Belo Sun Mining Corp. · TSX:BSX

Belo Sun Mining — BMO Mining Conference 2023

24 slides from Belo Sun Mining's conference presentation, 2023

  1. Slide 1: BMO Mining Conference 2023 - Developing the Volta Grande Gold Project

    BMO Mining Conference 2023 TSX:BSX Developing the Open Pit Volta Grande Gold Project, Brazil The largest undeveloped gold deposit in Brazil

  2. Slide 2: Introductory Matters

    Introductory Matters Currency: All dollar figures represent U.S dollars unless otherwise noted. Market and Industry Data: Unless otherwise indicated, the market and industry data contained in this document is based upon information from independent industry publications, market research, analyst rep

  3. Slide 3: Volta Grande Gold Project

    Volta Grande Gold Project  Project Location / Infrastructure  Project Highlights  Project Update  Operating Economics  Mineral Resources Exploration  Investor Value TSX: BSX | 3

  4. Slide 4: Volta Grande Gold Project - Location

    Volta Grande Gold Project - Location  The Volta Grande Project is located in Para State, the 2nd most active mining state in Brazil. Volta Grande is the largest undeveloped Gold deposit in Brazil  The future mine and all related infrastructure will be located on farmland or previous mine workings

  5. Slide 5: Excellent Infrastructure

    Excellent Infrastructure Altamira City – 150,000 residents Altamira Airport Belo Monte & Pimental Dams Easy Accessible by road World’s 3rd largest hydroelectric dam Volta Grande Gold Project Volta Grande Land TSX: BSX | 5

  6. Slide 6: Volta Grande Gold Project - Update

    Volta Grande Gold Project - Update Successful Permitting Record - Project Status  EIA (Environmental Impact Assessment) completed in 2012  Environmental Licence (LP) granted in 2014  Feasibility Study completed in 2015  Indigenous Study completed in 2016 *Submitted along with construction licens

  7. Slide 7: Volta Grande Gold Project - Highlights

    Volta Grande Gold Project - Highlights Highlights  Largest Undeveloped Gold Project in Brazil  Excellent Infrastructure  268kozAu/yr (first 10 yrs) at 1.38 g/t (1)  Life of Mine Au Production: 3.53 Moz  Feasibility Mineral Reserves: 3.8 Moz  Feasibility Mineral Resources: M&I: 5.0 Moz and Inf:

  8. Slide 8: Mining Highlights: Operating Costs and Annual Production

    Mining Highlights (first 10 years) Operating Costs and Annual Production* $40.00 1.80 300,000 oz 2.0 g/t 275,000 oz $35.00 1.60 250,000 oz Cost per Tonne Ore Milled 1.40 $30.00 225,000 oz Ounces Produced 1.20 200,000 oz $25.00 Grade (g/t) 175,000 oz 1.01.00 g/t $20.00 150,000 0.80 125,000 $15.00 0.6

  9. Slide 9: Strong Economics

    Strong Economics Feasibility Study, March 2015 Current Gold Price & Exchange Rate $1,200/oz Au; $US1:R3.10 $1,650/oz Au; $US1:R5.30  Post-Tax IRR of 26%  Post-Tax IRR of 85%  Post-Tax NPV @5%: $665M  Post Tax NPV @ 5%: $1.85 Billion  4 year payback  >2.0 year payback 85% Post-Tax Internal Rate

  10. Slide 10: Strong Economics - Cumulative Cash Flow

    Strong Economics Cumulative Cash Flow (after-tax, undiscounted ) Cumulative Cashflow US$ 3.24 Billion After Tax after tax $3,500,000,000 $3,000,000,000 $2,500,000,000 $2,000,000,000 $1,500,000,000 $1,000,000,000 $500,000,000 $- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 -$500,000,000 $1,750/

  11. Slide 11: Project Performance

    Volta Grande - Feasibility Study Details 2020 Project Performance Operating Cost Breakdown Annual tonnes milled 6.75 Mt Avg. gold grade (First 10 years) 1.38 g/t Au Plant recovery 93% Annual production (First 10 years) 268,000 oz 39% Recovered Gold over LOM 3.53 M oz Au Processing 57% Processing met

  12. Slide 12: Operating Costs Updated in 2020

    Volta Grande Gold Project 2020 Operating Costs Updated in 2020 Feasibility Study 2015 Current 2020 Mining Operating Costs (LOM Average) (LOM Average) General Mine & Engineering $0.06/t $0.06/t Drilling $0.15/t $0.13/t Blasting $0.28/t $0.32/t Loading $0.22/t $0.22/t Hauling $0. 64/t $0. 64/t Support

