Bravo Mining Corp Reports Flotation Test Success and Announces Significant Capital Raise

Bravo Mining Corp. (TSXV: BRVO, OTCQX: BRVMF) today confirmed that the flotation test work carried out on samples from its Luanga PGM+Au+Ni Project in Brazil yielded encouraging recoveries of palladium, platinum, rhodium, gold and nickel. The company’s chief executive officer released a brief statement to the Canadian Securities Exchange, noting that the results “confirm the viability of the project’s target mineralization” and will inform the next stages of development.

Flotation test outcomes

  • Positive recovery rates were recorded for the key PGM group (platinum, palladium, rhodium) as well as gold and nickel.
  • The tests were performed on ore that had been pre‑treated by a 24‑hour pre‑concentration step, a methodology that the company believes will translate into a more efficient large‑scale flotation operation.
  • “We are now better positioned to estimate the economic potential of the Luanga deposit,” the CEO added. “The data will be incorporated into a detailed preliminary feasibility study that we plan to complete in the coming months.”

The flotation results are part of an ongoing technical evaluation that Bravo has been conducting since acquiring the Luanga property in 2023. The company has stated that the tests will help refine the metallurgical process design and support the project’s capital‑intensity estimates.

Capital raise to fund development

In a separate announcement on January 13, Bravo disclosed that it had entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and National Bank Capital Markets. Under the terms:

  • 11,365,000 common shares will be sold on a bought‑deal basis at C$4.40 per share, generating gross proceeds of approximately C$50 million.
  • An option for the underwriters to purchase up to an additional 15 % of the offering (for over‑allotments) will be exercisable within 30 days of closing.
  • The offering is expected to close around January 20, 2026, subject to standard regulatory approvals.

Simultaneously, Bravo has arranged a C$34.75 million concurrent private placement with Orion Mine Finance Management LLP. In this arrangement:

  • Orion will subscribe for 7,897,727 common shares at the same offering price, with gross proceeds of C$34.75 million.
  • Orion will receive participation rights in future equity offerings and a right to match any offer for project or production‑linked financing.
  • Orion also intends to provide up to US$300 million in financing, contingent on the company meeting mutually agreed milestones.

The combined C$84.75 million in gross proceeds will be allocated to advance the Luanga PGM+Au+Ni Project. Specifically, the capital will:

  1. Complete a preliminary feasibility study and, if warranted, a full feasibility study.
  2. Expand the mineral resources associated with the Luanga project.
  3. Continue exploration of IOCG‑style mineralization and Ni‑PGM rich massive sulphides on the Luanga property.
  4. Cover general working‑capital needs.

Market reaction and outlook

Following the flotation test announcement, Bravo’s shares closed at C$5.02 on the TSX Venture Exchange, a slight increase from the previous close. The 52‑week range for the stock has seen it climb to a high of C$5.37 just before the announcement and a low of C$1.51 earlier in the year, reflecting the volatility typical of a junior exploration company.

The company’s price‑to‑earnings ratio is currently –105.09, indicative of its early‑stage status and the lack of operating earnings. Nonetheless, the dual funding round provides Bravo with the financial flexibility to pursue a detailed feasibility study and potentially position the Luanga project as a candidate for production within the next five years.

Analysts will be watching the upcoming feasibility study to gauge whether the flotation recoveries translate into commercially viable grades and recovery rates. If the study confirms the project’s viability, Bravo could become a significant player in the Brazilian PGM market, a sector that has been attracting global interest.

For investors and stakeholders, the recent developments underscore Bravo Mining Corp.’s commitment to advancing its flagship property while securing the capital needed to progress from exploration to development.