Norseman Silver : Q2 2024 Corporate Presentation

Q2

2024

TSX-V:FTZ

OTCQB: FTZFF

Fitzroyminerals.com

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

TSX-V: FTZ

OTCQB: FTZFF

This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. This presentation does not constitute or form a part of, and should not be construed as an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of Norseman Silver, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

Certain information in this presentation contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively "forward-looking statements"). All statements, other than statements of historical fact are forward looking statements. Forward-looking statements are based on the beliefs and expectations of Norseman Silver as well as assumptions made by and information currently available to Norseman Silver management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, all costs varying significantly from estimates, production rates varying from estimates, changes in metal markets, changes in equity markets, the proposed use of net proceeds from private placements, availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates or metal recoveries, ability to complete future drilling programs, drilling program results varying from expectations, delays in obtaining survey results, success of future development initiatives, the completion and implementation of a preliminary economic assessment, pre-feasibility or feasibility studies, competition, operating performance, environmental and safety risks, delays in obtaining or failure to obtain necessary permits and approvals from local authorities, community relations, and other development and operating risks. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Although Norseman Silver believes that assumptions inherent in the forward- looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. For more information the reader is referred to the Company's filings with the Canadian securities regulators for disclosure regarding these and other risk factors, accessible through Norsman's profile at www.sedar.com Except as may be required by applicable securities laws, Norseman Silver disclaims any intent or obligation to update any forward-looking statement. Although Norseman Silver has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and Norseman Silver disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.

Cautionary Note About Mineral Resources

This presentation uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the Mineral Resource estimate. Readers are cautioned that: (a) Mineral Resources are not economic Mineral Reserves;

1. the economic viability of Mineral Resources that are not Mineral Reserves has not been demonstrated; and (c) it should not be assumed that further work on the stated Mineral Resources will lead to Mineral Reserves that can be mined economically. In addition, Inferred Resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for certain preliminary economic assessments.

Mineral Resources - Cautionary Note to US Investors

This presentation has been prepared in accordance with the requirements of Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (''NI 43-101'') and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. securities laws. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"), and information concerning mineralization, deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies.

Qualified Person - Technical information contained in this presentation has been reviewed and approved by Gilberto Schubert and Rene Victorino, P.Geos., "Qualified Persons" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

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DISCOVERY-FOCUSED IN CHILE AND ARGENTINA

NEW GOALS, NEW TEAM - MAJOR COPPER AND GOLD TARGETS

TSX-V: FTZ

OTCQB: FTZFF

High-impact and high-value assets with company-building potential. "Back to the drawing board" selection process. Fresh eyes, targeting clear upside. Discovery leverage to Gold, Copper, Silver metal bull markets

• Drill-readycopper project in Chile
• Strategic land package in copper fairway
• Multiple large-scale targets

Exploration Target:

>1Mt of contained Cu

0.5% Cu

Clean metallurgy

<3,000 m rsl

 High-grade gold-copper-	 Early stage gold project in
silver project in Chile	Argentina
 Infrastructure advantages	 Argentina potential
 Development potential	 Low cost, value-add phase

Exploration Target:		Conceptual Target:
>0.5 Moz gold		New gold system with
>10 g/t Au, 2% Cu		Grade
Clean metallurgy		Scale
<1,800 m rsl		Continuity

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AIMING HIGH WITH A NEW EXPLORATION TEAM

FOCUSED ON COMMERCIAL - SCALE COPPER AND GOLD DISCOVERIES

TSX-V: FTZ

OTCQB: FTZFF

CAMPBELL SMYTH

EXECUTIVE CHAIRMAN, DIRECTOR

Campbell received a Bachelor of Commerce degree from the University of Western Australia in 1990 and he holds the designation of an authorized securities representative granted by the Australian Securities and Investments Commission as of 2001. He has fifteen years of experience in managed portfolio investing (in both mutual and hedge funds) and over twenty-five years of experience in corporate financing and capital raising. Campbell is also non-executive chairman for Orange Minerals Ltd (ASX), Allup Silica Ltd (ASX) and non-executive director for Macro Metals Ltd (ASX), Amani Gold Ltd (ASX), and Nubian Minerals Ltd (TSXV)

JOHN SEAMAN, ICD.D

DIRECTOR

John is an executive with over 22 years' experience in the mining industry, from exploration through development and production. He was the Chief Financial Officer of Premier Gold Mines from August 2006 to June 2012 and Chief Financial Officer Wolfden Resources Inc. from October 2002 to May 2007. Additionally, John has been a Director and/or officer of various public companies, including currently i-80 Gold Corp, Wolfden Resources and Magna Mining. John is currently President and CEO of a large private security company and is an ICD.D member of the Institute of Corporate Directors.

MERLIN MARR-JOHNSON

PRESIDENT AND CEO, DIRECTOR

Merlin is a graduate in geology from Manchester University and holds a Master's Degree in Mineral Deposit Evaluation from the Royal School of Mines, Imperial College. He has 29 years' experience in the minerals sector, including work as an exploration geologist for Rio Tinto, an analyst for HSBC and a portfolio manager for Blakeney Management. Merlin has worked on projects in South America, Africa, Central Asia and Europe, and as CEO he has brought two companies to AIM, London. He speaks several languages, including Spanish. Merlin is also non-executive director for Salazar Resources (TSXV).

