Mr. George Sookochoff reports

BELMONT RESOURCES CLOSES $444,000 PRIVATE PLACEMENT

Belmont Resources Ltd. has closed a non-brokered private placement offering for aggregate gross proceeds of $444,000. The company will issue 14.8 million common shares at three cents. Warrants are not attached to the offering and no finder's fee will be paid.

The common shares issued will be subject to a hold period expiring four months and one day from issuance. The company will now apply to the TSX Venture Exchange to issue the common shares.

The company intends to use the net proceeds of the private placement for (1) $210,000 exploration expenditures; (2) $50,000 property payments; (3) $70,000 office, audit and legal; (4) $30,000 management fees; (5) $24,000 European marketing services; and (6) unallocated working capital $60,000. While the company intends to spend the net proceeds from the offering as stated herein, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the board.

About Belmont Resources Ltd.

Belmont Resources has assembled a portfolio of highly prospective copper, gold, lithium, uranium and rare-earths projects located in British Columbia, Saskatchewan, Washington and Nevada states. Its holdings include:

• Athelstan-Jackpot (A-J): two former gold mines; 2,000 metres drilling to target new lode-gold deposit target in North zone. Targeting multicoincident geophysical anomaly on strike with neighbouring gold trend and gold mines. Drilling is planned to start approximately Aug. 15, 2023;
• Crackingstone uranium-rare earths: Some of the highest-grade rare-earth elements (REEs) are being discovered in Northern Saskatchewan due to the presence of uranium, thorium pegmatite. Crackingstone project meets the criteria for potentially discovering a large REE's deposit with its high-grade uranium along with thorium and pegmatite. A review of 3,000 m of 2008 drill data shows a 1.3-kilometre pegmatite dike drilled but only assayed for uranium at that time. Two thousand twenty-three plans are to reassay pegmatite sections for REEs;
• Come By Chance (CBC): 2021 geophysics delineated potential large copper-gold porphyry; 2022 drilling provided further vectors toward potential core of porphyry;
• The Lone Star copper-gold: optioned to Australian Marquee Resources (ASX: MQR); MQR has spent $2.5-million in drilling, completed new resource in December, 2022, and is currently producing a preliminary economic assessment in order to earn 80-per-cent interest
• The Kibby basin lithium project located 60 kilometres north of the lithium-rich Clayton Valley basin: Optioned 80 per cent of the central Kibby Playa claim block to Australian Marquee Resources, MQR. MQR has spent $2.5-million in drilling in 2022 for potential deep seated lithium brine. Two thousand twenty-two drilling confirmed high levels of lithium-bearing sediments along with dissolved lithium in the groundwater. Mineralized intervals containing up to 924 parts per million lithium with greater than 300 ppm lithium over thicknesses in excess of 450 m have been identified in core samples of clay-rich playa sediments.

We seek Safe Harbor.