Announcement • Jun 09
Belo Sun Mining Corp. Announces Management Changes Belo Sun Mining Corp. announced that Adriano Espeschit would no longer serve as President, Brazil. Clovis Torres, the Company's Chief Executive Officer, assumed the role of interim President of Brazilian operations effective June 8, 2026 while the Company conducted a search for a permanent appointment to lead the project through the construction phase. Announcement • Jun 02
Belo Sun Mining Corp Announces Updates On Legal Proceedings Belo Sun Mining Corp. had provided the following updates regarding a recent petition filed by the Brazilian Federal Prosecution Service in civil public action No. 1002764-28.2025.4.01.3903 before the Federal Court of Altamira, Pará, Brazil. As previously reported, in August 2020 the Public Defender’s Office of the State of Pará filed a civil public action before the state courts against Belo Sun Mining Corp. and the State of Pará, alleging a failure to conduct prior consultation with riverside communities under ILO Convention 169 in the context of the environmental licensing of the Project. An injunction suspending the license was overturned on appeal, as the State Court of Appeals found ILO Convention 169 inapplicable and considered the community consultation process sufficient. By 2023, witness testimony had been completed, leaving only an anthropological expert examination to assess the status of the riverside communities as traditional communities. Federal jurisdiction was subsequently raised and recognized in 2025. The case was transferred to the Federal Court of Altamira, which upheld prior procedural acts and sought the parties’ views on completing the expert examination. Belo Sun Mining Corp. supported continuation of the examination and requested consolidation with related federal proceedings to avoid conflicting decisions. In May 2026, the Brazilian Federal Prosecution Service filed a petition seeking to join the proceedings as an active co-plaintiff and requested amendment of the original complaint to expand the scope of the action to cover all riverside communities throughout the Volta Grande do Xingu, beyond the original 10-kilometer radius. The Brazilian Federal Prosecution Service further argues that these communities constitute traditional communities whose status does not require anthropological expert examination and that no valid prior consultation has taken place. Based on these grounds, the Brazilian Federal Prosecution Service requests the immediate suspension of Installation License No. 3698/2026 pending consultation of these communities, the annulment of the order for anthropological examination, and, ultimately, the invalidation of the environmental licensing process and related acts, together with compensation for the affected communities. As of the date of this update, the court has not granted any injunction or issued any order suspending the Installation License. Belo Sun Mining Corp. intends to vigorously oppose the Brazilian Federal Prosecution Service’s petition. Belo Sun Mining Corp. considers the petition to be procedurally inadmissible and without merit, particularly in light of prior court rulings that found ILO Convention 169 inapplicable to the riverside communities in question and confirmed the sufficiency of the community engagement process conducted during the environmental licensing of the Project. Belo Sun Mining Corp. notes that the Installation License No. 3698/2026 was granted following a thorough and lawful licensing process, and Belo Sun Mining Corp. remains confident in the validity of its permits and the strength of its legal position. Belo Sun Mining Corp. will provide further updates on this matter as developments warrant. There can be no assurance as to the timing or outcome of these proceedings. Announcement • May 14
Belo Sun Mining Corp Commences Technical Studies on Volta Grande Gold Project Belo Sun Mining Corp. announced the commencement of technical studies relating to its Volta Grande Gold Project located in Pará State, Brazil, with the engagement of a mining consultant and the hiring of an Engineering Director. Belo Sun has engaged G Mining Services Inc. to conduct a comprehensive Technical Gap Analysis of the Project. GMS will systematically review and update the technical studies associated with the Project’s Installation License. The objectives of the TGA are to identify improvement opportunities, define the scope and sequencing for updates to the Definitive Feasibility Study, and provide the Company with an executable project plan structured as a staged development program. The Company expects GMS to complete the TGA in the third quarter of 2026. The TGA will set the stage for an updated DFS which will reflect the latest planning work as well as the current economic environment and metal prices. The Company is targeting the completion of the DFS update in early 2027. Construction will start as soon as possible thereafter. G Mining Services Inc. is a specialized Canadian mining consultancy founded in 2006, with extensive experience in open-pit and underground mining projects from greenfield development through to construction, commissioning, and operations. GMS has directly managed engineering, procurement, construction, pre-production, and commissioning of projects in West Africa, South America, and North America, including the Tocantinzinho Project in Pará, Brazil. The TGA will be supported by a GMS multi-disciplinary team with expertise in geology, mining engineering, metallurgy & process, infrastructure, engineering, and project controls. 
