Norsemont closes $2.89M first tranche of financing

Aug 8, 2025

2025-08-08 09:34 ET – News Release

Mr. Marc Levy reports

NORSEMONT ANNOUNCES CLOSING OF 1ST TRANCHE OF PRIVATE PLACEMENT INCLUDING SEVERAL STRATEGIC INVESTORS

Further to its news release dated Aug. 1, 2025, Norsemont Mining Inc. has closed the first tranche of a non-brokered private placement consisting of 4,826,165 units of the company at 60 cents (44 U.S. cents) per unit for gross proceeds of $2,895,699. Each unit will consist of one common share and one-half of one warrant. Each warrant entitles the holder to acquire one common share at a price of 75 cents (55 U.S. cents) per common share for a period of two years from the date of closing.

In the event that the company’s common shares close at a price on the exchange of $1.25 (92 U.S. cents) or greater per common share for a period of 10 consecutive trading days after four months and one day from the closing of the offering, the company may accelerate the expiry of the warrants by giving notice to the holders thereof (by disseminating a news release advising of the acceleration of the expiry date of the warrants) and, in such case, the warrants will expire on the 10th business day after the date of such notice. For Canadian investors, there is a hold period of four months and one day from the issuance of the units. For U.S. investors, they will additionally be subject to hold periods as required by applicable federal and blue-sky securities laws.

The proceeds of the offering are anticipated to be used for phase 3 drill programs (which will include DDH (diamond drill hole) deep 600-metre holes into copper porphyry zone, 300-metre drill holes into high-grade gold zones and shallow holes into oxide/leachable gold zone), metallurgy and general working capital in order to advance the Choquelimpie gold-silver-copper project in Northern Chile.

The offerings are subject to compliance with Canadian Securities Exchange policies.

“We are grateful for the continued support of our key existing shareholders and are pleased to welcome new strategic investors from North America, Europe and South America, including Dr. Quinton Hennigh. Their commitment represents a strong endorsement of our vision and provides the necessary resources to advance our Choquelimpie project through the upcoming drilling and technical programs. With this support, we remain focused on delivering long-term value to all our stakeholders,” said Marc Levy, chief executive officer of Norsemont.

About Norsemont Mining Inc.

The Norsemont team comprises experienced natural resource professionals focused on growing shareholder value and developing its flagship project through to bankable feasibility, with an initial mineral resource estimate of 2,184,000 indicated gold equivalent ounces and 557,000 inferred gold equivalent ounces for its Choquelimpie gold-silver-copper project. Norsemont Mining owns a 100-per-cent interest in the Choquelimpie gold-silver-copper project in northern Chile, a previously permitted gold and silver mine with significant exploration upside. Choquelimpie has over 1,700 drill holes, with significant existing infrastructure, including roads, power, water, camp and a 3,000-tonne-per-day mill. Norsemont is committed to responsible and sustainable resource development, leveraging modern exploration techniques to unlock further value for all stakeholders.

We seek Safe Harbor.

https://norsemont.com/