Bravo Mining — Management Reports 2025

Nov 14, 2025

BRAVO. MINING CORP.

BRAVO MINING CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025

(EXPRESSED IN UNITED STATES DOLLARS)

Dated: November 14, 2025

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Bravo Mining Corp.

Management's Discussion & Analysis

Three and Nine Months Ended September 30, 2025

Dated: November 14, 2025

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 three and nine months ended September 30, 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 restated audited consolidated financial statements of the Company for the years ended December 31, 2024, and 2023, and the unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2025, and 2024, together with the notes thereto (the "Q3 2025 Condensed Interim Consolidated Financial Statements"). 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 IAS 34, Interim Financial Reporting, as issued by the International Accounting Standards Board ("IASB") and interpretations of the IFRS Interpretations Committee. Information contained herein is presented as of November 14, 2025.

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 from www.sedarplus.ca.

Restatement

During the second quarter of 2025, the Company identified that the non-monetary assets in Brazil of Bravo Mineração Ltda. ("Bravo Mineração") were not correctly translated from Bravo Mineração's functional currency (Brazilian Reals) to the Company's presentation currency (U.S. Dollars) at the closing rate as of the date of the respective consolidated financial statements, as required by IAS 21, "The effects of changes in foreign exchange rates". The correction of the translation differences resulted in corrections to Exploration and evaluation assets, Property, plant and equipment, and Accumulated other comprehensive income (loss) (and associated subtotals and totals) on the consolidated statements of financial position and Exchange differences on translating foreign operations and Comprehensive loss for the year on the consolidated statements of loss and comprehensive loss. These differences did not impact the Company's monetary assets and liabilities, Net loss for the year, Net loss per share or the consolidated statements of cash flows.

As a result, on August 29, 2025, the Company filed on SEDAR+ the December 31, 2024, Restated Consolidated Financial Statements and the corresponding Management's Discussion and Analysis.

The impacts of the restatement on the consolidated financial statements as at and for the nine months ended September 30, 2024 are explained in note 11 to the unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2025, and 2024.

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Bravo Mining Corp.
Management's Discussion & Analysis
Three and Nine Months Ended September 30, 2025
Dated: November 14, 2025

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 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; and the Company will be able to acquire and retain key personnel.

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 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

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Bravo Mining Corp.
Management's Discussion & Analysis
Three and Nine Months Ended September 30, 2025
Dated: November 14, 2025

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, 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 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 and Bravo Metals Ltda. 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 PGM concentrate from the Luanga Project to BNDES. In the event that the production of any minerals other than a PGM 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.

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Bravo Mining Corp.
Management's Discussion & Analysis
Three and Nine Months Ended September 30, 2025
Dated: November 14, 2025

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.

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 (as defined below in "Highlights").

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".

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 November 5, 2025, the Company announced that the 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 Ltda. (Bravo Metals), a 100% subsidiary of Bravo Mining Corp., as the anchor company for the potential future installation of a downstream smelter facility to process concentrates from its 100% owned Luanga Project.

b) On August 21, 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 21,

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Bravo Mining Corp.
Management's Discussion & Analysis
Three and Nine Months Ended September 30, 2025
Dated: November 14, 2025

2025 (with an effective date of July 7, 2025), prepared by Porfírio Cabaleiro Rodriguez (B.Sc. Mining Engineer, FAIG) and Bernardo Viana (B.Sc. Geology, FAIG) of GE21 Consultoria Mineral (the “2025 PEA Technical Report”).

c) 342,846 options were exercised during the nine months ended September 30, 2025 to acquire 342,846 common shares at an average exercise price of C$1.84.

d) 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 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).

e) 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.

f) 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 Porfírio 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).

g) 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 Porfírio 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.

h) On March 3, 2025, the Pará State Environmental Agency (Secretaria de Estado de Meio Ambiente e Sustentabilidade – SEMAS) granted Bravo a preliminary license ("LP") for its Luanga Project. The Brazilian mine permitting process consists of three key stages: the preliminary license ("LP"), which has now been granted, followed by the installation license ("LI") and, finally, the license to operate ("LO"). The LP 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 LP provides for the extraction and processing of metallic minerals, including platinum group metals as well as nickel, copper and gold.

