June 28, 2016

Research #3Lithium in Nevada

Prominent gravity low identified on Kibby Basin Lithium Brine Property in Nevada

On June 10, Belmont Resources Inc. announced to have started the phase-1 exploration program on its 100% owned Kibby Basin Project in Nevada’s Monte Cristo Valley, 65 km north of the Clayton Valley. Wright Geophysics completed a geophysical review and work proposal program. A few days later, Belmont announced to have engaged Magee Geophysical Services to conduct a detailed gravity survey to map the central basin so as to permit generation of a 3D model of the basin fill; providing the coverage to determine basin depth and delineate the structural setting. Last week on June 23, Magee completed the gravity survey, whereas Wright is currently interpreting the data and developing a 3D interpretation from the data. The results, expected any day now, will help outline the optimal testing areas for a direct push (Geoprobe) drilling and sampling program, which is expected to be announced shortly thereafter. With a current market capitalization of less than $3 million, the company may generate substantial shareholder value in case the upcoming brine drilling turns out positive, as Rockstone anticipates.

Company Details

Belmont Resources Inc.Suite 600 - 625 Howe StreetVancouver, BC, V6C2T6 Canada Phone: +1 604 683 6648Email: belmontr@telus.net (Gary Musil)www.belmontresources.comShares Issued & Outstanding: 32,628,453

Canadian Symbol (TSX.V): BEACurrent Price: $0.07 CAD (June 27, 2016)Market Capitalization: $2 million CAD

German Symbol / WKN: L3L1 / A1JNZE Current Price: €0.061 EUR (June 27, 2016)Market Capitalization: €2 million EUR

Chart Canada (TSX.V)

Chart Germany (Frankfurt)

A recent gravity survey review on Kibby Basin revealed a distinct anomaly in the middle of Belmont‘s Kibby Basin Property, 65 km north of the Clayton Valley

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elmont has received a Geo-physical Review and Work Pro-posal Report from James L.

Wright of Wright Geophysics on June 6, 2016; including the following remarks:

“Figure 2 presents the complete Bouguer anomaly of gravity at 2.50 g/cc over the topography. The current property position is shown as a black rectangle. A promin-ent gravity low, as expected, correlates with the basin center flanked by highs in the outcrop areas to the east and west. Average station spacing is variable but on the order of two kilometers with sig-nificant gaps. Such coverage is adequate for large scale analysis but completely inadequate for property scale work...

Geology over the property and surround-ing area is covered by Ferguson et. al (1953) in the Coaldale 15’ quadrangle geologic map. Figure [3] presents the portion of the geologic map covering the property and geophysical data sets. Three rock units are labelled in the area; Ji - Jur-assic intrusions, Tol - older volcanics, and QTb - young basalt units. A large area of QTb is mapped within the basin near the southern lateral fault. The occurrence of a large area of QTb within the basin indicates additional QTb could well be encased within the basin fill and possibly play a role in ponding and/or controlling the distribution of lithium brines.

The genetic model for the central basin suggests additional normal faults should be present forming a number of steps down into the basin on both the east

and west sides. Clearly, a strong density contrast exists between basement rocks (ie. Ji, Tol, etc.), and the basin fill. The detailed gravity survey is recommended as the next stage to map the central basin in sufficient detail so as to permit generation of a three dimensional model of the basin fill.”

Ernest L. Hunsaker III, Belmont’s Qualified Person, stated on June 10:

“Phase 1 results will determine how best to execute the drilling proposed in Phase 2.”

Research #3 | Belmont Resources Inc.

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Figure 1: CBA Gravity Looking Northeast

Figure 2: CBA Gravity @ 2.50 g/cc and Station Posting over Topography [Belmont’s property is represented by the black box]

Figure 3: Coaldale 15’ Quadrangle Geologic Map

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INTERPRETATION

An interpretation is presented over the gravity and airborne magnetics in Figures [4] and [5] respectively. Structures are de-picted with dashed lines with line width indicating magnitude. Sense of movement is indicated with either arrows or up down labels. Interpreted outlines of the Ji and Tol are denoted with colored polygons. Finally, mapped outcrop of the QTb are depicted with brown hatched polygons.

