Bravo Mining shares jump as Luanga PGM resource expands

Staff Writer | February 18, 2025 | 10:03 am Precious Metals South America Palladium Platinum 
The Luanga exploration project is located in Carajás Mineral Province of Brazil in the municipality of Curionópolis. Credit: Bravo Mining

Bravo Mining (TSX.V: BRVO) shares surged on Tuesday after the company reported a 117% increase in measured and indicated resources at its Luanga palladium, platinum, rhodium, gold, and nickel (PGM+Au+Ni) deposit in the Carajás Mineral Province, Pará State, Brazil.

The company also reported a 154% increase in the total amount of contained palladium equivalent (PdEq) ounces compare to a 2023 estimate.

Bravo’s shares were trading at CAD 2.54 on Tuesday morning, up 10.43% in Toronto. The company has a market capitalization of CAD 277 million (USD 195 million).

Luanga’s strategic location

Luanga is located ~40 km ENE of Parauapebas, the mining capital of Pará and home to Vale’s Carajás complex, the company’s main iron ore production hub.

According to Bravo, the inferred resources at the deposit have increased to 78 million tonnes with a grade of 2.01 grams per tonne of palladium equivalent, resulting in a total of 5 million ounces of palladium equivalent.

The company also reported that measured and Indicated resources now represent 67% of the total mineral resource estimate (MRE), an increase from 38% in the 2023 estimate.

Bravo’s 2025 pit-constrained mineral resource estimate includes 158 million tonnes with a grade of 2.04 grams per tonne of palladium equivalent, amounting to a total of 10.4 million ounces of palladium equivalent.

“The 2025 MRE firmly establishes our Luanga Project as one of the few large-scale, multi-million-ounce, open-pit PGM deposits available globally, in mining-friendly, geopolitically favorable locations,” said Luis Azevedo, Chairman and CEO.

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