belo sun presentation july 2013

CORPORATE PRESENTATION July 2013

The LARGEST developing

GOLD PROJECT in BRAZIL

TSX: BSX

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 full-

year 2012 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 U.S. 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:

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; changes in interest rates or gold rates; changes

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.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

2 TSX: BSX

Cautionary Notes

3 TSX: BSX

BSX Opens TSX April 30th, 2012

Summary

Estimated Resource Updates and PFS

January 23rd, 2012 - Measured and Indicated Mineral Resources of 2.22M oz @ 1.65 g/t Au, representing 70% increase

- Inferred Mineral Resources of 1.53M oz @ 1.71 g/t Au, representing 38% increase in average gold grade

April 25th, 2012 - Measured and Indicated Mineral Resources of 2.85M oz @ 1.69 g/t Au, representing 28% increase

- Inferred Mineral Resources of 1.97M oz @ 1.70 g/t Au, representing 28% increase

South Block - Inferred Pit Constrained Mineral Resources of 3,650,000 tonnes @ 2.64 g/t Au containing 309,700 oz Au

- Inferred Underground Mineral Resources of 381,000 tonnes @ 3.82 g/t Au containing 46,900 oz Au

Dec 18th, 2012 - Measured and Indicated Mineral Resources of 4.1M oz @ 1.73 g/t Au, representing 44% increase

- Inferred Mineral Resources of 2.8M oz @ 1.96 g/t Au, representing 20% increase

April 15th, 2013 - Measured and Indicated Mineral Pit Constrained Mineral Resources of 4.7 M oz @1.68 g/t Au

- Inferred Pit Constrained Mineral Resources of 2.2M oz @ 1.85 g/t Au

- Underground Resources of 16,000 oz @ 3.33 g/t Au (Indicated) and 228,000 oz @ 3.41 g/t Au (Inferred)

May 6th, 2013 - Pre-feasibility Study complete

Strengthened Management Team with addition of engineering staff in both Toronto and Belo Horizonte offices

Mike Hoffman as VP of Engineering

Ian Pritchard as COO, Toronto

Donald Clarke as advisor to Belo Sun

Graduated to the TSX February 16th, 2012

Reached 200km, 760 holes of drilling since April 2010

4 TSX: BSX

Recent Events

Details regarding mineral resource estimates can be found in Press Releases dated Jan 23, 2012, April 25, 2012, June 11 2012, Dec 18, 2012, April 15, 2012 that

have been filed under the profile of the Company on SEDAR.

Please refer to the table on slide 47 for total mineral resource estimate.

5 TSX: BSX

Experienced Board & Management

BOARD OF DIRECTORS

Peter Tagliamonte (Chairman) Engineer

Stan Bharti

Engineer

Jay Hodgson Geologist

Clay Hoes Geologist

Rui Santos Lawyer

Catherine Stretch

Director

MANAGEMENT

BRAZIL OPERATIONS

Carlos Costa Geologist (30 years experience)

Ricardo Lopes Geologist (27 years experience)

Omar Antunes Chemical Engineer (30 years experience)

Octavio Guimaraes Engineer (20 years experience)

TORONTO OFFICE

Ian Pritchard Chief Operating Officer

Ryan Ptolemy Chief Financial Officer

Mike Hoffman Vice President of Engineering

Pat Gleeson Corporate Secretary

Simon Marcotte VP Corporate Development

Helia Bento Marketing Manager

Mark Eaton Director, President & CEO (25 years Capital Markets experience)

Helio Diniz Director, VP Exploration (30 years experience)

Shares Outstanding No. 265.9 million

Fully Diluted No. 285.9 million

Share Price C$ $0.45 *

Market Capitalization C$ $120 million

52 Week High & Low C$ $1.83 - $0.44

Average Daily Volume (3 month average)

No. 1,000,000

Cash & Cash Equivalents

C$ $35 million **

6 TSX: BSX

Capital Structure

*As at July 3rd ,2013

**As at March 31st, 2013

Volta Grande

(4.7 Moz M&I)

