Mr. Marc Levy reports

NORSEMONT CLOSES CONVERTIBLE DEBENTURE FINANCING WITH STRATEGIC INVESTORS

Further to Norsemont Mining Inc.'s news release dated Oct. 11, 2024, it has closed its private placement of a secured two-year convertible debenture in the aggregate principal amount of $3-million. The debentures bear interest at a rate of 8 per cent per annum and are convertible into units of the company at a conversion price of 11 cents per unit.

Each unit comprised one common share and one-half of one transferable share purchase warrant of the company, with each warrant exercisable into one additional share at a price of 20 cents per share for a period of two years from the date of conversion.

In the event that the shares trade at a price of 35 cents per share or greater for 10 consecutive trading days, the company may accelerate the warrant expiry date by providing notice to the warrant holders by way of a news release that the warrants will expire on the 30th day from the date of the acceleration notice.

The debentures contain certain provisions (the blocker provision), which provide that a holder of the debentures, as applicable, together with any person or company acting jointly or in concert with such holder, shall not be able to convert their debentures, as applicable, to the extent that such exercise, as applicable, would result in the holder beneficially owning or exercising control over, in the aggregate, 9.99 per cent of the total issued and outstanding shares, immediately after giving effect to such conversion, as applicable.

The proceeds from the offering are intended to be used for general corporate obligations, repayment of debts and working capital.

All securities issued under the offering will be subject to a hold period of four months and one day from the date of closing of the offering in accordance with applicable Canadian securities laws.

Marc Levy, chief executive officer and chairman of Norsemont, said: "I am excited to have several new strategic European investors along with key existing investors participate in this financing. This support will enable us to advance our Choquelimpie project."

About Norsemont Mining Inc.

Norsemont comprises experienced natural resource professionals focused on growing shareholder value and developing its flagship project through bankable feasibility. Norsemont Mining owns a 100-per-cent interest in the Choquelimpie gold-silver-copper project in northern Chile, a previously permitted gold and silver mine. Choquelimpie has over 1,710 drill holes, with significant existing infrastructure, including roads, power, water, camp and a 3,000-tonne-per-day mill.

We seek Safe Harbor.