February 23, 2017

Report #5Lithium in Nevada, USA

Belmont getting ready to drill for untapped lithium brines at Kibby Basin in NevadaToday, Belmont Resources Inc. reported to be in the process of engaging an experienced lithium brine drilling contractor to start the first phase of a deep drilling program at Belmont’s Kibby Basin Property in Nevada. The property is located about 65 km north of the Clayton Valley, i.e. closer to Tesla Motors’ Gigafactory #1 near Sparks, Nevada.

A 2016 gravity survey has significantly enhanced the potential for the basin to host lithium-bearing brines in a geologic setting similar to the continental brine model ascribed to the Clayton Valley.

Drilling is expected to start as soon as possible, depending on availability of drill crews and access to the drill sites following an unusually wet winter. A total of 4 holes over approximately 457

m length have been recommended for the phase-1 drilling program, of which 2 holes have been planned to a depth of approximately 152 m (500 foot) and the 2 other holes to be drilled to a depth of about 76 m (260 foot).

With a current market capitalization of $3 million CAD, Belmont now offers substantial appreciation potential in case the upcoming drill program turns out positive.

Rockstone is looking forward to the upcoming drill program as a sampling of brine may result in the discovery of lithium with grades similar to the Clayton Valley when it started lithium production in the 1960s (estimated at >400 mg/L lithium). This would be a major achievement for Belmont, its shareholders and Nevada as a whole.

Company Details

Belmont Resources Inc.Suite 600 - 625 Howe StreetVancouver, BC, V6C2T6 Canada Phone: +1 604 683 6648Email: gmusil@belmontresources.comwww.belmontresources.com

Shares Issued & Outstanding: 35,400,953

Canadian Symbol (TSX.V): BEACurrent Price: $0.07 CAD (02/22/2017)Market Capitalization: $3 million CAD

German Symbol / WKN: L3L1 / A1JNZE Current Price: €0.04 EUR (02/23/2017)Market Capitalization: €1 million EUR

Chart Canada (TSX.V)

Chart Germany (Frankfurt)

Sonic drilling is a highly effective soil penetration technique (picture source)

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ased on the results received by the ground geophysics report and gravity survey

completed in 2016, Belmont’s exploration geologist Robert Cuffney has recommended the first 4 holes of the phase-1 sonic drilling program.

The location of 3 proposed holes is near the eastern basin-bounding fault, where lithium brines are likely to well up in the structural zone, analogous to the concentration of lithium brines along the Paymaster Fault in Clayton Valley. The 4th hole is a stratigraphic hole located near the central axis of the basin, designed to test for porous basin sediments, which could serve as aquifers for lithium brines.The decision to begin with sonic drilling was made for several reasons:

1) Continuous core yields far better geologic information than does percussion or reverse circulation (RC) samples, which in fine playa sediments tend to wash away;

2) Using core, Belmont will not have to run downhole geophysics to find the aquifers, saving time and cost;

3) Good water/brine samples can be obtained without contamination from drilling fluids/muds;

4) Sonic drilling does not require injecting water, which reduces costs for hauling and construction of large sumps;

5) Sonic drilling tends to not destabilize the hole walls through vibration as does percussion/hammer drilling.

The 3D gravity model demonstrates the potential for a massive underground brine reservoir with dimensions estimated at 4 km2 and at least 1.5 km deep. On top of all that, the chances of the water being geothermal (hot) are excellent. A 7.4 kilometer long structure is identified in Kibby Valley with characteristics interpreted to be akin to major structures bounding the south side of Clayton Valley. The gravity survey identified several significant structures that juxtapose rocks of differing densities that are most likely basin-fill sediments faulted against the basement rocks.

BResearch #5 | Belmont Resources Inc.

Figure 1: Modeled Basin Depth over Gray Shade Topography. The figure shows the basin depth or thickness of basin fill beneath the surface. The basin reaches a maximum depth approaching 4000 m with a fair amount of complexity along the basin margins. The overall “Z” shape to the basin, observed by Wright (2016), is even more pronounced in the basin model.

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The Kibby Basin (Basin Removed Topography Looking South-Southwest; presumably this would be the topography if the basin fill was removed)

Previous Coverage

Report #4: “The perfect lithium basin?”

