Norsemont completes one drill hole at Choquelimpie

Executive Summary

• Norsemont Mining has completed the initial diamond drill hole (MV25-DD01) and commenced two additional holes (MV25-DD02 and MV25-DD03) as part of its Phase 3 exploration program at the 100%-owned Choquelimpie project in northern Chile.
• The Phase 3 program is designed to evaluate downdip extensions of higher-grade gold mineralization (>1 g/t Au) hosted in hydrothermal breccia zones, with a total planned scope of up to 5,000 metres across 20 holes.
• Drilling is being conducted on a 24-hour schedule using two rigs, with results expected to update the 2025 resource model and potentially identify substantial high-grade gold zones at depth and along strike.

Key Details

• Drill Hole MV25-DD01:
  • Completed to a depth of 300 metres.
  • Targeted the Vizcacha higher-grade hydrothermal breccia.
  • Oriented at an azimuth of 275 degrees and inclined at 70 degrees.
  • Intersected the Vizcacha hydrothermal breccia as predicted, hosting moderate to strong pyrite mineralization (1 to 7%) as disseminations and veinlets.
  • Intersected silica-pyrite and silica-enargite veinlets from 180 metres to the end of hole.
  • Assays are pending.
• Drill Hole MV25-DD02:
  • Collared from the same station as MV25-DD01.
  • Targeting the Vizcacha hydrothermal breccia to depth.
  • Oriented at an azimuth of 180 degrees, inclined at 80 degrees.
  • Design depth is 225 metres.
  • Currently intersecting the Vizcacha hydrothermal breccia with disseminated and veinlet-hosted sulphides.
• Drill Hole MV25-DD03:
  • Collared and currently in progress.
  • Targets the Choque zone at depth, below the area where gold grades were calculated in the 2025 resource model (Wilson, 2025).
  • Will intersect a modelled hydrothermal breccia body.
• Program Scope & Logistics:
  • Phase 3 program comprises up to 5,000 metres of diamond drilling.
  • Planned for up to 20 holes averaging 250 metres in length.
  • Drilling scheduled to continue through late December.
  • Contractor: DV Drilling Ltd. (Coquimbo, Chile).
  • Equipment: One Golden Bear 1400 and one CSK C1500 truck-mounted diamond drills.
  • Operations: 24-hour schedule.
  • Sample Preparation: Activation Geological Services SpA (Antofagasta, Chile).
  • Laboratory Analysis: AGS geochemical laboratory (Coquimbo, Chile), ISO 17025 certified.
  • Downhole Surveys: Conducted by DV Drilling using a gyroscope device.
  • Supervision: Roman Flores, persona calificada with the Commission Minera Chile.
• Company Context:
  • Choquelimpie is a past-producing gold and silver mine with significant exploration upside.
  • Existing infrastructure includes roads, power, water, camp, and a 3,000-tonne-per-day mill.
  • Current Resource Estimate: Indicated 1,731,000 gold ounces and 33,233,000 silver ounces; Inferred 446,000 gold ounces and 7,219,000 silver ounces.

Notable Quotes

• Marc Levy, CEO: "With the second and third diamond drill holes now in progress at Choquelimpie utilizing two drill rigs, we are rapidly advancing what we believe could be a transformative phase 3 drill program. The targeting of these holes reflects our growing confidence in the potential for substantial high-grade gold zones at depth and along strike below the existing open-pit resource."