In addition to its principal assets, Bravada Gold Ltd. (TSX-V: BVA) holds a portfolio of exploration projects and royalty interests in Nevada and Ontario. This appendix describes each of these projects in turn: one is advancing under a joint-venture earn-in with Endeavour Silver, five are 100%-owned exploration properties at various stages of target definition, and two are royalty interests.

Project	Claims	Ownership / Terms	Status / Next Steps
Baxter	923 ha	Endeavour Silver earning 85% (2023 agreement)	Drilling planned for Q1 2027
Highland	1,554 ha	100% BVA; NSR royalty, buy-down to 2%	Three targets ready for permitting and drilling
East Walker	696 ha	100% BVA; no royalty	Mapping, sampling and possible geophysics before permitting
East Manhattan	680 ha	100% BVA; NSR royalty, buy-down to 2%	Drill targets identified for permitting and drilling
Gabel	130 ha	100% BVA; NSR royalty, buy-down to 0.5%	Drill targets identified for permitting and drilling
SF/HC	907 ha	100% BVA; NSR royalty, buy-down to 1% or 0.5%	Soil grid, then IP and drilling
Shoshone Pediment	–	$1/ton barite royalty after 150,000 tons	Royalty interest
Drayton	–	1% NSR royalty (Drayton portion)	Royalty interest

Baxter – JV Earn-in Option by Endeavour Silver

Figure 1. Baxter long section showing the Rhyolite Peak and Sinter targets beneath capping basalt. The blue body is a density low attributed to alteration. Drill hole assays: pink >1 g/t Au; yellow 0.1–1.0 g/t Au; green 0.05–0.1 g/t Au.

Geology

Baxter is a paleosurface-level, low-sulphidation gold-silver system. Mineralization is hosted by felsic and andesitic volcanic domes, tuffs, sediments and breccias, and the system is capped in places by preserved sinter.

Exploration

Exploration is focused on two priority target areas. The first lies between the Sinter and Rhyolite Peak targets, where 54 holes drilled between 2015 and 2017 discovered shallow oxide gold mineralization at the Sinter Target. Hole BAX16-13 returned 32 m of 0.88 g/t Au from 32.0 m at the Sinter Target, while hole BAX17-07 at Rhyolite Peak intersected 3.0 m at 3.7 g/t Au from 198.6 m within a density low attributed to alteration.

The second priority area is the Chugiak Target, where drilling encountered a deeper erosion level with higher-grade veins. The best drill intercept was 1.5 m of 9.7 g/t Au, and the best surface grab sample on the property returned 43.7 g/t Au. The property covers 923 ha of claims.

Status

In 2023, Bravada entered into an agreement under which Endeavour Silver can earn an 85% interest in Baxter by, among other things, incurring US$4.5 million in exploration and development expenditures over a five-year period and making annual payments of US$100,000 to Bravada. Drilling is planned for the first quarter of 2027.

Highland – Targets Identified

Figure 2. Highland Property, Lander County, Nevada: historic rock-chip gold values (ppb), claim outline, the Eastern and Western grabens, and the Geyser, Cabin, Jeep, Sinter Hot Spots, Western Vein, Deb and Big Hammer targets.

Geology

Highland is a paleosurface-level, low-sulphidation gold-silver system hosted by felsic and andesitic volcanic domes, tuffs, sediments and breccias. The system is capped by a large, preserved sinter field.

Exploration

Several drill targets have been identified at Highland, and the Big Hammer, Geyser and Western Vein targets were previously permitted for drilling with the U.S. Bureau of Land Management (BLM). In the Western Vein area, hole H03-013 returned 12.2 m of 9.5 g/t Au and 109.4 g/t Ag, including 1.5 m of 66.9 g/t Au and 397.7 g/t Ag. The property covers 1,554 ha of claims.

Figure 3. Modern surface expressions of large low-sulphidation systems.

Status

Three high-quality targets are ready for permitting and drilling. Highland consists of federal lode mining claims held 100% by Bravada, subject to an NSR royalty with buy-down provisions to 2%.

East Walker – Look-alike Geology to the Giant Silicon/Merlin Discovery

Figure.4. East Walker geology over satellite imagery, showing the graben (approximately 4 km held by BVA) and the location of historic drill hole RC-8-85.

Geology

East Walker hosts a paleosurface-level, low-sulphidation gold-silver system with geology that resembles the giant Silicon/Merlin discovery. Host rocks are felsic and andesitic volcanic domes, tuffs, sediments and breccias. The system is capped by a large, preserved sinter field and overlain by a late-stage steam-heated event, and it lies in a productive part of the Walker Lane gold trend.

Exploration

An extensive area of geyserite and other paleosurface features occurs within a graben. Approximately 4 km away, and 200 m deeper in elevation, historic drill hole RC-8-85 returned 32 m of 1.0 g/t Au from 21 m, including 1.5 m of 3.26 g/t Au, plus 13 m of 0.5 g/t Au from 53 m. Other previous drilling was shallow and tested high-sulphidation clay alteration, which appears to be a younger event. The property covers 696 ha of claims.

Figure 5. Classic steam-heated alteration and preserved geyserite sinter at East Walker.

Status

Mapping, sampling and possibly geophysics are planned before drill sites are permitted. East Walker consists of federal lode mining claims held 100% by Bravada with no royalty.

