Mr. Marc Levy reports

NORSEMONT PROVIDES CORPORATE UPDATE AND CLARIFIES INFORMATION REGARDING ITS CHOQUELIMPIE GOLD-SILVER-COPPER PROJECT

Norsemont Mining Inc. has provided this corporate update and has clarified project information in response to recent social media commentary with respect to its Choquelimpie gold-silver-copper project in northern Chile. Such clarification is provided to ensure stakeholders and the public have accurate information regarding the project. While the company welcomes public interest and dialogue, management believes that some of the statements circulating on-line are either misleading, inaccurate or maligned. This release will reference verified data from the company's technical report and will outline the legal and environmental framework under which it operates.

The company intends to advance the project through further resource exploration for gold oxide and sulphide mineralization and the recognized copper porphyry potential identified on the project as described in the technical report. As well, the company anticipates providing an update on its upcoming drilling and exploration activities this quarter.

1. Latest metallurgical results

The latest metallurgical results for the project are set out in Section 13 (Mineral Processing and Metallurgical Testing) of the technical report. Metallurgical results for bottle roll leach testing (2005) to determine the amenability of resources for heap leaching indicate gold recovery in the range of 33.0 to 89.8 per cent. The variance in recoveries is primarily a reflection of the variance in the amount of sulphides in each sample. Historical heap leach operations (1988 to 1992) recovered about 400,000 ounces of gold and 2.1 million ounces of silver. Recoveries varied but were generally within a range of 75 to 80 per cent for gold recoveries and of 20 to 45 per cent for silver recoveries.

In the near term, the company plans to prioritize expanding its oxide gold resources, conducting additional heap leach metallurgical testing and auditing the existing heap leach infrastructure to identify necessary upgrades for putting the project back into production.

In addition, substantial sulphide resources have been delineated, which management believes will provide the opportunity to grow the initial resource.

2. The project operates within the Las Vicunas National Reserve

The company is aware of reports stating that the project is located within the Las Vicunas National Reserve. This is correct and is addressed in the independent National Instrument 43-101 -- Standards of Disclosure for Mineral Projects technical report for the project.

The project operates entirely within the boundaries of the Las Vicunas National Reserve, a protected area designated for scientific interest and biodiversity conservation. Despite this, mining and exploration activities are legally permitted due to specific governmental authorizations granted through presidential decrees. The project holds two key permits: an exploitation permit and an exploration permit. The exploitation permit was granted by Supreme Decree No. 129 of 1983 from the Ministry of Agriculture and further reinforced by Presidential Supreme Decree No. 36 in 1988. This decree authorized mining operations over an area of 417 hectares. Additionally, the exploration permit was granted by Presidential Supreme Decree No. 62 in 1996, covering an adjacent 650-hectare area. This permit allows for exploration activities. Processing activities were actively conducted in the early 1990s under the authorization granted by these decrees. As of today (2025) the status of the permission issued under the decrees has not changed.

To date, the company has conducted two exploration drill campaigns, a geophysical survey, and sampling and mapping programs within the project area.

These permits remain valid and are essential for the project's continued operation within the reserve. The technical report confirms that there are no superimposed third party concessions, and all required fees to maintain the concessions are current. Furthermore, while much of the concession area overlaps with private property, contracts are in place to ensure lawful entry and use. This regulatory framework underscores the project's unique position as a potential mining operation functioning within a protected natural area under strict legal oversight.

3. Community support

The project has established a positive presence in the region, operating with consideration for the local population and cultural context. While the area is sparsely populated, the project maintains respectful relationships with nearby residents and landholders. Contracts are in place for privately held lands within the concession area, reflecting a collaborative approach to land use. The project's continued operation within a protected reserve and near local settlements evidences an continuing commitment to regulatory compliance and social responsibility. As development progresses, maintaining positive, open communication and fostering mutual understanding with local stakeholders will remain a priority.

CEO (chief executive officer) comment

"I am deeply disappointed by the malicious and false information campaign that has unfortunately created confusion amongst our investors. However, this news clarifies the facts, highlights the strong fundamentals of our robust project, and puts an end to the unfounded and inaccurate rumors being spread. With the continued support of our community and the government, we look forward to advancing Choquelimpie through further drilling of several higher-grade gold zones, testing for the copper porphyry and progressing our mined stockpiles toward production. We sincerely thank our many stakeholders for their ongoing support," said Marc Levy, chief executive officer of Norsemont.

Technical report

The technical report titled "NI 43-101 Technical Report for the Choquelimpie Au-Ag Project, Region 1, Chile" is effective dated March 31, 2025, and was prepared in compliance with NI 43-101 by Scott E. Wilson, SME-RM, CPG, who is a qualified person as defined by NI 43-101. The technical report is available under the company's profile on SEDAR+ and on the company's website.

Qualified person

Daniel W. Kappes, a consulting metallurgist and president of Kappes, Cassiday & Associates, and a qualified person as such term is defined under NI 43-101, has reviewed and approved the scientific and technical information regarding cyanide leachability of the resources, in this news release. Kappes, Cassiday & Associates constructed and operated a plant to heap leach the oxide material at Choquelimpie in the 1990s and so is very familiar with the issues discussed in this press release.

Scott E. Wilson, CPG, a consulting geologist and president of Resource Development Associates Inc., and a qualified person as such term is defined under NI 43-101, has reviewed and approved the scientific and technical information in this news release other than the cyanide leachability statements that were reviewed and approved by Mr. Kappes.

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, with an initial MRE (mineral resource estimate) of 2,184,000 indicated AuEq (gold equivalent) ounces and 557,000 inferred AuEq ounces for its Choquelimpie Au-Ag-Cu (gold-silver-copper) project. 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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