Slide 1: Developing the Open Pit Volta Grande Gold Project, Brazil
Developing the Open Pit Volta Grande Gold Project, Brazil The largest undeveloped gold deposit in Brazil TD Mining Conference 2021 TSX:BSX
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
Slide 3: Volta Grande Gold Project
Volta Grande Gold Project ▪ Project Location / Infrastructure ▪ Project Highlights ▪ Project Update ▪ Operating Economics ▪ Mineral Resources Exploration ▪ Value for Investors TSX: BSX | 3
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
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 Project Topography TSX: BSX | 5
Slide 6: 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:
Slide 7: Volta Grande Gold Project - Update
Volta Grande Gold Project - Update Project Status ▪ EIA and Environmental Licence (LP) granted in 2012 ▪ Feasibility Study completed in 2015 ▪ Indigenous Study completed in 2016 ▪ Construction License (LI) granted in early 2017 *Suspended in mid-2017 subject to resubmission of Indigenous study using
Slide 8: Operating Costs and Annual Production
Mining Highlights (first 10 years) Operating Costs and Annual Production* $40.00 1.80 300,000 oz 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 Grade (g/t) $25.00 175,000 oz 1.01.00 g/t $20.00 150,000 Grade g/t 0.80 125,000 $15.00 0
Slide 9: Strong Economics: Post-Tax IRR
91% Strong Economics Feasibility Study, March 2015 Current Gold Price & Exchange Rate $1,200/oz Au; $US1:$R3.10 $1,700/oz Au; $US1: $R5.6 ▪ Post-Tax IRR of 26% ▪ Post-Tax IRR of 91% ▪ Post-Tax NPV @5%: $665M ▪ Post Tax NPV @ 5%: $2.0 Billion ▪ 4 year payback ▪ >2.0 year payback Post-Tax Internal Rat
Slide 10: Project Performance - Feasibility Study Details 2020
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
Slide 11: Operating Costs: 2015 vs. 2019
Volta Grande Gold Project 2020 Operating Costs: 2015 vs. 2019 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
Slide 12: Construction Capital Breakdown - Feasibility Study Details 2020
Volta Grande - Feasibility Study Details 2020 Construction Capital Breakdown Volta Grande Project Capital Allocation (3.1:1 BRL/US Exchange Rate) 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 Infrastructure $33.6 M Ancillaries $2
Slide 13: 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
Slide 14: 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
Slide 15: 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
Slide 16: Benchmarking Shareholder Value: Capital Intensity
Benchmarking Shareholder Value $5.0 Capital Intensity (US$K/oz) $4.0 $3.0 Cangrejos (PEA) $2.0 Volta Grande Volta Grande Project (Actionable) Feasibility Study Completed $1.0 5.0 10.0 15.0 20.0 25.0 30.0 Mine Life (Years) Americas Gold Projects: Capital Intensity vs. Mine Life1 Source: S&P Market In
Slide 17: Summary & Value Proposition
Summary & Value Proposition ▪ Advancing one of Brazil’s largest undeveloped gold projects in a prolific mining district and mine-friendly jurisdiction ▪ Strong Cash Position $32 million ▪ Advanced stage of permitting ▪ Strong Production Profile & Robust Project Economics ▪ Large Resources/Reserves &
Slide 18: Company Structure & Performance
Company Structure & Performance Capitalization Summary (Q2 ending June 30, 2019) 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
Slide 19: Thank You
Thank You Belo Sun Mining Corp. 65 Queen Street West, Suite 800 Toronto, Ontario | M5H 2M5 info@belosun.com TSX:BSX