This corporate presentation from Belo Sun Mining Corporation provides information on its Volta Grande gold project in Brazil. Key points include: - Volta Grande is described as the largest developing gold project in Brazil, containing over 5 million ounces of gold in the measured and indicated categories. - A preliminary feasibility study from 2013 estimated average annual production of 313,000 ounces of gold over the life of the 21-year mine at an operating cost of $711.50 per ounce. - Goals for 2014 include releasing a preliminary economic assessment, expanding resources through drilling, and advancing permits and licenses for the project.

1. CORPORATE PRESENTATION
March 2014
The LARGEST developing
GOLD PROJECT in BRAZIL
TSX: BSX

2. All statements, other than statements of historical fact, contained or incorporated by reference in this presentation, but not limited to, any information as to the future financial or
operating performance of Belo Sun, constitute ‘‘forward-looking information’’ or ‘‘forward-looking statements’’ within the meaning of certain securities laws, including the provisions of the
Securities Act (Ontario) and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements include, without limitation, statements
with respect to: possible events, the future price of gold, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, the
timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of projects and new deposits, success of exploration,
development and mining activities, permitting timelines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks,
unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. The words “anticipates”, ‘‘plans’’, ‘‘expects’’, “indicative”, “intend”, ‘‘scheduled’’,
“timeline”, ‘‘estimates’’, ‘‘forecasts”, “guidance”, “opportunity”, “outlook”, “potential”, “projected”, “schedule”, “seek”, “strategy”, “study” (including, without limitation, as may be qualified by
“feasibility” and “pre-feasibility”), “targets”, “models”, or ‘‘believes’’, or variations of or similar such words and phrases or statements that certain actions, events or results ‘‘may’’, ‘‘could’’,
‘‘would’’, or ‘‘should’’, ‘‘might’’, or ‘‘will be taken’’, ‘‘occur’’ or ‘‘be achieved’’ and similar expressions identify forward-looking statements. Forward-looking statements are necessarily
based upon a number of estimates and assumptions that, while considered reasonable by Belo Sun as of the date of such statements, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. The estimates, models and assumptions of Belo Sun referenced, contained or incorporated by reference in this news
release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our most recently filed Annual Information Form and our full-year
2012 and September 2013 Management’s Discussion and Analysis as well as: (1) there being no significant disruptions affecting the operations of Belo Sun or any entity in which it now
or hereafter directly or indirectly holds an investment, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (2) political and legal
developments in Brazil being consistent with Belo Sun’s current expectations; (3) the exchange rate between the Canadian dollar, Brazil Real and the U.S. dollar being approximately
consistent with current levels; (4) certain price assumptions for gold; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with
current levels; (6) production and cost of sales forecasts for Belo Sun, and entities in which it now or hereafter directly or indirectly holds an investment, meeting expectations; (7) the
accuracy of the current mineral reserve and mineral resource estimates of Belo Sun (including but not limited to ore tonnage and ore grade estimates) and any entity in which it now or
hereafter directly or indirectly holds an investment; (8) labour and materials costs increasing on a basis consistent with Belo Sun’s current expectations; (9) the viability of the Volta
Grande Project (including but not limited to the impact of ore tonnage and grade variability reconciliation analysis) as well as permitting, development and expansion being consistent
with Belo Sun’s current expectations; and (10); access to capital markets. Known and unknown factors could cause actual results to differ materially from those projected in the
forward-looking statements. Such factors include, but are not limited to: fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other
commodities (such as diesel fuel and electricity); increases in the discount rates applied to present value net future cash flows based on country-specific real weighted average cost of
capital; declines in the market valuations of peer group gold producers and Belo Sun, and the resulting impact on market price to net asset value multiples; changes in interest rates or
gold rates; changes
For the PEA, Belo Sun used the October 2013 mineral resource estimate. Mineral resources that are not mineral reserves do not have demonstrated economic viability. External
mining dilution is calculated at 12.3% at zero grade. The diluted life of mine mill feed grade will average 1.14 g/t gold with an average cutoff of 0.48 g/t gold. Based on current
metallurgical testing, the average gold recovery is expected to be 92.8% overall for the life of mine. The ultimate pit design was based on an optimised pit shell using a US$ 1020 /oz
gold price. Internal phases were designed within that ultimate shell. For the purposes of the PEA, only measured and indicated resources were included in the PEA mine design.
Carlos Costa, P.Geo, an employee of the Company and a qualified person under NI43-101, has reviewed and approved the scientific and technical information herein.
2TSX: BSX
Cautionary Notes

3. Volta Grande
(5.1 Moz M&I)
(2.5 Moz Inf)
3TSX: BSX
Key Projects
* For the Purposes of the PEA only measured and indicated resources were included in the PEA mine design.

