The Conversation (0)
US$415 Million After-Tax NPV at US$3,600/oz Gold, 60% After-Tax IRR, and 11.2 year mine life
Webinar: Join Dr. Paul West-Sells, President & CEO of Bravada Gold, for an in-depth look at the Company's recently released PEA and the compelling economics underpinning the Wind Mountain Gold Project
(link to register for webinar provided at end of release)
Bravada Gold Corporation (TSXV: BVA,OTC:BGAVF) ("Bravada" or the "Company") is pleased to announce results from an updated Preliminary Economic Assessment (the "2026 PEA" or the "PEA") for its 100%-owned Wind Mountain Gold-Silver Project ("Wind Mountain" or the "Project") located in Northern Nevada.
The 2026 PEA, which updates the Company's October 2025 Technical Report and Preliminary Economic Assessment, (the "Prior PEA") using an updated Mineral Resource estimate and current long-term metal price assumptions, demonstrates significantly enhanced economics. This PEA positions Wind Mountain as a compelling near-term, low-cost gold-silver development opportunity as the Company advances toward a Pre-Feasibility Study ("PFS") targeted for the second half of 2027.
2026 PEA Highlights
After-tax NPV (5%) of US$415 million (C$593 million), with an after-tax IRR of 60% and a 2.0-year payback, at a base case of US$3,600/oz gold and US$48/oz silver;
Well leveraged to gold and silver prices with an after-tax NPV (5%) of US$681 million (C$973 million), an after-tax IRR of 86% and a 1.5-year payback, at US$4,500/oz gold and US$70/oz silver;
11.2-year mine life producing an average of 40.7 koz gold and 280 koz silver per year (44.4 koz AuEq/year), for total life-of-mine ("LOM") production of 454,000 oz gold and 3.1 million oz silver;
All-in sustaining cost of US$1,653/oz and cash cost of US$1,504/oz;
Total project capital of US$139.0 million (US$98.1 million initial, US$41.0 million sustaining), inclusive of a 20% contingency on direct and indirect costs;
Mine plan is supported by 56.0 million tonnes Indicated (623,700 oz AuEq) and 40.0 million tonnes Inferred (210,200 oz AuEq), captured within a US$3,100/oz gold and US$36/oz silver price-optimized pit, with an exceptionally low strip ratio of 0.20:1; and
Simple, brownfield, run-of-mine heap leach concept demonstrating low operating costs, taking advantage of well-oxidized mineralization at the Project.
"This updated PEA fundamentally re-positions Wind Mountain," said Dr. Paul West-Sells, President, and Chief Executive Officer of Bravada. "With an expanded resource compared to the Prior PEA, we have extended the mine life to over 11 years, increased life-of-mine gold production to 454,000 ounces, increased the after-tax NPV to US$415 million and the after-tax IRR to 60% using conservative metal price assumptions, and dropped our strip ratio to an exceptional 0.20:1. Wind Mountain remains a simple, brownfield run-of-mine heap-leach project with proven metallurgy, existing roads and power already in place, offering a low-risk, near-term production opportunity. We are now moving directly into the metallurgical, engineering and drilling work that will underpin our Pre-Feasibility Study in the second half of 2027."
PEA Summary
The PEA evaluates the potential restart of Wind Mountain Mine through open-pit mining of existing pits and the processing of historic AMAX waste dumps with contract mining using conventional trucks and loaders and a 25,000 short ton per day run-of-mine heap-leach processing design with Merrill-Crowe recovery.
