Helius Minerals Provides Update on Progress with the Serra Pelada Gold-PGM Project, Brazil
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Helius Minerals Provides Update on Progress with the Serra
Pelada Gold-PGM Project, Brazil
Vancouver B.C., August 11, 2025 - Helius Minerals Limited (“Helius” or the “Company”) (TSXV:
HHH) is pleased to announce that after s igning the definitive Exclusivity, Share Option and
Acquisition Agreement dated as of March 3 , 2025 (the “Definitive Agreement”) with Colossus
Minerals Inc. (“ Colossus”) regarding the Serra Pelada gold-PGM project in Brazil (the “ Serra
Pelada Project ”), it has significantly advanced negotiations and mutual understanding with
Brazilian governmental agencies and legal proceedings to finalize this accord. Since the signing
of the Definitive A greement, Helius has held a series of successful meetings with both the
Brazilian Ministry of Mines (MME) and the National Mining Agency (ANM) that have strengthened
the strategic framework to facilitate returning the Serra Pelada Project to commercial production.
Helius has also obtained access to a broad collection of historical technical, legal, and financial
documentation related to the Serra Pelada Project, much of which had been left unstructured
following Colossus’ insolvency. The Company is in the process of systematically organizing and
reviewing this material, which is proving instrumental in shaping a clear strategy for re-permitting,
stakeholder engagement, and redevelopment of the project.
Under the Definitive Agreement, Helius has been provided with a twelve-month exclusivity period
(the “Organizational Period”) to: (a) undertake a review and development of a plan to ensure
compliance with relevant mining laws and other regulatory requirements; (b) formulate a
comprehensive strategy to address outstanding debts of the Brazilian subsidiaries of Colossus
(the “Brazilian Subsidiaries”); and (c) develop a detailed plan to rehabilitate the Serra Pelada
Project, the Brazilian Subsidiaries and SPCDM (as defined below). The Serra Pelada Project was
put on a care and maintenance program in 2014 when Colossus became insolvent after incurring
significant development expenditures prior to achieving commercial production.
Christian J. Grainger, President and CEO commented:
“Within just five months of signing the Definitive A greement, I am very satisfied with the
progress that Helius Minerals has made – with the invaluable help of our Brazilian legal
counsel, led by Philippe Martin - in advancing mutual understanding with the Brazilian
government on the future of the new Serra Pelada Project. We have also received
overwhelming support from legacy shareholders and are working closely and in partnership
with COOMIGASP to move the project forward as efficiently as possible. Serra Pelada has
already seen significant investment including drilling and underground development. Given
current metal prices, we believe it is an opportune time to evaluate alt ernative mining
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scenarios that could better unlock the full potential of this truly unique deposit. I am personally
excited to return to Serra Pelada, drawing on my prior experience with the deposit, and to
work hand in hand with our partners at COOMIGASP and the community .”
The Serra Pelada Gold -PGM Project
Serra Pelada is l ocated within the Carajás Mineral Province of Brazil . I n July 2007, the
Cooperativa de Mineração dos Garimpeiros de Serra Pelada (COOMIGASP) entered into a
partnership agreement with Colossus to for m Companhia de Desenvolvimento Mineral
(“SPCDM”), which holds a 100% interest in the Serra Pelada Project . Colossus acquired a 75%
interest in SPCDM under the partnership agreement.
In 2014, Colossus became insolvent prior to achieving commercial production due to inadequate
dewatering measur es. This created liquidity and credibility issues immediately before metal
production was to commence. The Serra Pelada Project was thereafter put on a care and
maintenance program, and Colossus reported that it suspended operations due to liquidity
challenges in 2014. Helius understands that, as a result of the Colossus insolvency, a number of
regulatory and compliance matters must be addressed to permit the project to move forward. The
Company has also commenced reviewing legacy debt and creditor arrangements associated with
the Serra Pelada Project, with a view to undertaking a broader restructuring of historical liabilities
to support a sustainable path to redevelopment.
About Helius Minerals Limited
Helius is a mineral exploration company focused on the identification and exploration of high -
quality mineral assets across the Americas, with an emphasis on South American jurisdictions.
On Behalf of the Board of Directors of
Helius Minerals Limited
Christian Grainger (PhD, AIG)
President and CEO
M: +57 3146364676
Website: www.heliusminerals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term in defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This news release may contain forward-looking information
within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements are statements
that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,”
“intends,” “estimates,” ‘projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,”
“could” or “should” occur. These forward -looking statements, including, but not limited to , statements regarding finalizing the
acquisition of Serra Pelada Project, strategies for re-permitting, stakeholder engagement, and redevelopment of the Serra Pelada
Project, future plans and rehabilitation of the Serra Pelada Project to move it forward and alternative mining scenariosare subject
to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the
forward-looking statements, including, without limitation: the uncertainties inherent to current and future legal challenges that
face the Serra Pelada Project and Colossus and its subsidiaries; controls, regulations, and political or economic developments in
Brazil; changes in national and local government legislation in Canada and Brazil; the lack of certainty with respect to foreign legal
systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with
the rule of law; the speculative nature of mineral exploration and development, including the risks of obtaining and maintain ing
the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of Brazil;
fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States and
Brazil; significant capita l requirements; risks related to fluctuations in metal prices; uncertainties related to raising sufficient
financing to fund exploration work in a timely manner and on acceptable terms; changes in planned work resulting from weather,
logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived
potential of the Serra Pelada Project; risk of accidents, equipment breakdowns and labour disputes or other unanticipated
difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in conducting work programs; the ri sk of
environmental contamination or damage resulting from Helius’ operations and other risks and uncertainties. Any forward-looking
statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company
disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events
or results or otherwise.