First Drill Hole Commenced and Second Drill Rig has Arrived at Choquelimpie Project

(TheNewswire)

Vancouver, B.C. - TheNewswire - November 20, 2025 – NorsemontMining Inc. (CSE: NOM, OTC: NRRSF, FWB: LXZ1) ( “ Norsemont ” or the “ Company ”) is pleased to announce that the initial diamonddrill hole of its Phase 3 exploration drill program at the 100%-owned Choquelimpie high-sulfidation gold-silver-copper project in northern Chilehas collared. This hole is targeting higher-grade gold mineralizationhosted in the Vizcacha hydrothermal Brecia (figure below).  The Phase3 program will comprise up to 5,000 meters of diamond drilling(“DDH”) utilizing two (2) diamond drillrigs , with drilling scheduled to continuethrough late December.

Highlights

• Diamond drill hole MV25-DD01 has collared, targetinghigher-grade gold mineralization hosted in the Vizcacha hydrothermalbreccia (figure below).

• The hole isoriented at an azimuth of 275 degrees, inclined at 70 degrees, and hasa target depth of 225 meters.

• MV25-DD01 has been designed to explore the VizcachaZone to depth, below the area where grades have been calculated withinthe April 2025 resource model.

Management Comments

Norsemont CEO Marc Levy commented:

“We are very excited to collar the 1 st hole of thePhase 3 drilling program at Choquelimpie, where our recent work hashighlighted significant potential for higher-grade gold zones at depthbeneath the current resource and along strike. This potentialhigh impact hole will test previously indicated higher grademineralization hosted in the Vizcacha hydrothermal breccia. We are also nearing completion of the engineering report onour 3,000 TPD plant and expect to deliver a update on our near-termproduction strategy this quarter.”

The Phase 3 Drill Program

The Phase 3 drill campaign at Choquelimpie is designedto evaluatedown-dip extensions of high-grade goldmineralization hosted within hydrothermal breccia zones . The program will comprise up to 20 holes averaging 250 meters in length. The priority drill stations for thisprogram are shown on the figure below .

Norsemont, through its wholly owned Chileansubsidiary SCMVilacollo , has engaged DV DrillingLtd. of Coquimbo, Chile, to conduct thePhase 3 exploration program. DV Drilling is operating a Longyear LF230 truck-mounteddiamond drill rig , on a 24-hourschedule.

Drill core will be assayed at Activation Geological ServicesSpA (AGS) geochemical laboratory, located atCoquimbo, Chile.  The laboratory has an ISO 17025certification.

Hole MV25-DD01 has been collared at coordinates ofE473,285, N7,975,980 and an elevation of 4,694 meters (blue star onthe figure below).  The hole is oriented at an azimuth of 275degrees, inclined at 70 degrees and has a target depth of 225meters.

This first hole of the Phase 3 program is expected tointersect the higher-grade Vizcacha hydrothermal breccia. Historical exploration of the Vizcacha deposithas primarily consisted of multiple shallow rotary drill holes. MV25-DD01 has been designed to explore Vizcacha to depth.

The Phase 3 exploration program is being supervised byRoman Flores, a Persona Calificada (Q.P.) with the Commission MineraChile.

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Qualified Person

David Flint, MSc, AIPG-CPG, and Chief Geologist ofNorsemont Mining Inc.; a qualified person as defined in NI 43-101, hasreviewed and approved the technical information in this pressrelease.

On Behalf of the Board,

NORSEMONT MINING INC.

Marc Levy

CEO & Chairman

About Norsemont Mining Inc.

The Norsemont team comprises experienced naturalresource professionals focused on growing shareholder value anddeveloping its flagship project through to bankable feasibility, withan initial mineral resourceestimate released in April 2025 for itsChoquelimpie Gold-Silver-Copper project. Norsemont Mining owns a 100%interest in the Choquelimpie gold-silver-copper project in northernChile, a past producing gold and silver mine with significantexploration upside. Choquelimpie has over 143,000 meters drilled in1,710 drill holes, with significant existing infrastructure, includingroads, power, water, camp and a 3,000-tonne-per-day mill. Norsemont iscommitted to responsible and sustainable resource development,leveraging modern exploration techniques to unlock further value forall stakeholders.

For more information, please contact the Company at: psearle@norsemont.com
Investor Relations: Paul Searle (778) 240-7724

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Forward-LookingStatements

Cautionary Note RegardingForward-Looking Statements: This release includes certain statementsand information that may constitute forward-looking information withinthe meaning of applicable Canadian securities laws. Forward-lookingstatements relate to future events or future performance and reflectthe expectations or beliefs of management of the Company regardingfuture events. Generally, forward-looking statements and informationcan be identified by the use of forward-looking terminology such as"intends" or "anticipates", or variations of suchwords and phrases or statements that certain actions, events or results "may","could", "should", "would" or"occur". This information and these statements, referred toherein as "forward?looking statements", are not historicalfacts, are made as of the date of this news release and includewithout limitation, statements regarding discussions of future plans,estimates and forecasts and statements as to management'sexpectations and intentions with respect to, among other things, theOffering and entry into the marketing agreements.

These forward?looking statementsinvolve numerous risks and uncertainties and actual results mightdiffer materially from results suggested in any forward-lookingstatements. These risks and uncertainties include, among other things,the Company not receiving the necessary regulatory approvals inrespect of the Offering and marketing agreements contemplated hereinand, with respect to the Offering, risks adverse to the capitalmarkets, the mining industry, and investor support. In making theforward-looking statements in this news release, the Company hasapplied several material assumptions, including without limitation,that the Company will receive the necessary regulatory approvals andreceive market interest to close the Offering on the termsherein.

Although management of the Companyhas attempted to identify important factors that could cause actualresults to differ materially from those contained in forward-lookingstatements or forward-looking information, there may be other factorsthat cause results not to be as anticipated, estimated or intended.There can be no assurance that such statements will prove to beaccurate, as actual results and future events could differ materiallyfrom those anticipated in such statements. Accordingly, readers shouldnot place undue reliance on forward-looking statements andforward-looking information. Readers are cautioned that reliance onsuch information may not be appropriate for other purposes. TheCompany does not undertake to update any forward-looking statement,except as required by applicable securities laws.

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