Kibby Basin Lithium Project, Nevada

1) Major catch basin
2) Basin has structural traps and is closed with no outlets for drainage
3) Associated igneous or geothermal activity,
4) Suitable lithium source rocks,
5) One or more adequate aquifers

 Strategic Location

The Kibby Basin Lithium Project is located in western Nevada, approximately 60 km north of Clayton Valley — the only producing lithium brine operation in the United States (Albemarle’s Silver Peak Mine). The project lies within a large closed basin underlain by volcanic and sedimentary units highly prospective for both clay-hosted and brine-style lithium mineralization.

2022 Drill Program – Discovery of Extensive Lithium Mineralization

Two boreholes, KB 22-01 and KB 22-02, were completed during 2022 to test lithium-bearing clay horizons identified from prior geophysics and surface sampling.
Both holes intersected broad, consistent intervals of lithium-rich sediments and dissolved lithium in groundwater, confirming a basin-wide mineralized system.

Highlights:

• KB 22-01:

  • 487 m @ 383 ppm Li to end-of-hole

  • Includes 79 m @ 771 ppm Li (peak 924 ppm Li)

• KB 22-02:

  • 451 m @ 379 ppm Li to end-of-hole

  • Includes 169 m @ 558 ppm Li (peak 860 ppm Li)

Key Observations:

• Holes 2 km apart show remarkably similar thickness and grade, suggesting excellent lateral continuity across the basin.

• Lithium enrichment increases with depth and remains open below the current drilling.

• Dissolved lithium in groundwater corresponds to the lithium-bearing clay horizons, offering potential for dual extraction pathways.

Significance & Next Steps

The 2022 results confirm thick, laterally continuous lithium mineralization within Kibby Basin, comparable to grades reported from other major Nevada clay projects.
Follow-up work will focus on:

• Step-out drilling to expand the mineralized footprint;

• Metallurgical testing to evaluate lithium recovery from both solids and groundwater;

• Basin modeling to delineate potential resource zones.

Strategic Advantage for Belmont

Belmont holds a 20 % carried interest in the project through its joint venture with Marquee Resources (80 %).
This structure provides high exposure to the U.S. lithium sector with minimal capital commitment, aligning perfectly with Belmont’s strategy of maintaining leveraged positions in critical-metal assets.

“Thick, laterally continuous lithium mineralization — establishing Kibby as a significant emerging U.S. lithium discovery.”

Permitted for Water

The Kibby Basin lithium property is fully permitted by the state of Nevada to extract a maximum 2,896 acre-feet (944 million gallons) annually of water for brine processing and production of lithium compounds.

Obtaining a water permit for the Kibby Basin lithium project was a major milestone for Belmont where, because of the desert conditions in the region, water is of major importance to any potential mining operation. The Clayton Valley Basin for instance is over-appropriated (current water rights are in excess of water volumes available for an average year) and obtaining water rights for proposed operations is a hurdle that several companies in the Clayton Valley Basin have yet to overcome, even in their advanced stage of development.

Cypress Development (TSV:CYP) recently paid $3,000,000 for a water permit in Clayton Valley  (Cypress NR) which allows for the beneficial use of 1,770 acre/feet of water annually for mining, milling and domestic use.