(2.4 Moz Inf)

7 TSX: BSX

Key Projects

8

Volta Grande Main Deposits (April 2013)

TSX: BSX

Ouro Verde

Measured &

Indicated:

42.6 Mt (2.3M oz) @

1.73 g/t Au

Inferred:

19.1 Mt (1.1M oz) @

1.68 g/t Au

Grota Seca

Measured &

Indicated:

45.5 Mt (2.4M oz) @

1.62 g/t Au

Inferred:

14.7 Mt (867k oz) @

1.74 g/t Au

Volta Grande

Total

Measured &

Indicated:

88.1 Mt (4.7M oz) @

1.68 g/t Au

Inferred:

39.6 Mt (2.4M oz) @

1.93 g/t Au

*Please see slide 50 for full information regarding mineral resource estimates

9

Volta Grande Topography

TSX: BSX

View from Ouro Verde

• Deposit located well above

water line

• Upstream damming of river

will further reduce river level

10 TSX: BSX

Volta Grande Drilling Program 2010 – 2013

203,000 meters (760 holes)

Completed since April 2010

11

Project Performance (After Tax)

TSX: BSX

Project Data Prefeasibility Results

Production Data Life of mine

10 Years

Annual Mine Throughput 7 million tpy

Metallurgical Recovery Au 94%

Average Annual Gold Production 313,100 oz

Average Waste to Ore Strip Ratio Average Grade of M&I Resource Average Grade after mining dilution

6.88:1 1.72 g/t 1.48 g/t

Life of Mine Operating Costs/Tonne Ore Milled

Mining US$17.36

Processing US$10.50

General and Administration US$2.52

Total Operating Cost/Ounce of Gold US$681.90

Cash Operating Costs including Royalties US$711.50

Capital Cost

Initial Investment Capital US$ 749,114,400

Average Sustaining Capital over life of mine

including closure costs US$19.62 million per annum

12

Operating Cost Breakdown

TSX: BSX

Category Cost per tonne Ore in

US$

Cost per Ounce Produced

in US$

Mining Cost per Tonne material moved

Mining

2.26

17.36

389.60

Processing 10.50 235.70

General and Administrative 2.52 56.60

Total US$30.38 US$681.90

Strip Ratio 6.88:1

13

Financial Gold Price Sensitivity Analysis

TSX: BSX

0%

5%

10%

15%

20%

25%

30%

35%

-

500

1,000

1,500

2,000

2,500

1,200 1250 1300 1350 1400 1450 1500 1550 1600 1650 1700 1750 1800 1850 1900 1950 2000

IRR

Pro

jec

t N

PV

Gold Price

NPV - IRR Sensitivity

NPV 0%

NPV 5%

IRR

Comparing PFS x April 2013 (CF)

Grota Seca

South Block

Ouro Verde

Exploration Camp

15

Brownfields Exploration

TSX: BSX

GRANDE

*South Block Inferred Resource Estimate

-Inferred Pit Constrained – 5.4M tonnes

@ 2.73 g/t Au containing 471k oz Au

- Inferred Underground – 408k tons @ 3.89

g/t Au containing 51k oz Au

* Details regarding the mineral resource estimate can be found in the Press Release dated Dec 18th, 2012 that has been filed under the profile

of the Company on SEDAR.

Target Areas for future

resource expansion

16 TSX: BSX

Regional Geology & BSX Sampling/Geophysics

Garimpinho

79.5 g/t Au in diorite

Javae

120.9 g/t quartz vein colluvium/alluvium

Surubim Buma *

28 km road access from Itata to BUMA

BSX airborne survey limit

BSX airborne Mag/Rad Survey – covered 130km strike (pending data processing)

Eastern part of the greenstone was not covered in previous work

7 DDH = 1,100m + auger drilling

700,000t @ 0.8 g/t Au (oxide)

grab sample 60 g/t Au (VQz)

Jatoba

11 DDH = 2,389m + auger drilling

11m @ 0.3 % Cu (up to 1.38% Cu)

Geotem-mag airborne survey

grid soil sampling: up to 189 ppb Au

(1km line spacing)

* Historical Resource - Non NI 43-101 Compliant and should not be relied upon.

