Mr. Marc Levy reports

NORSEMONT PROVIDES CORPORATE UPDATE AND ADDITIONS TO THE TEAM

Norsemont Mining Inc. has provided a corporate update highlighting recent milestones and upcoming initiatives at its 100-per-cent-owned Choquelimpie project in northern Chile having recently raised $6-million from strategic investors.

The Choquelimpie project is a past-producing gold-silver mine with historical heap leach production. On April 14, 2025, the company published its initial mineral resource estimate of 2,184,000 indicated gold-equivalent ounces and 557,000 inferred gold equivalent ounces in oxide stockpiles and deeper sulphides. The project benefits from extensive infrastructure including power, water, road access, camp facilities and a 3,000-tonne-per-day mill positioning it for rapid advancement toward production and cash flow.

Development strategy

Norsemont has a two-pronged development plan.

1. Process stockpiles to drive initial positive cash flow;
2. Systematically drill and expand the oxide and sulphide resources, while testing the copper porphyry potential deeper in the system.

Current work programs

To accomplish these objectives the company is doing the following:

Oxide processing:

• Develop a geological model for stockpiles and in-situ oxides -- in progress;
• Define metallurgical characteristics of the above 0- in progress;
• Assess state of existing plant and refurbish as necessary -- in progress
• Evaluate structural controls on oxide mineralization through drilling -- upcoming.

Sulphide resource:

• Drill deeper high-grade targets, utilizing historical data to increase the sulphide resource -- upcoming.

Copper porphyry:

• Further assess the identified copper and gold porphyry systems situated below the sulphide gold mineralization -- upcoming.

Key achievements to date:

• Raised $6-million to finance drilling and metallurgical programs from strategic investors.
• Expanded technical and management team with key appointments:
  • David Flint -- chief geologist: Over 35 years of experience, including as vice-president, exploration, at Allied Nevada Gold, where he contributed to the Hycroft mine's reserve expansion (10 million ounces Au (gold), 450 million oz Ag (silver)). He also played a key role in the discovery and development of the Grasberg deposit during his 20 years at Freeport-McMoRan.
  • Roman Flores -- lead geologist, Chile: A qualified person with over 50 years of experience in Cu-Au-Ag-Fe (copper-gold-silver-iron) exploration, including senior roles at Codelco, Bema Gold, Barrick Gold and other major firms.
  • Susan Liddle -- appointment as general manager, chief financial officer, Norsemont Chilean subsidiary, Sociedad Contractual Minera Vilacollo (SCMV). She previously held roles of CFO, risk and research manager, and head of corporate management at various national and international banks and investment companies. Working with the company she has built strong relationships with the regulators, local community and stakeholders over the past three years.

Technical and regulatory progress:

• Metallurgical testing: Norsemont has engaged AGS Cotecna to conduct metallurgical assessments and support testing strategies. AGS Cotecna serves clients including Antofagasta Minerals, Enami, Teck CDA, Gold Fields Salares and others, and was recently awarded the laboratory contract for Minera Fenix (Rio2).
• Permitting and environmental advisory: DAES Consultores has been retained to manage drilling approvals for 2025 and beyond, and to guide the regulatory pathway for future production operations.
• Plant assessment: Process Minerals Consulting (PMC) and Akron Ingenieria completed a site visit from Sept. 30 to Oct. 5 to evaluate the processing plant and infrastructure.

Near-term objectives (next six months)

• Commence 2025 phase 3 drill program:
  • Norsemont's geological team refined and prioritized drill targets under the supervision of Mr. Flint and Mr. Flores. Quotations from drilling and analytical contractors have been received, and preparations are under way to initiate the 2025 drilling program.
• Test metallurgical samples, from stockpiles, previous drilling and announce result;
• Report on processing plant condition;
• Publish 2025 drill program results;
• Expand the Norsemont team both technically and corporately.

Qualified person

David Flint, MSc, AIPG-CPG, a qualified person as defined in National Instrument 43-101, has reviewed and approved the technical information in this press release.

CEO statement

Marc Levy, chief executive officer of Norsemont, commented:

"We are excited to launch our 2025 drill and metallurgical programs as we advance Choquelimpie toward its next stage of development. Looking ahead to 2026, our focus will shift to engineering and feasibility work, supported by continued team expansion. With Mijael Thiele's technical leadership and our strong geological foundation, Norsemont is building a world-class team to advance this significant gold-silver-copper project both with resource expansion and towards near-term production."

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 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 past-producing 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.