Belo Sun Announces Reinstatement of Installation License for the Volta Grande Gold Project

Executive Summary

• Belo Sun Mining Corp. has successfully appealed the suspension of the Installation License for its Volta Grande Gold Project in Brazil, with the Federal Regional Court (TRF-1) granting interim relief to reinstate the license.
• The court ruled that the Company complied with all necessary conditions, including the Indigenous Component Study (ECI) and consultation protocols with the Juruna and Arara communities, rendering FUNAI’s reversal of its previous approval invalid without formal administrative procedure.
• The reinstatement authorizes the Company to immediately resume and continue regular construction and installation activities for the project.

Key Details

• Legal Outcome: On February 13, 2026, Desembargador Federal Flávio Jardim of TRF-1’s 6th Panel granted interim relief, suspending the lower court's decision and fully restoring the effectiveness of the Installation License.
• Project Authorization: The ruling explicitly authorizes Belo Sun to resume and continue regular installation and construction activities for the Volta Grande Gold Project.
• Compliance Findings: The Court found the Company had fully complied with prior conditions, specifically:
  • The Indigenous Component Study (ECI) was prepared based on primary data.
  • Prior, free, and informed consultation was conducted in accordance with the Juruna Protocol.
  • The Juruna (Yudjá) and Arara communities participated in all stages with formal statements of support.
  • The consultation was deemed carried out in good faith, consistent with International Labour Organization Convention No. 169.
• Regulatory Ruling on FUNAI: The Court held that FUNAI’s subsequent reversal of its earlier position (which had confirmed the sufficiency of the ECI) was unsupported by formal administrative procedure. Any new requirements or requests to expand consultation scope must be preceded by a formal administrative process with proper technical justification.
• Next Steps: Respondents have been given the opportunity to file a response, and the interlocutory appeal will proceed to review by the 6th Panel of TRF-1.

Notable Quotes

• Clovis Torres, Chairman and Chief Executive Officer: "We welcome this major milestone, which is all the more meaningful given that the project’s suspension in 2017 marked a challenging period for our team and shareholders... This project will be developed in accordance with best international mining practices to protect the environment, while also applying the highest social standards. Our ambition is clear: to contribute sustainably to the economic development of the region by creating tangible opportunities for local residents and generating long-term positive results."