Mr. Mohammed Ajmal of Commodities reports

COMMODITIES & RESOURCES PTE LTD. ANNOUNCES ACQUISITION OF SHARES OF BELMONT RESOURCES INC. PURSUANT TO A CONVERTIBLE LOAN AGREEMENT

On Oct. 19, 2023, Commodities & Resources Pte. Ltd., a private investment company incorporated in Singapore, entered into a convertible loan agreement with Belmont Resources Inc. in the principal amount of $210,000. The loan bore no interest and was payable on or before April 1, 2024. If the issuer failed to repay the loan in full on or before April 1, 2024, interest on arrears of 12 per cent per annum was payable by the issuer beginning on April 2, 2024. The acquiror had the option to have the loan repaid through the issuance of seven million common shares at a deemed value of three cents per share.

Immediately prior to entering into the convertible loan agreement, the acquiror owned and controlled seven million common shares of the issuer, representing approximately 8.89 per cent of the issued and outstanding common shares of the issuer. The acquiror continued to hold that number and percentage of common shares (on a non-diluted basis) immediately after entering into the convertible loan agreement.

As a result of entering into the convertible loan agreement, on a partially diluted basis (that is, assuming full conversion of the loan immediately after entering into the convertible loan agreement), the acquiror held a total of 14 million common shares immediately after entering into the convertible loan agreement, representing approximately 16.3 per cent of the issuer's issued and outstanding common shares.

The acquiror subsequently exercised its conversion right, and, on Jan. 18, 2024, the acquiror was issued seven million common shares of the issuer. As a result of the conversion of the loan and immediately following conversion, the acquiror held a total of 14 million common shares, representing approximately 15.11 per cent of the issuer's issued and outstanding common shares.

The common shares were acquired for investment purposes. This investment will be reviewed on a continuing basis by the acquiror, and such holdings may be increased or decreased in the future. The acquiror may in the future acquire or dispose of the common shares through the open market, privately or otherwise, as circumstances or market conditions warrant.

The acquiror has filed an early warning report pursuant to National Instrument 62-103F1 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues) describing the above transaction with the applicable securities regulatory authorities. To obtain a copy of the early warning report filed by the acquiror, please contact the acquiror care of Mohammed Ajmal at 65-6222-7-445 or refer to the company's SEDAR+ profile.