July 5, 2016

Research #4Lithium in Nevada

The perfect lithium basin? Belmont to prove the case with deep drilling

Today, Belmont Resources Inc. reported that the 3D interpretation of the recently completed gravity survey on its Kibby Basin Property in Nevada has been received from Wright Geophysics Inc. The results have further enhanced the potential to host lithium-bearing brines in a geologic setting similar to the continental brine model ascribed to the Clayton Valley. The company is now extending the land position to the east (to cover a major structure bounding the basin’s east side) and to the north-northeast (to cover a portion of the deep part of the basin). Drilling and sampling are being planned and expected to start shortly. With a current market capitalization of less than $3 million, the company is opined to offer a second-to-none appreciation potential in case the upcoming drill program turns out positive, as Rockstone anticipates.

Company Details

Belmont Resources Inc.Suite 600 - 625 Howe StreetVancouver, BC, V6C2T6 Canada Phone: +1 604 683 6648Email: belmontr@telus.net (Gary Musil)www.belmontresources.comShares Issued & Outstanding: 32,828,453

Canadian Symbol (TSX.V): BEACurrent Price: $0.085 CAD (July 4, 2016)Market Capitalization: $3 million CAD

German Symbol / WKN: L3L1 / A1JNZE Current Price: €0.065 EUR (July 4, 2016)Market Capitalization: €2 million EUR

Chart Canada (TSX.V)

Chart Germany (Frankfurt)

The Kibby Basin, 65 km north of the Clayton Valley (Basin Removed Topography Looking South-Southwest; presumably this would be the topography if the basin fill was removed)

2

elmont has received a Gravity Survey Interpretation Report from Wright Geophysics Inc.

The detailed gravity survey confirms the large scale structural hypothesis of a pull-apart basin and also added considerable structural detail. A basin model is generated which reveals the basin to be on the order of 4,000 m deep with an east-west asymmetry, the east side being steeper than the west.

This asymmetry is similar to the Clayton Valley basin as described by Zampirro in 2003. In addition, the asymmetry ap-pears to be an important control to brine entrapment at the Clayton Valley deposit.

A 7.4 kilometer long structure is identi-fied in Kibby Valley with characteristics interpreted to be akin to major struc-tures bounding the south side of Clayton Valley. As a result of the positive results returned from the gravity survey, Wright Geophysics and Mr. Hunsaker, Consult-ing Geologist, have recommended ex-tending the land position east to cover the major structure bounding the basin’s east side; and to the north-northeast to cover a portion of the deep part of the basin where it extends northward from the original Kibby claims. The grav-ity survey identifies several significant structures that juxtapose rocks of differ-ing densities that are most likely basin-

fill sediments faulted against the base-ment rocks. Vojtech Agyagos, Belmont’s CEO and President, commented today:

“The gravity survey and derived basin model fits the Clayton Valley model in sufficient detail as to certainly warrant further exploration. Phase 2 - Drilling and sampling are now being planned.”

Rockstone is looking forward to the up-coming drill program as a sampling of brine at the basin low may result in the discovery of lithium with grades similar to the Clayton Valley when it started lith-ium production in the 1960s (estimated at >400 mg/L lithium).

Research #4 | Belmont Resources Inc.

B

Figure 1: Modeled Basin Depth over Gray Shade Topography. The figure shows the basin depth or thickness of basin fill beneath the surface. The basin reaches a maximum depth approaching 4000 m with a fair amount of complexity along the basin margins. The overall “Z” shape to the basin, observed by Wright (2016), is even more pronounced in the basin model.

3

According to today’s published Gravity Survey Interpretation Report:

“The second major factor controlling the viability of a given model is assigning the correct density for basin fill. A single drill hole is located within the basin as shown in Figure [1]. This is an oil and gas exploration hole drilled in 1969 by Monte Cristo Oil Corporation. No lithologic logs are available; however, a down-hole density log is available via the Nevada Bureau of Mines. Examination of the log suggests an overall density of 2.1 g/cc is appropriate for the basin fill. This is a typical and reasonable value for basin fill...

Also, an examination of the density log reveals the densities increase near the 1200 m depth and show a sustained average level of 2.3 g/cc to 2.4 g/cc to the bottom of the hole at 1455 m (4776’). This density is below of 2.6 g/cc estimated for the bedrock; however, it could well be indicating weathered bedrock or a basal unit in the fill material. Interestingly, the basin gravity model places the bedrock at a depth of 1200 m in the vicinity of the drill hole...

