Bravo Mining shares jump as Luanga PGM resource expands

Bravo Mining (TSXV: BRVO) shares surged on Tuesday after the company reported a 117% increase in measured and indicated resources at its Luanga platinum group metals (PGM) deposit in Brazil’s Pará state.

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

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

Strategic location

Luanga is located approximately 40 km east-northeast of Parauapebas, the mining capital of Pará and home to the Carajás complex — the main iron ore production hub of Vale SA.

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

The company also reported that measured and indicated categories now account for 67% of the total resource, an increase from 38% in the 2023 estimate.

Bravo’s new pit-constrained mineral resource estimate includes 158 million tonnes with a grade of 2.04 g/t palladium equivalent, amounting to a total of 10.4 million oz. 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, Bravo’s chairman and CEO.