2026 PEA Economic Summary
| Metric | 2026 PEA |
| After-tax NPV (5%) | US$415 M (C$593 M) |
| After-tax IRR | 60% |
| Payback period | 2.0 years |
| Mine life | 11.2 years |
| Heap leach processing rate | 22,680 t/d (25,000 tons/d) |
| Average gold recovery (oxide) | 62% |
| Average silver recovery (oxide) | 15% |
| Percent of processed tonnes classified as oxide | 99.8% |
| Average annual gold production | 40.7 koz |
| Average annual silver production | 280 koz |
| Average annual gold-equivalent production | 44.4 koz AuEq |
| LOM gold production | 454,000 oz |
| LOM silver production | 3.1 million oz |
| Average annual after-tax cash flow | US$53 M |
| LOM cumulative after-tax cash flow | US$593 M |
| Initial capital | US$98.1 M |
| Sustaining capital | US$41.0 M |
| Total project capital | US$139.0 M |
| Cash cost | US$1,504/oz |
| All-in sustaining cost (AISC) | US$1,653/oz |
| Strip ratio | 0.20:1 |
Project economics calculated at a base case of US$3,600/oz gold and US$48/oz silver. C$:US$ = 0.70
Figures may not sum exactly due to rounding. See "Cautionary Statement Regarding the PEA" below.
Site Plan
The Project benefits from a simple site plan with the historical Breeze and Wind pits adjacent to each other and the heap leach and waste pile located a short haul distance away.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5343/312088_image.jpg
Operating Cost Summary
The operating cost shown below reflects the cost effectiveness of the run-of-mine heap leach operating and the low strip ratio.
| Cost | Value |
| Contractor Mining Cost | US$3.52/t mined US$4.21/t stacked |
| Owner Mining Cost - General Services | US$0.23/t stacked |
| Processing Cost | US$3.33/t stacked |
| Site G&A Cost | US$0.55/t stacked |
| Reclamation | US$0.28/t stacked |
| Net Proceeds Tax | US$0.56/t stacked |
| Pre-Production Capitalized Production | (US$0.05/t stacked) |
| Total Site Operating Cost | US$9.10/t stacked |
Capital Cost Summary
The capital cost shown below reflects the simple construction requirements, with the sustaining capital comprised primarily of expansion of the heap leach pad.
| Initial (US$ millions) | Sustaining (US$ millions) | Total (US$ millions) | |
| Mining | $24.1 | $0.4 | $24.5 |
| Process plant | $22.2 | - | $22.2 |
| Leach pad & ponds | $12.6 | $26.5 | $39.2 |
| Owner's costs | $6.8 | - | $6.8 |
| Infrastructure | $2.1 | - | $2.1 |
| Total directs | $67.8 | $26.9 | $94.7 |
| EPCM | $4.4 | $3.2 | $7.6 |
| Freight | $2.4 | $0.02 | $2.4 |
| Spares / first fill | $2.8 | $2.1 | $4.9 |
| Construction support | $4.3 | $1.9 | $6.2 |
| Total indirects | $13.9 | $7.2 | $21.1 |
| Total directs & indirects | $81.7 | $34.2 | $115.9 |
| Contingency (~20%) | $16.3 | $6.8 | $23.2 |
| Total project cost | $98.1 | $41.0 | $139.0 |
Totals may not sum exactly due to rounding.
Gold and Silver Price Sensitivity
The table below shows the sensitivity of the project economics to variations in gold and silver prices.
