New Risk • Jul 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$7.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$7.8m free cash flow). Earnings have declined by 5.1% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (23% increase in shares outstanding). 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. Announcement • Apr 03
Belo Sun Mining Corp, Annual General Meeting, May 26, 2026 Belo Sun Mining Corp, Annual General Meeting, May 26, 2026. Announcement • Mar 06
Belo Sun Mining Corp. Announces Board Changes Belo Sun Mining Corp. announced that Mr. Benjamin Buckingham has been nominated by La Mancha Investments S. à r. l. to serve as its representative on the Board of the Company pursuant to the investor rights agreement between the Company and La Mancha. Mr. Buckingham replaces Mr. Jack Lunnon, who has stepped down as a director of the Company effective March 5, 2026 in connection with La Mancha’s internal transition of its Board representation. Mr. Buckingham has over 10 years of experience in metals and mining investment and finance. He has been with La Mancha since 2020 and currently serves as Vice President, Investments, where he is responsible for sourcing and evaluating investment opportunities, conducting due diligence and valuations, executing transactions, and providing portfolio oversight and strategic support. Mr. Buckingham has been closely involved in La Mancha’s investment in Belo Sun and has been responsible for executing several investments, primarily in Brazil and Latin America. He has experience supporting portfolio companies through M&A, corporate development and project financing initiatives. Prior to joining La Mancha, Mr. Buckingham was an Investment Analyst at CD Capital, a mining-focused private equity firm. He holds an MSc in Metals and Energy Finance from Imperial College London and a BA (Hons) in Economics from the University of Newcastle. New Risk • Feb 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 26% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Earnings have declined by 9.3% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (26% increase in shares outstanding). Announcement • Feb 25
Belo Sun Mining Corp announced that it has received CAD 41.343 million in funding from La Mancha Investments S.A R.L and other investors. On February 24, 2026, Belo Sun Mining Corp closed the transaction. Pursuant to the closing of the private placement, the Company issued a total of 96,146,512 common shares of the Company at a price of CAD 0.43 per Common Share. La Mancha Investments S. à r. l., subscribed for 50,587,226 Common Shares for the proceeds of CAD 21,752,507. All Common Shares issued in connection with the private placement are subject to a statutory hold period until June 25, 2026. Announcement • Feb 15
Belo Sun Mining Corp. Announces Reinstatement of Installation License for Volta Grande Gold Project Belo Sun Mining Corp. announced that the Federal Regional Court has accepted appeal to reinstate the Installation License, which was suspended in 2017 for the Company's Volta Grande Gold Project located in Para State, Brazil. As previously disclosed, the Federal Court of Altamira had recently maintained the suspension of the Installation License, in force since 2017. The Company adopted appropriate legal measures to challenge that decision. On February 13, 2026, Desembargador Federal Flavio Jardim of TRF-1's 6th Panel granted interim relief, suspension the lower court decision and fully restoring the effectiveness of the Installation License. Theuling authorizes Belo Sun to resume and continue regular installation activities for the Project. In his ruling, the Court found that the Company had fully complied with the conditions previously imposed by TRF-1, including that: (i) the Indigenous Component Study ("ECI") had been prepared based on primary data, as required; (ii) prior, free and informed consultation had been conducted in accordance with the Juruna Protocol, with adequate information, internal deliberation and culturally appropriate participation; and (iii) the Juruna (Yudja) and Arara of the Volta Grande do Xingu communities had participated in all stages of the consultation process, with formal statements of support. The Court found the consultation had been carried out in good faith, in a participatory and transparent manner, consistent with International Labour Organization Convention No. 169. The Court further held that FUNAI's subsequent reversal of its earlier position, which had confirmed theiciency of the ECI and the regularity of the consultation process, was not supported by any formal administrative procedure as required under applicable regulations. As a result of the ruling, the Installation License is now fully effective and the Company is authorized to proceed with construction and installation activities for the Project. The respondents to the appeal have been given the opportunity to file a response, and the interlocutory appeal will proceed to review by the 6th Panel of TRF-1. The Company will provide further updates as appropriate. New Risk • Jan 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 9.3% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Announcement • Jan 15
