Norsemont talks Choquelimpie plans, expands team

Executive Summary

• Norsemont Mining Inc. released its initial mineral resource estimate for the 100%-owned Choquelimpie project in Chile, reporting 2,184,000 indicated gold-equivalent ounces and 557,000 inferred gold-equivalent ounces from oxide stockpiles and deeper sulphides.
• The company announced the successful raising of $6 million from strategic investors to finance ongoing drilling and metallurgical programs.
• Norsemont outlined a two-pronged development strategy focusing on processing stockpiles for immediate cash flow while systematically expanding the oxide and sulphide resources and testing for copper porphyry potential.

Key Details

• Mineral Resource Estimate (Published April 14, 2025):
  • Indicated: 2,184,000 gold-equivalent ounces.
  • Inferred: 557,000 gold-equivalent ounces.
  • Material: Oxide stockpiles and deeper sulphides.
• Financing:
  • Raised $6 million from strategic investors.
  • Use of proceeds: To finance drilling and metallurgical programs.
• Development Strategy:
  • Phase 1: Process stockpiles to drive initial positive cash flow.
  • Phase 2: Systematically drill and expand oxide and sulphide resources; test copper porphyry potential deeper in the system.
• Current Work Programs:
  • Oxide Processing: Developing geological models for stockpiles/in-situ oxides (in progress); defining metallurgical characteristics (in progress); assessing and refurbishing existing plant (in progress); evaluating structural controls via drilling (upcoming).
  • Sulphide Resource: Drilling deeper high-grade targets to increase sulphide resource (upcoming).
  • Copper Porphyry: Assessing identified copper and gold porphyry systems below sulphide mineralization (upcoming).
• Key Personnel Appointments:
  • David Flint: Chief Geologist (35+ years experience; former VP Exploration at Allied Nevada Gold; key role in Grasberg discovery at Freeport-McMoRan).
  • Roman Flores: Lead Geologist, Chile (50+ years experience; former roles at Codelco, Bema Gold, Barrick Gold).
  • Susan Liddle: General Manager/CFO, Norsemont Chilean subsidiary (SCMV); former CFO and risk manager at various financial institutions.
• Technical and Regulatory Progress:
  • Metallurgical Testing: AGS Cotecna engaged for assessments and testing strategies.
  • Permitting: DAES Consultores retained for 2025 drilling approvals and regulatory pathway guidance.
  • Plant Assessment: Process Minerals Consulting (PMC) and Akron Ingenieria completed site visit (Sept 30 - Oct 5) to evaluate processing plant and infrastructure.
• Near-Term Objectives (Next 6 Months):
  • Commence 2025 phase 3 drill program (preparations underway, quotations received).
  • Test metallurgical samples from stockpiles and previous drilling.
  • Report on processing plant condition.
  • Publish 2025 drill program results.
  • Continue team expansion.
• Project Infrastructure:
  • Located in northern Chile.
  • Past-producing gold-silver mine with historical heap leach production.
  • Existing infrastructure includes power, water, road access, camp facilities, and a 3,000-tonne-per-day mill.
  • Over 1,700 historical drill holes.

Notable Quotes

• Marc Levy, CEO: "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. With Mijael Thiele's technical leadership and our strong geological foundation, Norsemont is building a world-class team to advance this significant gold-silver-copper project both with resource expansion and towards near-term production."