  13. Slide 13: Construction Capital Breakdown

    Volta Grande - Feasibility Study Details 2020 Construction Capital Breakdown Volta Grande Project Capital Allocation (3.1:1 R$/US Exchange Rate / Currently 5:1 R$ / US$) Overall site Mine & waste rock dump $20.7 M Mine fleet $24.3 M Crushing plant $06.4 M Plant $71.1 M Tailings $07.4 M Infrastructur

  14. Slide 14: Located Within Large Gold Belt

    Located Within Large Gold Belt Amazon Basin Altamira Parnaíba Basin Volta Grande Project Três Palmeiras Greenstone Belt (+120 km strike; 1km-8km width) Geological data accumulated on Bacajá Domain Tapajós Province the entire belt to date:  11,000 soil samples (mostly taken in the mineral resource a

  15. Slide 15: Tres Palmeiras Greenstone Belt

    Tres Palmeiras Greenstone Belt 15

  16. Slide 16: Mineral Resources

    Mineral Resources Geological data on belt to date:  11,000 soil samples (mostly taken in the mineral resource area) GREIA  900 surface rock samples  9,981m of drilling (excluding resource drilling) EXPLORATION VOLTA GRANDE CONCESSIONS (+120 km strike; 1km-8km width) MINING PROJECT SOUTH BLOCK Min

  17. Slide 17: Exploration Targets 2017/2018

    Exploration Targets 2017/2018 Volta Grande Project Area OURO VERDE 1 Mineral growth along strike GREIA JUNCTION Mineral growth in Greia 2 GROTA SECA 3 Explore and upgrade South Block target Grassroots exploration drilling elsewhere on greenstone belt 4 TSX: BSX | 17

  18. Slide 18: Near-Term Growth in South Block

    Near-Term Growth in South Block Volta Grande Project Tonnes Avg. grade Gold (2015) (Mt) Total Measured & Indicated 0.98 g/t 156.593 4,956,000 oz (0.4g/t cut-off) (1) Total Inferred (0.4g/t cut-off) (1) 0.90 g/t 39.767 1,151,000 oz Volta Grande Project (2015 Feasibility Study) South Block (5km from N

  19. Slide 19: Exploration Upside

    Exploration Upside VOLTA GRANDE SOUTH BLOCK 250,000 Drilling has translated to Excellent mineral significant mineral growth growth potential in in the North Block. the South Block with further drilling. 200,000 150,000 Meters Drilled 6.1 Moz * 100,000 50,000 Ind: M&I: M&I: 0.8 Moz 5.0 Moz 0.2 Moz In

  20. Slide 20: Benchmarking Shareholder Value - Total Contained Gold Reserves

    Benchmarking Shareholder Value Operating and Permitted Open Pit Gold Projects in the Americas Reserve Au Ounces vs Reserve Grade Au g/t 13,000,000 1 gram per Tonne line 12,000,000 11,000,000 10,000,000 Total Contained Gold Reserves, Oz 9,000,000 8,000,000 7,000,000 6,000,000 5,000,000 4,000,000 BSX

  21. Slide 21: Benchmarking Shareholder Value

    Benchmarking Shareholder Value Primary Gold Bankable Feasibility Mine Life Annual Production Cash Costs Shovel-Ready and Projects in the Study >10 Years >150 koz <US$750/oz Actionable Americas IRR >25% Only 1: 461 68 32 23 5 Volta Grande Volta Grande is the only shovel-ready, actionable gold project

  22. Slide 22: Summary & Investor Value Proposition

    Summary & Investor Value Proposition Location Mining Highlights Strong Economics  Largest undeveloped gold  268kozAu/yr (first 10 yrs)  Post-Tax NPV of $665M; deposit in Brazil  Reserves: 3.8 Moz at 1.02 g/t (1) IRR of 26% (2)  Para is 2nd most active mining state  AISC operating costs: $779/o

  23. Slide 23: Company Structure & Performance

    Company Structure & Performance Capitalization Summary (Q2 ending June 30, 2022) Major Shareholder Distribution Sun Valley Gold ~24% Shares Outstanding 442,631,915 Canadian Gold Funds ~15% Options 17,221,333 Management & Insiders ~15% European Gold Funds ~7% US Gold Funds ~6% Cash & Cash Equivalents

  24. Slide 24: Thank You

    BMO Mining Thank You Conference 2023 TSX:BSX Developing the Open Pit Volta Grande Gold Project, Brazil The largest undeveloped gold deposit in Brazil

Belo Sun Mining — BMO Mining Conference 2023 on 6ix