Norsemont completes drill holes, may resume in April

Executive Summary

• Norsemont Mining has completed the first seven holes (1,650 metres) of its Phase 3 drill program at the Choquelimpie project, with operations paused due to winter weather and scheduled to resume in April 2026.
• Initial assay results have been received for two holes, with partial results for additional holes; the remaining assays are expected later this quarter.
• The company engaged i2i Marketing Group for a six-month, $300,000 contract to enhance market presence and shareholder communications, commencing March 2, 2026.

Key Details

• Drilling Progress: Completed 7 holes for a total of 1,650 metres in Phase 3.
• Future Drilling Plans: Phase 3 consists of 20 DDH holes for 5,000 metres total. Operations are postponed due to Altiplano winter weather and are planned to resume in April 2026.
• Phase 4 Planning: Planning and permitting for a more extensive Phase 4 program in 2026 are underway.
• Assay Status: Samples submitted to Activation Geological Services SpA (AGS). Initial results received for two holes; some intervals with overlimit results are being reassayed. Partial results received for additional holes. Balance expected later this quarter.
• Laboratory Methods:
  • Gold grades determined by fire assay (AGS code AU-FA30).
  • Oxidized intervals analyzed by cyanide-soluble gold method.
  • 60 elements (including silver) analyzed by mass spectrometer (MS TD60).
  • Reassays by atomic absorption for overlimit values: Silver >100 ppm, Copper >10,000 ppm, Lead >5,000 ppm, Zinc >10,000 ppm.
• Hole MV25-DD01: Intersected the Vizcacha hydrothermal breccia as predicted. Initial results received; some overlimit intervals pending reassay.
• Hole MV25-DD02: Completed to 239 metres. Dominantly intersected Vizcacha hydrothermal breccia from collar to 145m. Deeper portion contained brecciated dacite-andesite porphyry with abundant (up to 20%) sulphide mineralization.
• Hole MV25-DD03: Drilled to 275 metres to explore Choque zone at depth. Intersected argillically altered DAP. Upper half intersected hydrothermal breccia overprinting DAP. Porphyry oxidized to 12.5m downhole.
• Hole MV25-DD04: Completed to 200 metres. Upper portion dominated by dacite-andesite porphyry followed by hydrothermal breccia (clasts of DAP and previous breccia in pyrite matrix). From 50-200m, intersected quartz-sericite-altered DAP with 5-10% sulphides.
• Hole MV25-DD05: Drilled to 221 metres. Intersected Choque hydrothermal breccia bodies and quartz-sericite-altered DAP (3-10% sulphides). Breccia bodies contain 10-20% total sulphides, including enargite.
• Hole MV25-DD06: Drilled to 225 metres to explore Vizcacha zone. Intersected dacite-andesite breccia and hydrothermal breccia. DAB is quartz-sericite altered with 5-10% sulphides. Hydrothermal breccia is matrix-supported with polylithic clasts and 7-10% sulphide mineralization; may be more extensive than currently modelled.
• Qualified Person: Roman Flores (supervisor) and David Flint, MSc, AIPG-CPG (reviewer/approver).
• Marketing Contract: Engaged i2i Marketing Group LLC for $300,000 USD over an initial six-month term (option to extend). Services include content creation, author sourcing, project management, and media distribution. Commences March 2, 2026. Principals are Joe Grubb and Kailyn White.

Notable Quotes

• "We have initially drilled seven 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 under way. 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