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Belo Sun Mining Corp

www: www.belosun.com   email: info@belosun.com
Category: Junior: Late Stage Developer
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Symbol Data

Symbol Currency
TSE:BSX CAD
OTCMKTS:BSXGF USD

Description

Belo Sun Mining Corp are a gold focused junior, late stage developer with one mine in development in Brazil and two exploration properties. They have approximately 6Moz. of gold in the reserves and resources category of which 5Moz. are in the measured and indicated category. They have a market capitalisation of ~$459.67M which is a fall of roughly 0% over the last three weeks. As of 03/15/2026 they have no debt and ~$49M cash. They have 467M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 03/15/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $460.29M $459.67M 03/15/2026 $-0.62M
MCap (OS): $439.86M $439.26M 03/15/2026 $-0.60M
Total Assets: $55.00M $55.00M 03/15/2026 $0.00M
Total Liabilities: $2.00M $2.00M 03/15/2026 $0.00M
Current Assets: $49.00M $49.00M 03/15/2026 $0.00M
Current Liabilities: $2.00M $2.00M 03/15/2026 $0.00M
Total Debt: $0.00M $0.00M 03/15/2026 $0.00M
Cash: $49.00M $49.00M 03/15/2026 $0.00M
Debt (Net): $-49.00M $-49.00M $0.00M
Enterprise Value: $411.29M $410.67M $-0.62M
Cash Flow: $0.00M $0.00M never $0.00M
Cash Flow Multiple: 0.00 0.00 never 0.00
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: No No 03/15/2026 n/a
Misc 03/15/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 466,716,038 466,716,038 03/15/2026 0
Shares (FD): 488,396,017 488,396,017 03/15/2026 0
Insider Ownership: n/a n/a 03/15/2026 n/a
Dividend (Annual): n/a n/a 03/15/2026 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Developer Developer never n/a
Production ETA: n/a 06/01/2028 03/15/2026 n/a
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 03/15/2026
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 03/15/2026
Development Phase: FS Released FS Released 03/15/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 10
Developer: Likely Path to Production
 10
Developer: Likely Path to Production
 03/15/2026 0
Cash Flow Multiple: 3 3 03/15/2026 0.00

Resource Data

GOLD 03/15/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 3.50M 3.50M 03/15/2026 0.00M
Measured & Indicated: 5.00M 5.00M 03/15/2026 0.00M
Inferred: 1.00M 1.00M 03/15/2026 0.00M
Reserves & Resources: 6.00M 6.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 3.15M 3.15M 03/15/2026 0.00M
Measured & Indicated: 4.23M 4.23M 03/15/2026 0.00M
Inferred: 0.45M 0.45M 03/15/2026 0.00M
Reserves & Resources: 4.68M 4.68M never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 03/15/2026 $0.00
Extra Operating Cost: n/a n/a 03/15/2026 $0.00
Total: $2,100 $2,100 03/15/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AuEq): n/a n/a n/a
EV / Production (AuEq): n/a n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 03/15/2026 n/a
Open Pit (Avg): n/a 1.00 g/t 03/15/2026 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 03/15/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 5.00M 5.00M 03/15/2026 0.00M
Annual Production: 225,000oz. 225,000oz. 03/15/2026 0oz.
Cash Cost: $1,200 $1,200 03/15/2026 $0
Extra Operating Cost: $900 $900 03/15/2026 $0
SILVER 03/15/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 03/15/2026 0.00M
Measured & Indicated: n/a n/a 03/15/2026 0.00M
Inferred: n/a n/a 03/15/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 03/15/2026 0.00M
Measured & Indicated: n/a n/a 03/15/2026 0.00M
Inferred: n/a n/a 03/15/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 03/15/2026 $0.00
Extra Operating Cost: n/a n/a 03/15/2026 $0.00
Total: n/a n/a 03/15/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): n/a n/a n/a
EV / Production (AgEq): n/a n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 03/15/2026 n/a
Open Pit (Avg): n/a n/a 03/15/2026 n/a
Recovery Rate: n/a n/a 03/15/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 03/15/2026 0.00M
Annual Production: n/a n/a 03/15/2026 n/a
Cash Cost: n/a n/a 03/15/2026 n/a
Extra Operating Cost: n/a n/a 03/15/2026 n/a

Property

Last Analysis Data  (03/15/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Volta Grande
100 1000.00 50.00 500.00 show
Very large 330,000 acre property
7.5 million oz open pit project at 1.7 gpt.
$750 million capex
pre-feasibility study released in 2014.
On track for production in 2016.
$700 cash costs
$1100 all-in costs.
After tax NPV at $474 million at $1450 gold.
IRR of only 15%.

