Mr. Marc Levy repors

NORSEMONT ANNOUNCES 2,184,000 INDICATED AT 0.83 G/T AND 557,000 INFERRED AT 0.69 G/T GOLD EQUIVALENT OUNCES MRE FOR CHOQUELIMPIE

Norsemont Mining Inc. has released an updated mineral resource estimate (MRE) of 2,184,000 indicated gold equivalent ounces and 557,000 inferred gold equivalent ounces for its Choquelimpie gold-silver-copper project, located in the province of Parinacota, Region XV, Northern Chile. Norsemont holds a 100-per-cent ownership interest in the project, through its wholly owned Chilean subsidiary, Sociedad Contractual Minera Vilacollo (SCMV). The updated estimate reflects updated drilling results which continue to demonstrate the significant upside potential for the project.

Highlights of the updated mineral resource estimate:

• Indicated resources: 81,888,000 tonnes with grades of 0.83 gram per tonne AuEq, containing 1,731,000 ounces of gold at 0.66 g/t, 33,233,000 ounces of silver at 12.62 g/t and 50,867,000 pounds of copper at 0.04 per cent;
• Inferred resources: 25,267,000 tonnes with grades of 0.69 AuEq, containing 446,000 ounces of gold 0.55 g/t, 7,219,000 ounces of silver at 8.89 g/t and 19,104,000 pounds of copper at 0.04 per cent;
• The updated MRE is based on 3,144 metres of additional drilling completed in 2021 and includes updated geological modelling and reinterpretations of several oxidation zones throughout the mineral deposit.

"This updated mineral resource estimate of 2,184,000 indicated and 557,000 inferred gold equivalent ounces marks a significant milestone for Norsemont and provides a strong foundation as we advance Choquelimpie toward development," said Marc Levy, president and chief executive officer. "The additional drilling and geological modeling increase our confidence in the resource and support our belief in Choquelimpie's significant upside potential. We look forward to progressing toward a preliminary economic assessment and further exploration to grow this resource base."

Choquelimpie project indicated and inferred mineral resource estimate effective date March 31, 2025

Next steps

Norsemont plans to conduct additional drilling into oxide and sulphide zones to expand and upgrade the current resource. Metallurgical testing and economic studies are also planned as part of the company's broader efforts to advance the project toward a preliminary economic assessment.

Qualified person

Scott E. Wilson, CPG, president of Resource Development Associates Inc., is an independent consulting geologist and the qualified person under NI 43-101 responsible for the updated MRE. Mr. Wilson has over 35 years of experience in resource estimation and due diligence evaluations and is a registered member (4025107RM) of the Society for Mining, Metallurgy and Exploration Inc.

Mr. Wilson has reviewed and approved the scientific and technical information in this news release. A National Instrument 43-101-compliant technical report supporting the MRE will be filed on SEDAR+ and Norsemont's website within 45 days of the issuance of this news release.

About Norsemont Mining Inc.

The Norsemont team comprises experienced natural resource professionals focused on growing shareholder value and developing its flagship project through to 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 with significant exploration upside. Choquelimpie has over 1,710 drill holes, with significant existing infrastructure, including roads, power, water, camp and a 3,000-tonne-per-day mill. Norsemont is committed to responsible and sustainable resource development, leveraging modern exploration techniques to unlock further value for all stakeholders.

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