Mr. Matthew Fisher of La Mancha reports

LA MANCHA INVESTMENTS S. À R. L. TO FILE EARLY WARNING REPORT

La Mancha Investments Sarl (La Mancha), a wholly owned subsidiary of La Mancha Resource Fund SCSp, advised by La Mancha Resource Capital LLP, subscribed on Feb. 24, 2026, for 50,587,226 common shares in the capital of Belo Sun Mining Corp. for aggregate consideration of $21,752,507 (representing a price per share of 43 cents) pursuant to Belo Sun's non-brokered private placement (subscription).

Prior to the subscription, La Mancha owned, or exercised control or direction over, 90,547,307 shares, representing approximately 19.2 per cent of the then-issued and outstanding shares. As a result of the subscription, La Mancha now owns, or exercises control or direction over, an aggregate of 141,134,533 shares, representing approximately 24.9 per cent of the issued and outstanding shares.

Directly or indirectly, La Mancha may, from time to time, acquire additional securities of Belo Sun or dispose of all or a portion of the shares previously acquired or held, through market transactions, private agreements, treasury issuances or otherwise.

La Mancha's registered office is located at 31-33 Ave. Pasteur, L-2311 Luxembourg. Belo Sun's registered office is located at 198 Davenport Rd., Toronto, Ont., Canada, M5R 1J2.

La Mancha intends to file an early warning report containing additional information with respect to the foregoing matters, which will be available under Belo Sun's SEDAR+ profile, and may also be obtained by contacting: Matthew Fisher, general counsel, La Mancha Resource Capital LLP, legal@lamancha.com, 44-20-3960-2020.