Belo Sun Corporate Presentation March 2014

CORPORATE PRESENTATION March 2014

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 and September 2013 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

For the PEA, Belo Sun used the October 2013 mineral resource estimate. Mineral resources that are not mineral reserves do not have demonstrated economic viability. External

mining dilution is calculated at 12.3% at zero grade. The diluted life of mine mill feed grade will average 1.14 g/t gold with an average cutoff of 0.48 g/t gold. Based on current

metallurgical testing, the average gold recovery is expected to be 92.8% overall for the life of mine. The ultimate pit design was based on an optimised pit shell using a US$ 1020 /oz

gold price. Internal phases were designed within that ultimate shell. For the purposes of the PEA, only measured and indicated resources were included in the PEA mine design.

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.

2 TSX: BSX

Cautionary Notes

Volta Grande

(5.1 Moz M&I)

(2.5 Moz Inf)

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Key Projects

* For the Purposes of the PEA only measured and indicated resources were included in the PEA mine design.

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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.

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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

Pat Gleeson Corporate Secretary

Mike Hoffman VP Engineering

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$ $0.47 *

Market Capitalization C$ $125 million

52 Week High & Low C$ $1.35 - $0.32

Average Daily Volume (3 month average)

No. 1,000,000

Cash & Cash Equivalents

C$ $19 million **

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Capital Structure

*As at Feb 26th, 2014

**As at Sept 30th, 2013

7

Volta Grande Infrastructure

TSX: BSX

8

Belo Monte Dam Construction

9

Volta Grande Main Deposits (Oct 2013)

TSX: BSX

Ouro Verde

Measured &

Indicated:

44.2 Mt (2.4M oz) @

1.70 g/t Au

Inferred:

23.4 Mt (1.2M oz) @

1.48 g/t Au

Grota Seca

Measured &

Indicated:

47.1 Mt (2.4M oz) @

1.59 g/t Au

Inferred:

18.9 Mt (1M oz) @

1.59 g/t Au

Volta Grande

Total

Measured &

Indicated:

93.8 Mt (5.1M oz) @

1.69 g/t Au

Inferred:

45.5 Mt (2.5M oz) @

1.75 g/t Au

* Details regarding the mineral resource estimate can be found in the Press Release dated Oct 3rd, 2013 that has been filed under the profile

of the Company on SEDAR. 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.

Two

Resource

Updates

2013 Highlights

10

Measured & Indicated from:

4.1M oz @ 1.73 g/t Au (Dec 2012) 5.1M oz @ 1.69 g/t Au (Oct 2013)

Inferred from:

2.8M oz @ 1.96 g/t Au (Dec 2012) 2.5M oz @ 1.75 g/t Au (Oct 2013)

Including high grade domain in Measured & Indicated (Oct 2013) of 424,000 oz @ 3.09 g/t Au

Released

PFS

May 2013

Initial Capital (including tax & contingencies) – US$749,114,400

Average annual production – 313,100 oz

Total operating cost including royalties – US$711.50

Received approval of Environmental Impact Assessment

Received Preliminary License (LP) (February 2014)

TSX: BSX

* For the Purposes of the PEA only measured and indicated resources were included in the PEA mine design.

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2014 Goals

Release PEA – staged approach

Drill program on high grade Galo target

Complete DFS, using expanded resource

Complete Indigenous study

Apply for Installation License

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PEA – Staged Approach Project Performance after Tax

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 147,900 167,309

Average Waste to Mill Feed Strip Ratio Waste:Feed 6.32 4.30

Average Waste to Mill Feed Strip Ratio Waste:(Feed+Stockpile) 3.31 4.30

Average Feed Grade (diluted) grams/tonne 1.66 1.14

Mine Operating Costs

Per Feed Tonne

Mining US$/tonne feed 19.27 13.25

Process US$/tonne feed 9.13 8.64

General and Administration US$/tonne feed 3.49 2.22

Total Operating Cost US$/tonne feed 31.89 24.11

Total Operating Cost including Royalties US$/tonne feed 32.53 24.55

Per Gold Ounce

Mining US$/oz gold recovered 383 373

Process US$/oz gold recovered 182 279

General and Administration US$/oz gold recovered 69 63

Total Operating Cost US$/oz gold recovered 634 715

Total Operating Cost including Royalties US$/oz gold recovered 647 727

CAPITAL COST (including tax) Pre-Production LOM

Initial CAPEX US$ ('000's) 328.7

Sustaining CAPEX US$ ('000's) 104.8

Expansion CAPEX US$ ('000's) 203.6

Preliminary Economic Assessment

* Please refer to Cautionary Notes

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PEA – Staged Approach Project Performance after Tax

