La Mancha Resource Fund Increases Belo Sun Stake, Signals Confidence in Brazilian Gold Project

NEW YORK, NY – November 19, 2025

A Growing Position in Brazilian Gold

La Mancha Resource Fund, through its subsidiary La Mancha Investments S.à r.l., has significantly increased its ownership in Belo Sun Mining Corp. (TSX:BSX), now holding approximately 19.1% of the company’s outstanding shares. The investment, achieved through a series of on-market acquisitions between January and November of this year, has sparked speculation about the future direction of Belo Sun and its ambitious Volta Grande Gold Project in Brazil. This move by La Mancha, known for its strategic investments in the precious metals sector, comes at a pivotal moment for Belo Sun, as it navigates permitting challenges and strives to bring the large-scale project to fruition.

Volta Grande: A Project with Potential, and Challenges

Belo Sun's primary asset, the Volta Grande Gold Project, is located in the Pará State of Brazil and has the potential to become a significant gold producer. However, the project has faced considerable hurdles, including complex permitting processes, environmental concerns, and the need for engagement with local communities. Recent positive developments, including a favorable court ruling regarding the resumption of environmental permitting responsibilities by the State of Pará, coupled with a renewal of Belo Sun’s governance structure, seem to be boosting investor confidence. The appointment of a Brazil-based President is also seen as a strategic move to streamline operations and address local challenges.

“The recent court decision was a major turning point for Belo Sun,” explained one industry source familiar with the project. “It removes a significant obstacle to advancing the permitting process and demonstrates a commitment from the local authorities to work with the company.”

La Mancha’s Strategy: More Than Just a Financial Investment

La Mancha Resource Capital has a distinct investment philosophy, focusing on minority stakes in promising mining companies with potential for growth. Unlike purely financial investors, La Mancha actively participates in the strategic direction of its portfolio companies, often taking a seat on the board and providing expertise in areas such as project development, permitting, and financing. This approach suggests that La Mancha's increased investment in Belo Sun is more than just a bet on the price of gold; it’s a commitment to the long-term success of the Volta Grande project.

“La Mancha doesn't just write checks; they roll up their sleeves and work with management teams to unlock value,” said another source within the mining industry. “They have a proven track record of identifying undervalued assets and helping companies achieve their potential.”

La Mancha’s history in Brazil, with its involvement in the Tocantinzinho Gold Project, provides valuable experience in navigating the regulatory landscape and building relationships with local stakeholders. This expertise could prove crucial for Belo Sun as it seeks to overcome the remaining hurdles to develop the Volta Grande project.

Speculation and Potential Outcomes

The increase in La Mancha’s stake has naturally fueled speculation about the company’s intentions. While La Mancha has not publicly stated its long-term plans, analysts believe several scenarios are possible. One possibility is that La Mancha is simply building a larger strategic position in Belo Sun, with the intention of continuing to influence the company’s direction and benefit from its future success. Another, more aggressive scenario is that La Mancha is laying the groundwork for a potential takeover bid. While no formal offer has been made, an acquisition could allow La Mancha to consolidate its position in the Brazilian gold sector and gain full control over the Volta Grande project.

“It’s difficult to say for sure what La Mancha’s ultimate goal is, but their increased stake certainly puts them in a strong position,” commented one market analyst. “A takeover bid is certainly a possibility, particularly if the Volta Grande project continues to make progress.”

Furthermore, the increased stake could lead to a restructuring of Belo Sun’s shareholder base, potentially paving the way for increased institutional investment and a higher market valuation. This could provide Belo Sun with the financial resources needed to accelerate the development of the Volta Grande project and unlock its full potential. The strategic benefits of an aligned major shareholder with significant industry expertise are also undeniable, offering a potential catalyst for efficiency gains and project optimization.