17

Artisanal Workings

TSX: BSX

0m

-200m 190m 50m

70m

SW NE

-400m

Block Size: 12.5 X 5.0 X 10.0 m

MR Open Pit

g/t Au

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

18

Ouro Verde – Block Model Cross Section 900 NW

TSX: BSX

0m

-200m

150m

120m

SW NE

60m

-400m

Block Size: 12.5 X 5.0 X 10.0 m

MR Open Pit g/t Au




G & A US$/t 2.89





19


TSX: BSX

120m 25m

SW NE

70m

0m

-400m

-200m

Block Size: 12.5 X 5.0 X 10.0 m

MR Open Pit g/t Au




G & A US$/t 2.89





20


TSX: BSX

21

Grota Seca – Block Model Cross Section 2575 W

0m

-200m

30m 20m

25m

SSW NNE

MR Open Pit

Block Size: 12.5 X 5.0 X 10.0 m

g/t Au




G & A US$/t 2.89





TSX: BSX

22


0m

-200m

90m

30m

75m

SSW NNE

MR Open Pit

Block Size: 12.5 X 5.0 X 10.0 m

g/t Au




G & A US$/t 2.89





TSX: BSX

0m

-400m

-200m

190m

60m

130m

SSW NNE

Block Size: 12.5 X 5.0 X 10.0 m

MR Open Pit

g/t Au




G & A US$/t 2.89





23


TSX: BSX

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

SET 2009 ABR 2011 JAN 2012 ABR 2012 DEZ 2012 APR 2013

Au

Oz

1.66g/t Au

1.11g/t Au

0.95g/t Au

1.39g/t Au

1.24g/t Au

1.74g/t Au

1.69g/t Au

1.81g/t Au

1.73g/t Au

1.96g/t Au

Measured Resources (Oz)

Indicated Resources (Oz)

Inferred Resources (Oz)

1.68g/t Au

1.93g/t Au

24

Resource Expansion (2009 to 2013)

Verena (Pre BSX)

• 170 Drill Holes

Included in

Resource

• 42 Additional

Drill Holes

Included

in Resource

• 137 Additional

Drill Holes

Included

in Resource

• 112 Additional

Drill Holes

Included in

Resource

• 273 Additional

Drill Holes

Included in

Resource

Under Present Management

• 126 Additional

Drill Holes

Included in

Resource

TSX: BSX

25 TSX: BSX

Volta Grande – Preliminary Project Layout

26 TSX: BSX

Proposed Location of Plant Facility

27 TSX: BSX

Breakdown by Elevation

VGP - Pit Constrained MR – Dec 2012 (Belo Sun)

ELEVATION Tonnage AU_CUT_OK

Au Oz T x 1000 g/t

100MD 1,984.585 1.63 104,042

90MD 2,396.744 1.64 126,130

80MD 2,698.913 1.71 148,399

70MD 2,954.230 1.73 164,075

60MD 3,072.351 1.72 169,485

50MD 3,055.131 1.72 169,195

40MD 2,997.026 1.73 167,135

30MD 2,910.199 1.74 163,101

20MD 2,804.642 1.74 156,709

10MD 2,695.904 1.73 150,361

0MD 2,609.162 1.75 146,826

-10MD 2,558.714 1.78 146,396

-20MD 2,530.374 1.83 148,599

-30MD 2,502.219 1.82 146,734

-40MD 2,414.316 1.83 141,739

-50MD 2,270.724 1.88 136,934

-60MD 2,144.563 1.88 129,335

-70MD 2,057.090 1.86 123,131

-80MD 1,963.084 1.86 117,448

-90MD 1,846.058 1.83 108,400

-100MD 1,752.842 1.81 102,016

-110MD 1,668.760 1.79 95,812

-120MD 1,574.238 1.75 88,712

-130MD 1,492.710 1.76 84,630

-140MD 1,421.613 1.76 80,523

28 TSX: BSX

Ouro Verde - Block Model 3D View

45 m

110 m

35 m

45 m

LOOKING SE (Pit year 2)

