Mr. Marc Levy reports

NORSEMONT RESUMES PHASE THREE DRILL PROGRAM AT CHOQUELIMPIE

Norsemont Mining Inc. is continuing its phase 3 exploration drill program at the 100-per-cent-owned Choquelimpie high-sulphidation gold-silver-copper project in northern Chile. The phase 3 program comprises up to 5,000 metres of diamond drilling (DDH), of which 1,700 metres were drilled in 2025, utilizing a diamond drill rig. The resumption of the phase 3 drill program has commenced.

Highlights:

• The diamond drill rig is currently on site.
• The phase 3 drill program includes up to 13 diamond drill holes, totalling approximately 3,300 metres.
• Drilling will test extensions of higher-grade hydrothermal breccia bodies at depth, below the current mineral resource envelope.
• Further drilling targeting oxide resources expansion has been budgeted for the second half of the year.

Management comments

Norsemont chief executive officer Marc Levy commented:

"We are very excited to resume the phase 3 drilling at Choquelimpie, where our recent work has highlighted significant potential for higher-grade gold zones at depth beneath the current resource and along strike. This high-impact program will be testing higher-grade mineralization at depth in several zones such as Choque, Vizcacha and Suri. The program will continue to define the scale and continuity across the target. We expect steady progress and consistent news flow over the coming months. The 2026 phase 4 drill program has budget for up to 13,000 metres of drilling."

The phase 3 drill program

The phase 3 drill campaign at Choquelimpie is designed to evaluate downdip extensions of high-grade gold mineralization hosted within hydrothermal breccia zones. The program will comprise up to 13 holes up to 500 metres in length.

Norsemont, through its wholly owned Chilean subsidiary, SCM Vilacollo, has engaged DV Drilling Ltd., of Coquimbo, Chile, to conduct the program.

Historical production at Choquelimpie during the period of 1988 to 1996 focused primarily on oxidized near-surface mineralization between 20 and 100 m depth, depending in the type of rock, alteration and mineralogy. Consequently, much of the exploration at the project focused on this near-surface oxide resource without testing the deeper, potentially larger, sulphide resource. The phase 3 drill program aims to systematically assess this deeper resource potential by targeting the geometry of the higher-grade breccia bodies.

Qualified person

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

About Norsemont Mining Inc.

Norsemont is an advanced-stage mining company engaged in the development and resource expansion of it Choquelimpie gold-silver-copper project in northern Chile. The Norsemont team comprises experienced natural resource professionals focused on growing 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.