| NPV5% (US$ M) IRR % Payback (Yrs) | Gold Price (US$/oz) | |||||
| $3,000 | $3,600 | $4,000 | $4,500 | $5,000 | ||
| Silver Price (US$/oz) | $40 | $253 | $407 | $506 | $630 | $754 |
| 43% | 59% | 69% | 81% | 93% | ||
| 2.35 | 2.02 | 1.78 | 1.56 | 1.40 | ||
| $48 | $272 | $415 | $520 | $644 | $767 | |
| 44% | 60% | 70% | 83% | 94% | ||
| 2.32 | 2.00 | 1.76 | 1.54 | 1.39 | ||
| $60 | $292 | $441 | $540 | $659 | $787 | |
| 46% | 62% | 72% | 84% | 96% | ||
| 2.27 | 1.95 | 1.72 | 1.52 | 1.37 | ||
| $70 | $303 | $458 | $552 | $681 | $804 | |
| 48% | 64% | 74% | 86% | 97% | ||
| 2.23 | 1.91 | 1.69 | 1.49 | 1.35 | ||
| $80 | $320 | $474 | $574 | $697 | $820 | |
| 50% | 65% | 75% | 87% | 99% | ||
| 2.20 | 1.87 | 1.66 | 1.47 | 1.34 | ||
Property Description, Location and Access
Wind Mountain is a past-producing, brownfield gold-silver heap-leach project located in Northern Nevada, approximately 160 km northeast of Reno. The Wind Mountain mine was operated from 1989 to 1999 primarily by AMAX and was last operated by Kinross Gold Corporation following its acquisition of AMAX in 1998. Historic production totals 299,000 ounces of gold and 1.77 million ounces of silver from two heap leach pads stacking a total of 22.6 million tons, with the majority (61%) of processed tonnes consisting of run-of-mine ore. Historic overall recoveries are recorded at 69% for gold.
Wind Mountain benefits from existing infrastructure, including a paved access road to the property boundary, an existing power substation adjacent to the site, proximity to labour, with Reno less than a two-hour drive from the Project, and a land package of 1,490 hectares.
Updated Mineral Resource Estimate
Wind Mountain Mineral Resources were estimated from drill data, Bravada's geologic interpretations, statistical analysis of mineralized domains, and three-dimensional block modelling. Gold domains and low- and high-grade silver domains were modelled on 100-ft sections, with separate domains applied within the Wind Mountain fault zone to reflect post-mineralization movement. Resources were estimated using inverse-distance methods, with domain-specific estimates combined into a fully block-diluted model designed to reflect potential open-pit mining units.
| Category | Tonnes (M) | Au (g/t) | Ag (g/t) | AuEq (g/t) | Au (oz) | Ag (oz) | AuEq (oz) |
| Indicated | 56.0 | 0.32 | 8.51 | 0.35 | 574,400 | 15,325,000 | 623,700 |
| Inferred | 40.0 | 0.15 | 5.37 | 0.16 | 192,400 | 22,227,000 | 210,200 |
Resource Notes:
- The Effective Date of the Wind Mountain Mineral Resources is June 23, 2026.
- The estimate of Mineral Resources was done by Mr. Lindholm in Imperial tons and have been converted to metric tonnes.
- Mineral Resources comprised all model blocks at 0.003oz AuEq/ton, 0.006oz AuEq/ton, and 0.008oz AuEq/ton cutoffs for Oxide, Mixed, and Unoxidized material, respectively, within an optimized pit.
- The project Mineral Resources comprise all block-diluted Mineral Resources potentially amenable to open-pit mining methods within pit shells optimized using a gold price of US$3,100/oz, a silver price of US$36.00/oz, and a throughput rate of 25,000 tons/day. Assumed metallurgical recoveries for gold are 62% for oxide, 20% for mixed, and 15% for unoxidized. Assumed metallurgical recoveries for silver are 15% for oxide and 0% for mixed and unoxidized. Mining costs of US$3.25/ton mined, heap leach processing costs of US$3.29/ton processed, and general and administrative costs of $0.57/ton processed. Gold and silver commodity prices were selected based on analysis of the three-year running average as of May 2026, and prices used to report resources recently filed on SEDAR.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- The estimate of Mineral Resources may be materially affected by geology, environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
- Rounding may result in apparent discrepancies between tonnes, grade, and contained metal content.
- Gold-equivalent (AuEq) grades are based on the ratios of the two-year running averages of gold and silver prices and adjusts for metallurgical recovery. The formula applied is AuEq g/t = Au g/t + (Ag g/t)/(75*(0.62/0.15)) for oxide. Since silver recoveries for mixed and unoxidized is 0%, AuEq g/t = Au g/t.