29 TSX: BSX

Grota Seca - Block Model 3D View

105 m

25 m

CENTRAL PORTION - LOOKING NW (Pit Year 5)

35 m

35 m

20 m

30 TSX: BSX

Patrocinio Location Map

18,750 Ha in the prolific Tapajos gold province

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 completed

One hole returned 23.35m of 1.35 g/t Au

5000 meters of drilling to be completed Q2

2013 31 TSX: BSX

Patrocinio Tapajos District

Patrocinio Project Garimpeiro Mining

32 TSX: BSX

33 TSX: BSX

Top 12 Countries for Mining Investment

Country 2012 Total

Points

2012 Change

vs 2011

2011 Total

Points

2010 Total

Points

Australia 57 0 57 61

Canada 52 0 52 56

Chile 51 0 51 49

Brazil 45 0 45 42

Mexico 43 (-1) 44 45

United States 41 0 41 42

Colombia 39 0 39 39

Botswana 37 0 37 36

Peru 36 (-1) 37 33

Ghana 36 2 34 36

Namibia 33 2 31 31

Tanzania 32 0 32 32

Source: Behre Dolbear Group Inc. – www.dolbear.com

Spot Au: (8%)

Emerging Gold Peers: (30%)

S&P/TSX Global Gold: (31%)

Belo Sun: (45%)

(80%)

(60%)

(40%)

(20%)

–

20%

40%

60%

80%

100%

May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13

1

Return Over Period

Producing Gold Peers: (62%)

34 TSX: BSX

LTM Share Performance

May 9, 2012 – May 9, 2013

Source: TD Securities May 9, 2013, Bloomberg

(1) Producer gold peers index includes: Alamos, Argonaut, B2Gold, Centamin, Kirkland Lake, Rio Alto, San Gold and Semafo

(2) Developer gold peers index includes: Carpathian, Guyana Goldfields, Lydian, Rainy River, Romarco, Sandspring, Sulliden and Torex

35 TSX: BSX

Independent Research Coverage

Firm Analyst

TD Securities Dan Earle

CIBC Jeff Kileen

BMO Capital Markets John P. Hayes

National Bank Financial Shane Nagle

Cormark Securities Richard Gray

Canaccord Genuity Rahul Paul

Dundee Capital Markets Joseph Fazzini

Macquarie Capital Markets Michael Gray

Scotiabank Global Banking& Markets Ovais Habib

THE FOREGOING LIST INCLUDES THE NAMES OF ALL FIRMS CURRENTLY KNOWN BY THE COMPANY TO HAVE ANALYSTS COVERING THE COMPANY. THIS LIST MAY NOT BE COMPLETE AND IS SUBJECT TO CHANGE BY FIRMS' CHANGING OF

COVERAGE. PLEASE NOTE THAT ANY OPINIONS, ESTIMATES OR FORECASTS REGARDING THE COMPANY MADE BY THESE ANALYSTS ARE THEIRS ALONE AND MAY NOT REPRESENT THOSE OF THE COMPANY. THE COMPANY IS PROVIDING

THIS LISTING AS A SERVICE TO ITS STOCKHOLDERS AND, BY LISTING, IS NOT IMPLYING ITS ENDORSEMENT OF OR CONCURRENCE WITH SUCH ANALYST REPORTS. THOSE INTERESTED IN SUCH REPORTS SHOULD OBTAIN THEIR OWN

COPIES AND CONTACT THEIR BROKERS OR THE RESPECTIVE FIRMS.

