Mr. Joseph Kizis reports

BRAVADA ANNOUNCES NON-BROKERED PRIVATE PLACEMENT TO ADVANCE THE WIND MOUNTAIN AU/AG PROJECT TO PRE-FEASIBILITY

Bravada Gold Corp. plans to issue up to 33 million units in a non-brokered private placement at a price of three cents per unit for gross proceeds of $990,000. Each unit consists of one common share and one share purchase warrant, exercisable to purchase one additional common share at a price of five cents for three years. The company will make provision for an overallotment option (greenshoe) to allow a purchase of up to 10 per cent additional units beyond the number of units in this private placement.

Net proceeds from the private placement will be used to conduct a prefeasibility study (PFS) of the Wind Mountain gold/silver deposit in northwestern Nevada (approximately 60 per cent). Net proceeds will also cover annual federal claimholding fees (17 per cent) and general working capital (approximately 23 per cent, with 14 per cent of general working capital payable to non-arm's-length parties). No amounts are proposed to be spent on investor relations activities.

Bravada's 2022 preliminary economic assessment (PEA) demonstrated favourable economics for an open-pit mining operation utilizing a limited heap-leach pad for a portion of the pit-delineated indicated resource as a phase I operation and is summarized below. Subsequent studies identified a larger phase II heap-leach pad site for the remainder of the indicated resource and potentially additional near-surface, oxide gold mineralization that, with further delineation drilling, could be added to the phase II pad to extend mine life.

President Joe Kizis commented: "The company believes a dramatic increase in precious metal prices and a more favourable permitting environment in the U.S. justify advancing Wind Mountain to the PFS stage. Indicated resource that is shown to be economic via a PFS will be reclassified as more valuable probable reserves, which should add value to the company. A PFS-level mine plan and economic study are required to begin mine permitting in Nevada."

Summary of the 2022 Wind Mountain PEA

Early in 2023, Bravada filed a technical report prepared in accordance with Canadian Securities Administrators' National Instrument 43-101. The report may be found under the company's profile and on Bravada's website.

The report dated Jan. 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 (formerly Mine Development Associates), Woods Process Services and Debra Struhsacker (Bravada's environmental permitting and government relations consultant).

Economics improved significantly compared with the company's 2012 study due to utilizing a near-mine, heap-leach pad site for a portion of the pit-constrained resource and 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 but was not considered during the 2022 PEA. Pad II 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 include mineralization at the South End target and historic waste rock piles where the company has identified potentially recoverable gold and silver.

2022 total pit-constrained resource

After verifying and slightly modifying the Wind Mountain 2012 global resource based on subsequent drilling, which was confirmed to within less than 1 per cent, a total pit-constrained resource was calculated by Respec utilizing the approximate three-year trailing average, base-case price of $1,750 (U.S.) per ounce of gold and $21 (U.S.) per ounce of silver. Results are tabulated below.

Key notes:

• The effective date of the Wind Mountain mineral resources is Oct. 4, 2022.
• The estimate of mineral resources was done by Respec in imperial tons.
• Mineral resources comprised all model blocks at cut-offs of 0.006 ounce per ton gold for oxide within an optimized pit and 0.014 ounce per ton gold for mixed and unoxidized within an optimized pit.
• The project mineral resources are block-diluted mineral resources potentially amenable to open-pit mining methods and reported within optimized pits using a gold price of $1,750 (U.S.) per ounce, a silver price of $21 (U.S.) per ounce and a throughput rate of 20,000 tonnes per day. Assumed metallurgical recoveries for gold are 62 per cent for oxide, 20 per cent for mixed and 15 per cent for unoxidized. Assumed metallurgical recoveries for silver are 15 per cent for oxide and 0 per cent for mixed and unoxidized. Mining costs of $2.75 (U.S.) per tonne mined, heap-leach processing costs of $3.17 (U.S.) per tonne processed, and general and administrative costs of 57 U.S. cents per tonne processed were used. Gold and silver commodity prices were selected based on analysis of the three-year running average.
• Material in historic waste dumps and heap-leach pads are not included in the current model and resource.
• 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, socio-political, marketing or other relevant issues.
• Rounding may result in apparent discrepancies between tonnes, grade and contained metal content.

2022 phase I PEA for a close-in heap-leach site

The phase I PEA assumes open-pit, contract mining with conventional trucks and shovels and run-of-mine leaching. The base-case economic model is summarized below in U.S. dollars and imperial units (some values rounded):

• Resource inside the pits for phase I PEA: 29.2 million tons of indicated resource at 0.011 ounce per ton gold and 0.267 ounce per ton silver and 1.08 million tons of inferred resource at 0.009 ounce per ton gold and 0.173 ounce per ton silver, both at a cut-off grade of 0.008 ounce per ton gold; oxide mineralization: 30.2 million tons; mixed oxide/sulphide: 10,000 tons;
• Gold and silver ounces mined: 344,000 ounces per ton gold and 7,975,000 ounces per ton silver;
• Gold and silver ounces produced: 213,000 ounces gold (recovery: 61.9 per cent) and 1,194,000 ounces silver (recovery: 15 per cent), or 227,000 ounces gold equivalent;
• Waste-to-ore strip ratio: 0.55:1;
• Capital: initial capital of $46.6-million with $19.8-million sustaining capital;
• Mine life: approximately 4.2 years of mining;
• After-tax payback period: 1.8 years;
• Life-of-mine cash cost: $1,045 per ounce gold;
• All-in sustaining costs: $1,175 per ounce gold;
• After-tax internal rate of return: 38 per cent;
• After-tax net present value (discounted at 5 per cent): $46.1-million.

Sensitivity studies by Respec are presented in the table below. Respec notes that additional studies such as further metallurgical studies to evaluate crushing higher-grade portions of the deposit and grid drilling to delineate economic portions of the previously mined waste rock, which are given no value in the current model, could further enhance the economics. For example, Respec notes that 1.1 million tons of historic mine waste is currently classified as waste and must be removed during phase I mining; however, results of limited drilling, surface sampling and trenching by Bravada suggest the material contains potentially recoverable gold. Respec and Woods recommend that the material be placed in a stockpile for additional study or utilized as overliner on the leach pads; the material potentially would be added to the currently designed phase I pad to further reduce the strip ratio and increase positive economics.

About Bravada Gold Corp.

Bravada is a long-established exploration and development company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in the world. Utilizing a modified joint venture business model, Bravada has successfully identified and advanced properties with the potential to host high-margin deposits while successfully attracting partners to finance later stages of project development. Bravada's value is underpinned by a substantial gold and silver resource with a positive PEA study at Wind Mountain, and the company has significant upside potential from possible new discoveries at its exploration properties.

Since 2005, the company has signed 33 earn-in joint venture agreements for its properties with 20 publicly traded companies as well as a similar number of property acquisition agreements with private individuals. Bravada currently has eight projects in its portfolio, consisting of 756 claims for approximately 5,600 hectares in two of Nevada's most prolific gold trends. Most of the projects host encouraging drill intercepts of gold and already have drill targets developed.

Joseph Anthony Kizis (AIPG, CPG (No. 11513)), the president and a director of Bravada Gold, is the qualified person responsible for reviewing and preparing the technical data presented in this release and has approved its disclosure.

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