An anonymous director of Belo Sun reports

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

La Mancha Investments Sarl, a wholly owned subsidiary of La Mancha Resource Fund SCSp (which is advised by La Mancha Resource Capital LLP), has noted that between Jan. 23, 2025, and Nov. 18, 2025 (inclusive), La Mancha made on-market acquisitions of a total of 10,026,730 ordinary shares in the capital of Belo Sun Mining Corp. (Toronto Stock Exchange: BSX) for aggregate consideration of $2,262,914.54 excluding commission (representing a volume-weighted average price per share of 22.57 cents).

Prior to the acquisitions, La Mancha owned, or exercised control or direction over, 79,919,077 shares, representing approximately 17.1 per cent of the then issued and outstanding shares. As a result of the acquisitions, La Mancha now owns, or exercises control or direction over, an aggregate of 89,945,807 shares, representing approximately 19.1 per cent of the issued and outstanding shares.

Directly or indirectly, La Mancha may, from time to time, acquire additional securities of Belo Sun or dispose of all or a portion of the shares previously acquired or held, through market transactions, private agreements, treasury issuances or otherwise.

La Mancha's registered office is located at 31-33 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 LLP, legal@lamancha.com, 44-20-3960-2020.