Independent Research – Full Coverage

Independent Research – Research Notes

Firm Analyst

Exploration Insights Brent Cook

36 TSX: BSX

Camp Site

37 TSX: BSX

Aerial View

38 TSX: BSX

Artisanal Mining

39 TSX: BSX

Artisanal Mining

40 TSX: BSX

Artisanal Mining

TSX: BSX 41

THE RIGHT DEPOSIT…..

THE RIGHT PLACE …..

THE RIGHT TIME…..

THE RIGHT PEOPLE…..

42 TSX: BSX

Volta Grande – Potential Crushing Plant

CrushingAnnual processing rate 7,000,000 t/yCrushing availability 70.0 %Nominal capacity 1,142 t/hInstalled power 375 kWType Gyratory CrusherFeed top size 1,000 mmProduct P80 175 mmNumber of units 1 unitFeed silo capacity: 128 t (86 m3) 5 min.

43 TSX: BSX

Volta Grande – Potential Milling Plant

Milling PlantAnnual processing rate 7,000,000 t/yAvailability 90.0 %Nominal capacity 888 t/hFeed P80 175 mmSAG discharge target P80 2.5 mmBall mill discharge target P80 0.074 mmSAG mill 36 ft diam. X 20 ft EGL 1 unitBall mill 26 ft diam. X 33 ft EGL 2 unitsPebble crusher (Cone crusher) 2 unitsPebble crusher nominal capacity 373 t/hGravity concentrator 40" diameter 4 unitsGravity plant feed rate (30% Cyclone OF) 533 t/hBond ball mill work index 18.4 kWh/t

Abrasion index (AI) 0.647 -

Ore specific gravity 2.65 t/m3

44 TSX: BSX

Volta Grande – Potential Leach Plant

Calculated leach plant recovery 89,23 - 90,91Calculated gold produced/week 5,921 - 6,048Calculated silver produced/week 7,240 -7,396

Leach PlantAnnual processing rate 7,000,000 t/yAvailability 90.0 %Nominal capacity 888 t/hFeed P80 0.074 mmLeach feed thickener diameter 57.0 m

