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Belo Sun Mining Corp. (“Belo Sun” or “Company”) (TSX: BSX, OTCQX: BSXGF) is pleased to announce that its shareholders approved a major renewal of the Company’s governance structure during today’s Annual General Meeting (“AGM”). Belo Sun has also appointed a Brazil-based President to lead the Company’s operations in the country. This transformation heralds a new chapter aimed at strategic discipline, in-country leadership, and focused execution as the Company seeks to advance its flagship Volta Grande Gold Project in Pará State, Brazil.
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Comprehensive Board Renewal
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Four new directors were elected to the Board, each bringing with them deep and complementary expertise in mine development, the Brazilian permitting process, capital markets, and Brazilian operations. Today, four out of six directors are either Brazilian or have worked extensively in Brazil during their careers. This new Board composition reflects the Company’s sharpened focus on delivering long-term value and responsible project execution in Brazil:
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- Clovis Torres, a highly respected Brazilian mining executive and legal professional, was elected as a director and appointed Chairman of the Board. He also assumes the role of interim Chief Executive Officer, replacing Ayesha Hira from July 4, 2025. This leadership consolidation is aimed at simplifying governance, reducing costs, and improving decision-making.
Mr. Torres brings over 30 years of high-level leadership and governance experience from Brazil’s leading companies. Mr. Torres is a partner and co-founder of Mello Torres – a leading Brazilian law firm specializing in mining and environmental law, M&A, crisis management, and debt restructuring. He was previously the General Counsel of Vale, Chairman of BR Distribuidora, a Director of Petrobras, and Director, President and CEO of Furnas Centrais Electricas – a wind farm and hydrogen power plant operator. Mr. Torres holds an LLM in international law, trade and finance from Tulane Law School, and a JD from Universidade Católica de Salvador Law School.
- Carlos Bertoni, an accomplished Brazilian geologist and mining executive with more than 45 years of global experience, was elected as an independent director. Mr. Bertoni has explored and developed mineral projects across Canada, South America, and Africa. He led exploration programs at Golden Star, including the Omai (Guyana) and Rosebel (Suriname) gold mines, and co-managed the development of the Tulawaka gold mine in Tanzania. In Brazil, he served as Country Manager for Aura Minerals and directed exploration and feasibility work at the Serrote copper mine. He also led mineral resource definition at the Copperwood and White Pine copper deposits in Michigan, USA, for Highland Copper. Most recently, he served as CEO of Reunion Gold, where he oversaw the discovery of the Oko West gold deposit in Guyana, now in construction. Mr. Bertoni holds an M.Sc. in Mineral Exploration from Queen’s University (Canada), is a registered Professional Geoscientist in Ontario, Canada, and a Fellow of the Society of Economic Geologists.
- Boris de Vries, joins the Board as an independent director. Mr. de Vries is Vice President, Business Development at Franco-Nevada and brings a distinctive blend of commercial, technical, ESG and operational expertise, with a strong focus on Latin America. He spent a decade in Brazil with Hatch, where he served as Director of Mining and Mineral Processing for South America, overseeing major project development across the region, including several greenfield gold projects in Brazil. Prior to that, he held operations and project execution roles at Cambior (now IAMGOLD Corporation). Mr. de Vries speaks fluent Portuguese and holds a Master’s degree in Mining Engineering from Delft University of Technology.
- Jack Lunnon, who joined the Board earlier this year as an independent director and a nominee of the La Mancha group, has now been formally elected by shareholders. Mr. Lunnon serves as Chief Technical Officer for the La Mancha group and has over fifteen years’ experience in geology, mining and investments. Mr. Lunnon was formerly a Consultant Geologist for SLR Consulting and for Micromine. He also has board-level experience, having previously served as a director of Elemental Altus Royalties Corp. – a TSXV-listed royalties company. Mr. Lunnon is a Chartered Geologist, with a specialism in Resource Geology, and holds a Master of Geology degree from the University of Southampton.
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The Company also confirms the re-election of Peter Nixon and Rui Botica Santos, who provide continuity, governance depth, and legal insight during this critical transition.
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The Company and the new Board express their deep appreciation to Mark Eaton, Ayesha Hira, and Carol Fries for their leadership, resilience, and contributions over the past years and wish them well for the future. Together with the local team, they built a robust operational foundation in Brazil and cultivated strong relationships with key stakeholders in Pará State, who continue to be fully aligned with the project.
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Appointment of President, Brazil
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In parallel with the Board renewal, Belo Sun is pleased to announce the appointment of Adriano Espechit as President, Brazil, who will be responsible for leading all in-country operations. Based in Belo Horizonte and reporting directly to the Board, Mr. Espechit will spearhead engagement with regulatory and government bodes in Brazil, stakeholder coordination, and construction readiness for the Volta Grande Gold Project.
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Mr. Espechit is a widely respected executive in the Brazilian mining sector and joins the Company from Brazil Potash, where he successfully led the permitting process for the company’s flagship project. With more than 35 years’ experience in mine development and operations — including active engagement with indigenous and regulatory stakeholders — he brings the leadership and credibility required to advance Volta Grande responsibly and efficiently.
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