Slide 1: Corporate Presentation August 2014
TSX: BSX CORPORATE PRESENTATION August 2014
Slide 2: Cautionary Notes
Cautionary Notes All statements, other than statements of historical fact, contained or incorporated by reference in this presentation, but not limited to, any information as to the future financial or operating performance of Belo Sun, constitute ‘‘forward-looking information’’ or ‘‘forward-looking
Slide 3: Key Projects
Key Projects Volta Grande (5.1 Moz M&I) (2.5 Moz Inf) TSX: BSX * For the Purposes of the PEA only measured and indicated resources were included in the PEA mine design. 3 Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Slide 4: Resource Expansion (2009 to 2013)
Resource Expansion (2009 to 2013) * For the Purposes of the PEA only measured and indicated resources were included in the PEA mine design. Mineral resources that are not mineral reserves do not have demonstrated economic viability. TSX: BSX 4
Slide 5: Experienced Board & Management
Experienced Board & Management BOARD OF DIRECTORS MANAGEMENT Mark Eaton (Executive Chairman) BRAZIL OPERATIONS TORONTO OFFICE +25 years Capital Markets experience Stan Bharti Carlos Costa Ian Pritchard Engineer Geologist (30 years experience) Chief Operating Officer Jay Hodgson Ricardo Lopes Ryan Pt
Slide 6: Capital Structure
Capital Structure Shares Outstanding No. 265.9 million Fully Diluted No. 285.9 million Share Price C$ $0.22* Market Capitalization C$ $59 million 52 Week High & Low C$ $0.93- $0.15 Average Daily Volume No. 1,000,000 (3 month average) Cash & Cash Equivalents C$ $10 million ** *As at July 30th, 2014 *
Slide 7: Volta Grande Infrastructure
Volta Grande Infrastructure TSX: BSX 7
Slide 8: Belo Monte Dam Construction
Belo Monte Dam Construction 8
Slide 9: Volta Grande Main Deposits (Oct 2013)
Volta Grande Main Deposits (Oct 2013) Ouro Verde Measured & Indicated: 44.1 Mt (2.4M oz) @ 1.70 g/t Au Inferred: 22.6 Mt (1.1M oz) @ 1.48 g/t Au Grota Seca Measured & Indicated: 47.1 Mt (2.4M oz) @ 1.59 g/t Au Inferred: 18.3 Mt (1M oz) @ 1.59 g/t Au Volta Grande Total Measured & Indicated: 93.8 Mt (
Slide 10: Volta Grande
Volta Grande Topography View from Ouro Verde • Deposit located well above water line • Upstream damming of river will further reduce river level TSX: BSX 10
Slide 11: Opportunities Going Forward
Opportunities Going Forward Ouro Verde Grota Seca Target Areas for future resource expansion *South Block Inferred Resource Estimate -Indicated Pit Constrained – 2.5M tonnes Exploration Camp @ 3.06 g/t Au containing 246k oz Au -Inferred Pit Constrained – 2.9M tonnes @ 3.94 g/t Au containing 370k oz
Slide 12: Grande Artisanal Mine
Grande Artisanal Mine Quartz veins – N60E/45SE TSX: BSX 12
Slide 13: South Block Garimpo Operations - 1980
South Block Garimpo Operations - 1980 TSX: BSX 13
Slide 14: Volta Grande
4 Wi Volta Grande BELO enn , MINING TSX: BSX 14
Slide 15: Ouro Verde
OURO VERDE - Central portion of Domain-2 270 m HG zone inside of D2 Sec 975NW Sec 475NW 15
Slide 16: Grota Seca
GROTA SECA - Central portion of Domain-1 - HG zone related to the general trend presented in slide 15 Sec 2050W Sec 1725W Notes 190m - Cut-off: aprox. 1.50 ppm HG zone inside of D1 - Num. drill holes: 41 - Num. samples: 487 - Thickness: max=16m, min=2m, aver=8m - HG zone near surface 16 325m
Slide 17: Grota Seca
GROTA SECA - Portion along “Galo” area - HG zone related to the “galo” trend presented in the slide 15 Sec 800W Sec 525W Main structural controls Notes - Cut-off: approx. 1.50 ppm - Num. drill holes: 42 - Num. samples: 377 - Thickness: need to be modeled TSX: BSX - HG zones near surface 17
Slide 18: Galo – Garimpo U/G Operations
Galo – Garimpo U/G Operations TSX: BSX 18
Slide 19: Artisanal Mining
Artisanal Mining TSX: BSX 19
Slide 20: Artisanal Mining
