Rockstone Research 8 - Belmont recieves Spartan/MT survey indicating significant #lithium Brine targets below #Nevada #USA property

1. March 2, 2018
Report #8
Lithium in Nevada, USA
Bingo! Belmont finds striking drill targets for
lithium brine deposits at Kibby Basin, Nevada
Yesterday after market close, Belmont
Resources Inc. announced the receipt
and results of the Geophysical Report
from a Spartan Magnetotelluric (MT)
Survey over its 100% controlled Kibby
Basin Property in Nevada.The survey
was started in January by renowned
Quantec Geoscience Ltd. and covered
most of Belmont’s claims, and included
the playa basin area as well as some of
the adjoining higher level lands.
The objective of the MT Survey was to
map potential saturated lithium brine on
the Kibby Basin Property. Such lithium-
rich brine should be associated with a
very conductive zone at depth as“Lithium
brine deposits are accumulations of
saline groundwater that are enriched in
dissolved lithium.”(USGS, 2013)
In other words: 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.
The MT resistivity results from the Kibby
Basin Property “clearly mapped a more
conductive zone at many of the survey
stations.This variation of the resistivity
at depth is interpreted by Quantec as
being a potential contact with sub-
surface brine that may contain lithium”,
Belmont said in yesterday’s press-release.
This means that Belmont has now found
highly prospective and precise targets for
the next phase of drilling. The company
stated that“locations where the potential
brine contacts are closest to the playa
surface are being considered as the most
favourable targets.”
The fact that conductive zones have
been successfully located at depth on
Belmont’s Kibby Basin Property gives
high hopes for the upcoming drill
program to make a stellar discovery by
intersecting lithium-rich brine.
Company Details
Belmont Resources Inc.
Suite 600 - 625 Howe Street
Vancouver, BC, V6C2T6 Canada
Phone: +1 604 683 6648
Email: gmusil@belmontresources.com
www.belmontresources.com
Shares Issued & Outstanding: 61,567,620
Canadian Symbol (TSX.V): BEA
Current Price: $0.04 CAD (03/01/2018)
Market Capitalization: $2.5 Million CAD
German Symbol / WKN: L3L1 / A1JNZE
Current Price: €0.028 EUR (03/01/2018)
Market Capitalization: €1.7 Million EUR
Chart Canada (TSX.V)
Chart Germany (Frankfurt)
Equipment on Belmont’s Kibby Basin Property for a Spartan Magnetotelluric Survey.

2. 2
ccording to the Geophysical
Report from Quantec, which
has been posted on Belmont’s
website today:
“This conductive zone, at near 500 m
depth, is relatively thin in the west of
the grid, but its depth, thickness and
conductivity seems to increase east of
430300E and north of 4243630N.
The variation in the conductive layer also
correlates with an increase of the Basin
depth defined from the gravity results
(Wright, 2016). We note here a very good
correlation between the depth of the deep
resistive unit mapped from the MT results
and the Basin depth mapped from gravity
model for lines north of 4245630N.
The zone defined between 4244630N and
4247630N and between 430300E and
432300E is characterized by a thick and
high conductivity zone that may represent
a potential target for Li-brines. This zone
correlates with the area where the Basin
depth reaches a maximum and is localised
east of a potential contact at depth, also
inferred from the gravity results.”
Considering the positive results from
yesterday’s announced MT Survey – in
combination with December’s potential
“discovery”of a geothermal system (i.e.
the key for a lithium-bearing aquifer;
see details at the end of this report)
beneath surface at Belmont’s Kibby
Basin Property – the company is now
in a great position to precisely pinpoint
the upcoming drilling in order to find a
concentrated brine deposit, potentially
rich in lithium.
Naturally, finding lithium in the pay
zone of an aquifer at depth of a large
basin, which had never been explored
with modern methods before, is no
easy endeavour and takes a lot of time,
capital and thinking skills.
After several years of being active in
the Kibby Basin, Belmont is now in the
final stage of potentially making a truly
sensational discovery via the drill bit,
some 65 km north of the famous Clayton
Valley – home of North America’s only
lithium brine mine (in operation since
the 1960s, operated by Albemarle Corp.).
A
Research #8 | Belmont Resources Inc.
Figure 6-6 presents various views 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
(sites KB018, 019, 025, and 026). 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 (see Figure 6-6, south view).
Figure 6-19: 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 750m 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 1km depth below KB006 to KB020,
to approximately 3km depth from KB020 to KB048. The variation in depth correlate with
the increase of the Basin depth defined from the gravity results (Wright, 2016).

