Norsemont Drilling Program Update at Choquelimpie

Executive Summary

• Norsemont Mining completed the first seven holes of its Phase 3 drill program at the Choquelimpie project, totaling 1,650 meters, with plans to resume operations in April 2026 to complete the remaining 13 holes for a total program of 20 holes and 5,000 meters.
• Initial assay results have been received for two holes (DD01 and DD02), with additional partial results received; the balance of assays is expected later in the quarter.
• The drilling has successfully intersected higher-grade hydrothermal breccia bodies at depth, boosting confidence in expanding the open-pit resource and the size/width of breccia pipes, while planning for a more extensive Phase 4 program is underway.

Key Details

• Drilling Progress: Completed 7 holes for 1,650 meters total; 13 holes remaining for a total of 20 holes and 5,000 meters.
• Weather Impact: 'Altiplano Winter' weather pattern caused postponement; operations planned to resume in April 2026.
• Assay Status: Samples submitted to Activation Geological Services SpA (AGS); initial results received for DD01 and DD02; some intervals with 'over-limit' results require re-assay.
• Methodology: Gold grades determined by fire assay (AU-FA30); cyanide-soluble gold (AUCN) for oxidized intervals; 60 elements analyzed by mass spectrometer (MS TD60); re-assays for over-limit values (Silver >100 ppm, Copper >10,000 ppm, Lead >5,000 ppm, Zinc >10,000 ppm).
• Hole MV25-DD01: Intersected Vizcacha hydrothermal breccia as predicted; initial results received with some over-limit intervals pending re-assay.
• Hole MV25-DD02: Completed to 239 meters; dominantly intersected Vizcacha Hydrothermal Breccia from collar to 145 meters; deeper portion dominated by brecciated dacite-andesite porphyry (DAP) with abundant (up to 20%) sulfide mineralization.
• Hole MV25-DD03: Drilled 275 meters to explore Choque Zone at depth; intersected argillically-altered DAP and hydrothermal breccia overprinting DAP in upper half; porphyry oxidized to 12.5 meters down-hole.
• Hole MV25-DD04: Completed to 200 meters to explore Choque Zone; upper portion dominated by DAP followed by hydrothermal breccia (clasts of DAP and previous breccia in pyrite matrix); 50-200 meters intersected quartz-sericite-altered DAP with 5-10% sulfides.
• Hole MV25-DD05: Drilled 221 meters to explore Choque Zone; intersected Choque hydrothermal breccia bodies and quartz-sericite-altered DAP (3-10% sulfides); breccia bodies contain 10-20% total sulfides including enargite.
• Hole MV25-DD06: Drilled 225 meters to explore Vizcacha Zone; intersected dacite-andesite breccia (DAB) and hydrothermal breccia; DAB is quartz-sericite-altered with 5-10% sulfides; hydrothermal breccia is matrix-supported with poly-lithic clasts and 7-10% sulfide mineralization; body may be more extensive than currently modeled.
• Future Planning: Planning and permitting for a more extensive Phase 4 program in 2026 is underway.
• Marketing Contract: Company engaged i2i Marketing Group LLC for a six-month term (starting ~March 2, 2026) for $300,000 USD to enhance market presence and shareholder communications.

Notable Quotes

• "We have initially drilled 7 holes of the Phase 3 program of 20 holes planned, which should resume in April. Planning and permitting for a more extensive Phase 4 program in 2026 is underway. We are excited that the 2025 drilling at Choquelimpie has intersected higher-grade hydrothermal breccia bodies at depth, boosting confidence in expanding the open-pit resource and the overall size and width of the breccia pipes. We look forward to reporting initial assay results shortly." — Marc Levy, CEO