Mr. Marc Levy reports

NORSEMONT ANNOUNCES CLOSING OF 3RD TRANCHE OF PRIVATE PLACEMENT LED BY CRESCAT CAPITAL AND EQUITY MANAGEMENT ASSOCIATES

Crescat Capital has led a strategic round, and further to the news release dated Aug. 1, 2025, Norsemont Mining Inc. has closed the third tranche of a non-brokered private placement consisting of 1,985,834 units of the company at 60 cents per unit for gross proceeds of $1,191,500.40. 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. To date, the company has raised aggregate gross proceeds of $5,479,199.40 under the three tranches of the offering.

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 proceeds of the offering are anticipated to be used for phase 3 drill programs, which will include DDH deep 600-metre holes into a copper porphyry zone, 300-metre drill holes into high-grade gold zones and shallow holes into 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.

"Closing over $5.4-million and the strategic support of Crescat Capital, Larry Lepard and Rob McEwen strongly endorses our vision and the upside of the Choquelimpie project. Their backing positions Norsemont to advance drilling, metallurgy and engineering, and to unlock significant value for all stakeholders," said Marc Levy, chief executive officer of Norsemont.

"Norsemont's Choquelimpie project is a massive mineralizing system in the far north of Chile, a region well endowed with very large ore deposits. Although a small part of the uppermost epithermal portion of this system was mined historically, its exploration potential largely remains intact, making this a particularly compelling case. I feel very strongly that a well-focused, sustained drill campaign can quickly add significant additions to the already large Au and Ag resources. One also must ask the obvious question of whether there is potential for a large porphyry discovery beneath. In short, we are very excited to be part of this story as Norsemont's sophisticated exploration team uncovers the potential of this world-class porphyry-epithermal system," said Dr. Quinton Hennigh, geologic and technical adviser to Crescat Capital.

"Norsemont's Choquelimpie gold-silver-copper project has the scale, potential and infrastructure to create significant value. Chile has proven to be an excellent mining jurisdiction with a history of successful large-scale projects going into production. I'm excited to back the team as a strategic shareholder and support them in unlocking this world-class opportunity for all shareholders," said Lawrence Lepard, managing partner at Equity Management Associates LLC.

About Norsemont Mining Inc.

The Norsemont team comprises experienced natural resource professionals focused on increasing 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.

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