Mr. George Sookochoff reports

BELMONT ANNOUNCES ANNUAL FILINGS UPDATE

Belmont Resources Inc. is providing an update on the status of the filing of its annual financial statements, including the accompanying management's discussion and analysis, and related chief executive officer and chief financial officer certifications for its financial year ended Jan. 31, 2020.

On March 18, 2020, the Canadian Securities Administrators (CSA) issued a notice stating that securities regulators will be providing co-ordinated relief consisting of a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020, as a result of the COVID-19 pandemic. Accordingly, the B.C. Securities Commission (BCSC) has enacted B.C. Instrument 51-515 (Temporary Exemption from Certain Corporate Finance Requirements).

The company will be relying on this extension period due to delays experienced as a result of the COVID-19 pandemic. Belmont will be relying on the temporary exemption pursuant to BCI 51-515 with respect to the following provisions:

• The requirement to file audited financial statements for the year ended Jan. 31, 2020, within 120 days of the company's financial year-end as required by Section 4.2(b) of NI 51-102;
• The requirement to file management's discussion and analysis for the period covered by the financial statements within 120 days of the company's financial year-end as required by Section 5.1(2) of NI 51-102;
• The requirement to file certifications of the financial statements pursuant to Section 4.1 of National Instrument 52-109 and Section 4.2(b) (filing deadline for annual financial statements) of National Instrument 51-102.

The company continues to work diligently and expeditiously with its auditor to file the annual filings on or before July 14, 2020 (45 days from May 30, 2020). In the interim, members of the company's management and other insiders are subject to a trading blackout policy that reflects the principles in Section 9 of National Policy 11-207.

The company confirms that since the filing of its interim consolidated financial statements for the period ended Oct. 31, 2019, there have been no material business developments other than those disclosed through news releases and filed under the company's SEDAR profile.

About Belmont Resources Inc.

The company is systematically exploring and acquiring gold properties in Southern British Columbia and northern Washington State.

We seek Safe Harbor.