March 14, 2018

Report #9Lithium in Nevada, USA

It‘s Time For Belmont To Shine In NevadaDrawing Some Well-Deserved Attention To The Great

Lithium Prospects Of The Kibby Basin

Today, Belmont Resources Inc. announced the next stage of exploration and assessment on its Kibby Basin Lithium Property in Nevada, USA.

The positive results from the recently completed Magnetotelluric (MT) survey are the key for the selection of the most prospective locations for the the upcoming drill program.

Company Details

Belmont Resources Inc.Suite 600 - 625 Howe StreetVancouver, BC, V6C2T6 Canada Phone: +1 604 683 6648Email: gmusil@belmontresources.comwww.belmontresources.comShares Issued & Outstanding: 61,767,620

Canadian Symbol (TSX.V): BEACurrent Price: $0.04 CAD (03/13/2018)Market Capitalization: $2.8 Million CAD

German Symbol / WKN: L3L1 / A1JNZE Current Price: €0.019 EUR (03/14/2018)Market Capitalization: €1.2 Million EUR

Chart Canada (TSX.V)

Chart Germany (Frankfurt)

Satellite image of lithium prospective basins in Nevada. Source: GoogleEarth

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ast year, ASX-listed Reedy Lagoon Corp. completed MT surveys over its lithium

properties in Nevada. The results were positive in identifiying conductive zones below surface, whereas drilling has commenced in early February. As per below chart, the company started a strong upward trend in October 2017 at $0.015 AUD, appreciating by +366% until January 2018 at $0.07 AUD, currently trading at $0.05 AUD and enjoying a market capitalization of $19 million AUD.

Most recently, Belmont has also completed a positive MT survey over its nearby Kibby Basin Property and is getting ready for drilling, whereas Belmont currently has a market capitalization of less than $3 million CAD.

Most interestingly, Belmont´s MT survey has identified conductive zones which appear to be much bigger in size than what Reedy Lagoon has identified with its respective MT surveys. Compare for yourself to find out that Belmont now offers great potential to appreciate impressively over the next weeks, not to speak of when drilling indeed intersects lithium brine pay zones with ecomomic grades:

Alkali Lake North Property: A brine target ... that is approximately 800 m wide, 400 m vertical extent and approximately 700 m to top of formation. The brine target is within a substantial sub-basin up to 1200 m wide located in the middle of the property. Source: Reedy Lagoon Corp.

LResearch #9 | Belmont Resources Inc.

Big Smoky South Property: Top of target at a depth of 650 m and a vertical thickness of 400 m. Horizontal width is 800 m. A 1,000 m drill hole is planned to test this target. A second shallower target is 350 m to top of formation and has a 300 m vertical thickness. Horizontal width is 350 m. A 600 m drill hole is planned to test this target. Source: Reedy Lagoon Corp.

Source: Reuters

Reedy Lagoon´s MT surveys showing brine targets (coloured deep blue = 1.0 ohm-m resistivity):

Columbus Salt Marsh Property: A deeper, central sub-basin, the top of which is at a depth of 600 m and the bottom approximately 1500 m. The horizontal width is at least 800 m. Source: Reedy Lagoon Corp.

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Note that Reedy Lagoon is using a different colour scale to show different resistivities / ohm-metres.

Pure water is not conductive but salty water, rich in lithium, is very conductive! So an effective method to find/map such brines at depth is to run a current (resistivity) through the ground to hopefully spot conductive zones as these have the best potential to be salty brines enriched with lithium.

In general, a resistivity of less than 1 ohm-m indicates a highly conductive brine which is salty and has greatest potential to be enriched with lithium.

Research #9 | Belmont Resources Inc.

Belmont´s MT survey showing brine targets (coloured violet = 1.0 ohm-m resistivity and deep blue = 0.14 ohm-m):

The sub-horizontal conductive layer is mapped from site KB006 to KB048 as a relatively thick layer. It is dipping slightly to the north on this profile. A variation of the depth of the conductive layer along the profile is noted; from near 750 m depth from KB006 to KB020, to 1km depth from KB020 to KB048. This variation is correlates with a variation of the depth of the deep resistive unit, from 1 km depth below KB006 to KB020, to approximately 3 km depth from KB020 to KB048. The variation in depth correlate with the increase of the Basin depth defined from the gravity results (Wright, 2016). Source: Geophysical Report from Quantec Geoscience Ltd.