Examination of the gravity reveals a dis-tinctive pattern to the basin. That is, the northern portion trends northwest-south-east with a relatively shallow amount of basin fill. The central portion of the basin rotates to north-south and deepens con-siderably; finally, the southern portion of the basin shallows and returns to a north-west-southeast orientation. Hunsaker (2016) notes the complex structure evo-lution of the area with supporting refer-ences to Hardyman et. al. (1990), Oldow (2003) and Oldow et. al. (2009). This com-plex basin geometry can be accounted for by a left lateral shear couple as depicted with the two west-northwest directed structures labeled with sense of displace-ment arrows. These structures bound the north and south edges of the central basin.

Between the two lateral displacement structures is a zone of extension typified by at least four high angle normal faults oriented approximately north-northeast. High angle normal displacement along these structures is interpreted to have formed the main central basin. Such fault geometry is indicative of an overall trans tensional environment and termed a pull-apart basin. Figure [6] shows a three di-mensional block diagram of such a basin’s formation.

A large area of QTb is mapped within the basin near the southern lateral fault. The occurrence of a large area of QTb within the basin indicates additional QTb could well be encased with the basin fill and possibly play a role in ponding and/or con-trolling the distribution of lithium brines.

The RTP magnetics are presented in Figure [5] overlain by the interpretation. Prom-inent magnetic highs correlate with the Ji and Tol rock units. As noted by Albers and Stewart (1972), large bodies of Jurassic in-trusions occur in this portion of Nevada as eastern outliers to the main Sierra Nevada batholith. Depicted on the figures is an in-terpreted distribution of the Ji based upon the magnetics. A large extension to the east and south from the small outcrops is

interpreted, which is down faulted into the basin by two of the north-south directed normal faults. On the east side of the main basin, a large area of Tol is mapped which correlates relatively well with strong mag-netic values. An interpreted distribution based on the magnetics is depicted a de-fined with a square hatched polygon.

As with the Ji to the west, the Tol is also down faulted into the basin. Based upon this interpretation, it is reasonable to infer the Ji and Tol; plus lesser contributions from the Dunlap, Luning, and Excelsior formations form the bottom of the basin. Filling the basin would be the less dense Esmeralda formation (Te) and Quaternary material including gravels and playa de-posits. As noted previously, bodies of QTb could well be found within the gravel fill.

Research #3 | Belmont Resources Inc.

Figure 4: CBA Gravity overlain by Interpretation Figure 5: RTP Magnetics overlain by Interpretation

Figure 6: Example of Left Lateral Pull-apart Basin.

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SUMMARY AND WORK PROPOSAL

The interpretation indicates a genetic model for the central basin in which north-northeast directed normal faults accommodates left lateral extension by forming a pull-apart basin. These normal faults form the east and west boundaries to Kibby Basin. Furthermore, the genetic model suggests additional normal faults should be present forming a number of steps down into the basin on both the east and west sides. Clearly, a strong density contrast exists between base-ment rocks (i.e. Ji, Tol, etc.) and the basin fill (i.e. Te, Qal). A detailed gravity survey is recommended to map the central basin in sufficient detail so as to permit genera-tion of a three dimensional model of the basin fill.

Figure [7] shows proposed gravity stations over topography. A total of 433 stations are involved. These include 500 m square grid coverage over the central basin and property flanked to the north and south by1000 m staggered grid coverage. Fur-ther afield are regional stations shown in blue along available roads. Regional stations are required to determine the large scale trend in which the detailed coverage sits. The regional stations are provision pending a review of the public domain USGS data, which could replace some of the stations. Once the gravity data are acquired, a three dimension of the Kibby Basin will be constructed.” Source: James L. Wright (M.Sc.) in “Kibby Basin Property Geophysical Review Work Proposal” on June 6, 2016

Research #3 | Belmont Resources Inc.

Figure 7: Proposed Gravity Stations over Topography

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Above: A few days ago, a gravity survey was completed on Belmont’s Kibby Basin Property (picture shows Site 1140)

Below: Gravity Survey Base Station

Right: Black and white satellite shot of the Kibby Basin (flat/center of photo)

Research #3 | Belmont Resources Inc.

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Above: Gravity survey on Belmont’s Kibby Basin Property (picture shows Site 1140); Below left: Capped historic oil well – 2.4 km (1.5 miles) southwest of Belmont’s property in Monte Cristo Valley; Below right: Dunham Mill Well (Dry) – 1.3 km (0.8 miles) northwest of Belmont’s property in Monte Cristo Valley

Research #3 | Belmont Resources Inc.