The model reveals a north – south elongated basin with a depth approaching 4000 m, which is not unusual for basins in the Walker Lane. Of note is the asymmetry in the basin’s east – west profile.

Figure [2] shows a section across the basin model 600 m north of the property’s north boundary. This section is typical for much of the length of the basin. The west side of the basin is typified by several smaller magnitude structures down-dropping the basin, while the east side is controlled by what appears to be one large magnitude structure. This structure is denoted in Figures [3] and [4] with a heavy dashed line. It is very prominent in the gradient (i.e. Figure 3). The basin is terminated and left laterally offset by major west-northwest structures to the north and south...

Research #4 | Belmont Resources Inc.

Figure 2: East-West Section Crossing the Basin Model (looking north)

Figure 3: Gravity Total Gradient with Interpreted Structures

Figure 4: Basin Depth Model with Interpreted Structures

4

Zampirro (2003) reviewed the lithium brine geology and geometries in the Clay-ton Valley deposit (the 3 figures to the right present a collection of partial figures from his report).

The brines are contained in several layers located along the south margin of Clayton Valley adjacent to the Cross Central and Paymaster Canyon faults, which form the south edge of the valley.

Furthermore, the aquifers are controlled by porous layers dipping to the south into the structures and, in the case of the mar-ginal gravel aquifer, ponded by the struc-tures. Clearly, dipping of porous basin sediments toward a major basin bound-ing structure is geometry conducive to brine containment.

A similar geometry is suggested by the basin model and associated structural interpretation for the Kibby Basin. Of course, the model neither predicts the dip of basin sediments nor if the sedi-ments contain lithium brines. Neverthe-less, the basin geometry is sufficiently similar to the Clayton Valley deposit as to deserve additional exploration effort.

At Kibby Basin the large structure along the east side of the basin would be an-alogous to the Cross Central and Pay-master Canyon faults in Clayton Valley.

As Kibby Basin was pulled apart, one could imagine blocks of basin fill being ro-tated to the east as the large east bound-ing structure accommodated the major-ity of the extension.

Other structures and structural inter-sections bounding the main Kibby Basin should also be considered as possible targets for brine concentrations. Indeed, Zampirro (2003) notes structural inter-sections may have controlled brine con-centration in Clayton Valley.

As noted by Wright (2016), blocks of young basalt (QTb) are likely located within the basin fill and could well serve as traps or barriers to basin brine lateral movement. This type of brine trap is cer-tainly unusual but should receive some consideration.”

Research #4 | Belmont Resources Inc.

5

Conclusion

Rockstone is impressed by the results of the recently completed and interpreted gravity survey on Belmont’s 100% owned Kibby Basin Property, which is located 65 km north of the infamous Clayton Valley in Nevada and thus closer to Tesla Mo-tors’ Gigafactory #1 near Sparks, Nevada.

The grand opening of the near-by Gigafactory is expected this summer and is anticipated to fuel the next bull phase for junior lithium explorers active in North America. Global media will be reporting in a highly increased fashion about this major inauguration, the last milestone needed to officially start North America’s “green energy revolution”).

Most recently, the German govern-ment moved to make all cars electric by 2030 (today, only 0.6% of cars on roads in Germany are electric or hy-brid, thus the market growth potential is immense). “It would be impossible to halve road emissions by 2030 with-out legislation that directly or indirect-ly ushers in a phase-out of diesel and gasoline vehicle production,“ said Oliver Krischer, vice chairman of the opposition Green Party, in an interview Wednesday. “What we need is a boost of e-cars to reach the climate goal that Germany and other countries committed to at the world climate conference in Paris last year.” Merkel’s government pledged subsidies this year to speed EV and plug-in sales, a move that was accelerated by Volkswa-gen’s emission-manipulation scandal. Currently, buyers of EVs and plug-in ve-hicles can claim cash incentives. The pro-gram may spark sales of about 500,000 electric cars by 2020, according to the Environment Ministry. Purely electric ve-hicles as a portion of all cars on German roads may reach about 8% in 2025 from 0.6% this year, according to a forecast of the Center of Automotive Management institute. The government has so far stuck with a plan to put a million EVs on the road by 2020 and 6 million by 2030.