The subsequent LI 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.

i) 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; and
• Capitalize on management's technical expertise and ability to identify, evaluate, and acquire mineral properties.

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Bravo Mining Corp.
Management's Discussion & Analysis
Three and Nine Months Ended September 30, 2025
Dated: November 14, 2025

See "Risks and Uncertainties" below.

Mineral Property Interests

The Company commissioned 2025 PEA Technical Report, which superseded the previous 2025 Technical Report issued on April 2, 2025 (with an effective date of February 18, 2025) which 2025 Technical Report should no longer be relied upon. The 2025 Technical Report outlined an additional two-phase Work Program (Phases 5 and 6), currently underway and which are estimated to cost a total of $6.9 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 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 September 30, 2025, the work completed included 370 diamond drill holes (76,993 meters drilled), including eight twin holes and eight metallurgical drill holes. Results have been reported for 347 Bravo drill holes and assay results for 15 Bravo drill holes that have been completed are currently outstanding (excluding the metallurgical holes not subject to routine assaying). A total of 53 trenches (total excavations of 10,445 meters) have been completed to date, with results for 45 trenches have been reported and eight 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 $2.3 million had already been incurred as of September 30, 2025.

Project expenditures during the nine months ended September 30, 2025 totaled $4,241,121 (including $710 of Property, Plant & Equipment additions, and $1,001,224 of capitalized stock-based compensation) as compared to the nine months ended September 30, 2024, totaled $7,302,893 (including $150,045 of Property, Plant & Equipment additions, $434,969 of Right-of-Use additions and $899,358 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.

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Bravo Mining Corp.

Management's Discussion & Analysis

Three and Nine Months Ended September 30, 2025

Dated: November 14, 2025

Technical information

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 NI 43-101.

Summary of Quarterly Results

Three Months Ended	Revenue	Profit and Loss		Total Assets ($)
	Total ($)	Total ($)	Basic and Diluted Income (Loss) Per Share (9) ($)
September 30, 2025	Nil	(731,885) (1)	(0.01)	57,100,053
June 30, 2025	Nil	(812,879) (2)	(0.01)	55,955,315
March 31, 2025	Nil	(689,590) (3)	(0.01)	54,124,866 (10)
December 31, 2024	Nil	(718,640) (4)	(0.01)	52,464,042 (13)
September 30, 2024	Nil	(433,079) (5)	(0.00)	55,930,940 (12)
June 30, 2024	Nil	(621,615) (6)	(0.01)	54,975,710 (11)
March 31, 2024	Nil	(534,117) (7)	(0.00)	56,688,586 (10)
December 31, 2023	Nil	(167,905) (8)	(0.00)	57,764,687 (13)

(1) 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.

(2) 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.

(3) 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.

(4) 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.

(5) 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 of ($20,803); and depreciation costs of $5,871. Interest and other income amounted to $402,077.

(6) 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;

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Bravo Mining Corp.

Management's Discussion & Analysis

Three and Nine Months Ended September 30, 2025

Dated: November 14, 2025

investor relations of $55,601; stock-based compensation of $308,050; foreign exchange of $10,920; and depreciation costs of $5,418. Interest and other income amounted to $347,489.

(7) 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.

(8) Net loss of $167,905 during the three months ended December 31, 2023, consisted of: professional fees of $104,567; office and administrative expenses of $197,582; consulting fees of $141,185; travel costs of $36,881; filing and listing fees of $2,180; investor relations of $86,520; stock-based compensation of $299,558; foreign exchange of ($31,128); Income tax of ($206,635); and depreciation costs of $5,590. Interest and other income amounted to $468,395.

(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 has been restated. Refer to note 11 to the unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025, and 2024.

