Rockstone Report #5 on Belmont Resources Inc. (BEA-TSXV) Kibby Basin, Nevada lithium exploration project. BELMONT ENGAGES DRILLING CONTRACTOR FOR KIBBY BASIN, NEVADA LITHIUM PROPERTY Belmont Resources Inc. is in the process of engaging a Nevada drilling contractor with lithium brine drilling experience to commence the first-phase drilling program consisting of approximately 1,500 feet of sonic drilling Belmont getting ready to drill for untapped lithium brines at Kibby Basin in Nevada Today, Belmont Resources Inc. reported to be in the process of engaging an experienced lithium brine drilling contractor to start the first phase of a deep drilling program at Belmont’s Kibby Basin Property in Nevada. The property is located about 65 km north of the Clayton Valley, i.e. closer to Tesla Motors’ Gigafactory #1 near Sparks, Nevada.

1. February 23, 2017
Report #5
Lithium in Nevada, USA
Belmont getting ready to drill for untapped
lithium brines at Kibby Basin in Nevada
Today, Belmont Resources Inc.
reported to be in the process of
engaging an experienced lithium
brine drilling contractor to start the
first phase of a deep drilling program
at Belmont’s Kibby Basin Property in
Nevada. The property is located about
65 km north of the Clayton Valley, i.e.
closer to Tesla Motors’Gigafactory #1
near Sparks, Nevada.
A 2016 gravity survey has significantly
enhanced the potential for the basin to
host lithium-bearing brines in a geologic
setting similar to the continental brine
model ascribed to the Clayton Valley.
Drilling is expected to start as soon as
possible, depending on availability of
drill crews and access to the drill sites
following an unusually wet winter.
A total of 4 holes over approximately 457
m length have been recommended for
the phase-1 drilling program, of which 2
holes have been planned to a depth of
approximately 152 m (500 foot) and the
2 other holes to be drilled to a depth of
about 76 m (260 foot).
With a current market capitalization
of $3 million CAD, Belmont now offers
substantial appreciation potential in case
the upcoming drill program turns out
positive.
Rockstone is looking forward to the
upcoming drill program as a sampling
of brine may result in the discovery
of lithium with grades similar to the
Clayton Valley when it started lithium
production in the 1960s (estimated
at >400 mg/L lithium). This would be
a major achievement for Belmont, its
shareholders and Nevada as a whole.
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: 35,400,953
Canadian Symbol (TSX.V): BEA
Current Price: $0.07 CAD (02/22/2017)
Market Capitalization: $3 million CAD
German Symbol / WKN: L3L1 / A1JNZE
Current Price: €0.04 EUR (02/23/2017)
Market Capitalization: €1 million EUR
Chart Canada (TSX.V)
Chart Germany (Frankfurt)
Sonic drilling is a highly effective soil penetration technique (picture source)

2. 2
ased on the results received
by the ground geophysics
report and gravity survey
completed in 2016, Belmont’s
exploration geologist Robert Cuffney
has recommended the first 4 holes of
the phase-1 sonic drilling program.
The location of 3 proposed holes is near
the eastern basin-bounding fault, where
lithium brines are likely to well up in
the structural zone, analogous to the
concentration of lithium brines along the
Paymaster Fault in Clayton Valley. The 4th
hole is a stratigraphic hole located near
the central axis of the basin, designed to
test for porous basin sediments, which
could serve as aquifers for lithium brines.
The decision to begin with sonic drilling
was made for several reasons:
1) Continuous core yields far better
geologic information than does
percussion or reverse circulation (RC)
samples, which in fine playa sediments
tend to wash away;
2) Using core, Belmont will not have to
run downhole geophysics to find the
aquifers, saving time and cost;
3) Good water/brine samples can be
obtained without contamination from
drilling fluids/muds;
4) Sonic drilling does not require
injecting water, which reduces costs for
hauling and construction of large sumps;
5) Sonic drilling tends to not destabilize
the hole walls through vibration as does
percussion/hammer drilling.
The 3D gravity model demonstrates the
potential for a massive 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 excellent. A 7.4 kilometer long
structure is identified in Kibby Valley with
characteristics interpreted to be akin to
major structures bounding the south
side of Clayton Valley. The gravity survey
identified several significant structures
that juxtapose rocks of differing densities
that are most likely basin-fill sediments
faulted against the basement rocks.
B
Research #5 | Belmont Resources Inc.

3. 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 Research #5 | Belmont Resources Inc.
The Kibby Basin (Basin Removed
Topography Looking South-Southwest;
presumably this would be the topography
if the basin fill was removed)
Previous Coverage
Report #4:“The perfect lithium basin?”
Report #3:“Prominent gravity low identi-
fied on Kibby Basin Lithium Brine Property
in Nevada”
Report #2:“Dark clouds over ClaytonValley
and green lights for Belmont’s Kibby Basin”
Report #1: “Early Report on Belmont”

4. 4
CBA Gravity Looking Northeast (presumably this
would be the topography if the basin fill was
removed; the lithium-rich brine is not only expected
in the deepest part of the basin which is modelled to
be beneath Belmont’s property)
Research #5 | Belmont Resources Inc.

5. 5
According to Belmont’s Gravity Survey
Interpretation Report (2016):
“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...
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
Research #5 | Belmont Resources Inc.

6. 6
Zampirro (2003) reviewed the lithium
brine geology and geometries in the
Clayton 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 Clay-
ton 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
marginal gravel aquifer, ponded by the
structures. Clearly, dipping of porous
basin sediments toward a major basin
bounding structure is geometry condu-
cive 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 sediments
contain lithium brines. Nevertheless, 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 analogous to the Cross Central and
Paymaster Canyon faults in Clayton
Valley.
As Kibby Basin was pulled apart, one
could imagine blocks of basin fill be-
ing rotated to the east as the large east
bounding structure accommodated the
majority of the extension.
Other structures and structural inter-
sections bounding the main Kibby Basin
should also be considered as possible
targets for brine concentrations. In-
deed, Zampirro (2003) notes structural
intersections may have controlled brine
concentration 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 #5 | Belmont Resources Inc.

7. 7
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 state-
ment 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 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
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 up-
date 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., aTSXVenture 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.
Author Profile and Contact
Stephan Bogner (Dipl. Kfm. FH)
Rockstone Research
8050 Zurich, 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-
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.
For more information and sign-up for
free newsletter, please visit:
www.rockstone-research.com
Research #5 | Belmont Resources Inc.