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Belo Sun Mining Corp. ("Belo Sun" or "Company") (TSX: BSX,OTC:BSXGF, OTCQB: BSXGF) today announces an update on recent developments relating to its Volta Grande Gold Project ("Project") located in Pará State, Brazil. The Company is pleased to report on the reissue of the Installation License ("LI") for the Project.
Following the court-approved reinstatement of the Project's Installation License in February 2026, the State Secretariat for Environment, Climate and Sustainability of Pará ("SEMAS") has reissued the LI for the Project. The new LI (3698/2026) replaces the prior LI (2712/2017) and is valid until April 2029. The reissued LI maintains the same project scope, studies, and layout, and allows the Company to advance the Project.
As anticipated, the reissued LI includes updated conditions in line with current regulatory requirements. The Company has been engaged in ongoing and constructive dialogue with SEMAS to clarify the technical work that needs to be completed to satisfy the conditions. Belo Sun expects to publish a comprehensive project update by the end of the second quarter of 2026, outlining the next phase of work as the Project advances toward construction. The update is expected to include the anticipated timeline and key milestones for the updated Definitive Feasibility Study for the Project ("DFS"), which will reflect current market conditions, metal prices and the latest project planning work, together with the technical work required under the reissued LI and progress on the Company's social and community development programs.
Clovis Torres, Chief Executive Officer of Belo Sun, commented: "The reissued Installation License is an important step forward for the Project and provides greater clarity on the permitting framework. We are encouraged by SEMAS's constructive and collaborative approach following the reinstatement of the LI, and by the ongoing dialogue as we work together to advance the Project to maximize its benefits for all stakeholders. Our focus remains advancing the Project responsibly while supporting employment, training and economic opportunities for local communities."
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, +1 888-516-4171 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 continued effectiveness of the reissued Installation License (LI No. 3698/2026) and the Company's ability to satisfy the conditions thereunder; the Company's ongoing dialogue with SEMAS regarding the conditions of the reissued LI and the technical work required to satisfy such conditions; the timing and content of the comprehensive project update expected to be published by the end of the second quarter of 2026; the timing and outcome of the updated DFS; the timing, scope and progress of the Company's social and community development programs; expectations regarding the commencement and timing of construction activities; the expected economic benefits of the Project; and the future operation and development 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 that the LI may be challenged, modified, suspended or revoked; risks relating to the Company's ability to satisfy the conditions of the LI, including the timing and outcome of updated technical assessments and SEMAS's review thereof; risks relating to legal or regulatory proceedings affecting the Project; risks relating to Indigenous and community consultation; risks relating to the timing, scope, cost and outcome of the updated DFS and the assumptions underlying it (including with respect to gold prices, capital and operating cost estimates and metallurgical recoveries); risks relating to the Company's ability to recruit, train and retain qualified personnel, including local workforce; risks relating to the Company's ability to obtain financing on acceptable terms, or at all, to advance the Project; risks relating to gold price volatility, foreign exchange rates and inflation; risks relating to community relations and security in the region; risks relating to changes in applicable laws, regulations or government policies in Brazil; risks inherent in the mining and mineral exploration and development industry generally 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.