After the buying frenzy of lithium stocks in early 2016, the market cooled off with a healthy correction, potentially provid-ing the perfect buying phase for the next wave up, which is anticipated to start

weeks before the official opening of the Gigafactory. As such, the upcoming deep drilling program on Belmont’s Kibby Basin Property is opined to generate increased investors’ interest, especially if relatively high lithium grades can be encountered.

Despite numerous exploration efforts, no other valley or basin outside of the Clayton Valley in Nevada has yet sam-pled lithium-rich brines with deep drill-ing. Belmont is well on track to become the first one, potentially creating a new investors’ focus away from the Clayton Valley, where water rights issues and an official protest from NYSE-listed Albe-marle Corp. (>$9 billion USD market cap-italization; the only lithium brine produ-cer in North America) have somewhat muted the hopes for the Clayton Valley to become an expandable lithium source for the Gigafactory. As soon as any other basin around Nevada has discovered lithium-rich brines with deep drilling, Rockstone expects a new shift away from the “overappropiated” Clayton Valley.

With its large property on top of a basin low, Belmont has the potential to be-come one of the best performing lithium stocks in 2016, provided the upcoming drilling turns out positive and a lith-ium-rich brine can be proven.

When Clayton Valley’s Silver Peak Mine (owned by Albermarle since 2015) start-ed lithium production in the 1960s, the grades were much higher (>400 mg/L) than today (estimated between 100-200 mg/L) due to depletion of the deposit over time.

As the Kibby Basin has potential to host lithium-bearing brines in a geologic set-ting similar to the continental brine model ascribed to the Clayton Valley, the Kibby Basin may host brine with a similar grade as the Clayton Valley originally had in the 1960s when operations started.

If Belmont’s upcoming drilling program proves that case, a new lithium stak-ing rush may head to the Kibby Basin, whereas it should be noted that Bel-mont already owns the most prospective ground in the basin (right on top of the basin low) and as such may become one of the most sought-after lithium plays in Nevada this year.

The 3D gravity model on the next page demonstrates the potential for a mas-sive underground brine reservoir with dimensions estimated at 4 km2 and at least 1.5 km deep. On top of all that, the chances of the water being geothermal (hot) are quite good to say the least.

Research #4 | Belmont Resources Inc.

A few days ago, a gravity survey was completed on Belmont’s Kibby Basin Property

6

Thanks to Belmont’s recently completed and interepreted gravity survey, the Kibby Basin is opined to be the most prospective area (out-side of the Clayton Valley) for lithium-rich brines in aquifers below surface. The upcoming deep drilling and sampling program may cre-ate significant shareholder value as Belmont is currently valued at less than $3 million CAD.

Black and white satellite picture of the Kibby Basin (flat/center of photo):

Research #4 | Belmont Resources Inc.

CBA Gravity Looking Northeast (presumably this would be the topography if the basin fill was

removed; the lithium-rich brine is expected in the deepest part of the basin which is modelled to be

beneath Belmont’s property)

7

MANAGEMENT

Vojtech Agyagos (President & Director)

Mr. Agyagos has more than 25 years of management and financial consulting experience and has served as an officer and director on numerous public companies since 1982. This experience has resulted in his managing of exploration projects in South America, Eastern Europe (Slovak Republic) in oil/gas and mineral exploration, and British Columbia, Quebec, Labrador and Ontario (Canada). Mr. Agyagos has served as President and Director of Belmont since December 1996.

Gary Musil(Secretary, CFO, Director)

Gary Musil has more than 30 years of management and financial consulting experience and has served as an officer and director on numerous public companies since 1988. This experience has resulted in his overseeing of financial aspects and expenditures on exploration projects in Peru, Chile, Eastern Europe (Slovak Republic), and British Columbia, Ontario, Quebec and New Brunswick (Canada). Prior to this, he was employed for 15 years with Dickenson Mines Ltd. and Kam-Kotia Mines Ltd. as a Controller for the producing silver/lead/zinc mine in the interior of British Columbia in Canada.

Jake Bottay(Director)

Jake Bottay is a graduate of Simon Fraser University, earning his Bachelor of Arts Degree in 1972. Since 1980, Mr. Bottay has been responsible for project co-ordination, financing, contract negotiations, audit committees and public relations with a number of junior exploration companies. While serving as a Director or Officer on numerous public companies, Mr. Bottay has gained valuable experience in doing business in South America, Europe and Canada.

