Norsemont Provides Corporate Update and Additions to the Team

Executive Summary

• Norsemont Mining raised $6 million from strategic investors to fund drilling and metallurgical programs at its 100% owned Choquelimpie project.
• The company highlighted recent milestones, including the April 2025 initial mineral resource estimate (2.184 M indicated & 0.557 M inferred gold‑equivalent ounces) and announced key technical hires.
• Near‑term objectives include commencing a Phase 3 drill program, testing metallurgical samples, and reporting plant assessments within the next six months.

Key Details

• Financing: $6 million raised from strategic investors; proceeds earmarked for 2025 drilling campaign, metallurgical testing, and further technical team expansion.
• Resource Estimate (April 14 2025): 2,184,000 indicated gold‑equivalent ounces and 557,000 inferred gold‑equivalent ounces in oxide stockpiles and deeper sulfides.
• Development Strategy:
• Process existing oxide stockpiles to generate early cash flow.
• Drill and expand oxide & sulfide resources; evaluate copper porphyry potential at depth.
• Current Work Programs (in progress/upcoming):
• Geological modeling of oxide stockpiles, metallurgical characterization, plant condition assessment, structural controls drilling.
• Deeper high‑grade sulfide target drilling.
• Assessment of underlying copper‑gold porphyry systems.
• Key Personnel Appointments:
• David Flint – Chief Geologist (35 + years experience).
• Roman Flores – Lead Geologist, Chile (50 + years experience).
• Susan Liddle – General Manager & CFO, Norsemont Chilean subsidiary.
• Technical & Regulatory Progress:
• Metallurgical testing contracted to AGS Cotecna.
• Permitting support from DAES Consultores for 2025 drilling approvals.
• Plant assessment completed by Process Minerals Consulting and Akron Ingeniería (site visit Sep 30–Oct 5).
• Near‑Term Objectives (next 6 months):
• Launch 2025 Phase 3 drill program (targets refined by Flint & Flores).
• Conduct and announce metallurgical test results from stockpiles and prior drilling.
• Publish processing plant condition report.
• Release results of the 2025 drill program.
• Continue expansion of technical and corporate team.

Notable Quotes

• Marc Levy, CEO & Chairman: “We are excited to launch our 2025 drill and metallurgical programs as we advance Choquelimpie toward its next stage of development… Looking ahead to 2026, our focus will shift to engineering and feasibility work, supported by continued team expansion.”