Mr. Marc Levy reports

NORSEMONT PROVIDES CHOQUELIMPIE DRILLING UPDATE

Norsemont Mining Inc. has provided an update on its 2026 phase 3 drill program. Sixteen holes, for a total of 4,100 metres, have been drilled year to date on the Choquelimpie project. These holes have been designed to both step out and offset from identified mineralized intercepts.

Management comments

Norsemont chief executive officer Marc Levy commented: "In the Aug. 28 news release, the company announced a restatement of certain financial statements related to the accounting treatment of its December, 2025, convertible debentures, due December, 2028, shifting it from long-term to short-term liability. The accounting adjustments do not affect the company's cash position of $13,677,089 as of June 30, 2026. Norsemont remains well funded, drilling is progressing well and we anticipate assay results to be released shortly."

Highlights:

• Norsemont has completed 16 drill holes totalling 4,100 metres so far in 2026, expanding work across five key zones at Choquelimpie.
• Early drilling has helped outline the edges of several hydrothermal breccia bodies and mineral zones, giving the team a clearer picture of where the strongest mineralization is likely to continue.
• Multiple gold-bearing styles have been confirmed, including hydrothermal breccias, porphyry-related quartz plus or minus magnetite veinlets, and quartz-mica-sulphide alteration zones.
• Base metal mineralization is present in the quartz-mica-sulphide zones, adding another potential value component to the system.
• DD-24 is under way, offsetting from known mineralization, targeting an extension between the Choque and Vizcacha zones.
• Assays are pending for the 16 holes and expected to be meaningful catalysts once released.
• Metallurgical and 3-D geological studies are planned for later in 2026, which management believes will help refine the precious and base metal relationships across the system.

Drill program update

The 2026 drill program has targeted, throughout the Choquelimpie project area, stepout holes beyond the limits of known mineralization plus offsets to mineralized holes previously drilled. Hole MV26-DD24 (drilling northerly) is currently in progress from the same platform as DD21, exploring the region between the Choque and Vizcacha zones. Assays from the phase 3 2026 drilling program will be reported once available.

Some early 2026 holes appear to have defined the limits for individual hydrothermal breccia bodies and mineral zones, providing the geological team insight for future resource expansion targeting.

The phase 3 exploration program is being managed 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.

About Norsemont Mining Inc.

Norsemont Mining is led by an experienced team of natural resource professionals focused on advancing its flagship Choquelimpie gold-silver-copper project through to feasibility. The project is the basis of a technical report filed by the company on May 16, 2025, and available at SEDAR+, which hosts:

• Indicated resources: 81.9 million tonnes of 0.66 gram per tonne gold (1,731,000 ounces Au) and 12.6 g/t silver (33,233,000 oz Ag);
• Inferred resources: 25.3 Mt of 0.55 g/t Au (446,000 oz Au) and 8.9 g/t Ag (7,219,000 oz Ag).

Choquelimpie is a past-producing mine with over 1,720 drill holes and substantial existing infrastructure, including roads, power, water, camp facilities and a previously operational 3,000-tonne-per-day mill. Norsemont is committed to responsible, sustainable development and modern exploration practices to unlock further value for shareholders and stakeholders.

We seek Safe Harbor.