Mr. Marc Levy reports

NORSEMONT DRILLS 20 METERS OF 1.20 G/T GOLD EQUIVALENT AT BOTTOM OF HOLE

Norsemont Mining Inc. has released precious metal and base metal assay results for two additional phase 3 drill holes at its 100-per-cent-owned Choquelimpie high-sulphidation gold-silver-copper project in northern Chile. These encouraging results continue to add to the geological understanding of the system and help refine targets for the continuing diamond drill program at Choquelimpie, focused on testing higher-grade hydrothermal breccia targets at depth and supporting potential resource growth. As previously announced, the phase 3 drill program recommenced at Choquelimpie in mid-April, 2026.

Highlights:

• DD04: 28 metres averaging 0.97 gram per tonne gold equivalent;
• DD05: three intervals of gold mineralization intersected, including:
  • 58 metres averaging 0.92 g/t AuEq, plus elevated lead and zinc grades;
  • 20 metres averaging 1.20 g/t AuEq, ending at the bottom of the hole.

Management comments

Norsemont chief executive officer Marc Levy commented: "The recognition of three distinct styles of gold mineralization is an important step forward in our understanding of the Choquelimpie mineral system. I'm confident that the three-dimensional modelling of this deeper gold mineralization will provide clear drill targets to evaluate the porphyry potential of the Choquelimpie mineral district further to depth. I am also encouraged with the results from DD05 as the grade of gold mineralization increased towards the bottom of the hole. The team will be designing an offset hole to DD05 to further explore the Choque zone to depth."

The phase 3 drill program

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

Results for the initial three holes have been reported in a Norsemont press release dated April 24, 2026. Results for an additional two holes are presented below.

Gold mineralization, of the following three styles, has been intersected by the phase 3 drilling:

• Hydrothermal breccia bodies;
• Dacite-andesite porphyry cut by quartz plus magnetite veinlets;
• Quartz-mica-sulphide alteration zones developed on the dacite-andesite porphyry and some hydrothermal breccia bodies.

Additionally, the elevated base metal mineralization appears to be primarily related to zones of quartz-mica-sulphide alteration.

MV25-DD04

Hole MV25-DD04 has been drilled to a depth of 200 metres to explore the Choque zone. The lithology of the upper portion of the hole is dominated by dacite-andesite porphyry (DAP). The DAP is followed by an intersection of hydrothermal breccia with clasts of DAP and previously formed hydrothermal breccia, in a matrix that is predominantly pyrite. From 50 to 200 metres (end of hole), quartz-mica-sulphide altered DAP, with abundant sulphide minerals, was intersected.

DD04 intersected gold mineralization for the interval 148 to 175 metres downhole (Table 1). Only minor base-metal mineralization is present in the hole.

MV25-DD05

MV25-DD05 has been drilled to a depth of 221 metres to explore the Choque zone at depth. The hole intersected Choque hydrothermal breccia bodies and quartz-mica-sulphide altered DAP. The hydrothermal breccia bodies contain abundant sulphide mineralization, including enargite.

Three intervals of gold mineralization were intersected by DD05, with the deeper intercept extending to the end of the hole (Table 2). The primary intercept gold grades for the upper and lower intercepts are higher than the in situ pit sulphide indicated resource average gold grade of 0.70 g/t. Elevated lead-zinc mineralization is present coincident with the upper gold intercept. Elevated (1,380 parts per million) copper mineralization is present at 40 to 51 metres.

The mineralogical relationship between the precious metal and base metal mineralization will continue to be assessed as part of metallurgical studies planned to be conducted on sulphide materials later in 2026. Also, the three-dimensional spatial relationships between the various mineral intercept types are being analyzed as additional data are received. The results of these studies, in conjunction with geological and geophysical information, provide important data points to aid in interpretation of the evolution of the Choquelimpe hydrothermal mineralizing system.

Split drill core samples for the drilling are being shipped to Activation Geological Services SpA for geochemical analysis. The samples are being prepared at the AGS facility located in Antofagasta, Chile, and analyzed at the AGS geochemical laboratory located at Coquimbo, Chile. The laboratory has an 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 analyzed by the cyanide/soluble gold method (AUCN).

The samples are also analyzed for 60 elements, including silver, by mass spectrometer (MS TD60). In addition, silver and specific base metals are reassayed by atomic absorption spectrometry (AGS code 4ACID-AAS) for samples where the initial value for a particular element is greater than the limit of accuracy (overlimit) for that method. The overlimit value is 100 parts per million for silver, 10,000 ppm for copper, 5,000 ppm for lead and 10,000 ppm for zinc.

Examination of the Norsemont 2021 core drilling assay results has determined that values for multiple individual samples from that program have also been reported with overlimit values. These samples, where material remains available, will also be reassayed according to the protocols being utilized for the phase 3 drill program.

Standard and blank samples are being inserted at a frequency of one each for every 20 drill samples.

AuEq values are calculated according to the following formula: AuEq (g/t) equals Au (g/t) plus Ag (g/t) multiplied by Ag price divided by Au price multiplied by Ag recovery divided by Au recovery, where Au price equals $4,000 (U.S.) per ounce, Ag price equals $62 (U.S.) per ounce, Au recovery equals 88 per cent and Ag recovery equals 87 per cent (recoveries based on historical flotation test results).

The phase 3 exploration program is being 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 Mining and a qualified person as defined in National Instrument 43-101, has reviewed and approved the technical information in this press release.

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 indicated mineral resource estimate of 81.9 million tonnes at a gold grade of 0.66 g/t (1,731,000 gold ounces) and a silver grade of 12.6 g/t (33,233,000 silver ounces) and an inferred mineral resource of 25.3 million tonnes at a gold grade of 0.55 g/t (446,000 gold ounces) and a silver grade of 8.9 g/t (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.