East Manhattan – Extension of a Historic Camp with Renewed Interest

Figure.6. East Manhattan property showing BVA 2008 drill holes, permitted drill sites, historic drilling and selected intercepts. The adjoining Scorpio property lies to the west.

Geology

East Manhattan hosts high-grade gold values in a complex vein system along the southern margin of the large Manhattan Caldera Complex. Mineralization, dated at 16 Ma, overprints the caldera structures.

Exploration

The major vein zone is covered by gravel and a dirt road on trend, and it has not been tested by drilling. Good intercepts have been returned from parallel veins that dip into the master vein. The contact between the volcanics and the underlying, less favourable metamorphic host rocks should be a good target for mineralization that has spread laterally. The property covers 680 ha of claims. Selected intercepts are summarized below.

Table 2. Selected East Manhattan drill intercepts

Hole	Intercept	Source
EM-10	14 m @ 2.868 g/t Au (incl. 11 m @ 3.385 g/t Au) and 14 m @ 0.805 g/t Au	BVA 2008 drilling
EM-2	10.7 m @ 1.409 g/t Au (incl. 2 m @ 6.31 g/t Au)	BVA 2008 drilling
EM-3	9.1 m @ 2.078 g/t Au (incl. 3 m @ 3.846 g/t Au)	BVA 2008 drilling
K-3	9.14 m @ 0.649 g/t Au and 10.7 m @ 1.47 g/t Au (incl. 1.5 m @ 4.73 g/t Au)	Houston Oil and Minerals historic report
WC-79	19.8 m @ 1.37 g/t Au (incl. 1.5 m @ 10 g/t Au)	Freeport historic report

Status

Drill targets have been identified for permitting and drilling. East Manhattan consists of federal lode mining claims held 100% by Bravada, subject to an NSR royalty with a buy-down provision to 2%.

Gabel – Intersection of Two Carlin-type Gold Structures on the Battle Mountain–Eureka Trend

Figure.7. Gabel gold-in-soil grid (ppb) and rock-chip anomalies at the fold nose of the Webb/Wenban and Devils Gate/Horse Canyon contact, with historic drill holes returning >0.25 g/t Au. Also shown: the Kinross Zelda and Chert Cliff trend and Sitka hole AG22-10 (21.3 m of 1.21 g/t Au, including 1.5 m of 4.62 g/t Au).

Geology

At Gabel, NNE- and NW-trending mineralized fault zones intersect at a fold nose defined by the contact between the Webb/Wenban and Devils Gate/Horse Canyon formations. This is an excellent setting for Carlin-type gold mineralization, supported by pathfinder geochemistry and by nearby Carlin-type gold discoveries made by other companies.

Exploration

Three well-known Devonian host rocks are present on the property. Only the uppermost, the Webb/Wenban, has been partially tested at the fault intersection and fold nose. The property covers 130 ha of claims.

Status

Drill targets have been identified for permitting and drilling, and Gabel could potentially be combined with other ground to create a district-scale play. The property consists of federal lode mining claims held 100% by Bravada, subject to an NSR royalty with a buy-down provision to 0.5%.

SF/HC – Overlapping Battle Mountain–Eureka and Northern Nevada Rift Gold Trends

Figure 8. SF Project 2019 interpreted geology from drill holes SF19001 and SF19002 (top), and a regional west–east section showing the SF Project relative to the Cortez, Horse Canyon and Northern Nevada Rift deposits (bottom).

Geology

Bravada’s 2019 reconnaissance drill holes at SF/HC intersected excellent Devonian-age host rocks repeated in multiple thrust sheets, with thick zones of anomalous but subeconomic gold grades. The project’s proximity to Nevada’s largest and highest-grade gold deposits justifies additional exploration.

Exploration

Outcrop is poor. Mapping indicates that detailed soil sampling over selected areas, followed by induced polarization (IP) surveys over geochemically anomalous areas, will provide attractive targets for drill testing. The project covers 907 ha of claims.

Figure 9. Devonian-age permeable host rocks from SF, which make excellent hosts for gold mineralization.

Status

A detailed soil grid is proposed, to be followed by IP and drilling. SF/HC consists of federal lode mining claims held 100% by Bravada, subject to an NSR royalty with a buy-down provision to 1% or 0.5%, depending on prior claim ownership.

Potential Royalties – Barite in Nevada, Orogenic Gold in Ontario

In addition to its exploration projects, Bravada holds two royalty interests: a barite royalty in Nevada and a gold royalty in Ontario.

Shoshone Pediment (Nevada)

Figure 10. Shoshone Pediment, oblique view to the east-southeast, showing the Shoshone Pediment barite deposit (BVA), the Scruffy barite deposit and the Miller barite mine.

Shoshone Pediment is part of the Scruffy barite deposit. It is located in an area that overlaps a producing Nevada barite district and the Battle Mountain–Eureka gold trend. Bravada holds a $1 per ton royalty on barite ore mined after the first 150,000 tons and retains all mineral rights other than barite. I-80 Gold purchased Baker Hughes’ rights to the deposit in 2022.

Drayton (Ontario)

Figure 11. Location of the Drayton/Black Lake property in northwestern Ontario relative to the Birch–Uchi and Wabigoon greenstone belts.

Drayton is an Archean gold project in Ontario, Canada. Bravada holds a 1% NSR royalty on production from the Drayton portion of the Drayton/Black Lake property.