Full size / View from north of the 3D resistivity values lower than 10 Ohm-m from the 3D MT model. It has clearly mapped a very conductive sub-horizontal unit in the near surface. This conductive unit seems to out-crop near the centre of the grid. It also appears to dip slightly to the North-East. The 3D model displays a potential extension of the conductive zone at depth in the North-East corner of the grid.Source: Geophysical Report from Quantec Geoscience Ltd.

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The West Australian explained the following in an article about Reedy Lagoon in mid-October 2017, about the same time when its share price started a strong upward trend:

“The presence of salt in the water can sometimes be an indicator that the reservoir also plays host to lucrative minerals such as Lithium that were historically dissolved in the water along with the salt. The salt in the water acts as an electrical conductor, the size of which can be measured by above ground geophysical surveys that measure the amount of electrical resistance that a reservoir has. The less the resistance, the higher the conductivity, the higher the salt levels – and where there’s salt, there may well be Lithium, particularly if the brine occurs in a Lithium bearing region. Typically a resistivity of less that one ohm-meter is an indicator of a highly conductive brine which is well endowed with salt and therefore potentially Lithium...

Early this year the company tested the theories contained in the report and had their own bingo moment after their surface based geophysical surveys threw up strong conductors across all three project areas – all with resistivity readings of less that one ohm-metre in some parts. Some conductors occur from just 350m deep and others extend to around 1.5km deep. The center of most low resistivity areas sits at around the 800m to 1000m mark. Most have horizontal widths of approximately 800m and vertical thicknesses from 300m up to around 800m. Reedy believe they have identified large underground salt brines or “conductors” at all three project areas, the question that will now be resolved by drilling, is just how much Lithium is contained within those brines. Management are encouraged by the presence of relatively recent historic volcanic activity in the area and believe this could be the source of both the Lithium and the salt that was historically dissolved by the geothermal heat sources in the region...”

Bottom Line

While it´s not clear if a geothermal heat source is anywhere near Reedy Lagoon´s properties, Belmont recently has found great indications that a geothermal systems is active beneath surface of its Kibby Basin Property (see here).

The hotter the brine (due to a geothermal system!) the better, because the heat dissolves the lithium within the surrounding rocks and soils.

The upcoming drill program at Kibby Basin (and Reedy Lagoon´s properties) will therefore answer 2 important questions: (1) lithium content/grade in the brine (2) the brine temperature.

As Reedy Lagoon has already started drilling in early February, positive drill results (i.e. a discovery) should draw attention also to neighboring Belmont as being the next high potential to make a striking disovery outside the famous Clayton Valley in Nevada.

As already noted in the last Rockstone Report “Bingo! Belmont finds striking drill targets for lithium brine deposits at Kibby Basin in Nevada”, Belmont is well on track to make a stellar discovery by intersecting lithium-rich brines with

the upcoming drill program, potentially bigger and hotter than what Reedy Lagoon may discover with its respective drill programs shortly.

Previous Coverage

Report #8: “Bingo! Belmont finds striking drill targets for lithium brine deposits at Kibby Basin, Nevada”

Report #7: “The Missing Puzzle Piece to Discover Lithium Aquifers in the Kibby Basin?”

Report #6: “Belmont on track to eclipse the Clayton Valley”

Report #5: “Belmont getting ready to drill for untapped lithium brines at Kibby Basin”

Report #4: “The perfect lithium basin?”

Report #3: “Prominent gravity low identified on Kibby Basin Lithium Brine Property”

Report #2: “Dark clouds over Clayton Valley and green lights for Belmont’s Kibby Basin”

Report #1: “Early Report on Belmont”

Research #9 | Belmont Resources Inc.

The Kibby Basin (basin removed topography looking south-southwest; presumably this would be the topography if the basin fill was removed). See also Rockstone Report “The perfect lithium basin?”