4. 4TSX: BSX
Resource Expansion (2009 to 2013)
* For the Purposes of the PEA only measured and indicated resources were included in the PEA mine design. Mineral resources that are
not mineral reserves do not have demonstrated economic viability.

5. 5TSX: BSX
Experienced Board & Management
BOARD OF DIRECTORS
Peter Tagliamonte (Chairman)
Engineer
Stan Bharti
Engineer
Jay Hodgson
Geologist
Clay Hoes
Geologist
Rui Santos
Lawyer
Catherine Stretch
Director
MANAGEMENT
BRAZIL OPERATIONS
Carlos Costa
Geologist (30 years experience)
Ricardo Lopes
Geologist (27 years experience)
Omar Antunes
Chemical Engineer
(30 years experience)
Octavio Guimaraes
Engineer (20 years experience)
TORONTO OFFICE
Ian Pritchard
Chief Operating Officer
Ryan Ptolemy
Chief Financial Officer
Pat Gleeson
Corporate Secretary
Mike Hoffman
VP Engineering
Simon Marcotte
VP Corporate Development
Helia Bento
Marketing Manager
Mark Eaton
Director, President & CEO (25 years Capital Markets experience)
Helio Diniz
Director, VP Exploration (30 years experience)

6. Shares Outstanding No. 265.9 million
Fully Diluted No. 285.9 million
Share Price C$ $0.47 *
Market Capitalization C$ $125 million
52 Week High & Low C$ $1.35 - $0.32
Average Daily Volume
(3 month average)
No. 1,000,000
Cash & Cash Equivalents C$ $19 million **
6TSX: BSX
Capital Structure
*As at Feb 26th, 2014
**As at Sept 30th, 2013

7. 7
Volta Grande Infrastructure
TSX: BSX

8. 8
Belo Monte Dam Construction

9. 9
Volta Grande Main Deposits (Oct 2013)
TSX: BSX
Ouro Verde
Measured &
Indicated:
44.2 Mt (2.4M oz) @
1.70 g/t Au
Inferred:
23.4 Mt (1.2M oz) @
1.48 g/t Au
Grota Seca
Measured &
Indicated:
47.1 Mt (2.4M oz) @
1.59 g/t Au
Inferred:
18.9 Mt (1M oz) @
1.59 g/t Au
Volta Grande
Total
Measured &
Indicated:
93.8 Mt (5.1M oz) @
1.69 g/t Au
Inferred:
45.5 Mt (2.5M oz) @
1.75 g/t Au
* Details regarding the mineral resource estimate can be found in the Press Release dated Oct 3rd, 2013 that has been filed under the profile
of the Company on SEDAR. For the Purposes of the PEA only measured and indicated resources were included in the PEA mine design.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.

10. Two
Resource
Updates
2013 Highlights
10
 Measured & Indicated from:
4.1M oz @ 1.73 g/t Au (Dec 2012) 5.1M oz @ 1.69 g/t Au (Oct 2013)
 Inferred from:
2.8M oz @ 1.96 g/t Au (Dec 2012) 2.5M oz @ 1.75 g/t Au (Oct 2013)
Including high grade domain in Measured & Indicated (Oct 2013) of 424,000 oz @ 3.09 g/t Au
Released
PFS
May 2013
 Initial Capital (including tax & contingencies) – US$749,114,400
 Average annual production – 313,100 oz
 Total operating cost including royalties – US$711.50
 Received approval of Environmental Impact Assessment
 Received Preliminary License (LP) (February 2014)
TSX: BSX
* For the Purposes of the PEA only measured and indicated resources were included in the PEA mine design.