Size: 130,000 ha
Exp Patrocinio
100 n/a
Exp Rainbow
100 n/a
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Volta Grande
100 1000.00 50.00 500.00 show
Very large 330,000 acre property
7.5 million oz open pit project at 1.7 gpt.
$750 million capex
pre-feasibility study released in 2014.
On track for production in 2016.
$700 cash costs
$1100 all-in costs.
After tax NPV at $474 million at $1450 gold.
IRR of only 15%.

Size: 130,000 ha
Exp Patrocinio
100 n/a
Exp Rainbow
100 n/a

Profitability (by resource)

Proven &
Probable		 03/15/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 3.50M 3.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 7.82M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.15M 3.15M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 7.04M
Maximum Profit (Gold): $9,201.43M $8,117.74M n/a $-1,083.69M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $9,201.43M $8,117.74M n/a $-1,083.69M
Max Profit / Current MCap: 19.991 17.660 n/a -2.330
Max Profit Per Share (Gold): $18.84 $16.62 n/a $-2.22
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $18.84 $16.62 n/a $-2.22
Total Free Profit Per Share: $17.55 $15.31 n/a $-2.24
FD MCap / Gold Eq.: $146.12 $145.93 n/a $-0.20
FD MCap / Silver Eq.: $2.37 $2.28 n/a $-0.09
FD MCap / Per Metal
as % Spot Price:		 2.91% 3.12% n/a 0.21%
EV / Gold Eq.: $130.57 $130.37 n/a $-0.20
EV / Silver Eq.: $2.12 $2.04 n/a $-0.08
EV / Per Metal
as % Spot Price:		 2.60% 2.79% n/a 0.19%
Measured &
Indicated		 03/15/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 5.00M 5.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 11.17M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.23M 4.23M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 9.45M
Maximum Profit (Gold): $12,356.21M $10,900.96M n/a $-1,455.25M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $12,356.21M $10,900.96M n/a $-1,455.25M
Max Profit / Current MCap: 26.844 23.715 n/a -3.129
Max Profit Per Share (Gold): $25.30 $22.32 n/a $-2.98
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $25.30 $22.32 n/a $-2.98
Total Free Profit Per Share: $24.01 $21.01 n/a $-3.00
FD MCap / Gold Eq.: $108.82 $108.67 n/a $-0.15
FD MCap / Silver Eq.: $1.76 $1.70 n/a $-0.06
FD MCap / Per Metal
as % Spot Price:		 2.17% 2.32% n/a 0.16%
EV / Gold Eq.: $97.23 $97.08 n/a $-0.15
EV / Silver Eq.: $1.58 $1.52 n/a $-0.06
EV / Per Metal
as % Spot Price:		 1.94% 2.08% n/a 0.14%

Reserves &
Resources		 03/15/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 6.00M 6.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 13.41M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.68M 4.68M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 10.46M
Maximum Profit (Gold): $13,670.70M $12,060.64M n/a $-1,610.06M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $13,670.70M $12,060.64M n/a $-1,610.06M
Max Profit / Current MCap: 29.700 26.238 n/a -3.462
Max Profit Per Share (Gold): $27.99 $24.69 n/a $-3.30
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $27.99 $24.69 n/a $-3.30
Total Free Profit Per Share: $26.70 $23.38 n/a $-3.32
FD MCap / Gold Eq.: $98.35 $98.22 n/a $-0.13
FD MCap / Silver Eq.: $1.59 $1.54 n/a $-0.06
FD MCap / Per Metal
as % Spot Price:		 1.96% 2.10% n/a 0.14%
EV / Gold Eq.: $87.88 $87.75 n/a $-0.13
EV / Silver Eq.: $1.42 $1.37 n/a $-0.05
EV / Per Metal
as % Spot Price:		 1.75% 1.88% n/a 0.13%

Future Valuation (Cash Flow & Totals)

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