Norsemont arranges $10-million debenture unit financing

Dec 8, 2025

2025-12-08 14:04 ET – News Release

Mr. Marc Levy reports

NORSEMONT ANNOUNCES $10 MILLION FINANCING WITH STRATEGIC INVESTORS

Norsemont Mining Inc. is undertaking a $10-million non-brokered private placement of unsecured convertible debenture units of the company with an overallotment of up to 30 per cent of the offering.

Each convertible debenture unit comprises one convertible debenture in the principal amount of $1,000 (U.S.) per debenture, with each convertible debenture and all accrued and unpaid interest thereon convertible into common shares of the company at a conversion price of 86 cents per conversion share and 802 transferable common share purchase warrants, with each warrant entitling the holder thereof to purchase one common share at a price of $1 per warrant share for a period of three years from the closing date of the offering, subject to acceleration rights for both the convertible debentures and the warrants. The convertible debentures bear interest at a rate of 5.25 per cent per annum with a maturity date of three years from the closing date. Additionally, the convertible debentures include a gold purchase right, whereby, upon commercial production and for a period of one year from commercial production, the subscriber may purchase gold from the company at a fixed price of $3,000 (U.S.) per ounce, up to the subscription amount of the subscriber.

The company anticipates closing the financing on Dec. 17, 2025, subject to the standard five-day notice period required by the Canadian Securities Exchange.

At any time after the date that is four months and one day after the closing date, if, for at least 10 consecutive trading days, the closing price of the common shares of the company on the exchange for each day during such period exceeds $3 per common share, then the company may issue a notice by public news release to the holders to automatically convert the convertible debentures together with all accrued and unpaid interest thereon into common shares on the date which is 10 days after the date of the debenture forced conversion notice. All of the convertible debentures and accrued but unpaid interest thereon will automatically convert into common shares at the conversion price on the forced conversion date.

In the event that the common shares close at a price on the exchange of $1.75 or greater per common share for a period of 10 consecutive trading days after four months and one day from the closing date, the company may accelerate the expiry of the warrants by giving notice to the holders thereof by public news release and, in such case, the warrants will expire on the 10th business day after the date of such notice.

All securities issued in connection with the offering will be subject to a restricted period of four months and one day.

The proceeds of the offering are anticipated to be used for general working capital purposes and mineral exploration and advancement of the company’s Choquelimpie gold-silver-copper project.

Norsemont chief executive officer Marc Levy commented: “With this proposed financing and upon the closing thereof, we anticipate we will be well positioned to advance next year’s drill program and complete our proposed stockpile preliminary economic assessment. Importantly, our long-term European and offshore strategic investors have signalled their intent to continue supporting the company with future capital.”

About Norsemont Mining Inc.

The Norsemont team comprises experienced natural resource professionals focused on growing shareholder value and developing its flagship project through to feasibility, with an indicated mineral resource estimate of 1,731,000 gold ounces and 33,233,000 silver ounces and an inferred mineral resource of 446,000 gold ounces and 7,219,000 silver 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 past-producing gold and silver mine with exploration upside. Choquelimpie has over 1,710 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/