11. 11TSX: BSX
2014 Goals
 Release PEA – staged approach
 Drill program on high grade Galo target
 Complete DFS, using expanded resource
 Complete Indigenous study
 Apply for Installation License

12. 12TSX: BSX
PEA – Staged Approach
Project Performance after Tax
Project Data Units Years 1-6 L.O.M
Life of Mine Years 21
Average Annual Mining Rate Mtpa 24.8 27.3
Annual Mill Throughput Mtpa 3.0 4.9
Metallurgical Recovery % 94.1% 92.8%
Average Annual Gold Production oz recovered 147,900 167,309
Average Waste to Mill Feed Strip Ratio Waste:Feed 6.32 4.30
Average Waste to Mill Feed Strip Ratio Waste:(Feed+Stockpile) 3.31 4.30
Average Feed Grade (diluted) grams/tonne 1.66 1.14
Mine Operating Costs
Per Feed Tonne
Mining US$/tonne feed 19.27 13.25
Process US$/tonne feed 9.13 8.64
General and Administration US$/tonne feed 3.49 2.22
Total Operating Cost US$/tonne feed 31.89 24.11
Total Operating Cost including Royalties US$/tonne feed 32.53 24.55
Per Gold Ounce
Mining US$/oz gold recovered 383 373
Process US$/oz gold recovered 182 279
General and Administration US$/oz gold recovered 69 63
Total Operating Cost US$/oz gold recovered 634 715
Total Operating Cost including Royalties US$/oz gold recovered 647 727
CAPITAL COST (including tax) Pre-Production LOM
Initial CAPEX US$ ('000's) 328.7
Sustaining CAPEX US$ ('000's) 104.8
Expansion CAPEX US$ ('000's) 203.6
Preliminary Economic Assessment
* Please refer to Cautionary Notes

13. 13TSX: BSX
PEA – Staged Approach
Project Performance after Tax
Post Tax Evaluation Units Base Case Sensitivity
Gold Price US$ Ounce 1300 1450
NPV 0% US$ Million 1,062 1,472
NPV 5% US$ Million 418 637
IRR % 16.1 21.1
Payback years 4.2 3.3
Capital Cost
Pre Production Costs (US$ millions)
Open Pit $12.6
Processing $114.4
Infrastructure $76.0
Indirects, Contingency, Owners Costs $97.3
Subtotal $300.3
Tax $28.4
Total $328.7
* Please refer to Cautionary Notes

14. 14TSX: BSX
Opportunities Going Forward
Benefit from lower Brazilian Real
BrazilianReais
1.9
2
2.1
2.2
2.3
2.4
2.5
2.6
Source: Bloomberg February 11th, 2014

15. 15TSX: BSX
Opportunities Going Forward
Identify more high grade domains

16. Grota Seca
South Block
Ouro Verde
Exploration Camp
16
Opportunities Going Forward
TSX: BSX
GRANDE
*South Block Inferred Resource Estimate
-Indicated Pit Constrained – 2.5M tonnes
@ 3.06 g/t Au containing 246k oz Au
-Inferred Pit Constrained – 2.9M tonnes
@ 3.94 g/t Au containing 370k oz Au
-Indicated Underground – 24k tonnes
@ 4.24 g/t Au containing 3k oz Au
- Inferred Underground – 193k tonnes
@ 4.05 g/t Au containing 25k oz Au
Target Areas for future
resource expansion
* Details regarding the mineral resource estimate can be found in the Press Release dated Oct 3rd, 2013 that has been filed under the profile
of the Company on SEDAR. Please refer to the Cautionary Notes.

17. 17TSX: BSX
Regional Geology & BSX Sampling/Geophysics
Garimpinho
79.5 g/t Au in diorite
Javae
120.9 g/t quartz vein colluvium/alluvium
Surubim
Buma *
28 km road access from Itata to BUMA
BSX airborne survey limit
 BSX airborne Mag/Rad Survey – covered 130km strike (pending data processing)
 Eastern part of the greenstone was not covered in previous work
7 DDH = 1,100m + auger drilling
700,000t @ 0.8 g/t Au (oxide)
 grab sample 60 g/t Au (VQz)
Jatoba
 11 DDH = 2,389m + auger drilling
11m @ 0.3 % Cu (up to 1.38% Cu)
 Geotem-mag airborne survey
 grid soil sampling: up to 189 ppb Au
(1km line spacing)
* Historical Resource - Non NI 43-101 Compliant and should not be relied upon.

