Norsemont Mining Inc. Announces Update on MCTO Application Material Change Report

NORSEMONT MINING INC.

Suite 610, 700 West Pender Street

Vancouver, BC, V6C 1G8

Phone: 604-669-9788

NEWS RELEASE

NORSEMONT PROVIDES UPDATE ON MANAGEMENT CEASE TRADE ORDER

Vancouver, B.C., June 28, 2024 – Norsemont Mining Inc. (CSE: NOM, OTCQB: NRRSF, FWB: LXZ1)

( “Norsemont” or the “Company”) announced on May 2, 2024 that it made an application to the British Columbia

Securities Commission (“BCSC”) to approve a temporary management cease trade order (“MCTO”) on the basis

that it would be unable to file its annual audited financial statements, accompanying management's discussion

and analysis, annual information form, and required certifications for the year ended Dec. 31, 2023 (the annual

filings), on or before the prescribed filing deadline of April 29, 2024, as required by National Instrument 51-102

-- Continuous Disclosure Obligations and National Instrument 52-109 -- Certification of Disclosure in Issuer's

Annual and Interim Filings, respectively. The application was approved by the BCSC on May 2, 2024, and the

MCTO was issued by the BCSC on May 2, 2024. The MCTO prohibits direct or indirect trading in securities of the

company by certain insiders of the company. The MCTO requires the annual filings to be filed on or before June

29, 2024.

On June 12, 2024, the Company requested an extension of its MCTO until July 12, 2024. The BCSC reviewed the

request and granted an extension until July 12th, 2024. The company anticipates that the annual filing will be filed

on or before July 12, 2024.

The company will continue to provide biweekly updates, as required by NP 12-203, until the annual filings have

been filed. The company confirms it will continue to satisfy the provisions of the alternative information

guidelines set out in sections 9 and 10 of NP 12-203 so long as it remains in default of the requirement to file the

annual filings.

The company anticipates that it will be in a position to file the annual filings on or before July 12, 2024, as the

auditor and the company's accounting team have allocated additional resources to finalize documents within

this anticipated time period to file. The MCTO will be in effect until the annual filings are filed. The company

confirms that it will comply with the alternative information guidelines included in NP 12-203 so long as the

annual filings are outstanding.

About Norsemont Mining Inc.

Norsemont comprises experienced natural resource professionals focused on growing shareholder value and

developing its flagship project through bankable feasibility. Norsemont Mining owns a 100% interest in the

Choquelimpie gold-silver-copper project in northern Chile, a previously permitted gold and silver mine.

Choquelimpie has over 1,710 drill holes, with significant existing infrastructure, including roads, power,

water, camp and a 3,000-tonne-per-day mill.

On behalf of the Board of Directors,

NORSEMONT MINING INC.

Marc Levy

CEO & Chairman

For more information, please contact the Company at:

Telephone: (604) 669-9788; Facsimile: (604) 669-9768

Investor Relations:

Paul Searle (778) 240-7724

Neither the Canadian Securities Exchange 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.