Mr. George Sookochoff reports

BELMONT OPTIONEE MARQUEE RESOURCES COMPLETES LONE STAR PEA

Belmont Resources Ltd.'s joint venture (JV) partner for the Lone Star project, Marquee Resources Ltd., situated in Washington state has completed a Lone Star Nationals Instrument 43-101 preliminary economic assessment (PEA) technical report. The PEA has been prepared in accordance with the requirements of National Instrument 43-101 by Mining Plus (United States and Australia).

The completion of a PEA is part of Marquee's final required work commitment in order to earn an 80-per-cent interest in the Lone Star project.

PEA features:

• Mineral resource estimate (MRE) includes 9.76 million tonnes (Mt) at 0.60 per cent copper equivalent (CuEq) indicated and 3.35 Mt at 0.44 per cent CuEq inferred, based on a 0.10 per cent CuEq cut-off within a conceptual pit shell.
• Life of mine (LOM): 14 years.
• Financial outcome:
  • Net present value (NPV): Negative $123.9-million (U.S.);
  • Internal rate of return (IRR): Negative 10.2 per cent.

Please refer to Marquee's website for more information and a full version of the PEA.

George Sookochoff, chief executive officer of Belmont Resources, commented: "While the preliminary economic assessment offers an early glimpse into the project economics, it is important to note that it provides a preliminary perspective. It serves as a guide for steering the project toward a positive economic trajectory and eventual production.

"Despite the initial economic challenges identified, the report highlights critical factors that could potentially shift the economics into a positive direction. Notably, there is a prospect of a gold deposit approximately 400 metres west of the Lone Star deposit within the property. Additionally, the Lone Star deposit's open extensions to the east and south present further opportunities.

"Our forthcoming discussions with Marquee will shed light on their strategies for advancing the Lone Star project. Subsequently, we will update our Belmont shareholders on the developments."

George Sookochoff, CEO of Belmont Resources, shared: "While the preliminary economic assessment offers an initial overview of the project economics, it's crucial to recognize its preliminary nature. The assessment serves as a road map for navigating the project towards a positive economic outlook and eventual production.

"Despite the initial economic challenges outlined, the report highlights key considerations that could potentially pivot the economics towards a positive trajectory. Notably, there is the prospect of a gold deposit approximately 400 m west of the Lone Star deposit within our property. Furthermore, the fact that the Lone Star deposit remains open to the east and south presents additional opportunities.

"Our upcoming discussions with Marquee will provide insights into their strategies for advancing the Lone Star project. Following these discussions, we will promptly update our Belmont shareholders on the latest developments."

About Belmont Resources Ltd.

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. Recently completed a 2,000 m drill program (see news release dated Oct. 31, 2021).
• 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 has completed a preliminary economic assessment in order to earn an 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.

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