(11) The total assets as of June 30, 2024 has 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 has 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) Refer to "Restatement" above

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 platinum group metals (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.

For example, the net loss in the three months ended September 30, 2025 increased to ($731,883) compared to September 30, 2024 ($433,079). The increase of $298,804 reflects mainly a lower interest income of $149,563 and higher stock-based compensation expense of $92,162.

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
Three and Nine Months Ended September 30, 2025
Dated: November 14, 2025

Financial Highlights

Financial Performance

Nine months ended September 30, 2025, compared with nine months ended September 30, 2024

The Company's net loss totaled $2,234,354 for the nine months ended September 30, 2025, with basic and diluted loss per share of $0.02, compared to a net loss of $1,588,811 with basic and diluted loss per share of $0.01 for the nine months ended September 30, 2024.

• During the nine months ended September 30, 2025, stock-based compensation increased to $1,446,430 (Q3 2024 - $965,013). The increase of $481,417 was primarily due to the most recent option grants on December 19, 2024, April 24, 2025, and May 19, 2025, respectively, which accounted for $610,805 of the expense recorded in the nine months ended September 30, 2025. In comparison, such option grants did not occur in Q3 2024.
• During the nine months ended on September 30, 2025, office and administrative expenses decreased to $354,132 (Q3 2024 - $486,661), a decrease of $132,529 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 nine months ended September 30, 2025, consulting fees decreased to $387,366 (Q3 2024 - $592,642). The reduction of $205,276 was mainly due to a reduction in the number of consultants and in the cost of the consultants' service agreements.
• During the nine months ended September 30, 2025, foreign exchange loss changed to a gain of $41,396 (Q3 2024 - loss of $18,928). The variance of $60,324 was due to the devaluation of the Canadian dollar in Q3 2025.
• During the nine months ended September 30, 2025, interest and other income decreased to $692,689 (Q3 2024 - $1,129,364). The decrease of $436,675 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 September 30, 2025, compared with three months ended September 30, 2024

The Company's net loss totaled $731,885 for the three months ended September 30, 2025, with basic and diluted loss per share of $0.01, compared to a net loss of $433,079 with basic and diluted loss per share of $0.00 for the three months ended September 30, 2024.

• During the three months ended September 30, 2025, stock-based compensation increased to $425,805 (Q3 2024 - $333,643). The increase of $92,162 was primarily due to the most recent option grants on December 19, 2024, April 24, 2025, and May 19, 2025, respectively, which accounted for $222,765 of the expense recorded in the current quarter. This was partially offset by a reduction in expenses from all other remaining option grants. In comparison, new option grants did not occur in the prior period.
• During the three months ended on September 30, 2025, professional fees and expenses increased to $123,006 (Q3 2024 - $81,982), an increase of $41,024 mainly due to audit and legal fees related to certain regulatory filings and an interim audit review that had not been conducted in respect of the prior interim period.
• During the three months ended on September 30, 2025, office and administrative expenses decreased to $110,658 (Q3 2024 - $140,988), a decrease of $30,330 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.

Page | 10

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Bravo Mining Corp.
Management's Discussion & Analysis
Three and Nine Months Ended September 30, 2025
Dated: November 14, 2025

• During the three months ended September 30, 2025, consulting fees decreased to $125,229 (Q3 2024 - $188,191). The reduction of $62,962 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 September 30, 2025, foreign exchange loss amounted to $18,344 (Q3 2024 – gain of $20,803). The variance of $39,147 was due to fluctuations in the Canadian dollar exchange rate in Q3 2025.
• During the three months ended September 30, 2025, travel amounted to $94,130 (Q3 2024 – $41,996). The $52,134 increase was primarily due to the Shanghai Platinum Week held on July 25, which was sponsored by the World Platinum Investment Council. The Company did not participate in this event during the previous period.
• During the three months ended September 30, 2025, interest and other income decreased to $252,514 (Q3 2024 - $402,077). The decrease of $149,563 was mainly due to the lower cash available for investment and decrease in the interest rates in the quarter compared with the same period in the prior year.