Roger Agyagos(Director)

Mr. Agyagos has a Diploma in Management Systems from BCIT. Since 1995 he has been Vice President for a private BC company providing office

management and financial consulting services to various private and public companies. Mr. Agyagos assists with daily correspondence, office services, preparation of news releases and financial statements.

Dusan Berka(Director)

Mr. Berka (P.Eng.) has over 40 years of international business experience spanning Europe and the Americas with extensive experience in the finance, marketing and administration of public companies, having served as a Director and Officer of various public companies traded on the TSX, TSX Venture and NASDAQ exchanges. A graduate engineer with a M.Sc. (Dipl. Ing.) degree from Slovak Technical University, Bratislava, Slovakia (1968), Mr. Berka has been a member of the Association of Professional Engineers and Geoscientists of British Columbia since 1977.

James H. Place(Advisory Board)

Mr. Place, of Delta, B.C. is a registered Professional Geoscientist (P.Geo.) in the Province of B.C. (1992) and in this function has worked for government and private industry as a consultant for 24 years including engineering groups, environmental assessment specialists, and private mineral developers. His experience of providing support to government and private organizations includes property assessment, project planning, management, supervision, and administration for all types of engineering and development projects. His experience of providing management and directorship on

a number of public companies will provide a significant contribution to the Company at this stage of exploration and development.

ANALYST COVERAGE

Research #3: “Prominent gravity low identified on Kibby Basin Lithium Brine Property in Nevada” (June 28, 2016)

Research #2: “Dark clouds over Clayton Valley and green lights for Belmonts Kibby Basin Project” (May 30, 2016)

Research #1: “Early Report on Belmont Resources” (April 13, 2016)

Belmont Resources Inc. (TSX.V: BEA; Frankfurt: L3L1) is an emerging resour-ces company engaged in the acquisi-tion, exploration and development of mineral properties; in Canada and USA. The company has recently entered into an property acquisition agreement to acquire 16 unpatented association pla-cer mining claims, representing 1,036 hectares (the “Kibby Basin Project”) in the Monte Cristo Valley, Esmeralda County, Nevada, approximately 65 km north of Clayton Valley. Belmont has a 50% interest (50% held with Inter-national Montoro Resources - a relat-ed party) in 12,841 hectares of uran-ium properties located in the Uranium City region of North Saskatchewan. Belmont is focused on the develop-ment of these projects through joint ventures, whereby Belmont recogniz-es exploration activity and minimizes cash commitments.

Research #4 | Belmont Resources Inc.

8

Disclaimer and Information on Forward Looking Statements:All statements in this report, other than state-ments of historical fact should be considered forward-looking statements. Much of this re-port is comprised of statements of projection. Statements in this report that are forward looking include that Belmont Resources Inc. or any other company or market will perform as expected; that Belmont Resources Inc. will complete the recently announced Kibby Basin Property transaction; that Belmont Re-sources Inc. or its partner(s) can and will start producing and selling any kinds of products; that the company can raise sufficient funds for a transaction, exploration and corporate matters; that any of the mentioned plans, comparisons with other companies, regions or numbers are valid or economic. Such state-ments involve known and unknown risks, un-certainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-look-ing statements. Risks and uncertainties re-specting lithium and resource companies are generally disclosed in the annual financial or other filing documents of Belmont Resources Inc. 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 Resources Inc., a number of risks relate to any statement of projection or forward statements, includ-ing among other risks: the receipt of all ne-cessary 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 re-quirements for exploration, development, construction, and operating of a facility; the receipt in a timely fashion of further per-mitting for its legislative, political, social or economic developments in the jurisdictions in which Belmont Resources Inc. 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 fi-nanced. There can be no assurance that such statements will prove to be accurate, as ac-tual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking in-formation. 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 Resources Inc., the author’s employer Zimtu will benefit from appreciation of Belmont Resources Inc.’s stock price. The author also owns shares of Belmont Resources Inc. 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 Resources Inc.has not reviewed the content of this report prior to publication. 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.

Analyst Profile and Contact

Stephan Bogner (Dipl. Kfm. FH)Mining Analyst Rockstone Research 8050 Zurich, 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 a research house specialized in the analysis and valuation of 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 research reports receive a background in order for the reader to be inspired to conduct further due diligence. All research from our house is being made accessible to private and institutional investors 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.

For more information and sign-up for free newsletter, please visit:

www.rockstone-research.com

Research #4 | Belmont Resources Inc.