Mr. Charles Ross reports

NORSEMONT ANNOUNCES RESTATEMENT OF FINANCIAL STATEMENTS

Norsemont Mining Inc. intends to restate its consolidated financial statements for the year ended Dec. 31, 2025, and the condensed consolidated interim financial statements for the three months ended March 31, 2026, to correct the classification of certain of its convertible debentures and related derivative financial liability and to include descriptions of certain royalties that had previously been disclosed in the company's technical report.

The need for restatement with respect to the classification of convertible debentures and related derivative financial liability was identified by management in connection with the company's issuance of 10,929 convertible debentures. The 2025 debentures were issued pursuant to a private placement, which closed in two tranches on Dec. 18 and Dec. 22, 2025, with each 2025 debenture having a principal amount of $1,000 and a maturity date of three years from issuance. The 2025 debentures and related derivative financial liability were originally classified as non-current liabilities in the 2025 annual statements and first quarter 2026 statements. Upon further review by the company's auditor, it was determined that the 2025 debentures and related derivative financial liability should be classified as current liabilities. More information regarding the 2025 debentures is available in the company's news releases dated Dec. 21, 2025, and Dec. 23, 2025, posted under the company's profile on the Canadian Securities Exchange website.

The net effect of the foregoing restatement on the consolidated statement of financial position of the company as at Dec. 31, 2025, will be an increase in current liabilities by an aggregate amount of $15,168,374, consisting of increases of $2,587,480 attributable to convertible debentures and $12,580,894 attributable to derivative liability, and corresponding decreases to non-current liabilities in the same amounts. The net effect of the restatement on the consolidated statement of financial position of the company as at March 31, 2026, will be an increase in current liabilities by an aggregate amount of $22,899,176, consisting of increases of $3,790,130 attributable to convertible debentures and $19,109,046 attributable to derivative liability and corresponding decreases to non-current liabilities in the same amounts.

Management further identified the need for restatement with respect to royalties payable to Minera Altiplano and Minera Choquelimpine in connection with the company's Choquelimpie project. These royalties were previously disclosed by the company in its technical report filed on SEDAR+ on May 16, 2025, but were not described in the 2025 annual statements and first quarter 2026 statements. Upon further review by the company's auditor, it was determined that descriptions regarding these royalties should be included in the notes to the 2025 annual statements and Q1 2026 statements.

In connection with the foregoing, the company intends to amend and restate its 2025 annual statements and its Q1 2026 statements, as well as its management's discussion and analysis with respect to such periods and to file the restated documents on SEDAR+ along with refiled chief executive officer and chief financial officer certifications with respect to such periods. Accordingly, investors should no longer rely upon the company's previously released financial statements for these periods and other financial data relating to these periods.

The refiled financial statements will include note disclosure that contains details of the effect of the restatement for the periods indicated. The company does not expect that there will be any change to total liabilities, shareholders equity, net loss, comprehensive loss, loss per share or cash flows for the periods indicated. The foregoing amounts are preliminary unaudited estimates that are based on currently available information and are subject to change during the course of the company's restatement process.

The company expects to file the restated documents on or before the filing deadline for the company's second quarter interim financial statements, being Aug. 31, 2026.

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. Norsemont Mining owns a 100-per-cent interest in the Choquelimpie project in northern Chile, a past-producing gold and silver mine with exploration upside. Norsemont is committed to responsible, sustainable development and modern exploration practices to unlock further value for shareholders and stakeholders.

We seek Safe Harbor.