Norsemont Provides Corporate Update and Additions to the Team

(TheNewswire)

Vancouver, B.C. - TheNewswire - October 21, 2025 –Norsemont Mining Inc. (CSE: NOM, OTC: NRRSF, FWB: LXZ1) ( “ Norsemont ” or the “ Company ”) is pleasedto provide a corporate update highlighting recent milestones andupcoming initiatives at its 100%-owned Choquelimpie project innorthern Chile having recently raised $6 million from strategicinvestors.

The Choquelimpie project is a past-producinggold-silver mine with historical heap leach production. On April 14,2025, the Company published its initial mineral resource estimate of2,184,000 indicated gold-equivalent ounces and 557,000 inferred goldequivalent ounces in oxide stockpiles and deeper sulfides. The projectbenefits from extensive infrastructure including power, water, roadaccess, camp facilities, and a 3,000 tonne-per-day mill positioning itfor rapid advancement toward production and cash flow.

Development Strategy

Norsemont has a two-prongeddevelopment plan.

1. Process stockpiles to drive initial positive cashflow.

2. Systematically drill and expand the oxide and sulfideresources, while testing the copper porphyry potential deeper in thesystem.

Current Work Programs

To accomplish these objectives theCompany is doing the following:

Oxide processing:

• Develop a geological model for stockpiles and in-situoxides – In progress

• Define metallurgical characteristics of the above –In progress

• Assess state of existing plant and refurbish asnecessary – In progress

• Evaluate structural controls on oxide mineralizationthrough drilling – up coming

Sulphide resource:

• Drill deeper high-grade targets, utilizing historicaldata to increase the sulphide resource – up coming

Copper porphyry:

• Further assess the identified copper and gold porphyrysystems situated below the sulphide gold mineralization – upcoming

KeyAchievements to Date

• Raised $6 million to fund drilling and metallurgicalprograms from strategic investors.

• Expanded technical and management team with keyappointments:

  • David Flint – Chief Geologist: Over 35 years ofexperience, including as VP Exploration at Allied Nevada Gold, wherehe contributed to the Hycroft Mine’s reserve expansion (10M oz Au,450M oz Ag). He also played a key role in the discovery and development of the Grasberg Deposit during his20 years at Freeport-McMoRan.

  • Roman Flores – Lead Geologist, Chile: A QualifiedPerson with over 50 years of experience in Cu-Au-Ag-Fe exploration,including senior roles at Codelco, Bema Gold, Barrick Gold and othermajor firms.

  • Susan Liddle – appointment as General Manager CFO,Norsemont Chilean subsidiary, Sociedad Contractual Minera Vilacollo(SCMV). She previously held roles of CFO, Risk and Research Managerand Head of Corporate Management at various national and internationalbanks and investment companies.  Working with the Company she hasbuilt strong relationships with the regulators, local community andstakeholders over the past three years.

Technical and Regulatory Progress

• Metallurgical Testing: Norsemont has engaged AGS Cotecna ( www.agslab.cl ) to conductmetallurgical assessments and support testing strategies. AGS Cotecnaserves clients including Antofagasta Minerals, Enami, Teck CDA, GoldFields Salares, and others, and was recently awarded the laboratorycontract for Minera Fénix (Rio2).

• Permitting and EnvironmentalAdvisory: DAES Consultores ( www.daesconsultores.cl ) has beenretained to manage drilling approvals for 2025 and beyond, and toguide the regulatory pathway for future productionoperations.

• Plant Assessment: Process Minerals Consulting (PMC) ( www.processminerals.cl ) and AkronIngeniería ( www.akron.cl ) completed a site visit from September 30–October 5 to evaluate theprocessing plant and infrastructure.

Near-Term Objectives (Next 6 Months)

• Commence 2025 Phase 3 drill program

  • Norsemont’s geological team refined and prioritizeddrill targets under the supervision of David Flint and Roman Flores.Quotations from drilling and analytical contractors have beenreceived, and preparations are underway to initiate the 2025 drillingprogram.

• Test metallurgical samples, from stockpiles, previousdrilling and announce results

• Report on processing plant condition

• Publish 2025 drill program results

• Expand the Norsemont team both technically andcorporately

Team at lunch

Engineer inspecting plant

Qualified Person

David Flint, MSc, AIPG-CPG, a qualified person asdefined in NI 43-101, has reviewed and approved the technicalinformation in this press release.

CEOStatement

Marc Levy, CEO of Norsemont, commented:

“We are excited to launch our 2025 drill and metallurgical programsas we advance Choquelimpie toward its next stage of development.Looking ahead to 2026, our focus will shift to engineering andfeasibility work, supported by continued team expansion. With MijaelThiele’s technical leadership and our strong geological foundation,Norsemont is building a world-class team to advance this significantgold-silver-copper project both with resource expansion and towardsnear-term production.”

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 bankable feasibility, withan initial mineral resourceestimate of 2,184,000 indicatedgold equivalent ounces and 557,000 inferred gold equivalent ounces forits Choquelimpie Gold-Silver-Copper project. Norsemont Mining owns a100% interest in the Choquelimpie gold-silver-copper project innorthern Chile, a past producing gold and silver mine with significantexploration upside. Choquelimpie has over 1,700 drill holes, withsignificant existing infrastructure, including roads, power, water,camp and a 3,000-tonne-per-day mill. Norsemont is committed toresponsible and sustainable resource development, leveraging modernexploration techniques to unlock further value for allstakeholders.

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

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Neither the Canadian SecuritiesExchange nor its Regulation Services Provider (as that term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy or accuracy of this release. No stockexchange, securities commission or other regulatory authority hasapproved or disapproved the information contained herein.

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 suchwords and phrases or statements that certain actions, events orresults "may", "could", "should","would" or "occur". This information and thesestatements, referred to herein as "forward?lookingstatements", are nothistorical facts, are made as of the date of this news release andinclude without limitation, statements regarding discussions of futureplans, estimates and forecasts and statements as to management'sexpectations and intentions with respect to, among other things, theOffering and entry into the marketing agreements.

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,the Company not receiving the necessary regulatory approvals inrespect of the Offering and marketing agreements contemplated hereinand, with respect to the Offering, risks adverse to the capitalmarkets, the mining industry, and investor support. In making theforward-looking statements in this news release, the Company hasapplied several material assumptions, including without limitation,that the Company will receive the necessary regulatory approvals andreceive market interest to close the Offering on the termsherein.

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 to update any forward-looking statement,except as required by applicable securities laws.

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