TORONTO, Feb. 23, 2026 (GLOBE NEWSWIRE) -- Belo Sun Mining Corp. (“Belo Sun” or the “Company”) (TSX:BSX, OTCQB:BSXGF) is pleased to report that all meeting matters put forth to the shareholders (the “Shareholders”), as voted on by the disinterested shareholders, were duly approved at its special meeting of shareholders held today (the “Meeting”). At the Meeting, the 91.99% of the disinterested Shareholders approved the issuance of up to 56,565,697 common shares of the Company to La Mancha Investments S. à r ...

Core Viewpoint - Belo Sun Mining Corp. has successfully reinstated its Installation License for the Volta Grande Gold Project in Brazil, allowing the company to resume construction activities after a suspension since 2017 [1][3][6]. Background - The Federal Court of Altamira had previously upheld the suspension of the Installation License, prompting the company to take legal action to challenge this decision [2]. Court of Appeal Decision - On February 13, 2026, the Federal Regional Court granted interim relief, reinstating the Installation License and permitting Belo Sun to continue installation activities for the Project [3]. Compliance and Consultation - The Court determined that the company had met all conditions set by TRF-1, including the preparation of the Indigenous Component Study based on primary data and conducting consultations with local Indigenous communities in accordance with established protocols [4]. - The Court also ruled that FUNAI's reversal of its earlier position regarding the sufficiency of the ECI was not supported by formal administrative procedures, requiring any new requirements to follow proper technical justification [5]. Construction Activities - With the ruling, the Installation License is now fully effective, allowing the company to proceed with construction and installation activities for the Project [6]. Next Steps - The respondents to the appeal have the opportunity to file a response, and the appeal will be reviewed by the 6th Panel of TRF-1, with further updates to be provided by the company [7]. Company Leadership Comments - The Chairman and CEO of Belo Sun expressed gratitude for the support received from local communities and authorities, highlighting the significance of this milestone for the company and its stakeholders [8][9]. Project Development Commitment - The company aims to develop the project in line with best international mining practices, focusing on environmental protection and social standards to contribute to the region's economic development [10].

Core Viewpoint - Belo Sun Mining Corp. faces a legal setback as the Federal Court of Altamira, Brazil, denied its request for provisional compliance regarding the Construction License for the Volta Grande Gold Project, which remains suspended pending further compliance with Indigenous consultation requirements [1][2][4]. Legal and Regulatory Summary - The Construction License for the Volta Grande Gold Project is legally valid but currently suspended due to insufficient compliance with conditions set by the Federal Court of Appeals, specifically regarding Indigenous consultation and the completion of an Indigenous Component Study [2]. - The Federal Court's ruling referenced recent technical opinions from Brazil's National Indigenous Peoples Foundation (FUNAI) and a report from the Federal Public Prosecutor's Office, indicating that the Company has not yet demonstrated adequate compliance [2]. Company Response and Future Actions - The Company reaffirms its commitment to comply with all environmental, social, and regulatory requirements and plans to evaluate and pursue appropriate legal remedies [3][5]. - The CEO of Belo Sun expressed confidence that the Court's interpretation differs from the original requirements and does not affect the project's underlying merits or the strength of the permitting framework [4]. - The Company intends to appeal the decision to the Federal Regional Court, which has previously confirmed that Belo Sun meets the necessary requirements for lifting the license suspension [5]. Project Overview - The Volta Grande Gold Project is located in Para State, Brazil, and is a key focus for Belo Sun Mining Corp., which is dedicated to advancing and expanding this 100% owned gold project [6].

Core Points - Belo Sun Mining Corp. is conducting a non-brokered private placement financing at a price of C$0.43 per common share, aiming for gross proceeds of up to US$30 million (C$41,343,000) [1] - La Mancha Investments, an existing shareholder, has committed to participate in the private placement and will provide a majority of the funding [2] - The completion of the private placement is expected to create a new Control Person, La Mancha, subject to shareholder and Toronto Stock Exchange approvals [3] Financing Details - The private placement will involve a statutory hold period of four months plus a day from the date of issuance [4] - Proceeds from the financing will be used for working capital and general corporate purposes, including commitments to local communities [5] - The company may pay finder fees in accordance with Toronto Stock Exchange policies [5] Regulatory Considerations - The securities issued in the private placement will not be registered under the United States Securities Act of 1933 [6] - The creation of a new Control Person requires shareholder approval as La Mancha's participation will result in holding 20% or more of the shares [7] - La Mancha's participation is classified as a related party transaction, and the company will rely on exemptions from formal valuation and minority shareholder approval requirements [8] Company Overview - Belo Sun is focused on developing the Volta Grande Gold Project in Pará State, Brazil, and trades on the Toronto Stock Exchange under the symbol "BSX" [9]

Core Points - Belo Sun Mining Corp. has undergone a significant governance renewal, with shareholders approving changes during the Annual General Meeting [1][9] - The company has appointed a Brazil-based President to enhance local leadership and operational execution for the Volta Grande Gold Project [1][5] Board Renewal - Four new directors were elected, enhancing the board's expertise in mine development, Brazilian permitting, capital markets, and operations [2] - Clovis Torres was appointed as Chairman of the Board and interim CEO, aiming to simplify governance and improve decision-making [2] - Carlos Bertoni, Boris de Vries, and Jack Lunnon were also elected as independent directors, bringing extensive experience in mining and operations [2][3] AGM Results - The AGM held on June 23, 2025, saw significant shareholder participation, with 50.864% of common shares voted [11] - Directors received high approval rates, with Carlos Bertoni and Jack Lunnon each receiving 96.230% of votes in favor [9] - Other resolutions, including the appointment of auditors and amendments to by-laws, also received strong support from shareholders [10][11] Leadership Appointment - Adriano Espechit was appointed as President, Brazil, responsible for in-country operations and stakeholder engagement [5][6] - Espechit has over 35 years of experience in mine development and has successfully led permitting processes in Brazil [6][8]