Mr. George Sookochoff reports

BELMONT RESOURCES SECURES C$778,000 THROUGH SALE OF NEVADA WATER PERMIT

Belmont Resources Ltd. has sold one of its two Nevada water permits to Pilot Metals Inc., a United States-based subsidiary of Guardian Metal Resources PLC, headquartered in London in the United Kingdom.

Agreement details

The transaction, valued at $778,000, includes:

• An initial non-refundable cash payment of $495,000;
• A final payment of $283,000, due on or before Jan. 31, 2025.

George Sookochoff, president and chief executive officer of Belmont Resources, commented, "This agreement secures $778,000 in non-dilutive funding, significantly strengthening our financial position as we advance our strategic initiatives in 2025."

About the water permit

The permit grants the right to beneficially use 1,447.94 acre-feet of water annually for mining, milling and domestic purposes. Belmont retains ownership of a second permit with identical water rights, ensuring the company's continued ability to support future development and operations.

About Belmont Resources Inc.

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:

• Crackingstone uranium -- drill permit pending: The Crackingstone uranium project has several unique and promising characteristics that set it apart from other uranium projects: strategic location, high-grade potential, multiple mineralized corridors, proven mineralization, rare earth element (REE) potential, accessibility and infrastructure. Drilling planned for Q1 (first quarter) to Q2 (second quarter) 2025.
• Come By Chance copper-gold -- drill permitted: Drilling to date encountered outer phyllic zone of porphyry system. Results are vectoring toward large untested chargeability and magnetic anomaly, which presents one of the most compelling targets for a vertically extensive porphyry center. Phase 2 drill program planned for Q1 2025.
• Athelstan-Jackpot gold -- drill permitted, two former gold mines: Initial 2023 drill results from Athelstan gold mine area drilling indicates peripheral alteration zone to a potential deep-seated gold-copper porphyry.
• The Lone Star copper-gold -- 50 per cent optioned to Australian Marquee Resources: Australian Marquee Resources spent $2.5-million in drilling and completed a new resource in December, 2022, and completed a PEA (preliminary economic assessment) in November, 2023.
• The Kibby basin lithium -- 80 per cent optioned to Australian Marquee Resources; project located 60 kilometres north of the lithium-rich Clayton Valley basin: Australian Marquee Resources spent $2.5-million in drilling in 2022 for potential deep-seated lithium brine. Drilling in 2022 confirmed high levels of lithium-bearing sediments along with dissolved lithium in the groundwater.