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Above: Kibby Flat Well – 4.2 km (2.6 miles) south of Belmont’s prop-erty in Monte Cristo Valley

Left / below: Microwave well – 0.8 km (0.5 miles) south of Belmont’s property in Monte Cristo Valley

Research #3 | Belmont Resources Inc.

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Looking north at Belmont’s Kibby Basin Property from Basalt Hills south of property:

Research #3 | Belmont Resources Inc.

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Above and below: Looking easterly from Tiffany Mine – Kibby Property covers playa in valley bottom

Research #3 | Belmont Resources Inc.

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MANAGEMENT

Vojtech Agyagos (President & Director)

Mr. Agyagos has more than 25 years of management and financial consulting experience and has served as an officer and director on numerous public companies since 1982. This experience has resulted in his managing of exploration projects in South America, Eastern Europe (Slovak Republic) in oil/gas and mineral exploration, and British Columbia, Quebec, Labrador and Ontario (Canada). Mr. Agyagos has served as President and Director of Belmont since December 1996.

Gary Musil(Secretary, CFO, Director)

Gary Musil has more than 30 years of management and financial consulting experience and has served as an officer and director on numerous public companies since 1988. This experience has resulted in his overseeing of financial aspects and expenditures on exploration projects in Peru, Chile, Eastern Europe (Slovak Republic), and British Columbia, Ontario, Quebec and New Brunswick (Canada). Prior to this, he was employed for 15 years with Dickenson Mines Ltd. and Kam-Kotia Mines Ltd. as a Controller for the producing silver/lead/zinc mine in the interior of British Columbia in Canada.

Jake Bottay(Director)

Jake Bottay is a graduate of Simon Fraser University, earning his Bachelor of Arts Degree in 1972. Since 1980, Mr. Bottay has been responsible for project co-ordination, financing, contract negotiations, audit committees and public relations with a number of junior exploration companies. While serving as a Director or Officer on numerous public companies, Mr. Bottay has gained valuable experience in doing business in South America, Europe and Canada.

Roger Agyagos(Director)

Mr. Agyagos has a Diploma in Management Systems from BCIT. Since 1995 he has been Vice President for a private BC company providing office

management and financial consulting services to various private and public companies. Mr. Agyagos assists with daily correspondence, office services, preparation of news releases and financial statements.

Dusan Berka(Director)

Mr. Berka (P.Eng.) has over 40 years of international business experience spanning Europe and the Americas with extensive experience in the finance, marketing and administration of public companies, having served as a Director and Officer of various public companies traded on the TSX, TSX Venture and NASDAQ exchanges. A graduate engineer with a M.Sc. (Dipl. Ing.) degree from Slovak Technical University, Bratislava, Slovakia (1968), Mr. Berka has been a member of the Association of Professional Engineers and Geoscientists of British Columbia since 1977.

James H. Place(Advisory Board)

Mr. Place, of Delta, B.C. is a registered Professional Geoscientist (P.Geo.) in the Province of B.C. (1992) and in this function has worked for government and private industry as a consultant for 24 years including engineering groups, environmental assessment specialists, and private mineral developers. His experience of providing support to government and private organizations includes property assessment, project planning, management, supervision, and administration for all types of engineering and development projects. His experience of providing management and directorship on

a number of public companies will provide a significant contribution to the Company at this stage of exploration and development.

ANALYST COVERAGE

Research #2: “Dark clouds over Clayton Valley and green lights for Belmonts Kibby Basin Project” (May 30, 2016)

Research #1: “Early Report on Belmont Resources” (April 13, 2016)

Belmont Resources Inc. (TSX.V: BEA; Frankfurt: L3L1) is an emerging resources company engaged in the acquisition, exploration and development of mineral properties; in Canada and USA. The company has recently entered into an property acquisition agreement to acquire 16 unpatented association placer mining claims, representing 1,036 hectares (the “Kibby Basin Project”) in the Monte Cristo Valley, Esmeralda County, Nevada, approximately 65 km north of Clayton Valley. Belmont has previously acquired 4 claim blocks comprising 2,252 hectares located within the Abitibi Harricana-Turgeon volcanic greenstone belt of Northwestern, Quebec. This belt hosts several world class deposits that have produced both gold and base metals. Belmont holds 50% interest in 12,841 hectares of uranium properties located in the Uranium City region of North Saskatchewan. Belmont is focused on the development of these projects through joint ventures, whereby Belmont recognizes exploration activity and minimizes cash commitments.

