Belo Sun Secures Key Shareholder Vote for La Mancha Investment

By Brian Nelson

TORONTO, ON – February 23, 2026 – Belo Sun Mining Corp. (TSX:BSX, OTCQB:BSXGF) has cleared a critical hurdle in its quest to develop a major Brazilian gold project, announcing today that its shareholders have overwhelmingly approved a strategic private placement with La Mancha Investments S. à r. l.

The vote, held at a special meeting, saw 91.99% of disinterested shareholders approve the issuance of up to 56,565,697 common shares to the prominent mining investment fund. This approval solidifies a partnership first unveiled in late 2025 and injects significant momentum and capital into Belo Sun's flagship Volta Grande Gold Project.

"We are pleased our Shareholders recognize the value of La Mancha’s support, and we look forward to continued mutual success as we responsibly advance the Volta Grande Gold Project," stated Clovis Torres, Chairman and CEO of Belo Sun, in a press release. "With Shareholder approval now in place, we expect to close the Private Placement in the coming days."

This development is more than a simple financing transaction; it represents a significant vote of confidence from both the market and a highly influential investor, potentially reshaping the future of the Canadian-based mining company and its ambitious plans in Brazil's Pará State.

The La Mancha Factor: Strategic Capital Arrives

The entrance of La Mancha Investments as a cornerstone shareholder is a pivotal development. La Mancha is not a passive investor. It is a subsidiary of the La Mancha Resource Fund, a Luxembourg-based deep value fund advised by UK-regulated La Mancha Resource Capital LLP. Backed by the influential Sawiris family of Egypt, the fund has a decade-long history of targeted, high-impact investments in the mining sector, with over US$2.9 billion in assets.

La Mancha's investment thesis centers on taking significant equity stakes—typically between 20% and 30%—in junior resource companies with high-potential assets. They provide long-term capital and hands-on expertise, often taking board seats to help guide strategy, improve operational efficiency, and unlock growth. Their portfolio includes major players like Endeavour Mining and G Mining Ventures, demonstrating a track record of building regional champions.

This move into Belo Sun aligns perfectly with La Mancha's stated goal of creating a premier gold producer in Latin America. The firm has been actively deploying capital in the region, including investments that helped merge G Mining Ventures and Reunion Gold, creating a multi-asset producer with projects in Brazil and Guyana. By backing Belo Sun, La Mancha is placing another calculated bet on the geological potential of the continent.

La Mancha's initial involvement began when it became Belo Sun's largest shareholder in late 2024, acquiring a stake of approximately 17.1%. This latest private placement will further increase its ownership, cementing its influence and signaling a long-term commitment to seeing the Volta Grande project through to production.

Advancing the Volta Grande Project

The new capital is earmarked for the advancement of the 100%-owned Volta Grande Gold Project. Located in Pará State, a prolific mining jurisdiction, the project has the potential to be one of Brazil's largest gold mines. However, its path has been fraught with challenges.

The project is situated in the Volta Grande do Xingu region, an area of immense biodiversity and home to indigenous and riverine communities. For years, its development has been mired in legal and regulatory battles, with environmental groups and local communities raising concerns about its potential impact on the Xingu River, deforestation, and the social fabric of the region. These challenges led to the suspension of key permits in the past, casting a long shadow over the project's viability.

A significant breakthrough appears to have occurred recently. A February 20, 2026, statement from La Mancha Resource Capital LLP noted that the firm “welcomes reinstatement of Installation Licence for Belo Sun’s Volta Grande Project.” The reinstatement of this crucial permit is a game-changing development, removing a major roadblock that had stalled progress. The new funding secured through the shareholder vote provides the financial muscle to act on this progress, advancing engineering, procurement, and other pre-construction activities.

The partnership with La Mancha may also bring a renewed focus on environmental, social, and governance (ESG) performance. La Mancha's investment philosophy explicitly states a commitment to improving ESG metrics in its portfolio companies, viewing robust environmental stewardship and community engagement as integral to long-term profitability and securing a social license to operate. For a project with the complex history of Volta Grande, this expertise could prove as valuable as the capital itself.

A Shifting Shareholder Landscape

The shareholder meeting saw a significant turnout, with 260,820,988 common shares voted, representing about 55.4% of the company’s total issued and outstanding shares. The near-unanimous approval from disinterested shareholders—those not directly involved in the transaction—underscores broad support for the company's strategic direction and its new partnership.

The transaction fundamentally alters Belo Sun's shareholder structure, moving it from a company with a more diffuse ownership base to one anchored by a powerful, industry-savvy investor. This consolidation of influence is likely to accelerate decision-making and provide a more stable foundation for navigating the final, capital-intensive stages of mine development.

As Belo Sun prepares to close the private placement, the mining industry and investors will be watching closely. The successful partnership between Belo Sun's on-the-ground expertise and La Mancha's strategic capital and global influence could provide a new blueprint for developing complex resource projects in Latin America. The immediate next steps will involve finalizing the share issuance and deploying the new funds to move Volta Grande down the path toward becoming Brazil's next major gold producer.