Mr. George Sookochoff reports

BELMONT RESOURCES ANNOUNCES FINANCING OF $1,363,500

Belmont Resources Inc. proposes to undertake a private placement of securities to raise total gross proceeds of up to $1,363,500. The financing shall consist of 30.3 million common shares at 4.5 cents.

Policy 4.1, Private Placements, of the TSX Venture Exchange corporate finance manual requires shareholder approval where a transaction results in a shareholder or combination of shareholders holding or controlling 20 per cent or more of the company's shares. The company anticipates that, upon completion of the financing, three investors, HMS Bergbau AG, ERAG Energie & Rohstoff AG PCC, and LaVo Verwaltungsgesellschaft MBH, will on a combined basis comprise a control person within the meaning of Policy 4.1. To fulfill the requirements of Policy 4.1, the company will hold a special general meeting scheduled to take place at 11 a.m. Pacific Time on May 30, 2025, at which a resolution will be presented to shareholders to approve the creation of a control person. The record date for the special general meeting has been set for April 25, 2025.

Pursuant to Policy 4.1, if a transaction results in the creation of a new control person, the TSX-V requires the company to obtain shareholder approval of the transaction on a disinterested basis, excluding any shares held by the new control person and its associates and affiliates.

HMS is a public company incorporated in Germany in 1995. HMS trades on Deutsche Borse (HMU), the Berlin Stock Exchange (HMUG) and the Frankfurt Stock Exchange (HMU.DE). Dennis Schwindt is the chief executive officer and Jens Moir is the chief financial officer.

ERAG is a private company based in Vaduz, Liechtenstein, founded on July 27, 2006. Dr. Lars Schernikau is a control person of ERAG.

LaVo is a private company based in Berlin, Germany. Michaela Schernikau, Heinz Schernikau, Dr. Schernikau, Yvonne Oestreich are the shareholders. Ms. Schernikau, Mr. Schernikau, Dr. Schernikau and Mrs. Oestreich are related.

The company intends to use the gross proceeds of the financing for working capital.

All securities issued shall be subject to a hold period expiring four months and one day from their date of issuance. Completion of the financing, the issuance of the securities and the payment of any finders' fees remain subject to receipt of all necessary regulatory approvals, including the approval of the TSX-V.

HMS currently directly and indirectly holds 9.2 million common shares of the company, representing approximately 9 per cent of the issued and outstanding shares of the company. HMS intends to subscribe for 15 million common shares pursuant to the private placement.

ERAG currently directly and indirectly holds 14 million common shares of the company, representing approximately 13.7 per cent of the issued and outstanding shares of the company. ERAG intends to subscribe for four million common shares pursuant to the private placement.

LaVo currently directly and indirectly holds zero common shares of the company. LaVo intends to subscribe for 7.3 million common shares pursuant to the private placement.

Assuming that the private placement is completed for $1,363,500, HMS, ERAG and LaVo combined will have control or direction over, directly and indirectly, 49.5 million common shares of the company, representing 37.41 per cent of the issued and outstanding common shares of the company, on an undiluted basis, and approximately 34.74 per cent of the issued and outstanding common shares on a diluted basis.

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.

Crackingstone uranium -- located in Saskatchewan's uranium-rich Athabasca basin. Key highlights of the project include:

• Exceptional high-grade uranium potential: The property has demonstrated historic grab sample grades of up to 15.6 per cent U3O8. Previous mining on the site produced 11 tons at an average grade of 2.3 per cent U3O8.
• Extensive mineralized corridors: Three major conductive and structural mineralized corridors, totalling 10 kilometres in length, have been identified and are associated with high-grade uranium occurrences.
• Comprehensive drilling program: Belmont has submitted a permit application for a two-year drilling initiative, which includes 40 drill holes totalling 10,000 metres. This program reflects the company's confidence in the property's potential to host significant uranium resources.

Situated just six kilometers from Uranium City, the Crackingstone property benefits from excellent infrastructure, including road access, power availability and logistical support. Belmont's exploration efforts also include evaluating rare earth element (REE) potential on the property, further enhancing its strategic importance.

Come By Chance copper-gold porphyry target:

• Drill permits secured: Drilling to date has intersected the outer phyllic alteration zone of the porphyry system, a key indicator of proximity to the porphyry core.
• Compelling target identified: Exploration results are vectoring toward a large, untested chargeability and magnetic anomaly. This anomaly is considered one of the most promising targets for a vertically extensive porphyry centre.
• Phase 2 drilling scheduled: A second phase of drilling is planned for Q3 (third quarter) 2025 to test this high-priority target.

The CBC project is situated in the Greenwood mining camp, an area known for its rich history of copper and gold production. This next phase of exploration aims to unlock the potential of a significant porphyry copper-gold system.

Athelstan-Jackpot gold: drill permitted

The Athelstan-Jackpot (A-J) gold project includes two historically productive gold mines -- Athelstan and Jackpot -- which yielded 7,600 ounces of gold and 9,000 ounces of silver. Key highlights of the project include:

• Extensive surface mineralization: A 1,500-metre gold trend with widespread surface gold mineralization has been identified.
• Potential resource estimate: Previous trenching and sampling suggest a potential resource of 2,000 to 5,000 ounces of gold in surface and near-surface mineralized areas (2002 summary report by R.E. Miller, PGeo).
• Exploration focus: Belmont is investigating the potential for economic gold grades in minable surface and near-surface ore zones along this trend.
• Upcoming drilling program: In Q2 (second quarter) 2025, drilling will target high-resistivity zones identified as potential feeders coincident with surface gold occurrences.

Lone Star copper-gold -- 50 per cent optioned to Australian Marquee Resources: Australian Marquee ha spent $2.5-million in drilling, completed new resource in December, 2022, and a PEA (preliminary economic assessment) in November, 2023.

Kibby Basin lithium -- 80 per cent optioned to Australian Marquee Resources. The project is located 60 kilometres north of the lithium rich Clayton Valley basin. Australian Marquee has 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.

We seek Safe Harbor.