Research #3 | Belmont Resources Inc.

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Disclaimer and Information on Forward Looking Statements:All statements in this report, other than state-ments of historical fact should be considered forward-looking statements. Much of this re-port is comprised of statements of projection. Statements in this report that are forward looking include that Belmont Resources Inc. or any other company or market will perform as expected; that Belmont Resources Inc. will complete the recently announced Kibby Basin Property transaction; that Belmont Re-sources Inc. or its partner(s) can and will start producing and selling any kinds of products; that the company can raise sufficient funds for a transaction, exploration and corporate matters; that any of the mentioned plans, comparisons with other companies, regions or numbers are valid or economic. Such state-ments involve known and unknown risks, un-certainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-look-ing statements. Risks and uncertainties re-specting lithium and resource companies are generally disclosed in the annual financial or other filing documents of Belmont Resources Inc. and similar companies as filed with the relevant securities commissions, and should be reviewed by any reader of this report. In addition, with respect to Belmont Resources Inc., a number of risks relate to any statement of projection or forward statements, includ-ing among other risks: the receipt of all ne-cessary approvals and permits; the ability to conclude a transaction to start or continue exploration; uncertainty of future market regulations, capital expenditures and other costs; financings and additional capital re-quirements for exploration, development, construction, and operating of a facility; the receipt in a timely fashion of further per-mitting for its legislative, political, social or economic developments in the jurisdictions in which Belmont Resources Inc. carries on business; operating or technical difficulties in connection with production or development activities; the ability to keep key employees, joint-venture partner(s), and operations fi-nanced. There can be no assurance that such statements will prove to be accurate, as ac-tual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking in-formation. Rockstone and the author of this report do not undertake any obligation to update any statements made in this report.

Disclosure of Interest and Advisory Cautions: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Rockstone, its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including Rockstone’s report, especially if the investment involves a small, thinly-traded company that isn’t well known. The author of this report is paid by Zimtu Capital Corp., a TSX Venture Exchange listed investment company. Part of the author’s responsibilities at Zimtu is to research and report on companies in which Zimtu has an investment. So while the author of this report is not paid directly by Belmont Resources Inc., the author’s employer Zimtu will benefit from appreciation of Belmont Resources Inc.’s stock price. The author also owns shares of Belmont Resources Inc. and Zimtu Capital Corp. and thus would also benefit from volume and price appreciation of its stocks. Thus, multiple conflicts of interests exist. Therefore, the information provided herewithin should not be construed as a financial analysis or recommendation but as advertisement. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. Rockstone and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Belmont Resources Inc.has not reviewed the content of this report prior to publication. Lastly, the author does not guarantee that any of the companies mentioned in the reports will perform as expected, and any comparisons made to other companies may not be valid or come into effect.

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Analyst Profile and Contact

Stephan Bogner (Dipl. Kfm. FH)Mining Analyst Rockstone Research 8050 Zurich, Switzerland+41-44-5862323sb@rockstone-research.com

Stephan Bogner studied at the International School of Management (Dortmund, Germany), the European Business School (London)

and the University of Queensland (Brisbane, Australia). Under supervision of Prof. Dr. Hans J. Bocker, Stephan completed his diploma thesis (“Gold In A Macroeconomic Context With Special Consideration Of The Price Formation Process”) in 2002. A year later, he marketed and translated into German Ferdinand Lips‘ bestseller („Gold Wars“). After working in Dubai for 5 years, he now lives in Switzerland and is the CEO of Elementum International AG specialized in duty-free storage of gold and silver bullion in a high-security vaulting facility within the St. Gotthard Mountain Massif in central Switzerland.

Rockstone is a research house specialized in the analysis and valuation of capital markets and publicly listed companies. The focus is set on exploration, development, and production of resource deposits. Through the publication of general geological basic knowledge, the individual research reports receive a background in order for the reader to be inspired to conduct further due diligence. All research from our house is being made accessible to private and institutional investors free of charge, whereas it is always to be construed as non-binding educational research and is addressed solely to a readership that is knowledgeable about the risks, experienced with stock markets, and acting on one’s own responsibility.

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Research #3 | Belmont Resources Inc.