Mr. Marc Levy reports

NORSEMONT HITS 41 METERS OF 4.59 G/T GOLD AS PHASE 3 DRILLING CONTINUES TO EXPAND THE CHOQUELIMPIE SYSTEM

Norsemont Mining Inc. has released assay results from eight additional drill holes (DD06-DD13) from the continuing phase 3 program at its 100-per-cent-owned Choquelimpie gold-silver-copper project in northern Chile. The latest results continue to demonstrate strong precious metal and base metal mineralization across multiple geological settings, reinforcing the potential for near-surface resource potential.

Phase 3 drilling recommenced in mid-April, 2026, and is focused on testing higher-grade hydrothermal breccia targets at depth, refining structural controls and expanding mineralized zones beyond the current 2025 resource model. Sixteen core holes have been completed in 2026, for total of 4,100 metres (m) drilled. This news release reports results for an additional eight holes, MV25-DD06 through MV26-DD13.

Key highlights:

• DD13: a standout intercept of 41 m of 4.59 grams per tonne (g/t) of high-grade gold hosted in altered hydrothermal breccia, including 18 m of 9.7 g/t Au. This is one of the strongest gold intervals drilled to date in the Vizcacha zone;
• DD11: a 39 m interval of gold, silver and base metal mineralization hosted within clay-alunite-sulphide altered dacite-andesite porphyry and hydrothermal breccia, including 12 m of 2.46 g/t gold equivalent (AuEq);
• DD10: a short but meaningful interval of more than one g/t gold (Au), with silver and zinc overlimit assays pending. Mineralization is hosted in breccias and quartz veinlets;
• DD07: two mineralized intervals (39 m and 12 m) within quartz-mica-sulphide altered porphyry, expanding mineralization into an area of the 2025 resource model with no prior block grades;
• Awaiting overlimit assays for several holes encountering silver and base metals.

Management comments

Norsemont chief executive officer Marc Levy commented:

"The recognition of three distinct styles of gold mineralization marks an important step forward in our understanding of the Choquelimpie mineral system. The high-grade interval in DD13, of 41 metres of 4.59 g/t Au, further supports the occurrence of the Vizcacha zone near-surface gold mineralization. Several holes have overlimit reassays pending for silver and base metals.

"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. Choquelimpie continues to demonstrate scale, grade and geological complexity consistent with major Andean mineral systems."

The phase 3 drill program technical information

The phase 3 drill campaign at Choquelimpie continues to successfully explore the downdip extensions of higher-grade gold mineralization (more than one g/t Au) hosted within hydrothermal breccia zones. Sixteen core holes have been completed in 2026, for total of 4,100 m drilled. Results for an additional eight holes are presented in this news release. This includes a 41 m intercept of 4.59 g/t gold for MMV26-DD13 -- the highest-grade interval so far intersected by the phase 3 drill program in Vizcacha.

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

• Hydrothermal breccia bodies with disseminated and veinlet-hosted sulphides;
• Dacite-andesite porphyry (DAP) cut by quartz plus magnetite veinlets;
• Quartz-mica-sulphide (QMS) alteration zones developed on the DAP and some hydrothermal breccia bodies.

Additionally, the elevated base metal mineralization appears to be primarily related to zones of QMS 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 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 Choquelimpie hydrothermal mineralizing system.

The backlog of geochemical samples in Chilean has been large June through August of this year. In addition, abnormally inclement weather in Chile during August has also negatively impacted throughput at some facilities. Accordingly, Norsemont is now submitting a portion of core samples to a second geochemical laboratory (ALS) to further decrease assay turnaround time. Norsemont believes that much of that backlog has been relieved and that assays should be received on a regular frequency going forward.

MV25-DD07

Core hole DD07 has been drilled southerly to further explore the western portion of the Choque mineral zone. The hole intersected two mineralized intervals: an upper intercept of 39 m and a deeper intercept of 12 m. The upper mineralized interval is hosted in a zone of QMS-altered DAP. The deeper interval, although of modest gold grade at 0.49 g/t, has elevated silver, lead and zinc values. This hole has been drilled through a region of the 2025 resource model where block grades have not been calculated.

MV26-DD09

Core hole DD09 has been drilled northerly to further explore the western portion of the Choque mineral zone. The hole intersected three intervals of mineralization. Mineralization of the upper interval is hosted in QMS-altered DAP. The middle interval intersected QMS-altered and brecciated DAP. Reassays are pending for lead and zinc overlimit values for the middle and deeper intervals. This hole has been drilled through a region of the 2025 resource model, where block grades have not been calculated.

MV26-DD10

Core hole DD09 has been drilled southerly to further explore the central portion of the Choque mineral zone. The hole intersected two intervals of mineralization. Gold is associated with moderate intensity clay-altered DAP with disseminated and veinlet-hosted pyrite in the upper zone. For the lower zone (123 to 168 m), gold, silver and zinc mineralization is hosted in breccias and quartz veinlets. Reassays are pending for silver and zinc overlimit values.

MV26-DD11

Core hole DD11 has been drilled southerly to explore the Vizcacha zone to depth. This hole intersected 39 m of gold, silver and base metal mineralization, hosted in clay-alunite-sulphide altered DAP and hydrothermal breccia. This deeper extent of the hole has been drilled through a region of the 2025 resource model, where block grades have not been calculated.

MV26-DD13

Core hole DD13 has been drilled to explore the central portion of the Vizcacha zone to depth. DD13 intersected a 41 m intercept averaging 4.59 g/t gold, the highest grade intersected so far by the phase 3 drill program. This 41 m interval of high-grade gold mineralization is hosted in highly brecciated, fractured and altered hydrothermal breccia. The hole was abandoned at the length of 88.5 m due to very difficult downhole conditions.

Stepout holes

Three stepout holes (MV25-DD06, MV26-DD08 and MV26-DD12) did not intersect a relevant zone of precious metal or base metal mineralization.

Split drill core samples for the drilling are being shipped to Activation Geological Services SpA (AGS) 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). A portion of the samples are now also being sent to ALS.

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 (Ag) is 100 parts per million (ppm), copper (Cu) is 10,000 ppm, lead (Pb) is 5,000 ppm and zinc (Zn) is 10,000 ppm.

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.

Gold equivalent (AuEq) values are calculated according to the following formula: AuEq (g/t) equals Au (g/t) plus Ag (g/t) times Ag price divided by Au price times Ag recovery divided by Au recovery, where Au price equals $4,000 (U.S.) per ounce (oz), Ag price equals $62 (U.S.) oz, Au rec equals 88 per cent and Ag rec 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 (QP) with the Commission Minera Chile.

Reference: S.E. Wilson, 2025, NI 43-101 technical report for the Choquelimpie Au-Ag project, Region 1, Chile, 115 pages.

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 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 on SEDAR+, which hosts:

• Indicated resources: 81.9 million tonnes (t) at 0.66 g/t Au (1,731,000 oz Au) and 12.6 g/t Ag (33,233,000 oz Ag);
• Inferred resources: 25.3 million t at 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 (tpd) mill. Norsemont is committed to responsible, sustainable development and modern exploration practices to unlock further value for shareholders and stakeholders.

We seek Safe Harbor.