Norsemont Closes Financing for a Total of $15MM with Increased Support from Crescat and Strategic Investors

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News Release -Vancouver, British Columbia – TheNewswire- December 23, 2025 – Norsemont Mining Inc.(CSE: NOM, OTC: NRRSF, FWB: LXZ1) (“NOM” or the“Company”) is pleased to announce that,further to its December 7 and December 21, 2025 news releases, it hasclosed the second and final tranche (the “Second Tranche”) of itsnon-brokered private placement (the “Offering”) ofunsecured convertible debenture units of the Company (each, a“Convertible Debenture Unit”). The Companyissued an aggregate of US$10,929,000 of principal amount ofConvertible Debentures (as defined below) and issued 8,765,058Warrants (as defined below) for aggregate gross proceeds ofUS$10,929,000 (approximately CAD$15,075,899.76) pursuant to theOffering.

The Company issued US$3,400,000 of principal amount ofConvertible Debentures (as defined below) and issued 2,726,800Warrants (as defined below) pursuant to the Second Tranche foraggregate gross proceeds of US$3,400,000 (approximatelyCAD$4,690,096).

Norsemont CEO Marc Levy commented, “We are grateful for Crescat’s increased ownership inNorsemont, alongside the continued support of other strategicshareholders. We value their conviction and look forward to workingwith them as we advance the Choquelimpie Project toward its next phaseof development.”

The proceeds from the Offering are expected to be usedfor general working capital purposes, as well as mineral explorationand advancement of the Company’s Choquelimpie gold-silver-copperproject.

Each Convertible Debenture Unit is comprised of oneconvertible debenture in the principal amount of US$1,000 perdebenture (each, a “Convertible Debenture”), with each Convertible Debentureand all accrued and unpaid interest thereon convertible into commonshares of the Company (each, a “Conversion Share”) at aconversion price of C$0.86 per Conversion Share, and 802 transferablecommon share purchase warrants (each, a “Warrant”), witheach Warrant entitling the holder thereof to purchase one common share(a “Warrant Share”) at a priceof C$1.00 per Warrant Share for a period of three years from the dateof issuance (each such date, a “Closing Date”), subject toacceleration rights for both the Convertible Debentures and theWarrants. The Convertible Debentures bear interest at a rate of 5.25%per annum with a maturity date of three years from the Closing Date.Additionally, the Convertible Debentures includes a gold purchaseright whereby, upon commercial production and for a period of one yearfrom commercial production, the subscriber may purchase gold from theCompany at a fixed price of US$3,000 per ounce, up to the subscriptionamount of the subscriber.

More information regarding the Offering is available inthe Company’s news releases dated December 7 and December 21, 2025and in the Form 9 posted under the Company’s profile on the CSEwebsite.

All securities issued in connection with the Offering,including any Conversion Shares and Warrant Shares, are subject to arestricted period of four months and one day from the ClosingDate.

This news release does not constitute an offer to sellor a solicitation of an offer to buy any of the securities in theUnited States. The securities offered have not been and will not beregistered under the United States Securities Act of 1933, asamended (the “U.S.Securities Act”) or any state securities lawsand may not be offered or sold within the United States or to, or forthe account or benefit of, U.S. persons unless registered under theU.S. Securities Act and applicable state securities laws, unless anexemption from such registration is available.

On Behalf of the Board,

NORSEMONT MINING INC.

Marc Levy

CEO & Chairman

About Norsemont Mining Inc.

The Norsemont team comprises experienced naturalresource professionals focused on growing shareholder value anddeveloping its flagship project through to feasibility, with an indicated mineral resource estimate of 1,731,000 goldounces, and 33,233,000 silver ounces and an inferred mineral resourceof 446,000 gold ounces and 7,219,000 silver ounces for its Choquelimpie Gold-Silver-Copper project. Norsemont Miningowns a 100% interest in the Choquelimpie gold-silver-copper project innorthern Chile, a past producing gold and silver mine with explorationupside. Choquelimpie has over 1,710 drill holes, with significantexisting infrastructure, including roads, power, water, camp and a3,000-tonne-per-day mill. Norsemont is committed to responsible andsustainable resource development, leveraging modern explorationtechniques to unlock further value for all stakeholders.

For more information, please contact the Company at:psearle@norsemont.com  
Investor Relations: Paul Searle (778) 240-7724

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Forward-LookingStatements

Cautionary Note RegardingForward-Looking Statements: This release includes certain statementsand information that may constitute forward-looking information withinthe meaning of applicable Canadian securities laws. Forward-lookingstatements relate to future events or future performance and reflectthe expectations or beliefs of management of the Company regardingfuture events. Generally, forward-looking statements and informationcan be identified by the use of forward-looking terminology such as“intends” or “anticipates”, or variations of such words andphrases or statements that certain actions, events or results“may”, “could”, “should”, “would” or “occur”. Thisinformation and these statements, referred to herein as“forward?looking statements”, are not historical facts, are madeas of the date of this news release and include without limitation,statements regarding discussions of future plans, estimates andforecasts and statements as to management’s expectations andintentions with respect to, among other things, the Company’s anticipated use ofproceeds from the Offering, the Company’s business objectives andstrategies, and its ability to achieve key operational or regulatorymilestones.

These forward?looking statementsinvolve numerous risks and uncertainties and actual results mightdiffer materially from results suggested in any forward-lookingstatements. These risks and uncertainties include, among other things,risks related to the Company’s ability to effectively deploy theproceeds of the Offering, market conditions, regulatory developments,and general economic factors.

Although management of the Companyhas attempted to identify important factors that could cause actualresults to differ materially from those contained in forward-lookingstatements or forward-looking information, there may be other factorsthat cause results not to be as anticipated, estimated or intended.There can be no assurance that such statements will prove to beaccurate, as actual results and future events could differ materiallyfrom those anticipated in such statements. Accordingly, readers shouldnot place undue reliance on forward-looking statements andforward-looking information. Readers are cautioned that reliance onsuch information may not be appropriate for other purposes. TheCompany does not undertake any obligation to update publicly or reviseany forward-looking statements, whether as a result of newinformation, future events or otherwise, except as required byapplicable law.

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