Report #19 · Report #2 “Dark clouds over Clayton Valley and green lights for Belmonts Kibby Basin Project” Report #1 “Early Report on Belmont” ...

November 22, 2018

Report #19Lithium in Nevada, USA

Belmont to Start Drilling for Lithium Brine at Kibby Basin in Nevada after ThanksgivingToday, Belmont Resources Inc. announced that drilling at Kibby Basin in Nevada is expected to start after the day of giving thanks for the blessing of the harvest and of the preceding year. Happy Thanksgiving, the time for a possibly stellar lithium brine discovery has come!

Belmont estimates that it will take about a week to reach the initial target depth of 366 m (1,200 ft.), whereafter down-hole geophysics will be applied to identify the most favorable zones for lithium-enriched brine aquifers (i.e. low resistivity / high conductivity) so that sampling and testing of potential aquifers can be carried out then. It’s possible that the target depth will be increased once

favorable conditions are encountered during drilling and surveying. Specialized casing and equipment will be used in the drill hole to allow the best and most representative samples to be obtained.

This time, Harris Drilling will use a RD-10 rotary drill rig, which is much bigger and stronger than the rig used to drill the previous hole (KB-3). When the steel casing was attempted to be pulled from KB-3, the rig obviously did not have the pulling force necessary to free the casing so down-hole geophysics could not be applied as such a device does not work through steel. As the hole then caved in, the drillers could not pump test the multiple aquifers encountered throughout the hole.

Company Details

Belmont Resources Inc.Suite 600 - 625 Howe StreetVancouver, BC, V6C2T6 Canada Phone: +1 604 683 6648Email: [email protected] Issued & Outstanding: 88,226,620

Canadian Symbol (TSX.V): BEACurrent Price: $0.05 CAD (11/21/2018)Market Capitalization: $4 Million CAD

German Symbol / WKN: L3L1 / A1JNZE Current Price: €0.025 EUR (11/21/2018)Market Capitalization: $2 Million EUR

Chart Canada (TSX.V)

Chart Germany (Frankfurt)

Purple = Most favorable area for shallow intercept of brine-bearing zones with low resistivity / high conductivity.

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An animation shows the locations of the next hole to be drilled (KB-4) and the previously drilled holes (KB-3, KB-2 and KB-1) in connection with MT resistivity survey results.

The cover picture shows that KB-4is within the purple area of high conductivity near surface, whereas KB-3, KB-2 and KB-1 were drilled at the edge of this area.

Report #19 | Belmont Resources Inc.

3 Report #19 | Belmont Resources Inc.

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In October, Belmont announced an expanded drill program with plans of up to 1,463 m (4,800 ft.) of additional drilling across 4 shallow holes.

These 4 holes are already permitted within the Kibby Basin MT survey area.

Report #19 | Belmont Resources Inc.

In March, Belmont received a Geophysical Report which included the results of a Spartan Magnetotelluric (MT) Survey over Belmont’s Kibby Basin Property. The survey was started in January by renowned Quantec Geoscience Ltd. and covered most of Belmont’s claims. One of the best identified zones of high conductivity / low resistivity is interpreted to be 6 km long and 3.5 km wide, including a thick (up to 1 km) zone of very low resistivity (between 1 and 0.14 Ohm-meters). See Rockstone Report #11 “Ohm-m! The Divine Sounding of Resistivity” for further details on resistivity and comparisons with other lithium brine projects.

Belmont’s Kibby Basin is located just 50 km from the Clayton Valley, where large evaporation ponds represent North America’s only lithium brine operation, whereas MGX Minerals Inc. intends to deploy its rapid lithium extraction technology at Kibby in case favorable lithium brine zones are encountered with drilling. (See map online here)

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See previous Rockstone Report #17 with comparisons to the near-by Clayton Valley, home of North America’s only lithium brine operation.

Report #19 | Belmont Resources Inc.

Map showing the location of MGX-Belmont’s Kibby Basin, Tesla’s Gigafactory and Albemarle’s Silver Peak Lithium Mine. (See map here)

Geologic research of the Kibby Basin has indicated that proximal rhyolitic flows and tuffs surrounding the basin could be a po-tential source of lithium brine in the Kibby Basin Playa. In addition, the Kibby Basin is located within a geothermal cluster at a basin low setting. Regional geophysical signatures in the area reflect similar anomalies comparative to that of Clayton Valley, approximately 50 km to the south, location of Albemarle’s Silver Peak Mine, the only North American lithium producer.

