Mr. Allan Larmour reports

NORSEMONT CLOSES OVERSUBSCRIBED $5.5 MILLION PRIVATE PLACEMENT

Norsemont Mining Inc., further to its news release dated July 10, 2020, has closed the second and final tranche of its non-brokered private placement for additional gross proceeds of $4,475,500. The company has raised an aggregate of $5.5-million under the first and second tranches of the private placement.

Under the second tranche, the company issued a total of 4,475,500 units at a price of $1 per unit for gross proceeds of $4,475,500. Each unit consists of one common share in the capital of the company and one-half of one transferable common share purchase warrant. Each warrant entitles the holder thereof to acquire one share at a price of $1.50 per warrant share until 5 p.m. (Vancouver time) on or before July 20, 2021, subject to an acceleration provision whereby if the shares trade at a price on the Canadian Securities Exchange (or such other exchange on which the shares may be traded at such time) of $2 or greater per 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 warrants) and, in such case, the warrants will expire on the 31st day after the date of such notice.

The net proceeds from the offering will be used to finance the company's upcoming work programs on the Choquelimpie gold/silver project in northern Chile and working capital.

The company shall pay aggregate cash finders' fees of $194,460 to certain eligible finders in connection with the offering.

All securities issued under the offering are subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws.

We seek Safe Harbor.