Artisanal Mining Garimpo TSX: BSX 20
Slide 21: Garimpo Mine - Galo
Garimpo Mine - Galo TSX: BSX 21
Slide 22: 2013 Highlights
2013 Highlights Measured & Indicated from: 4.1M oz @ 1.73 g/t Au (Dec 2012) 5.1M oz @ 1.69 g/t Au (Oct 2013) Two Inferred from: Resource 2.8M oz @ 1.96 g/t Au (Dec 2012) 2.5M oz @ 1.75 g/t Au (Oct 2013) Updates Including high grade domain in Measured & Indicated (Oct 2013) of 424,000 oz @ 3.09 g
Slide 23: 2014 Goals
2014 Goals Released PEA – staged approach Drill program on high grade Galo target Complete DFS, using expanded resource Complete Indigenous study Apply for Installation License TSX: BSX 23
Slide 24: Benefit from Lower Brazilian Real
Benefit from Lower Brazilian Real 2.6 2.5 2.4 Brazilian Reais 2.3 2.2 2.1 2 1.9 Source: Bloomberg July 7th, 2014 TSX: BSX 24
Slide 25: PEA – Staged Approach
PEA – Staged Approach Project Performance after Tax Preliminary Economic Assessment Project Data Units Years 1-6 L.O.M Life of Mine Years 21 Average Annual Mining Rate Mtpa 24.8 27.3 Annual Mill Throughput Mtpa 3.0 4.9 Metallurgical Recovery % 94.1% 92.8% Average Annual Gold Production oz recovered
Slide 26: PEA – Staged Approach
PEA – Staged Approach Project Performance after Tax Capital Cost Pre Production Costs (US$ millions) Open Pit $12.6 Processing $114.4 Infrastructure $76.0 Indirects, Contingency, Owners Costs $97.3 Subtotal $300.3 Tax $28.4 Total $328.7 Post Tax Evaluation Units Base Case Sensitivity Gold Price US$
Slide 27: Open Pit Gold Deposits
Open Pit Gold Deposits Global Resources (M&I plus Inferred) Contained Au Project Name Country State/Province Owner/Operator Tonnes (Mt) Au Grade (g/t) (Moz) Morelos Mexico Guerrero Torex Gold Resources Inc 104.4 2.63 8.8 Northwest Courageous Lake Canada Seabridge Gold Inc 156.3 2.27 11.4 Territories
Slide 28: Volta Grande – Preliminary Project Layout
Volta Grande – Preliminary Project Layout TSX: BSX 28
Slide 29: Proposed Location of Plant Facility
Proposed Location of Plant Facility TSX: BSX 29
Slide 30: Regional Geology & BSX Sampling/Geophysics
Regional Geology & BSX Sampling/Geophysics Jatoba BSX airborne survey limit 11 DDH = 2,389m + auger drilling 11m @ 0.3 % Cu (up to 1.38% Cu) Geotem-mag airborne survey 28 km road access from Itata to BUMA grid soil sampling: up to 189 ppb Au (1km line spacing) Garimpinho 79.5 g/t Au in diorite
Slide 31: Artisanal Workings
Artisanal Workings TSX: BSX 31
Slide 32: Patrocinio Tapajos District
Patrocinio Tapajos District More than one million ounces of historical gold production at Patrocinio 3.0 km by 1.5 km soil geochemical anomaly defined Grab samples have returned gold values up to 37 g/t in granite and up to 67 g/t in veins IP geophysical survey completed 1,500 meter drill program co
Slide 33: Patrocinio Project Garimpeiro Mining
Patrocinio Project Garimpeiro Mining TSX: BSX 33
Slide 34: Independent Research Coverage
Independent Research Coverage Independent Research – Full Coverage Firm Analyst TD Securities Dan Earle CIBC Jeff Killeen BMO Capital Markets Brian Quast National Bank Financial Shane Nagle Cormark Securities Richard Gray Canaccord Genuity Eric Zaunscherb Dundee Capital Markets Joseph Fazzini Macqua
Slide 35: Belo Sun vs. Peers
Belo Sun vs. Peers 1.1x 1.1x 0.8x 0.8x 0.7x 0.7x 0.7x 0.7x 0.6x 0.5x 0.5x 0.5x 0.4x Midas Probe Romarco Rubicon Lydian Sulliden Sabina Guyana Pretium Torex Peer Median Belo Sun Int. Producer Peer Median Source: BMO Capital Markets - Bloomberg and select Street Research, March 20th, 2014 Note: Interm
Slide 36: BSX NAV per Share
BSX NAV per Share BSX NAV per Share at 5% Discount Rate $7.00 $6.00 $5.00 US$ per Share $4.00 $3.00 $2.00 $1.00 $0.00 1000 1100 1200 1300 1400 1500 1600 1700 1800 1900 2000 Gold Price (US$/oz) BSX Sensitivities- CIBC WM NAV/Sh Gold Price (US$/oz) 0.00 1000 1100 1200 1300 1400 1500 1600 1700 1800 190