Report #3: “Prominent gravity low identi-fied on Kibby Basin Lithium Brine Property in Nevada”

Report #2: “Dark clouds over Clayton Valley and green lights for Belmont’s Kibby Basin”

Report #1: “Early Report on Belmont”

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CBA Gravity Looking Northeast (presumably this would be the topography if the basin fill was removed; the lithium-rich brine is not only expected in the deepest part of the basin which is modelled to be beneath Belmont’s property)

Research #5 | Belmont Resources Inc.

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According to Belmont’s Gravity Survey Interpretation Report (2016):

“The second major factor controlling the viability of a given model is assigning the correct density for basin fill.

A single drill hole is located within the basin as shown in Figure [1]. This is an oil and gas exploration hole drilled in 1969 by Monte Cristo Oil Corporation. No lithologic logs are available; however, a down-hole density log is available via the Nevada Bureau of Mines. Examination of the log suggests an overall density of 2.1 g/cc is appropriate for the basin fill. This is a typical and reasonable value for basin fill...

Also, an examination of the density log reveals the densities increase near the 1200 m depth and show a sustained average level of 2.3 g/cc to 2.4 g/cc to the bottom of the hole at 1455 m (4776’). This density is below of 2.6 g/cc estimated for the bedrock; however, it could well be indicating weathered bedrock or a basal unit in the fill material. Interestingly, the basin gravity model places the bedrock at a depth of 1200 m in the vicinity of the drill hole...

The model reveals a north – south elongated basin with a depth approaching 4000 m, which is not unusual for basins in the Walker Lane. Of note is the asymmetry in the basin’s east – west profile.

Figure [2] shows a section across the basin model 600 m north of the property’s north boundary. This section is typical for much of the length of the basin. The west side of the basin is typified by several smaller magnitude structures down-dropping the basin, while the east side is controlled by what appears to be one large magnitude structure. This structure is denoted in Figures [3] and [4] with a heavy dashed line. It is very prominent in the gradient (i.e. Figure 3). The basin is terminated and left laterally offset by major west-northwest structures to the north and south...

Figure 2: East-West Section Crossing the Basin Model (looking north)

Figure 3: Gravity Total Gradient with Interpreted Structures

Figure 4: Basin Depth Model with Interpreted Structures

Research #5 | Belmont Resources Inc.

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Zampirro (2003) reviewed the lithium brine geology and geometries in the Clayton Valley deposit (the 3 figures to the right present a collection of partial figures from his report).

The brines are contained in several layers located along the south margin of Clay-ton Valley adjacent to the Cross Central and Paymaster Canyon faults, which form the south edge of the valley.

Furthermore, the aquifers are controlled by porous layers dipping to the south into the structures and, in the case of the marginal gravel aquifer, ponded by the structures. Clearly, dipping of porous basin sediments toward a major basin bounding structure is geometry condu-cive to brine containment.

A similar geometry is suggested by the basin model and associated structural interpretation for the Kibby Basin. Of course, the model neither predicts the dip of basin sediments nor if the sediments contain lithium brines. Nevertheless, the basin geometry is sufficiently similar to the Clayton Valley deposit as to deserve additional exploration effort.

At Kibby Basin the large structure along the east side of the basin would be analogous to the Cross Central and Paymaster Canyon faults in Clayton Valley.

As Kibby Basin was pulled apart, one could imagine blocks of basin fill be-ing rotated to the east as the large east bounding structure accommodated the majority of the extension.

Other structures and structural inter-sections bounding the main Kibby Basin should also be considered as possible targets for brine concentrations. In-deed, Zampirro (2003) notes structural intersections may have controlled brine concentration in Clayton Valley.

As noted by Wright (2016), blocks of young basalt (QTb) are likely located within the basin fill and could well serve as traps or barriers to basin brine lateral movement. This type of brine trap is cer-tainly unusual but should receive some consideration.”

Research #5 | 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 state-ment of projection or forward statements, including among other risks: the receipt of all necessary 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 requirements 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 financed. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Rockstone and the author of this report do not undertake any obligation to up-date 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. Please read the entire Disclaimer carefully. If you do not agree to all of the Disclaimer, do not access this website or any of its pages including this report in form of a PDF. By using this website and/or report, and whether or not you actually read the Disclaimer, you are deemed to have accepted it. Information provided is educational and general in nature.

Author Profile and Contact

Stephan Bogner (Dipl. Kfm. FH)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 specialized in 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 reports receive a background in order for the reader to be inspired to conduct further due diligence. All reports are being made accessible 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 #5 | Belmont Resources Inc.