Project

At Belo Sun, we recognize that building on someone else’s land is a privilege, and we are committed to being good and trusted neighbours in the area where we operate. For over a decade, we have worked closely with our local communities, fostering relationships built on mutual respect, transparency, and our dedication to improving the social and economic well-being of our host communities. Each year, Belo Sun invests in community actions, supporting vital sectors such as health, education, and local associations, demonstrating our ongoing commitment to the community.

We have a multifaceted approach to community engagement. When we start building the Volta Grande Project, we will make local hiring and the use of local suppliers and supply chains a priority to ensure the local economy thrives alongside the Project. Belo Sun will continue to contribute to local development by investing in vocational training, education, and healthcare facilities, recognizing that these are pillars of a robust and sustainable community. Furthermore, our commitment to environmental stewardship, particularly in safeguarding water levels and water quality in the Xingu River, is at the core of our plans to build and operate a responsible, safe, and modern mine that will minimize environmental risks, comply with all Brazilian laws and regulations, and be consistent with international best practices and standards. You can learn more about these initiatives on our Community page, and in our Foundational Document.

Because we value the views and opinions of our neighbours and want to ensure our operations align with their needs and aspirations, we have set up a community information center to facilitate regular communication and engagement.

Our Feasibility Study, completed in March 2015, involved balancing commercial viability with environmental sustainability and social responsibility. Key data points:

• Average annual gold production: 205,155 oz 

• Life of Mine: 17.2 years 

• Proven & Probable Mineral Reserves: 3.8 million oz 

• Average Reserve Grade: 1.02 g/t

• Post-Tax IRR: 26% ($1,200/oz Au)

• Post-Tax NPV: $665 million (5% discount rate) 

Estimated Project Construction Schedule

Mining

The Project's Feasibility Study outlines plans for open pit mining using a fully owner-operated equipment fleet. Initially, the mine is designed to produce 3.5 million tonnes per year, escalating to a full production of 7 million tonnes per year by the third year. Material from the pre-production stripping’s last three months will commission the process plant.

Over the mine's lifetime, an average strip ratio of 4.3:1 is anticipated, with open pit bench heights of 10 meters. Ore will be hauled using 136-tonne haul trucks and corresponding loading equipment, maintaining a stockpile adjacent to the primary crushing plant to mitigate potential weather-related mining interruptions. Concurrently, waste rock will be transported to designated waste management facilities near the open pits, ensuring streamlined and environmentally conscious operations.

Metallurgy

Extensive feasibility-level test work completed by SGS using representative run-of-mine composites confirmed that the Volta Grande Project mineral deposits are suitable for a conventional crush, grind, gravity concentration, leach, and carbon-in-pulp (CIP) flow sheet.

These tests indicate that 40% to 50% of the gold will be recovered in a gravity concentrate, contributing to an overall estimated gold recovery of 93% from all ore types processed during the mine's lifespan. This efficient recovery rate optimizes the Project’s resources while safeguarding the surrounding environment.

The mineral reserves for the Volta Grande Gold Project are based on the conversion of measured and indicated mineral resources (see Mineral Resources section) within the current Feasibility Study mine plan. Measured mineral resources are converted directly to Proven mineral reserves and Indicated mineral resources to Probable reserves. The total fully diluted mineral reserves for the Volta Grande Project are as follows:

The Volta Grande Project's current mineral resources are divided into two areas: the North Block and the South Block. The North Block comprises four zones: Ouro Verde, Junction, Grota Seca, and Greia. The South Block is situated approximately 10 kilometers to the south-east. An updated mineral resource and reserve estimate for selected zones in the North Block was prepared by SRK Consulting in conjunction with the Feasibility Study during the first quarter of 2015, with the details listed below. The most recent mineral resource estimate for the South Block was prepared by SRK Consulting in March 2014. The associated technical report is accessible on Belo Sun’s website under Technical Reports and under the Company’s profile on www.sedarplus.ca.

Volta Grande Mineral Resources, March 2015

(North Block Area, including Ouro Verde, Junction, Grota Seca and Greia zones)

Future-Forward Commitment to Responsible Tailings Management

Belo Sun is laying the groundwork for the Volta Grande Project Tailings Management Facility, where the highest standards of safety and responsibility will be our guideposts.

Proposed Tailings Management Standards:

• Will comply with all Brazilian standards, aligning with the International Commission on Large Dams, the Canadian Dam Association, and the Mining Association of Canada.
• An Independent Tailings Review Board will oversee the design and construction, ensuring adherence to industry best practices and timely reporting to senior management and the Board of Directors.

Planned Maintenance and Monitoring:

• Regular inspections, instrumentation monitoring, and data analysis will be conducted.
• A comprehensive tailings scorecard will be implemented to maintain optimal management indicators.
• Annual inspections by the engineer of record, with independent expert reviews every three years.

Safety Assurance:

• The facility will be engineered to withstand significant storm and seismic events.
• Detailed emergency response and preparedness plans will be developed, including community-based emergency simulation training in collaboration with local authorities.

Strategic Closure Planning:

• Comprehensive plans for minimizing impounded water will be in place to enhance long-term safety and land-use value.
• The facility is designed for closure readiness at the end of mine life, ensuring enduring safety and compliance with all laws and regulations.

We’re planning for the safety, well-being, and prosperity of communities, the environment, and generations to come.

Belo Sun's Exploration Concessions cover approximately 160,000 hectares within the Três Palmeiras greenstone belt in Brazil's northeastern State of Pará. This area has been subject to small-scale mining activities since the 1960s, yet a significant portion of the greenstone belt, which stretches approximately 120 kilometers in length and varies from 1 to 8 kilometers in width, has not been extensively explored.

The South Block, a brownfield target within this area, hosts a mineral resource that warrants systematic drilling. To date, greenfield exploration drilling outside of the known mineral resource areas totals around 10,000 meters, in contrast to almost 240,000 meters within the resource areas. The initial exploration has identified several gold occurrences and potential mineral growth targets, indicating opportunities for future systematic exploration.

There is potential for additional discoveries within the Três Palmeiras greenstone belt. With large areas still to be explored, Belo Sun has an opportunity to enhance its exploration efforts and potentially grow its mineral resources.

From the 1960s to the late 1990s, the Três Palmeiras exploration belt saw extensive mining activity by Garimpeiros (artisanal miners). They employed both open-pit and underground mining techniques. Anecdotal reports from local garimpeiros suggest that the average grade of material extracted from several small alluvial gold deposits reached up to 3 oz/t of gold. Furthermore, grab samples from shafts, ranging from 80 to 200 meters deep, previously used by these miners, have shown assays as high as 475 g/t of gold.

The 1990s marked the identification of widespread gold mineralization by TVX Gold (acquired by Kinross) and Battle Mountain Exploration (acquired by Newmont).

In 2004, Verena Mineração acquired 100% of the Project, and assumed control of the Três Palmeiras exploration belt. Verena was renamed Belo Sun Mining Corp. in February 2010. The Project has seen more than 240,000 meters of exploration drilling.