oz

%oz

Life of Mine 10 years

Annual production throughput 7 million tpy

Metallurgical Recovery 94%

Avg annual gold production 313,100 oz/yr

Avg waste to ore strip ratio 6.88:1

Avg head grade 1.48 g/t

CAPEX US$ 749 million

OPEX US$ 31.70/t of Ore

Cost per ounce US$ 711.50

NPV @ 5% US$ 474 million

IRR 15.2% 45 TSX: BSX

Appendix Pre-feasibility

Mine Fleet

Trucks 180 t, Shovels 15m3

Process

Gyratory Crusher, SAG and 2 ball mills

Gravity Circuit

Carbon in Leach

Elution and Carbon Regeneration

Electrowinning

Smelting

Cyanide Destruct

Tailings Management Facility

Situated in a natural basin

46 TSX: BSX


47 TSX: BSX

CRUSHING

STOCKPILE

SEMI AUTOGENOUS MILLING, BALL

MILLING

GRAVITY SEPARATION

INTENSIVE LEACHING

THICKENING

CARBON IN LEACH

ELUTION CARBON REGENERATION

ELECTROWINNING

SMELTING

DORE BARS

CYANIDE DETOX

TAILINGS TREATMENT


48 TSX: BSX

Appendix Volta Grande Capital Cost Estimate

Area Description Value without Taxes

(USDx1000) Value with Taxes

(USDx1000) % of CAPEX

General (Assemblies) 52,573 57,551 7.68% Mine 121,528 126,127 16.84% Plant – General 91,471 101,508 13.55% Crushing 11,412 12,186 1.63% Storage/Ore transference 5,087 5,537 0.74% Grinding 70,178 75,724 10.11% Leaching/Adsorption 30,037 33,057 4.41% Elution 5,763 6,564 0.88% Electrowinning 1,119 1,279 0.17% Gold room 1,527 1,674 0.22% Carbon regeneration 970 1,081 0.14% Tailings treatment 3,186 3,877 0.52% Lime preparation 1,491 1,698 0.23% Tailings dam 10,788 12,641 1.69% Ancillary facilities 48,507 55,493 7.41% Water distribution system 2,868 3,512 0.47% Compressed air system 1,111 1,189 0.16% Reagents delivery, store and distribution 7,308 8,249 1.10% Infrastructure 29,378 32,946 4.40% Environment 1,018 1,174 0.16% Engineering and Procurement (EP) 23,787 26,039 3.48% Construction management (CM) 31,716 34,719 4.63% Owner’s Costs 21,819 21,819 2.91% Freight 8,223 8,223 1.10% Erection supervision (Vendor

Representation) 3,721 4,340 0.58%

Spare parts 1,052 1,132 0.15% Firts Fills 1,817 1,954 0.26% Pre-Commissioning and training 3,721 4,340 0.58% Engineering insurance 5,998 6,561 0.88% Contingency 96,919 96,919 12.94%

Total 696,094 749,114 100%

49 TSX: BSX

Appendix Mineral Resource Estimate

VOLTA GRANDE PROJECT RESOURCE ESTIMATE

VOLTA GRANDE RESOURCE ESTIMATE MEASURED INDICATED MEASURED +

INDICATED INFERRED

Ouro Verde Pit Constrained Tonnes (‘000s) 24,479 18,091 42,570 18,196

Grade (g/t Au) 1.79 1.65 1.73 1.68

Ounces (‘000s) 1,409 960 2,372 983

Ouro Verde Underground Tonnes (‘000s) 54 54 909

Grade (g/t Au) 3.88 3.88 3.16

Ounces (‘000s) 7 7 92

Grota Seca Pit Constrained Tonnes (‘000s) 31,346 14,065 45,411 13,987

Grade (g/t Au) 1.60 1.68 1.62 1.74

Ounces (‘000s) 1,612 760 2,372 782

Grota Seca Underground Tonnes (‘000s) 97 161 765

Grade (g/t Au) 3.03 3.37 3.44

Ounces (‘000s) 9 17 85

South Block Pit Constrained Tonnes (‘000s) 5,368

Grade (g/t Au) 2.73

Ounces (‘000s) 471

South Block Underground Tonnes (‘000s) 408

Grade (g/t Au) 3.89

Ounces (‘000s) 51

Tonnes (‘000s) 55,825 32,307 88,132 39,633

TOTAL VG Grade (g/t Au) 1.68 1.67 1.68 1.93

Ounces (‘000s) 3,021 1,736 4,757 2,464

• Details regarding mineral resource estimate can be found in the press release dated April 15th, 2013 that has been filed under the profile of the Company on SEDAR.

50

Appendix

Mineral Resources Parameters

TSX: BSX

(a) The gold mineralization envelopes were modelled into wireframe solids using a 0.5 g/t Au cut-off grade in fresh and saprolite rocks

utilizing vertical and horizontal sections. 3D shells were generated by linking horizontal sections each 10m apart.

(b) A specific gravity of 2.75 was used for the Grota Seca and the Ouro Verde deposits and 2.77 for the South Block and 1.36 for the

saprolite in both deposits.

(c) Estimations are based on original samples capped at 9 - 40 g/t Au depending on the resource domain.

(d) The database for the Ouro Verde deposit includes 46 historical core boreholes (8,461 metres) and 232 boreholes (67,054 metres)

completed and assayed by Belo Sun since April 2010.

(e) The mineralized zones at the Ouro Verde deposit extend for about 2,400 metres along strike. Eight gold mineralization domains

were modelled in fresh rock, and one saprolite domain was modelled. The gold mineralization thickness ranges from 2 to 60 metres.

The maximum allowed internal dilution is approximately 3 metres.

