Robert Cohen B.A.Sc., MBA, CFA Belo Sun Mining BSX-T COMMENT Mar 07, 2017

He sold a couple of years ago. They addressed the issue since and he thinks now that they can build the project.

The Volta Grande project had a feasibility study done last year. Agnico- Eagle (AEM-T) put in $15 million to go through the permitting cycle. Doesn’t know how long it will take in permitting. This project also has substantial exploration potential. At current gold prices, that asset is worth putting into production. Expects this company will be absorbed in the not too distant future.

Thinks the large gold deposit in Brazil works and that it is a decent deposit. The people running it know what they are doing. There have been some issues with the local natives. If they can get their final mining permit, this is a good project and is something worth owning.

He likes the people and he likes the project, but is a little afraid of the political and social risks of Brazil, but mostly the stock gave him everything he wanted in a fairly short period of time. He sold his holdings.

In February they finally got approval. Brazil has been hard to get permits in because of the bureaucracy. We are waiting for cash flow to start and for gold to go up.

An explorer/developer. It certainly hasn’t performed the same as Continental Gold. Has shown more volatility. Brazil obviously can be a difficult environment. He thinks they are appealing an injunction on their deposit. In South America, the social license is very difficult, and he thinks that is the overhang with the stock. He has avoided this.

They have some issues with locals. They re-submitted an indigenous document and so we have to see what happens. It is a leveraged play in the Amazon.