Mr. George Sookochoff reports

BELMONT RESOURCES LTD. CLOSES $368,000 FINANCING

Further to its press release dated March 1, 2024, Belmont Resources Inc. has received TSX Venture Exchange and has closed its financing for aggregate gross proceeds of $368,000. The company has issued 9.2 million common shares at four cents having a hold period expiring July 7, 2024. Warrants were not attached.

The investor is non-arm's-length to the company as Patrick Brandl, a director of the company, also sits on the supervisory board of the investor. As such, this transaction constitutes a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the financing by the insider exceeds 25 per cent of the company's market capitalization.

The use of proceeds will be allocated as: $210,000 for exploration and incurred exploration expenditures; $60,000 for office and administration (salaries, management, and audit and legal); unallocated working capital of $98,000. No proceeds will be used for investor relations. While the company intends to spend the net proceeds as stated herein, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the board.

Convertible loan

The company advised that it did not proceed with the loan agreement as referred to in its press release Feb. 3, 2024.

About Belmont Resources Inc.

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

• Athelstan-Jackpot (A-J) -- two former gold mines; initial 2023 drill results from Athelstan gold mine area drilling indicate peripheral alteration zone to a potential deep-seated gold-copper porphyry;
• Crackingstone -- high-grade uranium property situated in the prolific Beaverlodge uranium district of the Athabaska basin; the project covers four kilometres of the Black Bay shear zone, a northeast-trending magnetic-low corridor that hosts four past-producing mines;
• Come By Chance (CBC) -- 2021 geophysics delineated potential large copper-gold porphyry; 2022 drilling provided further vectors toward potential core of porphyry;
• Lone Star copper-gold project -- optioned to Australian company Marquee Resources, which has spent $2.5-million in drilling and completed a new resource in December, 2022, and a PEA in November, 2023, earning a 50-per-cent interest in the property;
• 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 company Marquee Resources, which has spent $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; mineralized intervals containing up to 924 parts per million lithium with greater than 300 parts per million lithium over thicknesses in excess of 450 metres have been identified in core samples of clay-rich playa sediments.

We seek Safe Harbor.