Total assets

Total assets were $57,100,053 on September 30, 2025 (December 31, 2024 - $52,464,042); the increase of $4,636,011 was primarily due to exchange rate movements affecting the presentation currency as of year-end, totaling $4,022,502. Cash and cash equivalents making up approximately 36% (December 31, 2024 – 45%), exploration and evaluation assets, which only includes the Luanga Project, making up approximately 61% (December 31, 2024 – 51%), and property, plant and equipment making up approximately 2% (December 31, 2024 – 3%) of total assets. On September 30, 2025, the Company had cash and cash equivalents of $20,419,521 (December 31, 2024 - $23,843,563), a decrease of $3,424,042 mainly due to payments of exploration and evaluation expenditures, professional fees, office and administrative, consulting fees, travel, investor relations and filing and listing fees.

Total liabilities

As of September 30, 2025, liabilities were $1,093,451 (December 31, 2024 - $1,149,942), including aggregate long-term lease liability of $389,298 (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 September 30, 2025, the Company had cash of $20,419,521 and working capital, defined as current assets less current liabilities, of $19,951,748. During calendar 2025, the Company's remaining unspent use of proceeds totaled $11,893,000 (refer to "Liquidity and Financial Position" on Page 15). The Company believes that it has sufficient cash resources to continue operations beyond the twelve months ending September 30, 2026. However, as the Company does not generate revenue, it may pursue additional financing if favourable terms become available.

Cash Flow

Nine months ended September 30, 2025, compared with nine months ended September 30, 2024

As of September 30, 2025, the Company had a cash balance of $20,419,521 (compared to $23,843,563 as of December 31, 2024). The decrease in cash of $3,424,042 from December 31, 2024 (compared to $6,122,595 decrease in cash from December 31, 2023) balance was mainly due to the following:

Page | 11

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Bravo Mining Corp.

Management's Discussion & Analysis

Three and Nine Months Ended September 30, 2025

Dated: November 14, 2025

Operating Activities

During the nine months ended September 30, 2025, cash used in operations totaled ($744,717) compared to ($528,458) 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 nine months ended September 30, 2025, was $3,102,759 compared to $6,319,612 in the same period of the previous 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 $710, compared to $150,045 spent in the comparative period.

Financing Activities

During the nine months ended September 30, 2025, the Company received $456,700 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 $57,999 during the current period compared to $43,880 in the comparative period.

Three months ended September 30, 2025, compared with three months ended September 30, 2024

The decrease in cash of $1,103,673 from June 30, 2025 (compared to $1,705,456 decrease in cash from June 30, 2024) balance was mainly due to the following:

Operating Activities

During the three months ended September 30, 2025, cash used in operations totaled ($288,963) compared to ($104,305) 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 three months ended September 30, 2025, was $1,135,862 compared to $1,869,151 in the same period of the prior year. See “Mineral Property Interests” above for further details. The Company did not purchase any property, plant, and equipment in the current period, compared to $15,628 spent in the comparative period.

Financing Activities

During the three months ended September 30, 2025, the Company received $345,221 from the exercise of outstanding stock options, compared to $247,292 in the same period of the prior year. In addition, the Company paid lease liability of $20,201 during the current period compared to $21,056 in the comparative period.

Page | 12

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Bravo Mining Corp.

Management's Discussion & Analysis

Three and Nine Months Ended September 30, 2025

Dated: November 14, 2025

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.

Use of Proceeds Received on July 21, 2022 as set out in the IPO Prospectus dated July 15, 2022 and updated by the 2025 Technical Report (as of September 30, 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 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; 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.

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Bravo Mining Corp.
Management's Discussion & Analysis
Three and Nine Months Ended September 30, 2025
Dated: November 14, 2025

(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.