Post Tax Evaluation Units Base Case Sensitivity

Gold Price US$ Ounce 1300 1450

NPV 0% US$ Million 1,062 1,472

NPV 5% US$ Million 418 637

IRR % 16.1 21.1

Payback years 4.2 3.3

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

* Please refer to Cautionary Notes

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Opportunities Going Forward

Benefit from lower Brazilian Real

B

razil

ian

Re

ais

1.9

2

2.1

2.2

2.3

2.4

2.5

2.6

Source: Bloomberg February 11th, 2014

15 TSX: BSX

Opportunities Going Forward

Identify more high grade domains

Grota Seca

South Block

Ouro Verde

Exploration Camp

16

Opportunities Going Forward

TSX: BSX

GRANDE

*South Block Inferred Resource Estimate

-Indicated Pit Constrained – 2.5M tonnes

@ 3.06 g/t Au containing 246k oz Au

-Inferred Pit Constrained – 2.9M tonnes

@ 3.94 g/t Au containing 370k oz Au

-Indicated Underground – 24k tonnes

@ 4.24 g/t Au containing 3k oz Au

- Inferred Underground – 193k tonnes

@ 4.05 g/t Au containing 25k oz Au

Target Areas for future

resource expansion

* Details regarding the mineral resource estimate can be found in the Press Release dated Oct 3rd, 2013 that has been filed under the profile

of the Company on SEDAR. Please refer to the Cautionary Notes.

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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.

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Open Pit Gold Deposits

Source: Canaccord Genuity, Feb 10th , 2014

Criteria used: (1) Predominantly gold by in-situ value. (2) Greater than 5 Moz Au resource. (3) Politically stable jurisdictions.

(4) Owned by developers/small scale producers.

Global Resources (M&I plus Inferred)

Project Name Country State/Province Owner/Operator Tonnes (Mt) Au Grade (g/t) Contained Au

(Moz)

Morelos Mexico Guerrero Torex Gold Resources Inc 104.4 2.63 8.8

Courageous Lake Canada Northwest

Territories Seabridge Gold Inc 156.3 2.27 11.4

Volta Grande Brazil Para Belo Sun Mining Corp 139.3 1.71 7.6

Esaase Ghana Ashanti Region Asanko Gold Inc 194.9 1.66 10.4

Golden Meadows United States Idaho Midas Gold Corp 134.3 1.65 7.1

Marmato Colombia Caldas Gran Colombia Gold Corp 488.8 0.91 14.4

Mt Todd Australia Northern

Territory Vista Gold Corp 352.0 0.81 9.1

Eagle Canada Yukon Victoria Gold Corp 300.1 0.65 6.3

Livengood United States Alaska International Tower Hill

Mines Ltd 1,068.0 0.59 20.1

Converse United States Nevada Chaparral Gold Corp 351.5 0.50 5.7

Metates Mexico Durango Chesapeake Gold Corp 1,246.9 0.49 19.8

Spanish Mountain Canada British Columbia Spanish Mountain Gold Ltd 533.0 0.40 6.8

Batero-Quinchia Colombia Risaralda Batero Gold Corp 490.9 0.39 6.1

19 TSX: BSX

BSX NAV per Share

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

1000 1100 1200 1300 1400 1500 1600 1700 1800 1900 2000

US

$ p

er

Sh

are

Gold Price (US$/oz)

BSX NAV per Share at 5% Discount Rate

BSX Sensitivities- CIBC WM

NAV/Sh

Gold Price (US$/oz)

0.00 1000 1100 1200 1300 1400 1500 1600 1700 1800 1900 2000

Dis

cou

nt

Rat

e

0% 0.37 1.31 2.25 3.19 4.13 5.07 6.01 6.95 7.89 8.83 9.77

5% 0.35 0.45 1.08 1.71 2.33 2.96 3.58 4.21 4.84 5.46 6.09

8% 0.35 0.35 0.64 1.14 1.64 2.14 2.64 3.14 3.64 4.14 4.64

10% 0.35 0.35 0.43 0.86 1.29 1.72 2.16 2.59 3.02 3.46 3.89

Source: Jeff Killeen, CIBC World Markets – Jan 7th, 2014

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Belo Sun 6 Month Stock Trade

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

19-Jul-13 19-Aug-13 19-Sep-13 19-Oct-13 19-Nov-13 19-Dec-13 19-Jan-14

Source: Bloomberg February 11th, 2014

21 TSX: BSX

Independent Research Coverage

Firm Analyst

TD Securities Dan Earle

CIBC Jeff Killeen

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

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Camp Site

23 TSX: BSX

Aerial View