Permitting
The Wind Mountain Gold-Silver Project is located on lands administered by the U.S. Bureau of Land Management in Washoe County, Nevada. The Company is advancing its permitting strategy under the National Environmental Policy Act (NEPA) process in accordance with applicable federal requirements at 43 Code of Federal Regulations (CFR) Subparts 3715 and 3809.
Next Steps
The Company plans to launch a metallurgical test program and continue its 2026 drilling program in the fourth quarter of 2026, with results expected to feed directly into engineering for a Pre-Feasibility Study targeted for the second half of 2027. The PFS workstreams include an expanded resource incorporating the 2026 drilling program, historical waste dumps, and additional drilling; updated metallurgy (including investigating crushing of heap material to increase recoveries and improving silver recovery from its current 15%); and refined mine engineering.
Webinar
Join Dr. Paul West-Sells, President & CEO of Bravada Gold, as he takes you through the Company's recently released PEA and highlights the significant development opportunity at the Wind Mountain Gold Project.
When: September 1, 2026, 9:00am PT, 1:00pm ET
Where: https://6ix.com/event/walk-through-bravada-gold-compelling-new-pea-with-ceo-paul-west-sells
Qualified Person and Technical Report
The scientific and technical information contained in this news release has been reviewed and approved by Michael S. Lindholm, C.P.G. and Kyle Murphy, PE, of RESPEC Company LLC., and Jeffrey Woods, SME QP, of Woods Process Services LLC, independent "qualified persons" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
In accordance with NI 43-101, the Company will file a technical report supporting the 2026 PEA results disclosed in this news release on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile within 45 days of the date of this news release.
Cautionary Statement Regarding the PEA
The 2026 PEA is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the 2026 PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The economic outcomes presented above are based on a base case of US$3,600/oz gold and US$48/oz silver and a C$:US$ exchange rate of 0.70 and are highly sensitive to changes in these assumptions and to future capital and operating cost estimates. Readers are cautioned not to place undue reliance on this preliminary information.
About Bravada Gold Corporation
Bravada Gold Corporation is a Nevada-focused gold development company advancing its 100%-owned Wind Mountain Gold-Silver Project toward a Pre-Feasibility Study, supported by a portfolio of exploration and royalty properties across Nevada's premier gold trends.
Wind Mountain offers a rare brownfield development opportunity, having previously operated as a permitted heap-leach gold-silver mine. Existing pits, haul roads, waste dumps, power infrastructure and road access provide a significant head start, reducing the capital, permitting and execution risks typically associated with developing a new mine.
The 2026 PEA highlights a compelling development opportunity, supported by a low strip ratio, conventional heap-leach processing and strong economic returns. Located in mining-friendly Nevada and close to the skilled workforce and services of Reno, Wind Mountain is positioned as a near-term pathway to gold production.
On behalf of the Board of Directors
"Dr. Paul West-Sells"
Dr. Paul West-Sells
President and Chief Executive Officer
For further information, please contact:
Dr. Paul West-Sells, President & CEO
Email: info@bravadagold.com
Phone: +1 (604) 641-2759
Website: bravadagold.com
Forward-Looking Statements
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation, including statements regarding the results of the 2026 PEA, the anticipated Pre-Feasibility Study and its timing, planned drilling and metallurgical programs, anticipated filing of a technical report, and other future plans, objectives, or expectations of the Company. Forward-looking statements are identified by words such as "believes," "anticipates," "expects," "estimates," "may," "could," "would," "will", or "plan". These statements are based on assumptions and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied, including risks related to fluctuations in gold and silver prices and foreign exchange rates, results of exploration and metallurgical testing, capital and operating cost estimates, the preliminary nature of the PEA, permitting and regulatory approvals, and general economic and financial market conditions. Readers should not place undue reliance on forward-looking statements. Except as required by applicable securities laws, the Company does not undertake to update any forward-looking statement, whether as a result of new information, future events, or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/312088
