Belo Sun Provides Update on Volta Grande Gold Project

• The most recent release (April 30, 2026) confirms the reissuance of the Installation License (LI) for the Volta Grande Gold Project in Pará State, Brazil.
• The new license (3698/2026) replaces the previous 2017 version and extends validity until April 2029.
• The project scope remains unchanged; however, updated regulatory conditions require engagement with SEMAS (State Secretariat for Environment).
• A comprehensive project update including Definitive Feasibility Study (DFS) timelines is scheduled for release by the end of Q2 2026.
• This follows a significant financing event in February 2026 where La Mancha Investments closed a US$30 million private placement, becoming a Control Person with ~24.9% ownership.
• Historical context includes a January 14, 2026 Federal Court ruling that suspended the Construction License due to incomplete Indigenous Component Studies, which remains a critical unresolved legal variable despite this administrative license update.

• The reissued Installation License removes immediate expiry risk associated with the 2017 license and validates the project's administrative standing for the next three years.
• This news is largely expected following the February financing which was earmarked to fund community commitments and regulatory compliance work.
• While positive, it does not explicitly confirm the resolution of the January 14 Federal Court suspension regarding Indigenous consultation, creating a divergence between administrative status (SEMAS) and judicial status (Federal Court).
• The market reaction has been muted compared to the February financing spike, suggesting investors view this as a procedural milestone rather than a de-risking event.
• The commitment to an updated DFS by end of Q2 2026 provides a near-term catalyst but delays final investment decision timelines.

• Belo Sun Mining Corp. is a gold development company focused on the Volta Grande Gold Project in Pará State, Brazil.
• The project is one of the largest undeveloped gold deposits in the Amazon region.
• Development has been stalled by permitting challenges, specifically environmental licensing and Indigenous consultation requirements.
• The company relies heavily on strategic partnerships (La Mancha Investments) to fund development and navigate regulatory hurdles.