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Previous Coverage

Report #18 “Belmont reports final lithium assays from first hole of 2018 and gets ready for continued drilling at Kibby Basin in Nevada”

Report #17 “MGX-Belmont Announce Next Round of Encouraging Lithium Drill Results from Nevada”

Report #16 “MGX-Belmont sample up to 580 ppm lithium in sediments at Kibby Basin Nevada Joint Venture”

Report #15 “MGX-Belmont Drilling Finds Multiple Brine Prospective Zones at Kibby Basin Lithium Joint Venture in Nevada”

Report #14 “The Drills are Turning at MGX-Belmont‘s Kibby Basin JV”

Report #13 “MGX and Belmont to Start Drilling at Kibby Basin Lithium Project in Nevada on Saturday”

Report #12 “MGX and Belmont Form Nevada Lithium Joint Venture”

Report #11 “Ohm-m! The Divine Sounding of Resistivity”

Report #10 “Cheapest US lithium play may just be what others promised”

Report #9 “It‘s Time For Belmont To Shine In Nevada”

Report #8 “Bingo! Belmont finds striking drill targets for lithium brine”

Report #7 “The Missing Puzzle Piece to Discover Lithium Aquifers at Kibby?”

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

Report #5 “Belmont getting ready to drill for untapped lithium brines”

Report #4 “The perfect lithium basin?”

Report #3 “Prominent gravity low identified at Kibby Basin in Nevada”

Report #2 “Dark clouds over Clayton Valley and green lights for Belmonts Kibby Basin Project”

Report #1 “Early Report on Belmont”

Report #19 | Belmont Resources Inc.

Link to updated chart (15 min. delayed): http://schrts.co/o1BKLg

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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 report is comprised of statements of projection. State-ments in this report that are forward looking include that Belmont Resources Inc. (“Belmont”) or any other company or market will perform as expected; that any of the mentioned plans, comparisons with other companies, regions or numbers are valid or economic; that any more drilling, or exploration, or work, will be performed; that aquifers and brine zones are present or can be found; that the Kibby Basin may also host lithium enriched brines; that drill-ing will start after Thanksgiving; that the next hole KB-4 will be drilled in a most favorable area for shallow intercept of brine-bearing zones with low resistivity / high conductivity; that the time for a possibly stellar lithium brine discovery has come; that it will take about a week to reach the initial target depth of 366 m, whereafter down-hole geophysics will be applied to identify the most favorable zones for lithium-enriched brine aquifers (i.e. low resistivity / high conductivity) so that sampling and testing of potential aqui-fers can be carried out then; that it’s possible that the target depth will be increased once favorable conditions are encountered during drilling and surveying; that specialized casing and equipment will be used in the drill hole to allow the best and most representative samples to be obtained; that this time, Harris Drilling will use a RD-10 rotary drill rig, which is much bigger and stronger than the rig used to drill the previous hole (KB-3); that when the steel casing was attempted to be pulled from KB-3, the rig obviously did not have the pulling force neces-sary to free the casing so down-hole geophysics could not be applied as such a device does not work through steel; that as the KB-3 hole then caved in, the drillers could not pump test the multiple aquifers encountered throughout the hole; that one of the best identified zones of high conductivity / low resistivity is interpreted to be 6 km long and 3.5 km wide, including a thick (up to 1 km) zone of very low resistivity (be-tween 1 and 0.14 Ohm-meters). Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those antici-pated in these forward-looking statements. Risks and uncertainties respecting lithium and resource companies are generally disclosed in the annual 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; uncertainty of financings and additional capital requirements for exploration, development, construction, and operating of

a facility; joint venture or other partners may not perform as agreed or as expected; Belmont may not receive further permitting in a timely fashion of legislative, political, social or econom-ic developments in the jurisdictions in which Belmont carries on business; operating or tech-nical difficulties in connection with production or development activities; the ability to keep key employees, joint-venture partner(s), and oper-ations financed. Accordingly, readers should not place undue reliance on forward-looking infor-mation. Rockstone and the author of this report do not undertake any obligation to update any statements made in this report unless required by law. Disclosure of Interest and Advisory Cautions: Nothing in this report should be construed as a solicitation to buy or sell any securities men-tioned. 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 neither paid directly by Belmont nor MGX Minerals Inc., the author’s employer Zimtu will benefit from appre-ciation of Belmont’s and MGX’s stock prices. The author also owns shares of Belmont Resources Inc., MGX Minerals 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 infor-mation provided should not be construed as an independent financial analysis or recommen-dation but as advertisement. The author’s views and opinions regarding the companies featured in reports are his own views and are based on in-formation that he has researched independently and has received, which the author assumes to be reliable, but the author has not independ-ently verified. Rockstone and the author of this report do not guarantee the accuracy, com-pleteness, 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 com-panies 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 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, [email protected]

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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Report #19 | Belmont Resources Inc.