Norsemont Announces Closing of $3 Million Private Placement

NORSEMONT MINING INC.

Suite 610, 700 West Pender Street

Vancouver, BC, V6C 1G8

Phone: 604-669-9788

NEWS RELEASE

NORSEMONT CLOSES $3 MILLION PRIVATE PLACEMENT

Vancouver, B.C., June 23, 2020 – Norsemont Mining Inc. (CSE: NOM, OTC: NRRSF, FWB: LXZ1) (“Norsemont” or

the “Company”) announces today it has closed the final tranche of a non-brokered private placement issuing a

total of 2,024,901 units (each, a “Unit”) at a price of $0.75 per Unit for gross proceeds of $1,518,676 (the “Private

Placement”).

Each Unit consisted of one common share in the capital of the Company (each, a “Share”) and one-half of one

transferable common share purchase warrant (each, a “ One-Half Warrant ” and each whole warrant, a

“Warrant”).

Each Warrant entitles the holder thereof to acquire one Share (each, a “Warrant Share”) at a price of $1.10 per

Warrant Share until 5:00 p.m. (Vancouver time) on or before June 22, 2021, subject to an acceleration provision

whereby if the Shares trade at a price on the Canadian Securities Exchange (or such other exchange on which

the Shares may be trade d at such time) (the “Exchange”) of $1.50 or greater per Share for a period of 10

consecutive trading days after four months and one day from the closing of the Offering (the “ Closing”), 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 Warrants) and, in such case, the Warrants will

expire on the 31st day after the date of such notice.

Proceeds from the Private Placement are inten ded to be used in connection with the payment of professional

fees, due diligence expenses, technical expenses including geological reports and working capital.

The Company paid cash finder’s fees in the amount of $46,997 and issued 13,076 shares to certain eligible finders

in connection with the Private Placement.

The securities distributed pursuant to the Private Placement are subject to a statutory hold period of four months

and one day that expires on October 23, 2020.

On behalf of the Board of Directors,

NORSEMONT MINING INC.

Allan Larmour Chief Executive Officer, Director

For more information, please contact the Company at:

Telephone: (604) 669-9788

Facsimile: (604) 669-9768

Neither the Canadian Securities Excha nge nor its Regulation Services Provider (as that term is defined in the policies of the

Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange,

securities commission or other regulatory authority has approved or disapproved the information contained herein.