Norsemont Announces First Tranche Closing of Convertible Debenture Financing

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News Release -Vancouver, British Columbia – TheNewswire- December 21, 2025 – Norsemont Mining Inc.(CSE: NOM, OTC: NRRSF, FWB: LXZ1) (“NOM” or the“Company”) is pleased to announce that,further to its December 7, 2025 news release, it has closed the firsttranche of its non-brokered private placement (the “Offering”) ofunsecured convertible debenture units of the Company (each, a“Convertible Debenture Unit”). The Companyissued US$7,529,000 (approximately CAD$10,375,715) of principal amountof Convertible Debentures (as defined below) and issued 6,035,258 Warrants (as defined below)for aggregate gross proceeds of US$7,529,000 (approximatelyCAD$10,375,715).

Norsemont CEO Marc Levy commented, “This significant financing positions the Company to advanceits 2026 drill program, progress the Choquelimpie near-term productionstrategy, and complete the proposed stockpile PEA. Our long-termEuropean and offshore strategic investors have demonstrated ongoingsupport and have expressed interest in providing additional capital asthe project advances.”

The Company also announces that the terms of theOffering have been amended, from gross proceeds of up to C$10,000,000with a 30% over-allotment option as previously disclosed, to grossproceeds of up to US$10,000,000 (approximately CAD $13,794,400).

The proceeds from the Offering are expected to be usedfor general working capital purposes, as well as mineral explorationand advancement of the Company’s Choquelimpie gold-silver-copperproject.

Each Convertible Debenture Unit is comprised of oneconvertible debenture in the principal amount of US$1,000 perdebenture (each, a “Convertible Debenture”), with each Convertible Debentureand all accrued and unpaid interest thereon convertible into commonshares of the Company (each, a “Conversion Share”) at aconversion price of C$0.86 per Conversion Share, and 802 transferablecommon share purchase warrants (each, a “Warrant”), witheach Warrant entitling the holder thereof to purchase one common share(a “Warrant Share”) at a priceof C$1.00 per Warrant Share for a period of three years from theclosing date of the first tranche of the Offering (the “Closing Date”), subject toacceleration rights for both the Convertible Debentures and theWarrants. The Convertible Debentures bear interest at a rate of 5.25%per annum with a maturity date of three years from the Closing Date.Additionally, the Convertible Debentures includes a gold purchaseright whereby, upon commercial production and for a period of one yearfrom commercial production, the subscriber may purchase gold from theCompany at a fixed price of US$3,000 per ounce, up to the subscriptionamount of the subscriber.

More information regarding the Offering is available inthe Company’s news release dated December 7, 2025 and in the Form 9posted under the Company’s profile on the CSE website.

All securities issued in connection with the Offering,including any Conversion Shares and Warrant Shares, are subject to arestricted period of four months and one day from closing of theOffering.

This news release does not constitute an offer to sellor a solicitation of an offer to buy any of the securities in theUnited States. The securities offered have not been and will not beregistered under the United States Securities Act of 1933, asamended (the “U.S.Securities Act”) or any state securities lawsand may not be offered or sold within the United States or to, or forthe account or benefit of, U.S. persons unless registered under theU.S. Securities Act and applicable state securities laws, unless anexemption from such registration is available.

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 feasibility, with an indicated mineral resource estimate of 1,731,000 goldounces, and 33,233,000 silver ounces and an inferred mineral resourceof 446,000 gold ounces and 7,219,000 silver ounces for its Choquelimpie Gold-Silver-Copper project. Norsemont Miningowns a 100% interest in the Choquelimpie gold-silver-copper project innorthern Chile, a past producing gold and silver mine with explorationupside. Choquelimpie has over 1,710 drill holes, with significantexisting infrastructure, including roads, power, water, camp and a3,000-tonne-per-day mill. Norsemont is committed to responsible andsustainable resource development, leveraging modern explorationtechniques to unlock further value for all 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 orresults "may", "could", "should","would" or "occur". This information and thesestatements, referred to herein as "forward?lookingstatements", are not historical facts, are made as of the date ofthis news release and include without limitation, statements regardingthe closing of the Offering; the use of proceeds of the Offering;future plans with respect to advancement of the Company’s project;and the anticipated closing date of the Offering.

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 sufficient investor interest to close theOffering; receipt of the necessary regulatory approvals in respect ofthe Offering and, with respect to the Offering, risks adverse to thecapital markets, the mining industry, and investor support. In makingthe forward-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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