Belo Sun Mining Corp. Receives Ruling from Federal Court of Altamira, Para Belo Sun Mining Corp. announced that the Federal Court of Altamira, Para, Brazil, denied the Company's request for recognition of provisional compliance with a prior judgment of the Federal Court of Appeals. That appellate judgment conditioned the effectiveness of the Construction License (Licenca de Instalacao - LI) for the Volta Grande Gold Project on (i) completion of the Indigenous Component Study based on primary data, and (ii) the conduct of prior, free, and informed consultation with the affected Indigenous communities. As a result of the decision, the Construction License remains legally valid but suspended. In its ruling, the Federal Court held that, at this stage, sufficient compliance with the applicable conditions had not yet been demonstrated, citing recent technical opinions issued by Brazil's National Indigenous People Foundation (FUNAI) and a report from the Federal Public Public Public Public Public Public Officer. The Company reaffirms its commitment to full compliance with all applicable environmental, social, and regulatory requirements, as well as to maintaining transparent and timely communications with the market. Belo Sun will, in due course, evaluate and pursue all appropriate legal remedies. Announcement • Dec 23
Belo Sun Mining Corp announced that it expects to receive CAD 41.343 million in funding from La Mancha Investments S.A R.L. Belo Sun Mining Corp announced a non brokered private placement to issue 96,146,511 shares at a price of CAD 0.43 per share for gross proceeds of CAD 41,342,999.73 on December 22, 2025. Closing of the Offering remains subject to certain conditions, including the final approval of the Toronto Stock Exchange. The transaction will include participation from La Mancha Investments S. à r. l. has committed to participate in the Private Placement, subject to receipt of the required shareholder approvals, and, together with other existing shareholders, intends to provide a majority of the funding for the offering. The Company anticipates that, upon completion of the Private Placement, a new Control Person (as defined below), La Mancha, will be created, subject to obtaining requisite approval from the shareholders of the Company and the Toronto Stock Exchange. All Common Shares issued in connection with the Private Placement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation in Canada. Closing is anticipated to occur on or about February 24, 2026. New Risk • Jul 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$5.3m free cash flow). Earnings have declined by 12% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). New Risk • Jul 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$5.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$5.3m free cash flow). Earnings have declined by 12% per year over the past 5 years. Revenue is less than US$1m. Announcement • Apr 21
Belo Sun Mining Corp, Annual General Meeting, Jun 23, 2025 Belo Sun Mining Corp, Annual General Meeting, Jun 23, 2025. New Risk • Mar 27
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$90k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (32% average weekly change). Earnings have declined by 13% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Significant insider selling over the past 3 months (CA$90k sold). Market cap is less than US$100m (CA$79.1m market cap, or US$55.3m). Recent Insider Transactions • Jan 31
Executive Chairman recently sold CA$90k worth of stock On the 30th of January, Mark Eaton sold around 363k shares on-market at roughly CA$0.25 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Mark's only on-market trade for the last 12 months. Announcement • Jan 27
Belo Sun Mining Corp Appoints Jack Lunnon as Director Belo Sun Mining Corp. announced the appointment of Mr. Jack Lunnon as a director of the company with immediate effect. Mr. Lunnon is a nominee of La Mancha Investments S. à r. l. (La Mancha) appointed pursuant to the investor rights agreement among the Company and La Mancha. Mr. Jack Lunnon serves as Chief Technical Officer for the La Mancha group, where he is responsible for overseeing all technical aspects of their investments, having started with the group in 2021. He has over fifteen years of experience in geology, mining and investments. Jack also has significant board-level experience, having previously served as a director of Elemental Altus Royalties Corp. Jack is a Chartered Geologist in London (CGeol) and Europe (EurGeol), with a specialism in Resource Geology. Jack is an expert in manipulating geological models and has obtained a Citation in Geostatistics from the University of Alberta. Jack holds a Master of Geology (MGeol) degree from the University of Southampton, UK. Prior to joining the La Mancha group, Jack was a Consultant Geologist for SLR Consulting (formerly RPA), where he performed countless due diligence reviews and audits on numerous projects across the world, and generated NI 43-101-compliant mineral resource and technical reports for multiple clients. Jack also previously worked for Micromine, developing in-depth knowledge of advanced resource modelling. Jack's resource skills are backed by solid geological exploration experience across Africa, the Middle East, and Australia, working for world-class mining companies. New Risk • Jul 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 9.8% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$19.7m market cap, or US$14.3m). Announcement • Apr 06
