Ms. Ayesha Hira reports

BELO SUN MINING ANNOUNCES PERMITTING UPDATE ON THE VOLTA GRANDE GOLD PROJECT IN BRAZIL

The Federal Court of Appeals in Brasilia (TRF1) has unanimously ruled that the Secretariat of Environment and Sustainability of the State of Para (SEMAS) will be the competent authority for the environmental permitting process of Belo Sun Mining Corp.'s Volta Grande gold project (PVG) going forward. This decision reverses the decision made in September, 2023, by the TRF1 that designated the Federal Brazilian Institute of the Environment (IBAMA) as the competent authority for the environmental permitting process of PVG (see press release dated Sept. 12, 2023). The written ruling will be published in the coming days.

Prior to the decision in September, 2023, SEMAS had been conducting the permitting of PVG and, in that capacity, issued PVG's preliminary (LP) and construction (LI) licences in 2014 and 2017, respectively. Though the ruling designating SEMAS as the competent authority could be subject to appeal, it is a positive development for PVG due to the Para state agency's familiarity with and knowledge of the project. Though the LI remains under suspension, the LP was revalidated by SEMAS in 2022 following FUNAI's (Brazilian Federal Agency for Indigenous Affairs) approval of the company's indigenous study (ECI). The next stage in the permitting process of PVG will be the transferring of files back to SEMAS as the company begins to work with it on progressing the necessary work to advance PVG.

Commenting on the TRF1 ruling, Ayesha Hira, interim president and chief executive officer of Belo Sun, said: "We welcome the TRF1 court ruling confirming SEMAS as the permitting authority for the project, an agency that is already familiar with PVG and one that has been permitting mining projects in this important mining jurisdiction in Para state. The company has had a constructive and transparent relationship with SEMAS, and we look forward to working with the agency to advance the permitting process of PVG, in compliance with all relevant laws and regulations, to the benefit of all stakeholders, in particular the local communities and indigenous peoples."

About Belo Sun Mining Corp.

Belo Sun Mining is a mineral exploration and development company with gold-focused properties in Brazil. Belo Sun's primary focus is advancing and expanding its 100-per-cent-owned Volta Grande gold project in Para state, Brazil. Belo Sun trades on the Toronto Stock Exchange under the symbol BSX and on the OTCQB under the symbol BSXGF.

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