Bahia Metals

Investor Insight

Bahia Metals is advancing Mangueiros Main, a pit-constrained 313 million tonnes Inferred at 0.33% NiTEq resource in Bahia, Brazil. The project combines scale, near-surface geometry, a conceptual strip ratio below 1:1 and meaningful copper-cobalt credits. With the initial MRE complete, the planned PEA is the next major technical milestone and will test whether these geological advantages can translate into an attractive large-scale open-pit development opportunity.

Company Highlights

• Large Defined Resource: 313 million tonnes of pit-constrained Inferred Mineral Resources grading grades 0.18% sulphide nickel (NiS), 0.22% total nickel (NiT), 0.13% copper and 0.015% cobalt, equivalent to 0.27% Nickel Sulphide Equivalent (NiSEq) and 0.33% Nickel Total Equivalent (NiTEq).
  • Approximately 1.03 million tonnes / 2.27 billion pounds of contained NiTEq, calculated from the reported rounded resource tonnage and NiTEq grade.
• Shallow Open-pit Geometry: The MRE is constrained within a conceptual open pit with an estimated strip ratio below 1:1.
• Polymetallic Value: The resource grades 0.18% sulphide nickel (NiS), 0.22% total nickel (NiT), 0.13% copper and 0.015% cobalt, equivalent to 0.27% Nickel Sulphide Equivalent (NiSEq) and 0.33% Nickel Total Equivalent (NiTEq).
• Contained Metals: approximately 554,000 tonnes sulphide nickel, 675,000 tonnes total nickel, 411,000 tonnes copper and 46,000 tonnes cobalt.
• Nickel Sulphide System: The project is being evaluated as a conventional sulphide flotation opportunity, subject to ongoing metallurgical work and economic study.
• PGM Optionality: PGMs have been identified but are not included in the current MRE grades or nickel-equivalent calculation. Further drilling, assaying and metallurgical testwork will evaluate their potential contribution.
• Established Mining Jurisdiction: Bahia hosts Atlantic Nickel's operating Santa Rita nickel-copper-cobalt sulphide mine and established concentrate-export logistics.

Key Project

Mangueiros Main — Mineral Resource Highlights

Flagship Project: Mangueiros Main

• Mineral Resource: 313 million tonnes of pit-constrained Inferred Mineral Resources grading grades 0.18% sulphide nickel (NiS), 0.22% total nickel (NiT), 0.13% copper and 0.015% cobalt, equivalent to 0.27% Nickel Sulphide Equivalent (NiSEq) and 0.33% Nickel Total Equivalent (NiTEq).
  • Approximately 1.03 million tonnes / 2.27 billion pounds of contained NiTEq, calculated from the reported rounded resource tonnage and NiTEq grade.*
• Contained Metals: approximately 554,000 tonnes sulphide nickel, 675,000 tonnes total nickel, 411,000 tonnes copper and 46,000 tonnes cobalt.
• Resource Reporting: pit constrained and reported at a 0.09% NiSEq cut-off grade.
• Geometry: Pit-constrained Inferred Mineral Resource, mineralization begins near surface, estimated conceptual strip ratio well below 1:1
• Proximity to Mangueiros West: Mangueiros Main is located approximately 1 km away from Mangueiros West which is outside the current Mangueiros Main Mineral Resource Estimate. Its proximity to Mangueiros Main provides an additional nearby exploration opportunity within the broader Mangueiros project area.
• Next Stage: Bahia Metals is advancing metallurgical testwork, engineering and other technical studies toward a planned Preliminary Economic Assessment. The planned PEA represents the next major technical milestone for Mangueiros Main.
• Growth Potential: resource expansion at Mangueiros Main plus district-scale exploration at Mangueiros West, Lagoa da Onça and Lagoa da Onça North.
• District Potential: Mangueiros West, Lagoa da Onça and Lagoa da Onça North are outside the current Mineral Resource Estimate. These targets provide additional district-scale exploration potential.

Why Bahia State?

• Operating Precedent: Atlantic Nickel's Santa Rita mine demonstrates large-scale nickel sulphide mining, flotation and concentrate exports in Bahia.
• 2025 Santa Rita Throughput: approximately 6.7 million tonnes of ore processed.
• 2025 Concentrate: approximately 122,000 dry metric tonnes averaging 13.4% NiS, with 84% average NiS recovery.
• Export Infrastructure: Santa Rita concentrate is exported through the Port of Ilhéus to international customers.
• Mining Investment: The Brazillian Mining Institute projects approximately US$76.9 billion of Brazilian mining investment for 2026-2030, including US$21.3 billion targeting critical minerals.
• Strategic Supply Chains: international development-finance activity in Brazil illustrates growing interest in diversified critical-mineral supply.

Development Strategy & Catalysts

1. PEA: Evaluate the potential economics of a large-scale open-pit sulphide development.
2. Metallurgy: Metallurgical evaluation, concentrate grade and the contribution of copper and cobalt credits.
3. Resource Growth: Evaluate expansion opportunities at Mangueiros Main.
4. District Exploration: Advance Mangueiros West and the Lagoa da Onça targets.
5. Technical Value Inflection: Progress from an initial MRE toward economic study provides the next technical value inflection point.

Management Team

Stephen Goodman — President & CEO

More than 20 years in mining and investment banking; over US$1 billion in completed transactions; experience includes public-company executive and board roles and transactions involving Orion, Rio Tinto and Freeport.

Thomas Pressello — CFO & Director

More than 25 years in corporate finance and investment roles; founder of Active Hedge; extensive experience raising and investing capital in resource companies.

Milson Mundim — Director

Country Manager, Appian Capital Advisory Brazil and CFO, Atlantic Nickel; more than 30 years across mining, energy and banking, including prior finance experience with Deutsche Bank and IFC/World Bank.

Martin Pawlitschek — Director

More than 25 years in exploration; former Senior Vice President, Geology at Appian Capital, with previous senior roles at BHP and Teranga Gold; currently President & CEO of Sanu Gold.

Michael Li — Director

More than 30 years in mining finance and M&A; Head of North America at Appian Capital; formerly Managing Partner at Maxit Capital and Head of Canadian Metals & Mining Investment Banking at Citi.

Technical Disclosure

Mangueiros Main MRE: 313 million tonnes of Inferred Mineral Resources grading 0.18% NiS, 0.22% NiT, 0.13% Cu and 0.015% Co, equivalent to 0.27% NiSEq and 0.33% NiTEq. The Mineral Resources are constrained within a conceptual open pit and reported at a 0.09% NiSEq cut-off grade. The MRE was prepared by P&E Mining Consultants Inc. in accordance with NI 43-101 and CIM Definition Standards.

Cautionary statement: Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Mineral Resource Estimate includes Inferred Mineral Resources, which are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. The conceptual pit shell and cut-off grade used to constrain the Mineral Resource Estimate are based on assumptions considered reasonable for the purpose of establishing reasonable prospects for eventual economic extraction and do not represent a mine plan, production schedule, Preliminary Economic Assessment, Pre-Feasibility Study or Feasibility Study.

Qualified Person: The Mineral Resource Estimate was prepared by P&E Mining Consultants Inc. in accordance with NI 43-101 and CIM Definition Standards. Readers should refer to Bahia Metals' applicable technical disclosure and filed technical report for the complete assumptions, qualifications and Qualified Person statements.

Sources for contextual information: Bahia Metals public disclosure; Appian Capital Advisory / Atlantic Nickel; Brazilian Mining Institute (IBRAM); U.S. development-finance disclosures.