18. 18TSX: BSX
Open Pit Gold Deposits
Source: Canaccord Genuity, Feb 10th , 2014
Criteria used: (1) Predominantly gold by in-situ value. (2) Greater than 5 Moz Au resource. (3) Politically stable jurisdictions.
(4) Owned by developers/small scale producers.
Global Resources (M&I plus Inferred)
Project Name Country State/Province Owner/Operator Tonnes (Mt) Au Grade (g/t)
Contained Au
(Moz)
Morelos Mexico Guerrero Torex Gold Resources Inc 104.4 2.63 8.8
Courageous Lake Canada
Northwest
Territories
Seabridge Gold Inc 156.3 2.27 11.4
Volta Grande Brazil Para Belo Sun Mining Corp 139.3 1.71 7.6
Esaase Ghana Ashanti Region Asanko Gold Inc 194.9 1.66 10.4
Golden Meadows United States Idaho Midas Gold Corp 134.3 1.65 7.1
Marmato Colombia Caldas Gran Colombia Gold Corp 488.8 0.91 14.4
Mt Todd Australia
Northern
Territory
Vista Gold Corp 352.0 0.81 9.1
Eagle Canada Yukon Victoria Gold Corp 300.1 0.65 6.3
Livengood United States Alaska
International Tower Hill
Mines Ltd
1,068.0 0.59 20.1
Converse United States Nevada Chaparral Gold Corp 351.5 0.50 5.7
Metates Mexico Durango Chesapeake Gold Corp 1,246.9 0.49 19.8
Spanish Mountain Canada British Columbia Spanish Mountain Gold Ltd 533.0 0.40 6.8
Batero-Quinchia Colombia Risaralda Batero Gold Corp 490.9 0.39 6.1

19. 19TSX: BSX
BSX NAV per Share
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
1000 1100 1200 1300 1400 1500 1600 1700 1800 1900 2000
US$perShare
Gold Price (US$/oz)
BSX NAV per Share at 5% Discount Rate
BSX Sensitivities- CIBC WM
NAV/Sh
Gold Price (US$/oz)
0.00 1000 1100 1200 1300 1400 1500 1600 1700 1800 1900 2000
DiscountRate
0% 0.37 1.31 2.25 3.19 4.13 5.07 6.01 6.95 7.89 8.83 9.77
5% 0.35 0.45 1.08 1.71 2.33 2.96 3.58 4.21 4.84 5.46 6.09
8% 0.35 0.35 0.64 1.14 1.64 2.14 2.64 3.14 3.64 4.14 4.64
10% 0.35 0.35 0.43 0.86 1.29 1.72 2.16 2.59 3.02 3.46 3.89
Source: Jeff Killeen, CIBC World Markets – Jan 7th, 2014

20. 20TSX: BSX
Belo Sun 6 Month Stock Trade
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
$1.00
19-Jul-13 19-Aug-13 19-Sep-13 19-Oct-13 19-Nov-13 19-Dec-13 19-Jan-14
Source: Bloomberg February 11th, 2014

21. 21TSX: BSX
Independent Research Coverage
Firm Analyst
TD Securities Dan Earle
CIBC Jeff Killeen
BMO Capital Markets John P. Hayes
National Bank Financial Shane Nagle
Cormark Securities Richard Gray
Canaccord Genuity Rahul Paul
Dundee Capital Markets Joseph Fazzini
Macquarie Capital Markets Michael Gray
Scotiabank Global Banking& Markets Ovais Habib
THE FOREGOING LIST INCLUDES THE NAMES OF ALL FIRMS CURRENTLY KNOWN BY THE COMPANY TO HAVE ANALYSTS COVERING THE COMPANY. THIS LIST MAY NOT BE COMPLETE AND IS SUBJECT TO CHANGE BY FIRMS' CHANGING OF
COVERAGE. PLEASE NOTE THAT ANY OPINIONS, ESTIMATES OR FORECASTS REGARDING THE COMPANY MADE BY THESE ANALYSTS ARE THEIRS ALONE AND MAY NOT REPRESENT THOSE OF THE COMPANY. THE COMPANY IS PROVIDING
THIS LISTING AS A SERVICE TO ITS STOCKHOLDERS AND, BY LISTING, IS NOT IMPLYING ITS ENDORSEMENT OF OR CONCURRENCE WITH SUCH ANALYST REPORTS. THOSE INTERESTED IN SUCH REPORTS SHOULD OBTAIN THEIR OWN
COPIES AND CONTACT THEIR BROKERS OR THE RESPECTIVE FIRMS.
Independent Research – Full Coverage

22. 22TSX: BSX
Camp Site

23. 23TSX: BSX
Aerial View