceeds of C$86,273,000, which includes the exercise in full of the over-allotment option granted to the Underwriters (as defined below). The Offering was co-led by BMO Capital Markets and National Bank Capital Markets on behalf of a syndicate that included Beacon Securities Limited and Canaccord Genuity Corp. (collectively, the “Underwriters”).
In connection with the Offering, the Company has paid the Underwriters a cash commission in the aggregate amount of $4,313,650 equal to 5.0% of the gross proceeds of the Offering.
The Offering was made by way of a prospectus supplement dated January 15, 2026 to the Company’s existing Canadian base shelf prospectus dated December 22, 2025, in the United States on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and in certain other jurisdictions outside of Canada and the United States.
The Common Shares have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Bravo Mining Corp.
Bravo is a Canadian and Brazil-based mineral exploration and development company focused on advancing its PGM and copper-gold Luanga Project in the Carajás Mineral Province, Pará State, Brazil.
Bravo is one of the most active explorers in Carajás. The team, comprising of local and international geologists, has a proven track record of PGM, nickel, and copper discoveries in the region. They have successfully taken a past IOCG greenfield project from discovery to development and production in the Carajás.
The Luanga Project is situated on mature freehold farming land and benefits from being located close to operating mines and a mining-experienced workforce, with excellent access and proximity to existing infrastructure, including road, rail, and hydroelectric grid power. Bravo’s current Environmental, Social and Governance activities include planting more than 50,000 high-value trees in and around the project area and hiring and contracting locally.
For further information about Bravo, please visit www.bravomining.com or contact:
Luis Azevedo, Chairman and CEO or
Alex Penha, EVP Corporate Development
T: +1-416-509-0583
[email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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