Belo Sun Mining Announces Permitting Update on the Volta Grande Gold Project in Brazil

Court Decision and Permitting Authority - The Federal Court of Appeals in Brasília (TRF1) unanimously ruled that SEMAS, the Pará State environmental agency, will be the competent authority for the environmental permitting process of the Volta Grande Gold Project (PVG) [1] - This decision reverses the September 2023 ruling that designated IBAMA as the permitting authority for PVG [1] - SEMAS had previously issued PVG's Preliminary License (LP) in 2014 and Construction License (LI) in 2017, and revalidated the LP in 2022 after FUNAI approved the Indigenous Study (ECI) [2] Project Progress and Next Steps - The ruling is a positive development for PVG due to SEMAS's familiarity with the project and experience permitting mining projects in Pará State [2] - The next stage in the permitting process involves transferring files back to SEMAS and working with the agency to advance PVG [2] - The LI remains under suspension, but the LP is currently valid [2] Company Perspective - Belo Sun welcomes the TRF1 ruling confirming SEMAS as the permitting authority, citing the agency's familiarity with PVG and the company's constructive relationship with SEMAS [3] - The company aims to advance the permitting process in compliance with relevant laws and regulations, benefiting all stakeholders, particularly local communities and Indigenous Peoples [3] Company Overview - Belo Sun Mining Corp is a mineral exploration and development company focused on gold properties in Brazil [4] - The company's primary focus is advancing and expanding its 100% owned Volta Grande Gold Project in Pará State, Brazil [4] - Belo Sun trades on the TSX under the symbol "BSX" and on the OTCQB under the symbol "BSXGF" [4]