HERRICK LAU

CFO

Herrick has over 25 years' experience as an investment banking professional for initial public offerings, reverse takeovers, mergers

• acquisitions, divestitures and various financial advisory services. He is currently Managing Director of Baron Global Financial Canada Ltd., providing ongoing financial consulting and governance support services to public companies. Herrick has experience as Chief Financial Officer and director for various publicly listed companies. He obtained his bachelor's and master's degrees in Business and Economics from Simon Fraser University. He is also a charter holder of the Chartered Financial Analyst designation. Herrick is currently a member of the local advisory committee of the TSX Venture Exchange.

SEAN D. HURD

CORPORATE, DIRECTOR

Sean has over twenty years of experience in the mining exploration sector holding positions as President, CEO, Director, Investor Relations and Corporate Development with various companies including issuers listed on the TSX Venture Exchange.

MARY GILZEAN

DIRECTOR

Mary has over 25 years of experience in international mineral exploration and human resources management. She has lived and worked in Africa, Europe, and North and South America with Teck Resources and BHP Billiton. Mary is a graduate in geology from Stanford University and holds a Master's Degree in geology from the University of California, Berkeley. She has served on the boards of several non-profit organizations in the Vancouver area. Mary is also non-executive director for Salazar Resources (TSXV).

KEN McNAUGHTON

TECHNICAL ADVISOR

Ken is a professional geological engineer with over 30 years' experience. He is currently Chief Exploration Officer at P2 Gold, and he was previously Chief Exploration Officer at Pretium Resources Inc., Vice President, Exploration at Silver Standard Resources Inc. for 20 years, and employed by Corona Corporation and its affiliate Mascot Gold Mines Ltd. as a project geologist and engineer. Ken holds a Bachelor of Applied Science degree and a Master of Applied Science degree in geological engineering from the

University of Windsor.

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PIVOT TO CHILE AND ARGENTINA

UNPARALLELED COPPER ENDOWMENT AND INDUSTRY CAPABILITY IN CHILE

TSX-V: FTZ

OTCQB: FTZFF

• Chile is the global leader in copper mining
• 2023 congress elections - conservative landslide
• Fitzroy has secured two options:
• The Caballos Copper Project
• The Polimet Gold-Copper-Silver project

• Argentina is attracting fresh exploration investment
• New President Milei likely to be supportive towards foreign direct investment
• Under-explored,significant discovery potential
• Taquetren project , grass-rootsgold mineralization

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CABALLOS COPPER - SURROUNDED BY MAJORS	TSX-V: FTZ
OTCQB: FTZFF

DRILL-READY TARGET MID-WAY BETWEEN GIANTS, LOS PELAMBRES AND LOS BRONCES

210 km

By road to Santiago

18,000 Ha

Strategic licences

2,200 m rsl

Main anomaly

1,200 m long

IP, soil, rock anomaly

>10 km of

'Pocuro Fault Zone'

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CABALLOS NORTH: AT SURFACE, PREPARED BY VALE

>1 Mt Cu EXPLORATION POTENTIAL, SIMPLE MINERALOGY, SIMPLE GEOMETRY

TSX-V: FTZ

OTCQB: FTZFF

IP pole-dipole survey (Quantec) 1998:	200 x 50 soil grid
"Line to line correlation…	">1.2 km continuous anomaly
…Potentially economic size…	…Cu and associated Au & Mo…
…Continues to depth, possibly widening"	…felsic intrusive, Cu oxides and chalcopyrite"
Felsic intrusive with Cu oxide	Altered, covered felsic intrusives

	Mineralized felsic intrusion:
	"~ 200 x 1000 m…
	…altered, covered by colluvium…
…rock chips up to 0.7% Cu, 0.2 g/t Au 63 ppm Mo"
	PIT 2: up to 7260 ppm Cu,180 ppb Au and 63 ppm Mo
	Colluvium
	Cu anomaly
	So
	il
m
1000	Cu anomaly
	Soil
	150 m
IP pole-dipole sections with Cu soil anomaly

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POCURO FAULT ZONE CORRIDOR

HIGHLY MINERALIZED AND PROSPECTIVE

TSX-V: FTZ

OTCQB: FTZFF

Miocene Intrusives

Chacay area: Cu-Auwith some Au associated with porphyry

Loma La Crianza: partially mapped Cu oxides

Caballos North: Cu-Mo-Au anomaly associated with felsic intrusive.

Section of Pocuro Fault with several Cu-Zn-bearing hydrothermal breccias

Abundant copper

Prospective western corridor across licence

10 km

Cu associated with stocks and hydrothermal

Caballo South hydrothermal breccia

Polymetalic Vein (Cu-Au-Zn-Pb)

LEGEND

Anomalous Zones

		Copper	Structures
		Gold	Intrusives
		Moly
		Zinc	Samples
		Lead
		Arsenic
	0	2	4 km

breccias

Regional exploration potential

Average of all samples in the property is 850 ppm Cu - highly anomalous area

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OPTION TO OWN 100% - CONTINGENT ON WORK & RESULTS

DISCOVERY POTENTIAL IN YEAR 1

US$1 M (12 holes)

YEAR 1

			WORK
	US$4 M
	YEARS 2-4

US$2 M purchase payment

YEAR 5

3% NSR

with 1.5% clawback right for US$7.5 M

US$2/t resource payment

At a construction decision, per tonne of contained copper

TSX-V: FTZ

OTCQB: FTZFF

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POLIMET AU-CU-AG - HIGH GRADE EPITHERMAL	TSX-V: FTZ
OTCQB: FTZFF

THE NEXT LOGICAL DEPOSIT FOR DEVELOPMENT IN AN ESTABLISHED MINING DISTRICT

170 km

By road to Santiago

1,860 Ha

13 km S of 1

Moz El Bronce

~1,800 m rsl

Good Infrastructure

~5 km long

Mapped vein system

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