Bravo Mining's Luanga Project Shows Strong Economics in Pre-Feasibility Study — Bravo Mining Corp.

Event summary

Bravo Mining Corp. released a pre-feasibility study (PFS) for its Luanga Project, showing an after-tax NPV of US$1.45 billion and an IRR of 35.1%.
The study outlines a 10-year mine life with average annual production of 208.9 kOz Pd, 150.7 kOz Pt, 16.1 kOz Rh, 18.1 kOz Au, and 9.8k tonnes Ni.
The project includes a vertically integrated operation with a smelter within the Barcarena Export Processing Zone (ZPE), benefiting from fiscal incentives.
The study was prepared by GE21 Consultoria Mineral Ltda. and other independent consultants, with an effective date of September 16, 2026.

The big picture

Bravo Mining's Luanga Project represents a significant step in the development of a vertically integrated, high-margin mining business in the Carajás Mineral Province. The strong economics demonstrated in the PFS, coupled with the benefits of the Barcarena ZPE, position the project favorably within the global PGM industry. The strategic focus on in-country value addition aligns with Brazil's critical minerals agenda, emphasizing domestic processing and greater value addition within the country.

What we're watching

Resource Expansion: The success of ongoing infill drilling and the potential conversion of Inferred Mineral Resources to Measured and Indicated categories will be critical for extending the mine life and improving project economics.
Regulatory Approvals: The timely submission and approval of the Installation Licence (LI) application by the end of Q4 2026 will be essential for advancing the project towards construction and operation.
Market Conditions: The project's economics are sensitive to commodity prices, particularly for palladium, platinum, rhodium, gold, and nickel, which could impact the financial viability of the project.