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    Bravo $64M Orion-backed raise: Luanga nickel-PGM economics for mine planners

    February 2, 2026|

    Reviewed by Joe Ashwell

    Bravo $64M Orion-backed raise: Luanga nickel-PGM economics for mine planners

    First reported on MINING.com

    30 Second Briefing

    Bravo Mining has raised C$86 million via an oversubscribed public offering at C$4.40 per share, including a C$34.5 million non-brokered placement with Orion Mine Finance, to advance the Luanga nickel-PGM project in Pará, Brazil and fund preliminary and full feasibility studies. An updated PEA gives a base-case NPV of $1.25 billion, rising to $1.86 billion under a vertical-integration scenario with a local smelter, now supported by the new Barcarena Export Processing Zone decree. Laboratory Jameson Cell rougher flotation tests show 5–10% higher PGM and 5–30% higher nickel recoveries with 50% lower mass pull, implying higher concentrate grades, lower plant capex/opex and improved payabilities.

    Technical Brief

    • Laboratory Jameson Cell rougher tests delivered 5–10% higher PGM and 5–30% higher nickel recoveries.
    • Mass pull was cut by 50% versus baseline flotation, implying materially lower concentrate tonnage for same payables.
    • Higher selectivity is expected to enable higher concentrate grades and improved smelter payabilities.
    • Opex reductions are anticipated from lower reagent consumption, pumping, thickening and filtration loads per unit metal.
    • Bravo plans larger-scale pilot plant metallurgical testing to validate Jameson Cell performance at Luanga.

    Our Take

    The Luanga nickel–platinum project in Pará sits within Latin America coverage that is still dominated by copper and gold, so a Brazil-based PGM–nickel play of this scale is relatively uncommon in our database and may attract attention from majors looking to diversify away from South African PGM exposure such as Mogalakwena.

    The step-change in nickel and PGM recoveries reported for Luanga, combined with a 50% mass pull reduction, signals that flowsheet choices will be central to project value; in our coverage of other nickel projects, similar recovery uplifts have often justified early pilot-scale testwork and locked in offtake interest ahead of full feasibility.

    With Bravo Mining’s market capitalisation around C$543 million against a base-case NPV above US$1 billion, the implied valuation multiple is in line with other advanced Latin American nickel stories in our database, suggesting equity markets are still applying a sizeable risk discount to Brazil permitting and downstream execution, including the proposed Barcarena Export Processing Zone smelter regime.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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