Belo Sun Mining Corp. (“Belo Sun” or the “Company”) (TSX: BSX,OTC:BSXGF, OTCQB: BSXGF) is pleased to announce that the Federal Regional Trial Court has accepted our appeal to reinstate the installation license, which was suspended in 2017, for the Company’s Volta Grande Gold Project (the “Project”) in the State of Pará, Brazil.
Background
As previously announced, the Federal Court of Altamira recently upheld the suspension of the installation license, which had been in force since 2017. The company has taken appropriate legal action to challenge that decision.
Decision of the Court of Appeal
On February 13, 2026, Desembargador Federal Flávio Jardim of the 6th panel of TRF-1 granted interim measures, suspending the lower court’s decision and fully restoring the effectiveness of the installation license. The ruling authorizes Belo Sun to resume and continue regular installation activities for the project.
In its ruling, the Court found that the company had fully complied with the conditions previously imposed by TRF-1, including that: (i) the Indigenous Component Study (“ECI”) was prepared on the basis of primary data, as required; (ii) prior, free and informed consultation has taken place in accordance with the Juruna Protocol, with adequate information, internal consultation and culturally appropriate participation; and (iii) the Juruna (Yudjá) and Arara of the Volta Grande do Xingu communities had participated in all phases of the consultation process, with formal expressions of support. The Court found that the consultation was conducted in good faith, in a participatory and transparent manner, in accordance with Convention No. 169 of the International Labor Organization.
The Court further found that FUNAI’s subsequent reversal of its previous position, which had confirmed the adequacy of the ECI and the regularity of the consultation process, was not supported by any formal administrative procedure as required under the applicable regulations. The ruling determined that any new requirements from FUNAI, including any request to expand the scope of the consultation, must be preceded by a formal administrative process with appropriate technical justification.
Construction activities
As a result of the ruling, the Installation Permit is now in full force and effect and the Company is authorized to proceed with construction and installation activities for the Project.
Next steps
Respondents in the appeal have been given the opportunity to file a response, and the interim appeal will be reviewed by the 6th Panel of TRF-1. The company will provide further updates as necessary.
Clovis Torres, Chairman and Chief Executive Officer of Belo Sun, commented: “We welcome this important milestone, which is all the more meaningful as the suspension of the project in 2017 marked a challenging period for our team and our shareholders. Today we would like to congratulate everyone whose determination and professionalism have made this new phase possible.
We would also like to express our sincere gratitude for the continued support we have received over the years from local communities and federal, state and municipal authorities. Their trust and commitment have been essential during this journey.
This project will be developed in accordance with the best international mining practices to protect the environment, while also applying the highest social standards. Our ambition is clear: contribute sustainably to the economic development of the region by creating tangible opportunities for local residents and generating positive long-term results.”
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 to advance and expand the 100% owned Volta Grande Gold Project in the State of Pará, 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 questions, please contact Belo Sun Mining Corp, +1 (416) 861-2262 or info@belosun.com.
Cautionary Note 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 recovery and continued effectiveness of the Installation License; the continuation of installation and construction activities for the Project; the outcome of the assessment by the 6th panel of TRF-1; and the progress 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, but not limited to, risks associated with the outcome of the 6th Panel review and the possibility that the interim measures may be reversed; risks associated with further legal challenges or regulatory proceedings; risks inherent in the mining industry and risks described in the Company’s public disclosure, which is available under the Company’s profile 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 the 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.
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