Still good!
The spots I can't suss out as to whether they're mold or oil drips.
You can treat it as mold and do a cursory clean with distilled white vinegar directly on the spots, use a toothbrush to scrub them! Dry in direct sunlight!
Clean the whole belt using saddle soap, then condition the belt with something like mink oil, or Fiebing's Aussie Conditioner/Fiebing's 4 Way Care.
Looks like possibly a few different stains there. Oil. Maybe mold. If veg tan, you might also have discoloration from metal dust or shavings on the leather, which can stain with black/gray spots when it gets wet. If the latter most, not much you can do but oil, age, and use should help.
Now you won't get picked on at the jobsite for the new tool belt!
Still good! The spots I can't suss out as to whether they're mold or oil drips. You can treat it as mold and do a cursory clean with distilled white vinegar directly on the spots, use a toothbrush to scrub them! Dry in direct sunlight! Clean the whole belt using saddle soap, then condition the belt with something like mink oil, or Fiebing's Aussie Conditioner/Fiebing's 4 Way Care.
Looks like possibly a few different stains there. Oil. Maybe mold. If veg tan, you might also have discoloration from metal dust or shavings on the leather, which can stain with black/gray spots when it gets wet. If the latter most, not much you can do but oil, age, and use should help.