Belmont Resources Receives Drill Permit For Crackingstone Uranium-Ree Project, Saskatchewan

The most recent news, dated December 2, 2025, announces that Belmont Resources Inc. has received a multi-year Crown Land Work Authorization (drill permit) from the Saskatchewan Ministry of Environment for its 100%-owned Crackingstone Uranium–REE Project. The permit is valid through November 30, 2028, and authorizes exploration activities including up to 40 drill holes, trail construction and refurbishment, and geophysical surveys. The company is now preparing for a 2026 drilling campaign, finalizing drill locations and contractor selection. Chairman George Sookochoff highlighted that this multi-year permit provides flexibility for conducting work across multiple high-priority uranium and rare earth targets, building on strong historical results (grab samples up to 15.6% U3O8) and modern geophysical data.

This news is a routine but positive development. The receipt of the drill permit for the Crackingstone Uranium–REE Project was an anticipated step, as the company had previously announced the submission of the permit application for a two-year, 40-hole, 10,000-meter drilling initiative (news from Oct 15, 2025, and Jan 16, 2025). Therefore, its approval is in line with expectations and confirms the company's ability to proceed with its planned exploration.

The material impact is positive because it de-risks the upcoming 2026 exploration program at Crackingstone, allowing Belmont to move forward with planning and execution. It confirms that a crucial regulatory hurdle has been cleared, validating the project's advancement. The multi-year nature of the permit provides operational flexibility, which is beneficial for a junior explorer.

Financially, the company appears to be in a position to fund this initial phase of work. The cash flow statement for the six months ended July 31, 2025, indicates that the $1.3635 million private placement (announced April 3, 2025) was fully closed, and the $778,000 proceeds from the Nevada water permit sale (Dec 10, 2024) have been fully received. These funds were earmarked for exploration, including significant drilling. While the permit itself doesn't generate revenue, it enables future value creation if the planned drilling campaign yields positive results.

Belmont Resources Inc. (TSX-V: BEA, FSE: L3L2) is a mineral exploration company focused on developing a diversified portfolio of projects across multiple commodities and jurisdictions. The company has projects in British Columbia, Saskatchewan, Washington, and Nevada.

Its current flagship project is the Crackingstone Uranium–REE Project located in Saskatchewan, Canada, which is 100% owned by Belmont. The project boasts historical grab samples grading up to 15.6% U3O8 and previous mining production of 11 tons at an average grade of 2.3% U3O8. Three major conductive and structural mineralized corridors, totalling 10 km in length, have been identified. The company has received a multi-year drill permit for a 40-hole, 10,000-meter drilling initiative, with a campaign planned for 2026.

Belmont's other key projects include: - Come By Chance (CBC) Copper-Gold Project (British Columbia, Canada): A dual porphyry-copper and carbonate replacement deposit (CRD) target. A 2,000-meter drilling program was completed in July 2025, with assay results pending. - Athelstan-Jackpot (A-J) Gold Project (British Columbia, Canada): Includes two past-producing gold mines. A 1,500-meter gold trend with widespread surface gold mineralization has been identified, with drilling targeting southwest-trending high-resistivity zones planned for Q3 2025. - Lone Star Copper-Gold Project (Washington State, USA): 50% optioned to Australian Marquee Resources (MQR). MQR has completed significant drilling, a new resource estimate (Dec 2022), and a Preliminary Economic Assessment (Nov 2023). The property is subject to an underlying 2.5% Net Smelter Royalty (NSR). - Kibby Basin Lithium Project (Nevada, USA): 80% optioned to Australian Marquee Resources (MQR). MQR's 2022 drilling confirmed high levels of lithium-bearing sediments and dissolved lithium in groundwater. The property is subject to a 1.5% NSR, half of which Belmont has the right to purchase for $1,000,000.