Norsemont provides 2025 update, appoints new CFO

Executive Summary

• Norsemont Mining provided a 2025 year-end update for its 100%-owned Choquelimpie project in Chile, highlighting the publication of its initial Mineral Resource Estimate (MRE) and the raising of capital to advance development.
• The company announced the appointment of Charles Ross as Chief Financial Officer, replacing Kulwant Sandher.
• Significant operational milestones include the publication of an initial MRE for oxide stockpiles and deeper sulphides, and the completion of a Phase 3 drill program.

Key Details

• Financing: The company raised $15 million from new and existing strategic investors. Total capital raised in 2025 exceeded $22 million, primarily from strategic investors, to finance drilling, permitting, environmental studies, and metallurgical programs.
• Mineral Resource Estimate (Oxide Stockpiles & Sulphides):
  • Published April 14, 2025.
  • Indicated: 2,184,000 gold equivalent ounces (AuEq).
  • Inferred: 557,000 gold equivalent ounces (AuEq).
  • Pricing Assumptions: Gold $2,500/oz, Silver $28/oz, Copper $4.00/lb.
  • Formula: AuEq oz = Au oz + (oz Ag × Ag price/Au price) + (Cu grade × Cu price/Au price).
• Mineral Resource Estimate (Historical/Previous MRE):
  • Indicated: 1.73 million gold ounces and 33,233,000 silver ounces.
  • Inferred: 446,000 gold ounces and 7,219,000 silver ounces.
• Management Appointments:
  • Charles Ross: Appointed Chief Financial Officer.
  • David Flint: Appointed Chief Geologist (35+ years experience, formerly VP Exploration at Allied Nevada Gold; key role in Grasberg discovery at Freeport-McMoRan).
  • Roman Flores: Appointed Lead Geologist, Chile (50+ years experience, formerly at Codelco, Bema Gold, Barrick Gold).
  • Susan Liddle: Appointed General Manager and CFO of Chilean subsidiary SCMV.
  • Carolina Morgan: Appointed for environmental permitting.
  • Nikolas Matysek: Appointed Director of Business Development.
  • Paul Matysek: Appointed Strategic Adviser to the Board/CEO.
• Operational Updates & Strategy:
  • Development Plan: Two-pronged approach: (1) Finalize plan to process stockpiles; (2) Systematically drill and expand oxide/sulphide resources while testing copper porphyry potential.
  • Current Work: Geological modeling of stockpiles/in-situ oxides (in progress); metallurgical characterization (in progress); plant assessment/refurbishment evaluation (in progress); structural control drilling (upcoming).
  • Sulphide Resource: Upcoming drilling of deeper high-grade targets.
  • Copper Porphyry: Assessment of systems below sulphide mineralization planned for 2026.
• Technical & Regulatory Progress:
  • Metallurgical Testing: Engaged AGS Cotecna for assessments and testing strategies.
  • Permitting: Retained DAES Consultores for drilling approvals and regulatory pathway guidance.
  • Plant Assessment: Process Minerals Consulting and Akron Ingenieria completed a site visit (Sept 30 - Oct 5) to evaluate the 3,000-tonne-per-day mill and infrastructure.
• 2026 Objectives (Next 12 Months):
  • Q1: Publish 2025 drill results; detailed report on processing plant condition/upgrades; commence environmental impact assessment; expand team.
  • Q1-Q2: Test metallurgical samples from stockpiles/drilling; commence Phase 4 drill program (Q2); test copper/gold porphyry systems (Q2).
  • Q4: Publish updated NI 43-101 resource estimate; produce Preliminary Economic Assessment (PEA) on oxide production plans.
• Marketing Contracts:
  • Native Ads Inc.: Service agreement for investor awareness/promotional services; budget up to $200,000 USD; term up to 12 months.
  • Street Scope Media LLC: Service agreement for digital media advertising; retainer up to $200,000 USD; term up to 6 months.
  • Goldinvest Consulting GmbH: Service agreement for digital marketing/editorials; cost 35,000 EUR; term 8 months commencing Jan 15, 2026. (Note: Goldinvest holds 50,000 common shares and 25,000 warrants in the company).

Notable Quotes

• Marc Levy, CEO: "We are pleased to end the year with the necessary capital on hand to advance the next stages of Choquelimpie towards an expanded resource and future production. We are in the planning stages of a comprehensive launch of our 2026 phase 4 drill, environmental 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 and board expansion. With technical leadership and our strong geological foundation, Norsemont is building a world-class team to advance this significant gold-silver-copper project."