Mr. Marc Levy reports

NORSEMONT PROVIDES CHOQUELIMPIE DRILLING UPDATE

Norsemont Mining Inc. has provided an update on its 2026 phase 3 drill program. Nine holes, for a total of 2,187.15 metres, have been drilled year to date on the Choquelimpie project. These holes have been designed to both step out from and offset identified mineralized intercepts.

Highlights:

• Norsemont has completed nine drill holes totalling 2,187 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, 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.
• New holes now under way (DD-15 and DD-18) are offsetting from known mineralization, targeting extensions in the Choque and Suri zones.
• Assays are pending and expected to be meaningful catalysts once released.
• Metallurgical and 3-D geological studies planned for later in 2026 will help refine the precious and base metal relationships across the system, supporting future resource growth.

Management comments

Norsemont chief executive officer Marc Levy commented: "Phase 3 drilling continues to advance our understanding of the multizone gold-silver system at Choquelimpie. The phase 3 program has expanded mineralization across multiple zone areas, and early results are helping refine the geometry of key breccia bodies and associated porphyry-style mineralization. As additional assays come in, we are steadily improving the 3-D model of the system and identifying new offset opportunities for follow-up drilling. With multiple mineralization styles confirmed and active work under way on geological, geophysical and metallurgical studies, Choquelimpie continues to demonstrate strong resource expansion potential, which will drive project growth."

Drill program update

Two of the holes (DD-09 and 10) have further explored the Choque zone, one the Suri zone (DD-08), three the Vizcacha zone (DD-11, 12 and 13), one the Hundimiento zone (DD14) and two holes for the Espanola zone. Holes MV26-DD-15 and DD-18 are currently in progress, further exploring the Choque and Suri zones. Assays from the phase 3 2026 drilling program will be reported once available.

Some early 2026 holes seem to have defined the limits for individual hydrothermal breccia bodies. Accordingly, future 2026 holes are being designed to offset known mineralization.

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 or minus 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.

The mineralogical relationship between the precious 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 3-D 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 is 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.

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 for: Silver is 100 parts per million, for copper is 10,000 ppm, for lead is 5,000 ppm and for zinc is 10,000 ppm.

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

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.

The Norsemont team comprises experienced natural resource professionals focused on increasing 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 gram per tonne (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.