3. 3 Research #8 | Belmont Resources Inc.
Equipment on Belmont’s Kibby Basin Property for the Spartan Magnetotelluric Survey. (Above sourced from Quantec Geoscience Ltd.)

4. 4 Research #8 | Belmont Resources Inc.
Equipment and staff from Quantec Geoscience on Belmont’s Kibby Basin Property conducting the Spartan Magnetotelluric Survey.

5. 5
hen you have a 27 square
kilometer big property,
where basically no one ever
conducted any modern exploration
to find lithium-bearing aquifers, you
need to start somewhere to prove
your case that there could be lithium.
So Belmont looked at the near-by
Clayton Valley and compared it to the
Kibby Basin, and they found a geologic
setting similar to the continental brine
model ascribed to the Clayton Valley.
Then they did a 3D gravity survey over
the entire property and found that it has
the structure of a perfect lithium basin.
This was followed by 2“scout-holes“
to find out if there is any lithium in
those sediments and to get a first look
of the basin‘s geology. Drilling found
promising lithium values (up to 200
ppm) in sediments which is a great
indication that a near-by aquifer may
host much higher grades. With 13 of 25
core samples assaying over 100 ppm
lthium, these sediments could very well
be a potential source of lithium for the
underlying aquifers.
The question then arose where to
drill next in order to find the aquifer,
respectively the pay zone. A consultant
to Belmont, took a deep dive into
researching the Kibby Basin and made
some striking findings, with the results
you can see in today‘s news release.
Originally, he just wanted to put the
company‘s property borders on a map,
so he looked at some satellite images
and started to think outside the box. He
obtained more satellite data sets as he
had the feeling he was onto something.
Belmont‘s consultant then contacted
USGS and NASA to confirm his theory
and soon it became clear that he found
the missing puzzle piece. As the images
indicate, he may have found the location
of the geothermal system – right in the
heart of the Kibby Basin.
This looks like a big“discovery“ as there
is no surface expression of a geothermal
system and until now it was not even
clear if at all there is a geothermal system
on the property.
The above shown image is actually
an animation (click here to watch it)
showing 8 days of a snow storm in 2016
above the Kibby Basin: Note the snow
in red and that over 1 foot of snow was
all gone within short time (so the take-
away is the Kibby Playa is warm due to a
geothermal system).
To make it clear: A geothermal system
is the key for a lithium-bearing aquifer
and as such the location of the lithium
aquifer is likely to be at the same spot.
As Belmont has found this 1 square
kilometer area on its property, where
a convergence of anomalies occur, the
company is getting ready to drill into
this area to find the lithium-bearing
aquifer. Vojtech Agyagos from Belmont
explained on December 14, 2017:
“The discovery of this area of hydro-
thermal indicator minerals representing
approximately (1) square/Kilometer
of our 27 square kilometer Kibby Ba-
sin, Nevada property will become the
center of our continued exploration.
This area hosted the highest Lithium
surface samples as well and is the site of
our proposed third drill hole. Our 2017
drill program discovered both water
(fresh) and up to 200ppm lithium in the
core in the Eastern side of the property
about 2 kilometers from these Thermal
alterations. This geothermal alteration
sits above the deepest gravity indicated
area from Belmonts’ 2016 Wright Geo-
physical ground gravity survey.“
W
Research #8 | Belmont Resources Inc.
Belmont, has been reviewing EOSDIS NASA Worldview and the United States Geological Survey
(USGS) archived satellite data (1996 -2017) acquired over the Company’s Kibby Basin - Lithium
brine exploration project. Archived ASTER/Landsat satellite data collected over the Monte Cristo
Valley has identified significant anomalous higher than normal concentrations of clay-mica-hy-
drous silica-ferric iron minerals in the north-central playa in nearly the same area as indicated by
the ASTER data within the Belmont, Kibby Basin – claim area. ASTER/Landsat class satellite data
have been most effective at broadly categorizing surface units that can be considered as proxy for
geothermal systems (e.g., sulfates, carbonates, clays) than identifying specific minerals and their
mixing components (Taranik, 1988, Sabine et al., 1994, Rowanet al., 2005 and Zhanget al., 2007).
Excerpts from Rockstone Report #7 (December 14, 2017)

