Norsemont closes $7.52M (U.S.) 1st tranche of financing

Dec 22, 2025

2025-12-22 11:56 ET – News Release

Mr. Marc Levy reports

NORSEMONT ANNOUNCES FIRST TRANCHE CLOSING OF CONVERTIBLE DEBENTURE FINANCING

Further to its Dec. 7, 2025, news release, Norsemont Mining Inc. has closed the first tranche of its non-brokered private placement of unsecured convertible debenture units of the company. The company issued $7,529,000 (U.S.) (approximately $10,375,715 (Canadian)) of principal amount of convertible debentures (as defined below) and issued 6,035,258 warrants (as defined below) for aggregate gross proceeds of $7,529,000 (U.S.) (approximately $10,375,715 (Canadian)).

Norsemont chief executive officer Marc Levy commented: “This significant financing positions the company to advance its 2026 drill program, progress the Choquelimpie near-term production strategy and complete the proposed stockpile PEA [preliminary economic assessment]. Our long-term European and offshore strategic investors have demonstrated ongoing support and have expressed interest in providing additional capital as the project advances. ”

The company also announces that the terms of the offering have been amended, from gross proceeds of up to $10-million (Canadian) with a 30-per-cent overallotment option, as previously disclosed, to gross proceeds of up to $10-million (U.S.) (approximately $13,794,400 (Canadian)).

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

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 Canadian 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 (Canadian) per warrant share for a period of three years from the closing date of the first tranche 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.

More information regarding the offering is available in the company’s news release dated Dec. 7, 2025, and in the Form 9 posted under the company’s profile on the Canadian Securities Exchange website.

All securities issued in connection with the offering, including any conversion shares and warrant shares, are subject to a restricted period of four months and one day from closing of the offering.

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/