Mr. Marc Levy reports

NORSEMONT ANNOUNCES CLOSING OF 2ND TRANCHE OF PRIVATE PLACEMENT LED BY ROB MCEWEN AND OTHER STRATEGIC INVESTORS

Legendary mining investor Rob McEwen, chairman and chief owner of McEwen Inc., has led this strategic round and further to the news release dated Aug. 1, 2025, Norsemont Mining Inc. has closed the second tranche of a non-brokered private placement consisting of 2.32 million units of the company at 60 cents per unit for gross proceeds of $1,392,000. Each unit will consist of one common share and one-half of one warrant. Each warrant entitles the holder to acquire one common share at a price of 75 cents per common share for a period of two years from the date of closing.

In the event that the company's common shares close at a price on the exchange of $1.25 or greater per common share for a period of 10 consecutive trading days after four months and one day from the closing of the offering, the company may accelerate the expiry of the warrants by giving notice to the holders thereof (by disseminating a news release advising of the acceleration of the expiry date of the warrants) and, in such case, the warrants will expire on the 10th business day after the date of such notice.

For Canadian investors, there is a hold period of four months and one day from the issuance of the units. For U.S. investors, they will additionally be subject to hold periods as required by applicable federal and blue-sky securities laws.

The company paid aggregate finders' fees of $68,060 (excluding GST) and issued 109,433 finders' warrants to eligible finders in connection with the first two tranches of the offering. The finders' warrants entitle the holder to purchase one additional warrant share at an exercise price 75 cents per warrant share for a period of two years following closing.

The proceeds of the offering are anticipated to be used for phase 3 drill programs, which will include DDH deep 600-metre holes into copper porphyry zone, 300-metre drill holes into high-grade gold zones and shallow holes into an oxide/leachable gold zone, metallurgy, and general working capital, to advance the Choquelimpie gold-silver-copper project in northern Chile.

The offerings are subject to compliance with Canadian Securities Exchange policies.

"We are deeply honoured and privileged to gain the support of legendary mining entrepreneur and investor Rob McEwen, and we are excited to welcome him as a strategic shareholder in Norsemont. His commitment is a strong endorsement of our vision and provides valuable resources to advance the Choquelimpie project through our upcoming drilling and technical programs, positioning us to continue delivering value for all stakeholders," said Marc Levy, chief executive officer of Norsemont.

"I'm pleased to become a strategic shareholder in Norsemont Mining as they advance the Choquelimpie project in Chile. The project's scale, geological potential and existing infrastructure provide an excellent foundation for value creation. I look forward to supporting the team as they work to unlock Choquelimpie's full potential for the benefit of all shareholders," said Rob McEwen, chairman and chief owner of McEwen.

About Norsemont Mining Inc.

The Norsemont team comprises experienced natural resource professionals focused on expanding shareholder value and developing its flagship project through to bankable feasibility, with an initial mineral resource estimate of 2,184,000 indicated gold equivalent ounces and 557,000 inferred gold equivalent ounces for its Choquelimpie 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 1,700 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.

We seek Safe Harbor.