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Disclaimer and Information on Forward Looking Statements:All statements in this report, other than statements of historical fact should be considered forward-look-ing statements. Much of this report is comprised of statements of projection. Statements in this report that are forward looking include that Belmont Resources Inc. (“Belmont”) or any other company or market will perform as expected; that Belmont found striking drill targets or highly prospective and precise targets for the next phase of drilling; that conductive zones have been successfully located at depth, giving high hopes for the upcoming drill program; that there is an upcoming drill program; that a stellar discovery can be made; that the MT survey results were positive; that Belmont is in a great position to find a concentrated brine deposit, potentially rich in lithium; that Belmont is now in the final stage of potentially making a truly sensation discovery via the drill bit; that a geothermal system is the key for a lithium-bearing aquifer and that the location of the aquifer is likely to be at the same spot; that Belmont will soon make a striking discovery; that it’ time for Belmont to shine in Nevada; that Bel-mont deserves attention as a great lithium prospect; that Belmont has identified conductive zines which appear to be much bigger in size than what Reedy Lagoon has identified with its respective MT surveys; that Belmont now offers great potential to appreci-ate impressively over the next weeks, not to speak of when drilling indeed intersects lithium brine pay zones with economic grades; that the hotter the brine the better; that positive drill results from Reedy Lagoon should draw attention to Belmont as being the next high potential to make a striking discovery; that Belmont is well on track to make a stellar discovery by intersecting lithium-rich brines with the upcoming drill program, potentially bigger and hotter than what Reedy Lagoon may discover with its respective drill programs shortly; that the company can raise sufficient funds for a transaction, exploration and corporate matters; that any of the mentioned plans, comparisons with other com-panies, regions or numbers are valid or economic. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-looking statements. Risks and uncertainties respecting lithium and re-source companies are generally disclosed in the an-nual financial or other filing documents of Belmont and similar companies as filed with the relevant securities commissions, and should be reviewed by any reader of this report. In addition, with respect to Belmont, a number of risks relate to any statement of projection or forward statements, including among other risks: the receipt of all necessary approvals and permits; the ability to conclude a transaction to start or continue exploration; uncertainty of future market regulations, capital expenditures and other costs; financings and additional capital requirements for exploration, development, construction, and operating of a facility; the receipt in a timely fashion

of further permitting for its legislative, political, social or economic developments in the jurisdictions in which Belmont carries on business; operating or technical difficulties in connection with production or development activities; the ability to keep key employees, joint-venture partner(s), and operations financed. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Rockstone and the author of this report do not undertake any obligation to update any statements made in this report.Disclosure of Interest and Advisory Cautions: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Rockstone, its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including Rockstone’s report, especially if the investment involves a small, thinly-traded company that isn’t well known. The author of this report is paid by Zimtu Capital Corp., a TSX Venture Exchange listed investment company. Part of the author’s responsibilities at Zimtu is to research and report on companies in which Zimtu has an investment. So while the author of this report is not paid directly by Belmont, the author’s employer Zimtu will benefit from appreciation of Belmont’s stock price. The author also owns shares of Belmont, and Zimtu Capital Corp., and thus would also benefit from volume and price appreciation of its stocks. Thus, multiple conflicts of interests exist. Therefore, the information provided herewithin should not be construed as a financial analysis or recommendation but as advertisement. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. Rockstone and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Belmont has not reviewed all of the content of this report prior to publication and as such may not agree to statements made herein. Lastly, the author does not guarantee that any of the companies mentioned in the reports will perform as expected, and any comparisons made to other companies may not be valid or come into effect. Please read the entire Disclaimer carefully. If you do not agree to all of the Disclaimer, do not access this website or any of its pages including this report in form of a PDF. By using this website and/or report, and whether or not you actually read the Disclaimer, you are deemed to have accepted it. Information provided is educational and general in nature.

Author Profile and Contact

Stephan Bogner (Dipl. Kfm. FH)Rockstone Research 8260 Stein am Rhein, Switzerland+41-44-5862323sb@rockstone-research.com

Stephan Bogner studied at the International School of Management (Dortmund, Germany), the European Business School (London) and the University of Queensland

(Brisbane, Australia). Under supervision of Prof. Dr. Hans J. Bocker, Stephan completed his diploma thesis (“Gold In A Macroeconomic Context With Special Consideration Of The Price Formation Process”) in 2002. A year later, he marketed and translated into German Ferdinand Lips‘ bestseller („Gold Wars“). After working in Dubai for 5 years, he now lives in Switzerland and is the CEO of Elementum International AG specialized in duty-free storage of gold and silver bullion in a high-security vaulting facility within the St. Gotthard Mountain Massif in central Switzerland.

Rockstone is specialized in capital markets and publicly listed companies. The focus is set on exploration, development, and production of resource deposits. Through the publication of general geological basic knowledge, the individual reports receive a background in order for the reader to be inspired to conduct further due diligence. All reports are being made accessible free of charge, whereas it is always to be construed as non-binding educational research and is addressed solely to a readership that is knowledgeable about the risks, experienced with stock markets, and acting on one’s own responsibility.

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Research #9 | Belmont Resources Inc.