Belo Sun Mining : Corporate Presentation

Slide 1

Developing an Open Pit Gold Project in Brazil‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌

Corporate Presentation

December 2015

TSX: BSX

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 statements'' within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements include, without limitation, statements with respect to: possible events, the future price of gold, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of projects and new deposits, success of exploration, development and mining activities, permitting timelines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. The words "anticipates", ''plans'', ''expects'', "indicative", "intend", ''scheduled'', "timeline", ''estimates'', ''forecasts", "guidance", "opportunity", "outlook", "potential", "projected", "schedule", "seek", "strategy", "study" (including, without limitation, as may be qualified by "feasibility" and "pre-feasibility"), "targets", "models", or ''believes'', or variations of or similar such words and phrases or statements that certain actions, events or results ''may'', ''could'', ''would'', or ''should'', ''might'', or ''will be taken'', ''occur'' or ''be achieved'' and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Belo Sun as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates, models and assumptions of Belo Sun referenced, contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our most recently filed Annual Information Form and our Financial Statements and Management's Discussion and Analysis as well as: (1) there being no significant disruptions affecting the operations of Belo Sun or any entity in which it now or hereafter directly or indirectly holds an investment, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (2) political and legal developments in Brazil being consistent with Belo Sun's current expectations; (3) the exchange rate between the Canadian dollar, Brazil Real and the

1. dollar being approximately consistent with current levels; (4) certain price assumptions for gold; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) production and cost of sales forecasts for Belo Sun, and entities in which it now or hereafter directly or indirectly holds an investment, meeting expectations; (7) the accuracy of the current mineral reserve and mineral resource estimates of Belo Sun (including but not limited to ore tonnage and ore grade estimates) and any entity in which it now or hereafter directly or indirectly holds an investment; (8) labour and materials costs increasing on a basis consistent with Belo Sun's current expectations; (9) the viability of the Volta Grande Project (including but not limited to the impact of ore tonnage and grade variability reconciliation analysis) as well as permitting, development and expansion being consistent with Belo Sun's current expectations; and (10); access to capital markets. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to those set out in the Company's Annual Information Form; fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (such as diesel fuel and electricity); increases in the discount rates applied to present value net future cash flows based on country-specific real weighted average cost of capital; declines in the market valuations of peer group gold producers and Belo Sun, and the resulting impact on market price to net asset value multiples; and changes in interest rates or gold rates.

   
   

   The Qualified Persons (QPs) responsible for the preparation of Preliminary Economic Assessment (PEA), entitled "Volta Grande Project, Para, Brazil, Preliminary Economic Assessment NI 43-101", dated March 31st, 2014, as defined in NI 43-101, are the following: Dr. Oy Leuangthong , PhD., P.Geo, Principal Consultant, Geostatistics (SRK); Lars Weiershäuser, PhD., P.Geo., Senior Consultant, Geology (SRK); Jean-Francois Couture, PhD., P.Geo., Geology (SRK); Gordon Zurowski, P.Eng., Principal Mining Engineer (AGP); Lyn Jones, P.Eng., Senior Associate Metallurgist (AGP); Justin Taylor, P.Eng., Senior Mechanical Engineer, Associate Project Manager (AGP). All QPs of AGP and SRK are independent of Belo Sun or of any company associated with Belo Sun.

   
   

   Carlos Costa, P.Geo, an employee of the Company and a Qualified Person under NI43-101, has reviewed and approved the scientific and technical information herein.

   
   

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   Overview: Belo Sun & Volta Grande Project

   
   

   Strong mining country with low geopolitical risk

   • Gold project located in Para State, the 2nd most active mining state in Brazil

     
     

     Extensive land package on greenstone belt

   • Mining concessions cover over 120 km of belt

     
     

     Focus on fast-track development to production

   • Positive Feasibility Study completed in March 2015

   • Currently in advanced stage of permitting

     
     

     Long-term mineral growth potential

   • Proven & Probable Mineral Reserves of 3.8 million oz at 1.02 g/t (2)

   • Only small area of property drilled

     
     

     Proven management team with long history of working together

   • Track-record of successfully permitting, building and operating mines

     
     

     Notes: (1) See Cautionary Notes; (2) See slide 13 for details regarding estimates

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     Mine Friendly Jurisdiction

     
     

     #2

     Gold producer

     in Latin America

     
     

     • Brazil has the 7th largest economy in the world, following the US, China, Japan, Germany, France and the UK (2014 World GDP Ranking)

     • From 2002 to 2012, mining production

#11

Gold producer in the world

Volta Grande Project

revenues increased 900% from US$5.5 billion to US$55 billion.

#3

Iron ore producer in the world

• Estimated US$75 billion in investments planned in Brazil mining sector from 2012-2016.*

  6th

  Largest mining

  industry in the world

  • $Real currency vs. US dollar exchange rate provides competitive cost structure.

*According to National Mining Institute Ibram TSX: BSX | 4