Mr. George Sookochoff reports

BELMONT RESOURCES ANNOUNCES $420,000 CONVERTIBLE LOAN AGREEMENTS FROM PRIVATE INVESTMENT HOLDING COMPANIES

Belmont Resources Ltd. has entered into convertible loan agreements in the aggregate of $420,000 with two private investment holding companies (the lenders). The lenders are arm's-length to the company.

The loans shall bear no interest and are payable on or before April 1, 2024. If Belmont fails to repay the loans in full on or before April 1, 2024, interest on arrears of 12 per cent per annum will be payable by Belmont beginning April 2, 2024.

The lenders have the option to have the debt paid through the issuance of 14 million common shares, at a deemed value of three cents per share, subject to the approval of the TSX Venture Exchange.

The use of proceeds will be allocated as: $210,000 exploration expenditures; $60,000 office and administration (salaries, management, audit and legal); and unallocated working capital $150,000. While the company intends to spend the net proceeds from the loan as stated above, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the board.

The closing of the transaction is subject to the approval of the TSX Venture Exchange.

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. Its holdings include:

• Athelstan-Jackpot (A-J): Two former gold mines, planned 2,000 metres of drilling to target multicoincident geophysical anomaly on strike with neighbouring gold trend and gold mines;
• 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 and thorium pegmatites; Crackingstone project meets the criteria for potentially discovering a large REEs 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; 2023 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; MQR has spent in excess of $2.5-million in drilling, completed new resource in December, 2022, and is currently preparing a preliminary economic assessment 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 has spent in excess of $2.5-million in drilling in 2022 for potential deep-seated lithium brine; 2022 drilling confirmed high levels of lithium-bearing sediments along with dissolved lithium in the groundwater.

National Instrument 43-101 disclosure:

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, and has been reviewed and approved by Laurence Sookochoff, PEng.

We seek Safe Harbor.