February 8, 2024 –Vancouver, B.C., Canada; Belmont Resources Ltd. (“Belmont” or the “Company”) (TSX.V: BEA; FSE: L3L2) is pleased to announce that it has entered into a Convertible Loan Agreement for $368,000 Cdn. with HMS Bergbau AG, Berlin Germany (“HMS”).

The HMS investment follows a previous $420,000 Cdn investment from two European private investment holding companies (see NR Oct. 19, 2023).

HMS is non-arm’s length to the Company as Patrick Brandl, a director of Belmont, is also on the Supervisory Board of HMS. As such, this transaction constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”).  Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Convertible Loan by the insider exceed 25% of the Company’s market capitalization.

The Loan shall bear no interest and payable on or before July 1, 2024.   If Belmont fails to repay the Loan in full on or before July 1, 2024, interest on arrears of 12% p.a. will be payable by Belmont beginning July 2, 2024.

HMS has the option to have the Debt paid through the issuance of 9,200,000 common shares, at a deemed value of $0.04 per share, subject to the approval of the TSX Venture Exchange.

The Use of Proceeds will be allocated as: $210,000 exploration and incurred exploration expenditures; $60,000 office and administration (salaries, management, audit & legal); unallocated working capital $98,000.  While the Company intends to spend the net proceeds from the loan as stated above, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the Board.

The closing of the transaction is subject to the approval of the TSX Venture Exchange.

George Sookochoff, President & CEO commented “We’re thrilled to collaborate with a multinational corporation like HMS Bergbau AG as they venture into commodity production, broadening their scope. Their investment serves as a vote of confidence in our team, our initiatives, and our outlook.”

About HMS Bergbau AG

HMS Bergbau AG (HMS) stands out as a prominent independent commodity trading enterprise based in Germany. Its primary focus lies in the global procurement and distribution of energy commodities, metals, ores, and various renewable resources.

The company’s global presence is further underscored by its subsidiaries, including HMS Bergbau Africa (Pty) Ltd., HMS Bergbau Singapore Pte Ltd., PT. HMS Bergbau Indonesia, HMS Bergbau Dubai FZCO, and HMS Bergbau USA Corp.

HMS is increasingly developing into a diversified international commodity trading group and is actively expanding towards commodity production and logistical solutions.

In July 2023 HMS announced the acquisition of two majority shareholdings in Kazakhstan-based companies with mining and exploration licenses for lithium, cobalt, nickel, tantalum and rare earths in the Alatau region of Kazakhstan. Investment is expected to amount to $500 million in East Kazakhstan. Kazakhstan has an estimated 8.6 million tonnes of lithium resources, making it the fifth-largest holder of lithium reserves in the world, according to the United States Geological Survey.

Dennes Schwindt, CEO of HMS Bergbau AG stated “We also see the new majority shareholdings in Kazakhstan as another milestone in the transformation process of HMS Bergbau AG, which is transforming into an internationally positioned raw materials trading and marketing group.”

HMS Bergbau AG (HMS) is listed on the Basic Board of the Frankfurt Stock Exchange. (HMU.DE)

About Belmont Resources

Belmont Resources has assembled a portfolio of highly prospective copper, gold, lithium, uranium and rare earths projects located in British Columbia, Saskatchewan, Washington and Nevada States. Its holdings include:

  • Athelstan-Jackpot (A-J): 2 former gold mines. 2,000m drill program recently completed (see
  • 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 & Pegmati 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 is currently preparing a Preliminary Economic Assessment in order to earn 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. Mineralized intervals containing up to 924 ppm lithium with greater than 300 ppm lithium over thicknesses in excess of 450m have been identified in core samples of clay-rich playa sediments
Belmont Resources Rich Portfolio of Projects

NI 43-101 Disclosure:

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and has been reviewed and approved by Laurence Sookochoff, P.Eng.


“George Sookochoff”

George Sookochoff, CEO/President

Ph: 604-505-4061

Email: george@belmontresources.com

Website: www.BelmontResources.com

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.