Star Metro - Norsemont Announces Restatement of Financial Statements

The need for restatement with respect to the classification of convertible debentures and related derivative financial liability was identified by management in connection with the Company's issuance of 10,929 convertible debentures (the "2025 Debentures"). The 2025 Debentures were issued pursuant to a private placement which closed in two tranches on December 18 and 22, 2025, with each 2025 Debenture having a principal amount of $1,000 and a maturity date of three years from issuance. The 2025 Debentures and related derivative financial liability were originally classified as non-current liabilities in the 2025 Annual Statements and 2026 Q1 Statements. Upon further review by the Company's auditor, it was determined that the 2025 Debentures and related derivative financial liability should be classified as current liabilities. More information regarding the 2025 Debentures is available in the Company's news releases dated December 21, 2025, and December 23, 2025 posted under the Company's profile on the CSE website.

The net effect of the foregoing restatement on the consolidated statement of financial position of the Company as at December 31, 2025 will be an increase in current liabilities by an aggregate amount of $15,168,374, consisting of increases of $2,587,480 attributable to convertible debentures and $12,580,894 attributable to derivative liability, and corresponding decreases to non-current liabilities in the same amounts. The net effect of the restatement on the consolidated statement of financial position of the Company as at March 31, 2026 will be an increase in current liabilities by an aggregate amount of $22,899,176, consisting of increases of $3,790,130 attributable to convertible debentures and $19,109,046 attributable to derivative liability, and corresponding decreases to non-current liabilities in the same amounts.

Management further identified the need for restatement with respect to royalties payable to Minera Altiplano and Minera Choquelimpine in connection with the Company's Choquelimpie Project. These royalties were previously disclosed by the Company in its technical report filed on SEDAR+ on May 16, 2025, but were not described in the 2025 Annual Statements and 2026 Q1 Statements. Upon further review by the Company's auditor, it was determined that descriptions regarding these royalties should be included in the notes to the 2025 Annual Statements and 2026 Q1 Statements.

In connection with the foregoing, the Company intends to amend and restate its 2025 Annual Statements and its 2026 Q1 Statements, as well as its Management's Discussion and Analysis with respect to such periods (collectively, the "Restated Documents") and to file the Restated Documents on SEDAR+ along with re-filed Chief Executive Officer and Chief Financial Officer certifications with respect to such periods. Accordingly, investors should no longer rely upon the Company's previously released financial statements for these periods and other financial data relating to these periods.

The re-filed financial statements will include note disclosure that contains details of the effect of the restatement for the periods indicated. The Company does not expect that there will be any change to total liabilities, shareholders' equity, net loss, comprehensive loss, loss per share or cash flows for the periods indicated. The foregoing amounts are preliminary unaudited estimates that are based on currently available information and are subject to change during the course of the Company's restatement process.

The Company expects to file the Restated Documents on or before the filing deadline for the Company's Q2 interim financial statements, being August 31, 2026.

On Behalf of the Board,

NORSEMONT MINING INC.

Charles Ross
CFO

About Norsemont Mining Inc.

Norsemont Mining is led by an experienced team of natural resource professionals focused on advancing its flagship Choquelimpie Gold‑Silver‑Copper project through to feasibility. Norsemont Mining owns a 100% interest in the Choquelimpie project in northern Chile, a past producing gold and silver mine with exploration upside. Norsemont is committed to responsible, sustainable development and modern exploration practices to unlock further value for shareholders and stakeholders.

For more information, please contact the Company at: [email protected]
Investor Relations: Paul Searle (778) 240-7724

Follow Norsemont Mining:
X: @norsemont
LinkedIn: @norsemontmining
Facebook: @norsemontmining
YouTube: @norsemontmining

Forward-Looking Statements

Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the Company's current understanding of the reasons required for the restatement of the financial statements and corresponding management and discussion analysis, the nature and magnitude of the restatement, the accounting work required to complete the restatement, and the intended timing for the publication of the Restated Documents.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks related to the Company's ability to prepare and file the Restated Documents in a timely manner, risks related to potential regulatory or exchange queries in connection with the Restated Documents, and risks related to the possibility of further or expanded restatement of the financial statements and corresponding management and discussion analysis being identified as part of the restatement process.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake any obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

SOURCE: Norsemont Mining, Inc.

View the original press release on ACCESS Newswire

S.Cloutier--SMC