Belo Sun Mining Corp, Annual General Meeting, Jun 11, 2024 Belo Sun Mining Corp, Annual General Meeting, Jun 11, 2024. New Risk • Jan 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$2.8m free cash flow). Earnings have declined by 7.9% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (CA$24.1m market cap, or US$17.9m). Announcement • Jul 21
Belo Sun Mining Corp Reports That the Supreme Court of Pará State Has Overturned the Preliminary Suspension Order Issued by the Agrarian Court of Altamira Belo Sun Mining Corp. reported that the Supreme Court of Pará State has overturned the suspension order issued by the Agrarian Court of Altamira related to the Construction License and Environmental License. The Agrarian Court previously ordered the suspension of the LI and LP until a socio-environmental study of the riverside peoples, at a minimum distance of 10 km from the Volta Grande Project, be carried out, on both banks of the Xingu River, as well as prior, free, and informed consultation and the consent of the riverside peoples, by the State of Pará, as provided for in Article 6 of Convention No. 169 of the International Labour Organization. The State Supreme Court overturned the suspension order issued by the Agrarian Court on the grounds that there was no evidence of damage or harm to the riverside people and that they were properly consulted as part of the environmental studies conducted by Belo Sun. The State Supreme Court also ruled that the decision of the Agrarian Court causes damage to the Company and stated that there should be no obstacles for Belo Sun to continue with the environmental licensing process while complying with the legal requirements determined by the applicable environmental and judicial authorities. Announcement • Jul 02
Belo Sun Mining Corp Elects Ayesha Hira as Director Belo Sun Mining Corp. elected Ayesha Hira as director of the company, at the annual general meeting of shareholders held on June 30, 2022. Recent Insider Transactions • Mar 30
President recently sold CA$82k worth of stock On the 24th of March, Peter Tagliamonte sold around 100k shares on-market at roughly CA$0.82 per share. This was the largest sale by an insider in the last 3 months. This was Peter's only on-market trade for the last 12 months. Announcement • Dec 05
Belo Sun Announces the Volta Grande Gold Project Selected by Brazilian Government’s Investment Partnership Program Belo Sun Mining Corp. announced that its Volta Grande Gold Project has been selected by the Brazilian Government’s Mines and Energy Ministry for the Investment Partnership Program (“PPI” Programa de Parcerias de Investimento). The PPI program supports projects that are deemed as strategic mineral projects for Brazil. The PPI program was created to support companies involved in the exploration and mining of a variety of commodities, including gold, iron ore and battery metals such as lithium, cobalt and nickel. The inter-ministerial committee for the analysis of strategic minerals projects will be responsible for supporting the projects. It comprises the Brazilian Mines and Energy Ministry, the Science, Technology and Innovation Ministry, the Institutional Security Office of the Presidency, the PPI and the Special Secretariat of Strategic Affairs of the Presidency. The initiative was created in 2021 to select projects considered highly important for Brazil's development and coordinate government agencies to implement and expand production of strategic minerals on an environmentally sustainable basis. Recent Insider Transactions • Oct 06
Executive Chairman recently bought CA$53k worth of stock On the 4th of October, Mark Eaton bought around 130k shares on-market at roughly CA$0.41 per share. This was the largest purchase by an insider in the last 3 months. Mark has been a buyer over the last 12 months, purchasing a net total of CA$94k worth in shares. Is New 90 Day High Low • Feb 24
New 90-day low: CA$0.85 The company is down 15% from its price of CA$1.00 on 25 November 2020. The Canadian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 05
New 90-day low: CA$0.91 The company is down 1.0% from its price of CA$0.92 on 04 September 2020. The Canadian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Metals and Mining industry, which is down 8.0% over the same period. Is New 90 Day High Low • Oct 15
New 90-day high: CA$1.30 The company is up 83% from its price of CA$0.71 on 17 July 2020. The Canadian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 5.0% over the same period.