Belo Sun Provides Project Update
Belo Sun Mining Corp. (BSX) has provided a significant operational and regulatory update on its Volta Grande Gold Project, highlighting progress in technical studies, the resolution of legal matters regarding the Installation License (LI), and the launch of a local workforce training program. The company has contracted G Mining Services to conduct a Technical Gap Analysis (TGA) to update 2015 studies and define the scope for a Definitive Feasibility Study (DFS), which is expected in the third quarter of 2026.
On February 13, 2026, the Federal Regional Court of the 1st Region (TRF-1) restored the Installation License (LI), authorizing development. The court ruled that Belo Sun complied with Environmental Control Instrument (ECI) and consultation requirements. Following this ruling, a conciliation process was held on June 24, 2026, involving Belo Sun, Indigenous communities, the National Indian Foundation (FUNAI), the Federal Prosecutor's Office (MPF), the State of Pará, and other parties.
This process established a 60-day framework for resolving remaining consultation matters, allowing the Installation License to remain effective during this period. Under the agreed framework, FUNAI has 30 business days to identify Indigenous communities for complementary studies, while Belo Sun has 30 business days to review and respond. Two technical meetings between Belo Sun and FUNAI will occur during this period, followed by a new conciliation hearing at the end of the 60-day process. FUNAI agreed not to oppose the LI remaining in effect, and Belo Sun agreed not to undertake construction activities during the 60-day period.
Regarding the appeal status, the interlocutory appeal was scheduled for judgment the week of June 29, 2026. All parties supported removing it from the docket pending negotiations, except the MPF. The matter is referred to Justice Flávio Jardim for further procedural steps.
On the technical front, Belo Sun has contracted G Mining Services, a leading mine construction and contract mining firm, to complete the Technical Gap Analysis (TGA). The TGA objective is to identify areas in the 2015 technical studies requiring updates and establish the scope and schedule for the Definitive Feasibility Study (DFS) update. The TGA is expected to be completed in the third quarter of 2026. The DFS update scope will include additional field work, trade-off studies, and third-party technical work as required.
Additionally, the company announced a Local Workforce Education and Capacity Program aligned with Environmental License 3698/2026. Expected to start in the second half of 2026, the program aims to prepare local workers for construction and operations, maximizing local employment. Approximately 1,700 roles across all construction phases are estimated, with the majority to be filled by locally trained workers. Partners in the program include the Federation of Industries of the State of Pará (FIEPA), National Industrial Training Service (SENAI), National Rural Learning Service (SENAR), and Brazilian Micro and Small Business Support Service (SEBRAE). The program is built on four pillars: Workforce Inclusion and Job Readiness; Workforce Qualification for Construction and Operations; Local Development; and Institutional and Territorial Development.
Belo Sun also reported organizational updates, noting key hires in environmental/social management, technical, and procurement roles, as well as recruiting senior leadership for construction delivery.
Clovis Torres, Chairman and CEO, commented on the developments: "We are very pleased with the constructive nature of the recent conciliation process and the opportunity it created for all of the principal stakeholders to come together and work towards a practical path forward. While there remains work to do, we believe the discussions demonstrated a shared willingness to engage constructively and establish a clear framework for resolving the remaining matters."
Torres added, "At the same time, we continue to make good progress across the Project by advancing our technical work and accelerating the build-out of our organization... We are also very pleased to be starting local training programs to maximize employment opportunities and create lasting benefits for the surrounding communities."