Bravada Announces the Extension of the Expiry Date of Certain Common Share Purchase Warrants and Updates Wind Mountain Program

Bravada Gold Corporation (TSXV: BVA) (the "Company" or "Bravada") announces that it intends to apply to the TSX Venture Exchange ("TSXV") for approval to extend the original expiry dates of an aggregate 27,611,285 share purchase warrants (the "Warrants") as follows:

Bravada Gold Corporation (TSXV: BVA) (OTCQB: BGAVF) (FSE: BRTN) (the "Company" or "Bravada") reports that it has received the results of an evaluation of a second pad site, not considered in its recent technical report (the "Report", see news release dated January 23, 2023). The Report may be found under the Company's profile at www.sedar.com and on Bravada's website https:bravadagold.com.

Economics reported in the Report improved significantly compared to the Company's 2012 PEA due to utilizing a near-mine, heap-leach Pad I site, which is of limited size, for a portion of the Pit-constrained resource and due to higher grades for early mining, which were predicted and then verified by drilling during 2021. To add additional mine life, a Phase II pad site was identified due north of the Phase I site (see Figure 1) but was not considered in the January 20th PEA. An internal evaluation by RESPEC demonstrates that the Pad II site is sufficient in size to process the remainder of the In-pit Resource, adding approximately 45% more resource tons and potentially increasing mine life by more than 2 years. Although Pad II is somewhat farther from the currently identified Pit-constrained resource than the Pad I site, it is located very close to outcropping mineralization at the North Hill target, which has only been tested with minor drilling. Other potential additions to mine life that the Phase I PEA did not consider, but which might be added to a Phase II or later Pad, include mineralization at the South End target, historic "waste rock piles" and partially spent heaps where the Company has identified potentially recoverable gold and silver.

Bravada Gold Corporation (TSXV: BVA) (OTCQB: BGAVF) (FSE: BRTN) (the "Company" or "Bravada") reports today that it has filed a technical report (the "Report") prepared in accordance with Canadian Securities Administrators' National Instrument 43-101 ("NI 43-101"). The Report may be found under the Company's profile at www.sedar.com and on Bravada's website https:bravadagold.com.

The Report dated January 20, 2023 and entitled "Updated Technical Report and Preliminary Economic Assessment, Wind Mountain Gold-Silver Project", located in Washoe County, Nevada, was prepared by RESPEC Company LLC ("RESPEC", formerly Mine Development Associates), Woods Process Services, and Debra Struhsacker, Bravada's Environmental Permitting and Government Relations Consultant.

Highlights

• The Phase I PEA includes a 30.3million ton capacity leach pad, roughly 62% of the updated, Pit-constrained Resource tons, taking advantage of a leach-pad site adjacent to the modeled open pit.
• A potential Phase II pad site directly north of Phase I is being evaluated to include additional Pit-constrained Resource as well as adjacent, under-drilled outcropping mineralization at North Hill.
• The PEA and Pit-constrained Resource were modeled with 3-year, trailing average prices of US$1,750 for gold and $21 for silver.
• The Pit-constrained Resource consists of:
  • 46million tons at 0.010 oz Au per ton and 0.26 oz Ag per ton containing 474,000ounces of Au and 11,807,000ounces of Ag in the Indicated Category; and
  • 2.6million tons at 0.008 oz per ton Au and 0.19 oz Ag per ton containing 21,900ounces of Au and 497,000ounces of Ag in the Inferred Category.
• The Phase I PEA consists of 96% of the gold ounces in the Indicated ResourceCategory, acceptable for Pre-feasibility study.
• Compared to the Company's independent 2012 Resource/PEA study, the Phase I PEA considers only a portion of the pit-constrained Resource that will fit onto a restricted area available as a close-in heap-leach pad site; 30.3million tons (31% less than the 2012 model, which utilized a pad space located much farther from the mine) and produces 227,000 ounces of Au-eq (29% less than the 2012 model pit).
• Even with fewer tons being mined, Initial Capital increased by 3% to $46MM, with most of the Sustaining Capital in year 3.
• The strip ratio was reduced by 23% to 0.55:1 waste to ore and the payback period was reduced 15% to 1.9 years in the current Phase I study.
• Higher grades predicted and then verified by 2021 drilling resulted in better grades in early years and conversion of certain Inferred blocks into Indicated blocks, improving economics.
• The strip ratio may be reduced further with additional test work as 1.1million tons of historic "waste rock" that must be removed in Phase I can be removed and stored on a low-grade stockpile. The material is currently not considered part of the Resource but limited sampling and drilling suggest it may contain recoverable gold, which may be processed on the Phase I heap pad.
• The economics of the Phase I PEA have improved significantly compared to the 2012 PEA despite higher costs for capital and many operating costs. The AFTER-TAX IRR is 38% (an 81% improvement over the 2012 IRR of 21%) and the AFTER-TAX NPV @5% discount is $46.1million (a 74% improvement over the earlier NPV @5% of $26.5MM).

Bravada Gold Corporation (TSXV: BVA) (the "Company" or "Bravada") reports the results of an updated, independent Resource and Phase I Preliminary Economic Assessment (PEA) for its Wind Mountain GoldSilver Property in Washoe County, Nevada.

Bravada Gold Corporation (TSXV: BVA) (FSE: BRTN) (OTCQB: BGAVF) (the "Company" or "Bravada") has received assay results for the three deep reverse-circulation holes drilled during 2022. The holes tested below a banded vein zone discovered in Q4 2020 beneath mine waste and other overburden at the Feeder target, located approximately 450m south of the Wind Open Pit and where hole WM20-102 intersected 1.5 metres of 269.0gt Ag and 0.404gt Au within a thicker interval of banded quartz veining with anomalous gold and silver. The three 2022 holes intersected zones of low-grade disseminated gold and silver within the Truckee Formation, which is the host for the current resource of disseminated oxide gold north of the Feeder target. However, the banded quartz vein zone did not persist to the depths tested. Below disseminated mineralization in the Truckee Formation, however, many vein zones were encountered in the holes which are enriched in manganese, barium, tungsten, nickel, and zinc.