Slide 37: Camp Site
Camp Site Acampamento da Bel TSX: BSX 37
Slide 38: Aerial View
Aerial View Four Aérea Si Regiao TSX: BSX
Slide 39: Ouro Verde – Block Model Cross Section 900 NW
Ouro Verde – Block Model Cross Section 900 NW SW NE 0m MR Open Pit 70m Mining - Saprolite US$/t 1.06 Mining - Fresh rock Open Pit US$/t 1.41 g/t Au Processing US$/t 11.98 G&A US$/t 2.89 50m -200m 190m Au recovery - Saprolite % 94 Au recovery - Fresh Rock % 94 Selling cost US$ / Oz 13.82 Au Price US$
Slide 40: Ouro Verde – Block Model Cross Section 525 NW
Ouro Verde – Block Model Cross Section 525 NW SW NE 120m 0m 60m MR Open Pit g/t Au 150m Mining - Saprolite US$/t 1.06 Mining - Fresh rock Open Pit US$/t 1.41 Processing US$/t 11.98 G&A US$/t 2.89 -200m Au recovery - Saprolite % 94 Au recovery - Fresh Rock % 94 Selling cost US$ / Oz 13.82 Au Price US
Slide 41: Ouro Verde – Block Model Cross Section 300 NW
Ouro Verde – Block Model Cross Section 300 NW SW NE 0m 25m 120m MR Open Pit g/t Au Mining - Saprolite US$/t 1.06 70m Mining - Fresh rock Open Pit US$/t 1.41 Processing US$/t 11.98 G&A US$/t 2.89 Au recovery - Saprolite % 94 Au recovery - Fresh Rock % 94 -200m Selling cost US$ / Oz 13.82 Au Price US$
Slide 42: Grota Seca – Block Model Cross Section 2575 W
Grota Seca – Block Model Cross Section 2575 W SSW NNE MR Open Pit Mining - Saprolite US$/t 1.06 Mining - Fresh rock Open Pit US$/t 1.41 Processing US$/t 11.98 G&A US$/t 2.89 Au recovery - Saprolite % 94 Au recovery - Fresh Rock % 94 Selling cost US$ / Oz 13.82 Au Price US$ / Oz 1,400.00 Block Size:
Slide 43: Grota Seca – Block Model Cross Section 1875 W
Grota Seca – Block Model Cross Section 1875 W SSW NNE 75m 0m g/t Au 90m MR Open Pit Mining - Saprolite US$/t 1.06 -200m Mining - Fresh rock Open Pit US$/t 1.41 Processing US$/t 11.98 G&A US$/t 2.89 Au recovery - Saprolite % 94 Au recovery - Fresh Rock % 94 30m Selling cost US$ / Oz 13.82 Au Price US
Slide 44: Grota Seca – Block Model Cross Section 825 W
Grota Seca – Block Model Cross Section 825 W SSW NNE 130m 190m g/t Au 0m MR Open Pit -200m Mining - Saprolite US$/t 1.06 60m Mining - Fresh rock Open Pit US$/t 1.41 Processing US$/t 11.98 G&A US$/t 2.89 Au recovery - Saprolite % 94 Au recovery - Fresh Rock % 94 Selling cost US$ / Oz 13.82 Au Price U
Slide 45: Breakdown by Elevation
Breakdown by Elevation VGP - Pit Constrained MR – Sep 2013 (Belo Sun) Tonnage AU_CUT_OK ELEVATION Au Oz T x 1000 g/t 100MD 2,064.839 1.65 109,696 90MD 2,483.037 1.63 130,030 80MD 2,799.670 1.68 150,979 70MD 3,078.703 1.71 169,315 60MD 3,197.871 1.73 177,571 50MD 3,158.016 1.73 175,800 40MD 3,081.058
Slide 46: The Right Deposit, Place, Time, People
THE RIGHT DEPOSIT….. THE RIGHT PLACE ….. THE RIGHT TIME….. THE RIGHT PEOPLE….. TSX: BSX 46
Slide 47: Appendix PEA Site Plan
Appendix PEA Site Plan TSX: BSX 47
Slide 48: Appendix PEA Simplified Flowsheet
Appendix PEA Simplified Flowsheet CRUSHING THICKENING STOCKPILE CARBON IN LEACH CYANIDE DETOX SEMI AUTOGENOUS ELUTION CARBON MILLING, BALL REGENERATION MILLING TAILINGS TREATMENT GRAVITY SEPARATION ELECTROWINNING INTENSIVE LEACHING SMELTING DORE BARS TSX: BSX 48
Slide 49: Appendix PEA Process Flow Diagram
Appendix PEA Process Flow Diagram TSX: BSX 49
Slide 50: Appendix Volta Grande Process Plant Parameters
Appendix Volta Grande Process Plant Parameters Annual Processing Rate 3,000,000 t/y Daily throughput 8,220 t/d Design feed rate for crusher circuit 457 t/h Design feed rate for Mill/Leach circuit 376 t/h Overall Plant recovery avg. 94 % Primary Jaw Crusher 1 unit Product P80 150 mm SAG Mill 30 ft di
Slide 51: Corporate Headquarters and Investor Relations
TSX: BSX Corporate Headquarters Helia Bento 65 Queen Street West Investor Relations Suite 815, P.O. Box 75 416-309-2137 Toronto, Ontario M5H 2M5 hbento@belosun.com