Norseman Capital Ltd. Announces Filing of Early Warning Reports

NORSEMAN CAPITAL LTD. ANNOUNCES FILING OF EARLY WARNING REPORTS

Vancouver, British Columbia – (August 26, 2020) – This press release is being issued in connection with

the filing of early warning reports (the “Early Warning Report”) pursuant to the requirements of National

Instrument 62-103 – The Early Warning System and Related Ta ke-Over Bid and Insider Reporting Issues

regarding the change in the ownership and control of common shares (the “Shares”) of Gem International

Resources Inc. (the “Company”) by John Barr, John Campbell Smyth, and Sean Hurd. The Issuer ’s head

office address is located at 25th Floor, 700 West Georgia Street, Vancouver, BC V7Y 1B3.

On August 17, 2020, the Company co mpleted a non-brokered privat e placement financing, pursuant to

which Campbell Smyth acquired (the “ Acquisitions”) beneficially ownership or control over 180,000

common shares (“ Shares”). On August 24, 2020, John Barr was deemed to have disposed o f a total of

1,477,500 Shares at a price of $0.20 per Share (the “Disposition”).

Prior to the Disposition, Mr. Barr was deemed to beneficially o wn or exercise control or direction over

2,987,500 Shares and 400,000 options to purchase Shares (“Options”), representing approximately 15.66%

and 17.39% of the issued and outstanding Shares on an undiluted and diluted basis, respectively. Following

the Disposition, Mr. Barr was deemed to beneficially own or exe rcise control or direction over 1,510,000

Shares and 400,000 Options, repr esenting approximately 6.02% an d 7.50% of the issued and outstanding

Shares on an undiluted and diluted basis respectively.

Prior to the Acquisition, Mr. Smyth beneficially owned or exerc ised control or direction over 2,418,500

Shares, representing approximately 12.67% and 14.47% of the iss ued and outstanding Shares on both an

undiluted and diluted basis respectively. Following the Acquisi tion, Mr. Smyth beneficially owned or

exercised control or direction over 2,598,500 Shares and 400,00 0 Options, representing approximately

10.36% and 11.77% of the issued and outstanding Shares on an undiluted and diluted basis respectively.

Copies of the early warning reports for Messrs. Barr and Smyth will be filed on the Company’s profile on

SEDAR at www.sedar.com and may be obtained by containing the Company at the following address:

John W. Barr

Interim Chief Executive Officer

25th Floor, 700 West Georgia Street

Vancouver, BC V7Y 1B3

T: + 61 0 418 912 885