Use of Proceeds Received on June 8 and 15, 2023 as set out in the Prospectus Supplement dated June 1, 2023 and updated by the 2025 Technical Report (as of September 30, 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	2,346,000	5,850,000	3,504,000
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	$ 25,677,000	$ nil	$ 11,893,000

(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 Technical Report, adjusted by the original estimates where applicable, and the expenditures incurred up to September 30, 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 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

Page | 14

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Bravo Mining Corp.
Management's Discussion & Analysis
Three and Nine Months Ended September 30, 2025
Dated: November 14, 2025

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 longer-term strategic planning and subsequent decisions. Although the junior resource exploration sector has recently faced challenging equity markets conditions, the Company has been able to raise sufficient capital to date to fund exploration programs on its material property. Stronger equity markets 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 Annual Information Form, 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 Board of Directors and corporate officers, and the companies controlled by these individuals.

(b) During the three and nine months ended September 30, 2025, the Company paid and / or accrued expenses totaling $107,524 and $339,478, respectively (three and nine months ended September 30, 2024 - $130,460 and $428,629, respectively), 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:

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Bravo Mining Corp.

Management's Discussion & Analysis

Three and Nine Months Ended September 30, 2025

Dated: November 14, 2025

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Professional and consulting fees	$ 48,401	$ 69,306	$ 147,297	$ 218,676
Office and administrative services	28,916	40,574	87,240	129,154
Recognized in net loss for the period	77,317	109,880	234,537	347,830
Exploration and evaluation assets (i)	30,207	20,580	104,941	80,799
	$ 107,524	$ 130,460	$ 339,478	$ 428,629

(i) includes $41,101 of lease payments for the nine months ended September 30, 2025 (September 30, 2024 – $27,525).

As of September 30, 2025, Azevedo Representações was owed $2,797 (December 31, 2024 - $9,132). This amount was included in accounts payable and accrued liabilities.

(c) During the three and nine months ended September 30, 2025, the Company paid and accrued Key Management compensation and fees as follows:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Salaries and consulting fees (i)	$ 124,138	$ 173,220	$ 375,696	$ 547,732
Director fees (ii)	27,187	44,993	90,153	134,690
Stock-based compensation (iii)	322,625	159,765	1,083,433	435,100
Recognized in net loss for the period	473,950	377,978	1,549,282	1,117,522
Salaries and consulting fees (i)	138,236	149,903	424,585	488,007
Stock-based compensation (iii)	169,945	66,215	535,218	172,932
Recognized in exploration and evaluation assets	308,181	216,118	959,803	660,939
	$ 782,131	$ 594,096	$ 2,509,085	$ 1,778,461

(i) The salaries and consulting fees during the three and nine months ended September 30, 2025, and 2024, include Luis Azevedo Representações and are as follows:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Office and administrative	$ 28,916	$ 40,574	$ 87,240	$ 129,154
Consulting fees	95,222	132,646	288,456	418,578
Recognized in net loss for the period	124,138	173,220	375,696	547,732
Exploration and evaluation assets	138,236	149,903	424,585	490,007
	$ 262,374	$ 323,123	$ 800,281	$ 1,037,739

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Bravo Mining Corp.
Management's Discussion & Analysis
Three and Nine Months Ended September 30, 2025
Dated: November 14, 2025

(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 three and nine months ended September 30, 2025, the amounts capitalized as Exploration and Evaluation were $169,945 and $535,218, respectively (three months ended September 30, 2024 – $67,844 and $172,562, respectively). The amounts charged to profit and loss were $322,625 and $1,083,433, respectively (three and nine months ended September 30, 2024 – $158,135 and $433,470, respectively).

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

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 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.

As of September 30, 2025, the Company had current liabilities of $704,153 (December 31, 2024 - $799,349) and had cash and cash equivalents of $20,419,521 (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 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 nine months ended September 30, 2025, by approximately $32,000 (nine months ended September 30, 2024 – approximately $185,000).

Page | 17

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Bravo Mining Corp.

Management's Discussion & Analysis

Three and Nine Months Ended September 30, 2025

Dated: November 14, 2025

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 nine months ended September 30, 2025, by approximately $97,000 (nine months ended September 30, 2024 – approximately $148,000).