6. 6
The circled areas in both the shown
images are basically parts where
hydrothermally altered sediments occur
on the playa of the Kibby Basin. The
presence of these indicate that, at one
time, the hydrothermal water reached
the surface (probably in form of a geyser
or hot spring). Also, they indicate the
proximity of faults and fissures.
With the first 2 holes, Belmont tried to
drill into some indicated (ground survey)
faults on the eastern side of its property.
With this new information (hydrothermal
alteration), they may have found the
missing piece of the puzzle to start
drilling into the right spot of the basin
to finally make a striking discovery (i.e.
drilling into a lithium-rich aquifer).
The USGS wrote a report in 2013
outlining what you would need to find
a lithium brine deposit – all producing
lithium brine deposits share a number of
first-order characteristics:
(1) arid climate;
(2) closed basin containing a playa or salar;
(3) tectonically driven subsidence;
(4) associated igneous or geothermal
activity;
(5) suitable lithium source-rocks;
(6) one or more adequate aquifers; and
(7) sufficient time to concentrate a brine
Belmont is well on track to find (6) one
or more adequate aquifers.
Research #8 | Belmont Resources Inc.
Principals and applications of indirect methods which involve using hydrothermal minerals
as a proxy of geothermal systems were discussed by Hunt, 1977; Clark, 1999; Greenet al.,
1998; Martini et al., 2004 and Vaughan et al., 2003 and 2005; whereas the direct thermal
indices and associated applied methods were discussed in Mongillio, 1994, Hackwell et al.,
1996; Haselwimmer et al., 2011; Rowan et al., 2003; Coolbaugh et al., 2007. Well-established
methods in multispectral, hyperspectral analysis, in conjunction with modern subsurface
geophysics, advanced imagery from space-based and airborne sensor systems, permits their
direct and immediate application in geothermal energy prospecting and their evaluation
using both thermal signature, and spectral signatures indices (Coolbaugh et al., 2007; Gupta
and Roy 2007) (Prospecting for geothermal energy through satellite based thermal data.)
Excerpts from Rockstone Report #7 (December 14, 2017)

7. 7 Research #8 | Belmont Resources Inc.
Previous Coverage
Report #7:“The Missing Puzzle Piece to Dis-
cover Lithium Aquifers in the Kibby Basin?”
Report #6:“Belmont on track to eclipse the
ClaytonValley”
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 identi-
fied on Kibby Basin Lithium Brine Property”
Report #2:“Dark clouds over ClaytonValley
and green lights for Belmont’s Kibby Basin”
Report #1:“Early Report on Belmont”
Click on chart (or here) for updated version
Management
James H. Place, President/CEO/Director
Mr. Place, P.Geo, has worked for govern-
ment and private industry as a consult-
ant for 24 years including engineering
groups, environmental assessment spe-
cialists, and private mineral developers.
He is experienced in 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 director-
ship on a number of public companies
will provide a significant contribution to
Belmont at this stage of exploration and
development.
GaryMusil,Secretary/CFO/Director
Mr. Musil has >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 oversee-
ing the 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 British Columbia, Canada.
Vojtech Agyagos, Chairman/Director
Mr. Agyagos has >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 manag-
ing exploration projects in South America,
Eastern Europe (Slovak Republic)-in oil/
gas and mineral exploration, and British
Columbia, Quebec, Labrador and Ontario
(Canada). He has served as President and
Director of Belmont since December 1996.
Roger Agyagos, Director
Mr. Agyagos has a Diploma in Manage-
ment Systems from BCIT. Since 1995 he
has been Vice-President for a private BC
company providing office management
and financial consulting services. He
assists with daily correspondence, office
services, preparation of news releases and
financial statements.
Dusan Berka, Director
Mr. Berka, P. Eng., has >40 years of inter-
national 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. A graduate
engineer with a M.Sc. (Dipl. Ing.) degree
from Slovak Technical University, Brati-
slava, Slovakia (1968), Mr. Berka has been
a member of the Association of Profes-
sional Engineers and Geoscientists of
British Columbia since 1977.

8. 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 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 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 pro-
gram; 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-bear-
ing 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 all produ-
cing lithium brine deposits share characteristics;
that the encountered lithium grades to date
were a promising discovery and an indication
that a near-by aquifer may host similar or
even higher grades; that the lithium-bearing
sediments could very well be a potential source
of lithium for the underlying aquifer; that the
company can raise sufficient funds for a trans-
action, exploration and corporate matters; that
any of the mentioned plans, comparisons with
other companies, 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 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; 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 tech-
nical 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 state-
ments. 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 state-
ments made in this report.
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Nothing in this report should be construed
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Never make an investment based solely on
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Author Profile and Contact
Stephan Bogner (Dipl. Kfm. FH)
Rockstone Research
8260 Stein am Rhein, Switzerland
+41-44-5862323
sb@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-
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a high-security vaulting facility within
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Research #8 | Belmont Resources Inc.