BBX Minerals Limited announced an updated Mineral Resource Estimate (MRE) for the Três Estados project, including a maiden resource estimate for the Tabocal prospect located 2.5km east of the Adelar prospect, forming part of the company's 100% owned Três Estados project, Apui, Amazonas, Brazil. The MRE for Adelar, announced on 25 October 2022, has been revised using updated economic parameters consistent with the parameters used for the estimation of the maiden Tabocal MRE. The combined MRE contains a total of 725,230 ounces 5E PGM´s (platinum, palladium, iridium, rhodium, and gold).

To maintain consistency between the Adelar and Tabocal MRE's, the consultancy group GE21 Consultoria Mineral Ltda (GE21) revised the Adelar estimate applying the same updated economic parameters as those utilised for Tabocal to generate the constraining open pits at both prospects. As a result, the Adelar MRE increased by 10.5% from 590,300 ounces 5E PGM's to 651,710 5E PGM´s. In generating the revised Adelar MRE no other changes were applied to the criteria and methodology fully documented in the announcement of 25 October 2022. The updated Adelar Mineral Resource covers an area of 31 Ha which represents only 8% of the known gabbroic bodies at Três Estados.

An Inferred Mineral Resource of 1.51mt at 1.513 g/t 5E PGM´s has been estimated by GE21 and reported in accordance with the JORC Code (2012). The mineralised zones were interpreted considering anomalous grade zone above a 0.1 g/t for individual PGM´s. Two zones were interpreted based on geological and grade parameters: (i) Gabbro Ore Zone, (ii) Gabbro Waste Zone. The 5E PGM grade includes platinum, palladium, iridium, rhodium, and gold.

These metals are measured in grams per tonne (g/t) and can be combined as an indicative measure of total grade of the ore body.