Belo Sun Mining Provides Update on Proceedings Related to the Installation License for the Volta Grande Gold Project In Brazil

Belo Sun Mining Corp. disclosed that Brazil’s Federal Public Prosecutor’s Office (MPF) filed a request for suspension of provisional relief (STP 1.156/PA) with the Brazilian Supreme Court (STF) on September 11, 2026. The STP seeks to immediately suspend a February 13, 2026 Federal Regional Court (TRF-1) decision that reinstated the Installation License (LI) for the Volta Grande Gold Project.

The MPF argues non-compliance with an Indigenous Component Study (ECI) and requests the suspension remain in place until a final judgment is rendered. The TRF-1 had previously ruled that Belo Sun complied with judicial requirements, including completing the ECI based on primary data and conducting transparent consultations.

The Installation License remains reinstated and legally effective while the STF reviews the submissions. Belo Sun and the State of Pará have already filed responses requesting the STP be denied. The STF is expected to rule after receiving responses and a submission from the Prosecutor General’s Office.

Belo Sun Mining Corp. (BSX) faces a procedural escalation in its legal battles as the MPF appeals to the Supreme Court, though the project’s status remains fundamentally unchanged. The LI remains active, and construction and installation activities are legally permitted to continue pending the STF’s decision. This development aligns with the ongoing litigation landscape in Brazil, where environmental and indigenous consultation challenges are common. The company has previously navigated similar hurdles, including the dismissal of a duplicate DPU lawsuit in July 2026.

Despite the open legal process, Belo Sun Mining Corp. (BSX) holds a cash position of $40.6M as of June 2026 and carries no debt, providing sufficient runway to absorb legal defense costs without the need for immediate capital raising. The market impact is likely muted in the short term, as the license is not suspended and the STF timeline remains uncertain. However, the situation reinforces the regulatory risk premium inherent in Brazilian mining assets.

Belo Sun Mining Corp. is a Canadian-based exploration and development company focused on the Volta Grande Gold Project in Pará State, Brazil. The project is a high-grade gold deposit that has undergone extensive drilling and technical studies since the 1990s.

The company successfully reinstated its Installation License (LI) in February 2026 after a Federal Regional Court ruled that it met all Indigenous Component Study (ECI) and consultation requirements. Management is advancing a Technical Gap Analysis (TGA) to update 2015 studies and define the scope for a Definitive Feasibility Study (DFS), targeting completion in early 2027.

A local workforce training program is being developed to prepare approximately 1,700 workers for the construction phase, in partnership with Brazilian institutions including SENAI, SENAR, and SEBRAE.