(f) The database for the Grota Seca deposit comprises 11 reverse circulation and 129 historical core boreholes (24,730 metres) and 48

reverse circulation and 332 core boreholes (98,786 metres) completed and assayed by Belo Sun since April 2010 .

(g) The mineralized zones at the Grota Seca deposit extend 2,900 metres along strike. Seven gold mineralization domains were

modelled in fresh rock, and one saprolite domain was modelled. The gold mineralization thickness ranges from 2 to 70 metres. The

maximum allowed internal dilution is approximately 3 metres.

(h) The database for the South Block deposits comprises 22 historical core boreholes (3,370 metres and 40 core boreholes (10,905

metres) completed and assayed by Belo Sun since April 2010.

(i) The mineralized zones at the South Block deposits extend discontinuously for about 1,900 metres along strike. Three gold

mineralization domains were modelled in fresh rock, and one saprolite domain was modelled. The gold mineralization thickness

ranges from 2 to 16 metres. The maximum allowed internal dilution is approximately 3 metres.

(j) Block model gold grades were estimated using ordinary kriging informed by 1.0 m capped composites. All estimations are based on

a percent block model with unitary dimension of 12.5 m E, 5.0 m N and 10 m elevation rotated -17° clockwise in the Ouro Verde and

Grota Seca deposits and -25° in the South Block.

(k) “Open-pit” mineral resources are reported at a cut-off grade of 0.5 g/t Au. “Underground” mineral resources (outside pit shell) are

reported at a cut-off grade of 2.0 g/t Au.

(l) Measured mineral resources include all mineralized blocks within one time of the variogram range and informed from a minimum of

3 boreholes in 3 octants.

(m) Indicated mineral resources include all mineralized blocks estimated in the first or second estimation runs (within the variogram

range), whose estimation required a minimum of two drill holes.

(n) Inferred mineral resources include all mineralized blocks not classified as Measured or Indicated in the first and second estimation

runs and all blocks estimated in the third estimation run (twice the variogram range).

Approximately 74% (65 million tonnes) of the resource occurs within

200 meters from surface

51 TSX: BSX

Appendix Resource Depth

100

74

55

35

15

0 10 20 30 40 50 60 70 80 90 100

> 200m

< 200m

< 150m

< 100m

< 50m

Me

ters

be

low

actu

al

top

ogra

ph

ic s

urf

ace

Cumulative Tons (%)

13M tonnes

31M tonnes

49M tonnes

65M tonnes

89M tonnes

52 TSX: BSX

Appendix Local Geology

Gold mineralization is associated

with a major shear zone and is

hosted in intense hydrothermally

altered rocks with close

association with disseminated

sulphides (py/apy):

Intense silicification with fine-

grained sulphide (mainly apy)

within strongly sheared diorite

– Grota Seca

Weak to moderate

silicification in diorite with

minor sulphides (mainly py) –

Ouro Verde

Intense silicification

overprinted by sulphide

alteration (py) and potassium

alteration (sericitization)

– South Block

53

Appendix Project Overview

TSX: BSX

Definitive Feasibility Study underway – AMEC, Oakville, Canada – Q4 2013

203,000 metres and 760 holes drilled to date

ACME Preparation Lab on site for assays – Construction Completed July 2011

Preliminary Mining Engineering Studies – NCL – Completed June 2011

Diagnostic Leach Test Work completed by TESTWORK Ltda (Walter de Moura).

Comminution and Process Development Test Work completed by HAD Ltda (Homero Delbony)

Initiated advanced Metallurgical testing by LAKEFIELD Chile

Environmental studies (EIA/RIMA) – BRANDT– Completed

Geotechnical, hydrologic and hydrogeologic studies – VOGBR – Ongoing

Regional geological studies and exploration program initiated

Community and social impact studies – INTEGRATIO initiated

belo sun presentation july 2013

Business

forwardlooking statements

assumptions of belo

mineral resources

belo suns current expectations

current mineral reserve

operations of belo

forwardlooking information

future price of gold