An anonymous director of La Mancha, a shareholder, reports

LA MANCHA INVESTMENTS S. À R. L. TO FILE EARLY WARNING REPORT

La Mancha Investments Sarl (La Mancha), a wholly owned subsidiary of La Mancha Resource Fund SCSp, advised by La Mancha Resource Capital LLP, on Sept. 7, 2026, the counterparty to La Mancha's call option agreement dated Dec. 27, 2024, elected to exercise its call option over 28,063,062 common shares of Belo Sun Mining Corp. Concurrently, the counterparty agreed to surrender its option over a further 28,063,062 shares and all other rights under the call option agreement in consideration for a fee of approximately $37.9-million, following payment of which by La Mancha, the call option agreement shall terminate in full.

Immediately prior to the exercise, La Mancha owned, or exercised control or direction over, 141,134,533 shares, representing approximately 24.9 per cent of the then-issued and outstanding shares, of which 56,126,124 were subject to the option. Immediately following settlement of the exercise and payment of the fee, La Mancha anticipates that it will own, or exercise control or direction over, an aggregate of 113,071,471 shares, representing approximately 19.9 per cent of the issued and outstanding shares, of which none shall be subject to the option.

La Mancha intends to review its investment on a continuing basis. In the future, depending on market conditions, general economic and industry conditions, Belo Sun's business and financial condition and/or other relevant factors, La Mancha may, from time to time, increase or decrease its investment in Belo Sun through market transactions, private arrangements, treasury issuances, derivative transactions or otherwise, including pursuant to the terms of the investor rights agreement between La Mancha and Belo Sun dated Dec. 27, 2024.

La Mancha's registered office is located at 31 Ave. Pasteur, L-2311, Luxembourg. Belo Sun's registered office is located at 198 Davenport Rd., Toronto, Ont., Canada, M5R 1J2.

La Mancha intends to file an early warning report containing additional information with respect to the foregoing matters, which will be available under Belo Sun's SEDAR+ profile, and may also be obtained by contacting: Matthew Fisher, general counsel, La Mancha Resource Capital, legal@lamancha.com, 44-20-3960-2020.