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Belo Sun Mining Corp. ("Belo Sun" or the "Company") (TSX: BSX,OTC:BSXGF, OTCQB: BSXGF) is pleased to announce that the Federal Regional Court has accepted our appeal to reinstate the Installation License, which was suspended in 2017 for the Company's Volta Grande Gold Project (the "Project") located in Pará State, Brazil.
Background
As previously disclosed, the Federal Court of Altamira had recently maintained the suspension of the Installation License, in force since 2017. The Company adopted appropriate legal measures to challenge that decision.
Court of Appeal Decision
On February 13, 2026, Desembargador Federal Flávio Jardim of TRF-1's 6th Panel granted interim relief, suspending the lower court decision and fully restoring the effectiveness of the Installation License. The ruling authorizes Belo Sun to resume and continue regular installation activities for the Project.
In his ruling, the Court found that the Company had fully complied with the conditions previously imposed by TRF-1, including that: (i) the Indigenous Component Study ("ECI") had been prepared based on primary data, as required; (ii) prior, free and informed consultation had been conducted in accordance with the Juruna Protocol, with adequate information, internal deliberation and culturally appropriate participation; and (iii) the Juruna (Yudjá) and Arara of the Volta Grande do Xingu communities had participated in all stages of the consultation process, with formal statements of support. The Court found the consultation had been carried out in good faith, in a participatory and transparent manner, consistent with International Labour Organization Convention No. 169.
The Court further held that FUNAI's subsequent reversal of its earlier position, which had confirmed the sufficiency of the ECI and the regularity of the consultation process, was not supported by any formal administrative procedure as required under applicable regulations. The ruling determined that any new requirements by FUNAI, including any request to expand the scope of the consultation, must be preceded by a formal administrative process with proper technical justification.
Construction Activities
As a result of the ruling, the Installation License is now fully effective and the Company is authorized to proceed with construction and installation activities for the Project.
Next Steps
The respondents to the appeal have been given the opportunity to file a response, and the interlocutory appeal will proceed to review by the 6th Panel of TRF-1. The Company will provide further updates as appropriate.
Clovis Torres, Chairman and Chief Executive Officer of Belo Sun commented: "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. Today, we would like to congratulate everyone whose determination and professionalism have made this new phase possible.
We also wish to express our sincere gratitude for the steadfast support we have received over the years from the local communities and Federal, State and Municipal authorities. Their trust and engagement have been essential throughout this journey.
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."
About the Company
Belo Sun Mining Corp. is a mineral exploration and development company with gold-focused properties in Brazil. Belo Sun's primary focus is advancing and expanding its 100% owned Volta Grande Gold Project in Pará State, Brazil. Belo Sun trades on the TSX under the symbol "BSX" and on the OTCQB under the symbol "BSXGF." For more information about Belo Sun, please visit www.belosun.com.
For inquiries, please contact Belo Sun Mining Corp, +1 (416) 861-2262 or info@belosun.com.
Caution regarding forward-looking information:
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the reinstatement and continued effectiveness of the Installation License; the continuation of installation and construction activities for the Project; the outcome of the review by the 6th Panel of TRF-1; and the advancement of the Volta Grande Project. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including, without limitation, risks related to the outcome of the 6th Panel review and the possibility that the interim relief may be reversed; risks related to further legal challenges or regulatory proceedings; risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR+ at www.sedarplus.ca and on the Company's website at www.belosun.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
