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In an era defined by escalating exploration cost inflation, geopolitical uncertainty and the increasing importance of early cash flow in mining ventures, companies that couple resource expansion potential with existing infrastructure and stockpile processing are gaining a distinct edge. For juniors' intent on bridging the gap from discovery toward production, it is no longer enough simply to accumulate ounces; investors and analysts now seek a credible path to cash flow, preferably via low-risk, near-term operations.

In that vein, Norsemont Mining Inc. (CSE: NOM) (OTCID: $NRRSF ) is focused on its 100 percent owned Choquelimpie gold-silver-copper project in northern Chile. The company currently reports an initial mineral resource of 2.74 million ounces gold-equivalent (2.184 M oz indicated + 0.557 M oz inferred) and is strategically targeting up to 7.5 million ounces of gold equivalent through expansion at depth and along an 8 km strike. What sets Norsemont apart is that Choquelimpie includes a fully- permitted 3,000-tonne-per-day processing plant and existing infrastructure, meaning the path to production is quicker and cash flow begins not from zero, but from a strong existing base. Norsemont is amongst the very select few junior companies which has a half dozen world class drill holes in various zones, such as; 35m @ 32.2 g/t Au, 8 g/t Ag, 24m @ 38.0 g/t Au, 148 g/t Ag and 120m @ 4.1 g/t Au, 252 g/t Ag

Advancing Production from Stockpiles and Sulphide Expansion

Norsemont's business plan embraces a dual-track development strategy. First, the company intends to process the oxide stockpiles, historically mined material with defined tonnage and attributes, and thereby generate early cash flow while systematically drilling the in-situ oxide and sulphide zones. A second line of attack involves testing deeper copper-gold porphyry potential beneath the known sulphide envelope. According to the corporate update issued on October 21, 2025, Norsemont has raised roughly $6 million from world renown strategic investors including Rob McEwen, Paul Matysek & Dr. Quinton Hennigh to support drilling, metallurgy and engineering. Key technical appointments, including David Flint (Chief Geologist) and Roman Flores (Lead Geologist, Chile), further bolster the team. Additionally, Norsemont raised $15 million in December from European and USA strategics to fund the next phase 4 drilling campaign to expand the gold and silver resources and deeper testing for the copper porphyry in 2026.

The presence of existing infrastructure (roads, power, water, camp facilities) and the 3,000 tpd mill places Choquelimpie in a favorable position. Norsemont's upcoming Phase 3 drill program is intended to deliver high impact drill results in their higher-grade zones. As well metallurgical sample results from the stockpiles, an updated plant assessment, and drill results that will serve as a precursor to engineering and feasibility studies in 2026. As CEO Marc Levy explained: "With this backing, Norsemont is well-positioned to advance drilling, metallurgy and engineering, and move toward a production scenario that can unlock substantial value for all stakeholders."

This focus on combining immediate asset utilization with longer-term expansion contrasts with many juniors that must build an entire mine from scratch. In that sense, Norsemont looks toward peers such as Rio2 Limited (TSX: RIO) (OTCQX: $RIOFF ) where the newly advancing Fenix Gold project in Chile is under construction, targeting first gold pour in January 2026. Rio2 recently reported construction is 63 percent complete and remains on schedule.

Likewise, 1911 Gold Corporation (TSX-Venture: AUMB) (OTCQB: $AUMBF ) recently announced new assay results from the surface drill program at its wholly-owned operational and fully permitted True North Gold Project, centrally located within the Company's 100 percent owned Rice Lake Gold property, southeast Manitoba, Canada. The latest assay results are from eight drill holes for 3,557 metres were highlighted by strong intersects, including 28.60 grams per tonne Au over 0.50 m; 12.69 g/t Au over 2.40 m, including 15.20 g/t Au over 0.70 m and 24.90 g/t Au over 0.70 m.

And in the United States, Revival Gold Inc. (TSX-Venture: RVG) (OTCQX: $RVLGF ) has mobilized a fourth drill rig across its Utah and Idaho gold projects, completing 70 holes totaling 7,500 meters at Mercur, more than halfway through the planned 13,000-meter program. Recent Mercur assays delivered strong results, including 3.93 g/t gold over 3 meters in RM25-099, 3.02 g/t gold over 21.1 meters in RMC25-011, and 0.78 g/t gold over 70.1 meters width in RM25-099.

Why Norsemont Stands Out

What differentiates Norsemont is the combination of a defined resource base with significant upside, existing processing infrastructure and a clear strategy toward early cash flow, rather than a purely speculative exploration story. The company stated in a phone conversation that its aim is to convert the 2.74 million ounces gold-equivalent resource and then expand toward 7.5 million ounces via deep drilling and along strike, all while reforming the stockpile and mill at Choquelimpie. From an investment-analysis standpoint, this presents two value drivers: (1) de-risked production via processing of known stockpiles (shorter lead time, simpler metallurgy) and (2) leveraged upside via resource expansion at depth and along strike.

In addition, the location in northern Chile, a jurisdiction with mining infrastructure and a historic mine at the project, adds credibility compared with greenfield projects in remote terrain. The company has detailed studies underway: metallurgical testing has been commissioned (AGS Cotecna), permitting and environmental advisors retained, and plant assessment completed by Process Minerals Consulting and Akron Ingeniería.

Importantly, the scale ambitions remain credible. If the 3,000 tpd mill is refurbished and permitted and the stockpiles processed first, cash flow can begin ahead of the larger two-phase conventional/sulphide development. The subsequent deep sulphide and porphyry potential provides optionality; they may expand resource size toward the 7.5 million-ounce target if drilling is successful. This optionality is seldom available in peers where the near-term asset is yet to be built.

Comparable Company Context

Rio2's Fenix Gold project is illustrative of a development stage model: with construction underway and first pour expected January 2026, Rio2 is entering the production zone with nearly five million ounces in its indicated resource category and the full investment package in place and sitting at a cool $1.2BN market cap, roughly 10x the current market cap of Norsemont.

1911 Gold, focused on an already-permitted operation in Manitoba, has reported drilling intercepts of up to 12.69 g/t Au over 2.40 m, suggesting meaningful exploration upside inside a smaller footprint.

Revival Gold, meanwhile, targets U.S. domestic gold production with two projects in development and recently completed a significant capital raise, solidifying its funding base and deepening its project pipeline.

Compared to these, Norsemont provides a hybrid model: some near-term cash flow potential via stockpile processing plus resource expansion upside.

Outlook

As gold prices remain elevated and investors increasingly favor assets with near-term cash-flow potential, Norsemont's Choquelimpie project presents a compelling story. The blend of existing infrastructure, defined resources and significant expansion potential offers both de-risking and upside. The next 6–12 months will be critical: results of metallurgical testing, the plant assessment, drill programs and detailed engineering will likely validate the pathway toward production. For investors focused on juniors with significant resource upside and near-term production, Norsemont merits attention.

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