BEA.V · 2023-11-29 12:00:00

Belmont Optionee Marquee Resources Completes Lone Star PEA

Economic Studies

November 29, 2023 ‐Vancouver, B.C., Canada; Belmont Resources Ltd. (“Belmont” or the “Company”)

(TSX.V: BEA; FSE: L3L2) announces that its JV partner Marquee R esources Ltd. (ASX:MQR) for the Lone

Star project situated in Washington State has completed a Lone Star NI 43‐101 Preliminary Economic

Assessment Technical Report (the “PEA”). The PEA has been prepa red in accordance with the

requirements of National Instrument 43‐101 (“NI 43‐ 101”) by Mining Plus (USA and Australia).

The completion of a PEA is part of Marquee’s final required wor k commitment in order to earn an 80%

interest in the Lone Star Project.

PEA Features:

 Mineral Resource Estimate (MRE) includes Indicated 9.76 Mt at 0.60% CuEq and Inferred 3.35 Mt

at 0.44% CuEq, based on a 0.10% CuEq cutoff within a conceptual pit shell.

 Life of Mine (LOM): 14 years

 Financial Outcome: NPV: Negative US$ 123.9m and IRR: Negative 10.2%.

Please refer to https://www.marqueeresources.com.au/ for more i nformation and a full version of the

PEA.

George Sookochoff, CEO of Belmont Resources, commented, "While the Preliminary Economic

Assessment offers an early glimpse into the project economics, it is important to note that it provides a

preliminary perspective. It serves as a guide for steering the project toward a positive economic trajectory

and eventual production.

Despite the initial economic challenges identified, the report highlights critical factors that could

potentially shift the economics into a positive direction. Nota bly, there is a prospect of a gold deposit

approximately 400m west of the Lone Star deposit within the property. Additionally, the Lone Star

deposit's open extensions to the east and south present further opportunities.

Our forthcoming discussions with Marquee will shed light on their strategies for advancing the Lone Star

project. Subsequently, we will update our Belmont shareholders on the developments."

About Belmont Resources

Belmont Resources has assembled a portfolio of highly prospecti ve copper, gold, lithium, uranium and

rare earths projects located in British Columbia, Saskatchewan, Washington and Nevada States. Its

holdings include:

NEWS RELEASE

November 29, 2023

Contact: George Sookochoff, President & CEO

Email: [email protected]

Suite 615 – 800 W. Pender Street,

Vancouver, B.C. V6C 2V6

Ph: 604-505-4061

BEA TSX.V

 Athelstan‐Jackpot (A‐J): 2 former gold mines. 2,000m drill program recently completed (see NR

Oct. 31_2021)

 Crackingstone Uranium‐Rare Earths: Some of the highest grade Rare Earth Elements (REE’s) are

being discovered in Northern Saskatchewan due to the presence of Uranium, Thorium &

Pegmatites. Crackingstone project meets the criteria for potentially discovering a large REE’s

deposit with its high grade uranium along with thorium and pegmatite. A review of 3,000m of

2008 drill data shows a 1.3km pegmatite dyke drilled but only assayed for uranium at that time.

2023 plans are to re‐assay pegmatite sections for REE’s ;

 Come By Chance (CBC): 2021 geophysics delineated potential large copper‐gold porphyry;

2022 drilling provided further vectors towards potential core of porphyry;

 The Lone Star Copper‐Gold: optioned to Australian Marquee Resources ASX:MQR. MQR has

spent in excess of $2.5M in drilling, completed new resource in Dec. 2022, and has completed a

Preliminary Economic Assessment in order to earn an 80% interest.

 The Kibby Basin Lithium project located 60 kilometers north of the lithium rich Clayton Valley

Basin: Optioned 80% of the central Kibby Playa claim block to Australian Marquee Resources ‐

MQR. MQR has spent in excess of $2.5M in drilling in 2022 for potential deep seated lithium

brine. 2022 Drilling confirmed high levels of lithium‐bearing sediments along with dissolved

lithium in the groundwater.

ON BEHALF OF THE BOARD OF DIRECTORS

“George Sookochoff”

George Sookochoff, CEO/President

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This Press Release may contain forward-looking statements that may involve a number of risks and uncertainties,

based on assumptions and judgments of management regarding future events or results that may prove to be

Contact: George Sookochoff, President & CEO

Email: [email protected]

Suite 615 – 800 W. Pender Street,

Vancouver, B.C. V6C 2V6

Ph: 604-505-4061

BEA TSX.V

inaccurate as a result of exploration and other risk factors beyond its control. Actual events or results could differ

materially from the Companies forward-looking statements and expectations. These risks and uncertainties include,

among other things, that we may not be able to obtain regulatory approval; that we may not be able to raise funds

required, that conditions to closing may not be fulfilled and we may not be able to organize and carry out an

exploration program in 2023, and other risks associated with being a mineral exploration and development company.

These forward-looking statements are made as of the date of this news release and, except as required by applicable

laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why

actual results differed from those projected in the forward-looking statements.

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