Mr. Marc Levy reports

NORSEMONT DRILLING PROGRAM UPDATE AT CHOQUELIMPIE

Norsemont Mining Inc. has completed the first seven holes of the phase 3 drill program for a total of 1,650 metres. The drilling has provided important data for the extension of higher-grade zones to depth. The Altiplano winter weather pattern, an annual event, has necessitated that drill operations be postponed. Norsemont is planning for the weather conditions to be such that drilling operations can resume in April, 2026, to complete the phase 3 drill program of 20 DDH holes for 5,000 metres total.

Drill samples for the 2025 drill program have been submitted to the laboratory. Results have been initially received for two holes although some intervals with initial overlimit results remain to be reassayed. Partial results also have been received for additional holes. The balance of assays is expected to be received later this quarter.

Management comments

Norsemont chief executive officer Marc Levy commented: "We have initially drilled seven holes of the phase 3 program of 20 holes planned, which should resume in April. Planning and permitting for a more extensive phase 4 program in 2026 is under way. We are excited that the 2025 drilling at Choquelimpie has intersected higher-grade hydrothermal breccia bodies at depth, boosting confidence in expanding the open-pit resource and the overall size and width of the breccia pipes. We look forward to reporting initial assay results shortly."

The phase 3 drill program

The 2025 phase 3 drill campaign at Choquelimpie has evaluated the downdip extensions of higher-grade gold mineralization (greater than one gram per tonne gold) hosted within hydrothermal breccia zones. Seven holes core holes, for a total of approximately 1,650 metres, have been completed.

All split drill core samples for the drilling have been shipped to Activation Geological Services SpA for geochemical analysis. The samples have been prepared at the AGS facility located in Antofagasta, Chile, and are being analyzed at the AGS geochemical laboratory, located at Coquimbo, Chile. The laboratory has ISO 17025 certification. The gold grades are being determined by fire assay (AGS code AU-FA30). Drill intervals that have some degree of oxidation are also being analyzed by the cyanide-soluble gold method.

The samples are also being analyzed for 60 elements, including silver, by mass spectrometer (MS TD60). In addition, silver and specific base metals are being reassayed by atomic absorption for samples where the initial value for a particular element is greater than the limit of accuracy (overlimit) for that method. The overlimit value for: silver is 100 parts per million, copper is 10,000 ppm, lead is 5,000 ppm and zinc is 10,000 ppm.

MV25-DD01

Assay results have been received for DD01 although some intervals with initial overlimit results remain to be reassayed. The hole intersected the Vizcacha hydrothermal breccia, as predicted.

MV25-DD02

Hole MV25-DD02 has been completed to a length of 239 metres. The hole dominantly intersected the Vizcacha hydrothermal breccia from collar to 145-metre depth. Brecciated dacite-andesite porphyry dominated the deeper portion of the hole, with abundant (locally to 20 per cent) sulphide mineralization.

MV25-DD03

Hole MV25-DD03 has been drilled (depth of 275 metres) to explore the Choque zone at depth below the area where higher gold grades have been calculated within the 2025 resource model (Wilson, 2025). The hole intersected argillically altered DAP. Intervals of hydrothermal breccia, overprinting the DAP, were also intersected in the upper half of the hole. The porphyry is oxidized to a downhole length of 12.5 metres.

MV25-04

Hole MV25-DD04, also designed to explore the Choque zone, has been completed to a length of 200 metres. Lithology for upper portion of the hole is dominated by dacite-andesite porphyry and followed by an intersection of hydrothermal breccia. The breccia has clasts of DAP and previously formed hydrothermal breccia in a matrix that is predominantly pyrite. From 50 to 200 metres (end of hole), quartz-sericite-altered DAP, with 5 to 10 per cent sulphides, was intersected.

MV25-DD05

MV25-DD05 has been drilled to explore the Choque zone to a depth of 221 metres. The hole intersected Choque hydrothermal breccia bodies and quartz-sericite-altered DAP (containing 3 to 10 per cent sulphides). The hydrothermal breccia bodies contain 10 to 20 per cent total sulphides, including enargite.

MV25-DD06

MV25-DD06 has been drilled to explore the Vizcacha zone to a depth of 225 metres. The hole intersected dacite-andesite breccia and hydrothermal breccia. The DAB is quartz-sericite altered and contains 5 to 10 per cent sulphides. The hydrothermal breccia is commonly matrix supported with polylithic clasts and has 7 to 10 per cent sulphide mineralization. In addition, this hydrothermal breccia body may be more extensive than currently modelled.

The phase 3 exploration program was supervised by Roman Flores, a persona calificada (qualified person) with the Commission Minera Chile.

Qualified person

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

Marketing contract

The company announces that it has engaged i2i Marketing Group LLC. The engagement with i2i is designed to enhance the company's market presence and expand its shareholder communications program. The services will include content creation management, author sourcing, project management and media distribution. Services will commence on or around March 2, 2026. Joe Grubb and Kailyn White are the principals of i2i. Under the terms of the agreement, i2i will be engaged for an initial period of six months for total cash consideration of $300,000 (U.S.), with an option to extend beyond this term. To the company's knowledge, i2i Marketing Group does not have any interest, directly or indirectly, in the securities of the company.

About Norsemont Mining Inc.

The Norsemont team comprises experienced natural resource professionals focused on increasing shareholder value and developing its flagship project through to feasibility, with an indicated mineral resource estimate of 1,731,000 gold ounces and 33,233,000 silver ounces and an inferred mineral resource of 446,000 gold ounces and 7,219,000 silver 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 1,710 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.

We seek Safe Harbor.