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 adjusts it considering 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 financing 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 September 30, 2025, totaled $56,006,602 (December 31, 2024 - $51,314,100), as well as debt facilities which, at September 30, 2025, totaled $417,364 (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, and as such the Company may be dependent on external financing to fund its activities. 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 nine months ended September 30, 2025 (December 31, 2024 - same) and the Company is not subject to any externally imposed capital requirements.

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Bravo Mining Corp.
Management's Discussion & Analysis
Three and Nine Months Ended September 30, 2025
Dated: November 14, 2025

Share Capital

• As of the date of this MD&A, the Company had:
• 110,125,756 Common Shares issued and outstanding on an undiluted basis.
• No share purchase warrants issued and outstanding.
• 6,348,404 options issued and outstanding as set out below:

Number of Options	Exercisable Options	Exercise Price (C$)	Expiry Date
1,171,150	1,171,150	1.75	July 21, 2027
208,129	208,129	2.25	December 28, 2027
307,500	230,625	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	70,000	2.70	January 16, 2029
7,500	-	1.80	April 04, 2029
1,244,500	311,125	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
6,348,404	3,119,472	2.59

• Therefore, the Company had 116,474,160 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.

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, 2025 for the 2024 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, 2024, 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 September 30, 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,

Page | 19

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Bravo Mining Corp.
Management's Discussion & Analysis
Three and Nine Months Ended September 30, 2025
Dated: November 14, 2025

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 Company and its financial position. Please refer to the section titled "Risks and Uncertainties" in the Company's Annual Information Form dated April 17, 2025 and the Company's restated management's discussion and analysis for the years ended December 31, 2024 and 2023 and the three and nine months ended September 30, 2025 and 2024, respectively, copies of which were filed under the Company's SEDAR+ profile at www.sedarplus.ca on November 14,2025.

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.

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 or the business of the Company as a result of the 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.

Page | 20

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Bravo Mining Corp.
Management's Discussion & Analysis
Three and Nine Months Ended September 30, 2025
Dated: November 14, 2025

Additional Information

Office and administrative

Activities	Nine Months Ended September 30, 2025 ($)	Nine Months Ended September 30, 2024 ($)
Directors' fees	95,295	138,095
Administration services	87,783	129,436
Insurance	108,690	126,884
Financial tax	1,637	3,436
Occupancy costs	14,300	14,443
Employees	23,984	39,123
Bank charges and brokerage fees	14,371	17,626
Other expenses	8,072	17,618
	354,132	486,661

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Bravo Mining Corp.

Management's Discussion & Analysis

Three and Nine Months Ended September 30, 2025

Dated: November 14, 2025

Luanga Project

The total exploration and evaluation expenditures in respect of the Luanga Project nine months ended September 30, 2025, were $4,240,411 (September 30, 2024: $6,779,630), comprised of the following:

Activities	Nine Months Ended September 30, 2025 ($)	Nine Months Ended September 30, 2024 ($)
Balance, beginning of period	26,983,961	23,669,357
Drilling	666,371	2,227,702
Assays	311,735	799,527
Stock-based compensation	1,001,224	899,358
Geological consulting	660,231	766,014
Salaries and related costs	450,696	686,995
Field costs	140,486	251,031
Rent and maintenance	117,385	171,759
Software maintenance and rights	35,610	77,245
Geophysics	137,124	93,378
Metallurgical testing and mineralogical studies	176,010	276,211
Travel	95,917	55,586
Mineral Resource Estimates	37,926	-
Environmental, social and governance	66,514	105,155
Professional fees	59,815	56,460
Landowner payments	40,693	46,750
Depreciation	203,713	178,356
Insurance	-	16,496
Information technology services	5,346	13,547
Other expenditures	33,615	58,060
Total exploration and evaluation expenditures	4,240,411	6,779,630
Effect of movements in exchange rates	3,824,281	(2,494,384)
Balance, end of period	35,048,653	27,954,603