HIGHLIGHTS

• Recent RC drilling at Nunyerry North has extended the high-grade Main Lode to 500 m strike/plunge and intersected high-grade gold along the Estrid Fault.
• Standout intercepts from the 34 hole, 3,942m program include:
  • 13 m at 2.68 g/t Au from 66 m, including 3 m at 10.41 g/t Au from 66 m (NC046)
  • 11 m at 2.20 g/t Au from 84 m, including 1 m at 18.06 g/t Au from 86 m (NC046)
  • 17 m at 1.85 g/t Au from 25 m, including 7 m at 3.55 g/t Au from 25 m (NC063)
  • 9 m at 2.52 g/t Au from 87 m, including 2 m at 8.89 g/t Au from 92 m (NC061)
  • 2 m at 7.38 g/t Au from 42 m (NC051)
• At the Egina Joint Venture, De Grey Mining (ASX: DEG) continues key exploration activities at the Becher Project, with drilling at Heckmair, Lowe and Whillans, southwest of De Grey’s 12.7¹ Moz Hemi Gold Project.
• Further southwest, exploration work being conducted by Novo has commenced on multiple high priority targets along the ~ 60 km long fertile Tabba Tabba Shear Corridor.
• Novo has executed a Determination Wide Aboriginal Heritage Protection Agreement with Kariyarra Aboriginal Corporation covering approximately 1,700 sq km of Novo’s tenure in the Egina Gold Camp. This includes tenements under the Egina farm-in and Joint Venture with De Grey and enables access to crucial land to undertake exploration activities.
• The Agreement with the Kariyarra Aboriginal Corporation will also facilitate the grant of tenement E47/4703, at the Balla Balla Gold Project, where Novo intends to complete aircore drilling on priority orogenic and intrusion-related gold targets near the regional Sholl Shear Zone.

Q4 2024 exploration activities will be focused on drilling at Balla Balla, and field-based activities at Miralga in the East Pilbara².

Commenting on the latest exploration programs across the company’s gold project portfolio in the Pilbara, Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said, “We continue our strong exploration program across key gold targets in the Pilbara. The drilling results at Nunyerry North are very promising and we look forward to assessing the complete program and establishing the next set of work activities.”

“Our Egina Joint Venture partner, De Grey Mining, continues targeted exploration programs across key prospects at the Becher Project. De Grey has completed approximately 36,000 m of combined aircore and RC drilling at Becher to end July 2024 and plans to continue to drill across the Heckmair, Lowe and Whillans targets over the coming months. Our Egina JV tenements are considered highly prospective for significant intrusion-related gold deposits and shares similar attributes to the nearby 12.7 Moz Hemi Gold Project.”

Novo Resources Corp. (ASX: NVO) (TSX: NVO) (OTCQX: NSRPF) is pleased to provide an exploration update on programs at the Egina Gold Camp and Balla Balla Gold Project, including results from RC drilling at Nunyerry North (Figure 1) and the recent Determination Wide Aboriginal Heritage Protection Agreement with the Kariyarra Aboriginal Corporation which will allow for on ground exploration to commence at Balla Balla and ongoing work by De Grey on the Becher Project at the Egina farm-in and Joint Venture.

Novo has been exploring the Mallina Basin and adjacent areas in the Pilbara since 2017, focusing on gold prospectivity but also with a view to adding value through lithium, base metals and other commodities.

This work culminated in 2023 with considerable success delivered from drilling at Nunyerry North and through the completion of transformative deals with De Grey Mining  (the Egina farm-in and Joint Venture) and Sociedad Quimica y Minera de Chile S.A. (the Harding Battery Metals Joint Venture). These strong JV partnerships give Novo exposure to a new discovery through JV partner expenditure and allows Novo to focus on progressing exploration across targeted prospects in the Pilbara and Victoria and advance assessment of project generation opportunities.

Figure 1: Novo Tenure in the Central Pilbara showing the Egina Gold Camp and Balla Balla Gold Project

EGINA GOLD CAMP

The Egina Gold Camp is a contiguous tenement package, covering a series of structurally complex, gold-fertile corridors, transecting the Mallina Basin in the north and mafic / ultramafic sequences further south.

These corridors are part of the regional structural architecture that encompasses De Grey’s 12.7 Moz Hemi Gold Project (Hemi)³ to the northeast. This tenure has been one of the main focus areas of Novo’s exploration programs over the last eighteen months, culminating in the Egina JV, and delineation of the Nunyerry North orogenic gold prospect in 2023.

Nunyerry North

First pass drilling at Nunyerry North in late 2023⁴ was restricted to a central zone of structurally controlled outcropping quartz veins with high-grade gold rock chip results (Figure 2).

Figure 2: Nunyerry North geological interpretation, showing 2023 and 2024 drilling completed

Drilling generated significant intercepts in Main Lode #1 in a shallow plunging shoot within a brittle basalt unit, between two significant shear zones. Other mineralised lodes were identified below the Main Lode #1, but are structurally blind, and do not outcrop at surface.

Best results from the 2023 RC program include:

• 6 m at 6.12 g/t Au from 37 m, including 5 m at 7.28 g/t Au from 37 m (NC017)
• 11 m at 2.52 g/t Au from 22 m, including 6 m at 4.19 g/t Au from 22 m (NC014)
• 13 m at 1.89 g/t Au from surface, including 4 m at 2.56 g/t Au from 3 m (NC004)
• 4 m at 5.71 g/t Au from 40 m, including 3 m at 7.47 g/t Au from 41 m (NC015)
• 17 m at 1.34 g/t Au from 37 m, including 4 m at 3.77 g/t Au from 50 m; 18 m at
  0.60 g/t Au from 75 m and 7 m at 1.78 g/t Au from 59 m (NC022) – highlighting significant mineralisation over a 55 m intercept.

Novo recently completed a follow-up RC drill program of 34 holes for 3,942 m aimed at extending known mineralisation in the Main Area and at testing other more regional targets defined by soil sampling, mapping and rock chip sampling (Figure 2). These regional targets included the Estrid Fault, west of the Aurora Fault and a porphyry unit south of the Skadi Shear (‘Porphyry’).

Angled drill holes ranged from 66 m to 192 m in depth (average 116 m) and were drilled on 40 m to 80 m spaced sections. All holes were drilled oriented perpendicular to the interpreted mineralised trend, with the intersected widths representative of the true width of the mineralisation unless noted otherwise.

Main Area – Drilling was designed to extend mineralisation along strike to the east of, and down plunge of the Main Lode #1 and to understand the context of previous high-grade intercepts in the east of the area drilled in 2023. Best results (Figure 3) from the latest drilling include:

• 9 m at 2.52 g/t Au from 87 m, including 2 m at 8.89 g/t Au from 92 m (NC061)
• 2 m at 7.38 g/t Au from 42 m (NC051)
• 11 m at 1.26 g/t Au from 85 m, including 4 m at 2.31 g/t Au from 85 m (NC053)

See Appendix 1 for hole details and Appendix 2 for complete assay results.

Drilling has extended known mineralisation by 250 m to approximately 500 m in strike (Figure 3). NC061 intersected the Main Lode # 1 approximately 100m down plunge of 2023 drilling extending the plunge extent to over 300m. An additional mineralised shoot is also interpreted towards the east, possibly related to a splay fault recognised from chips and surface mapping. Mineralisation is still open to the east and at depth.

Anomalous and significant results from the current program are currently being re-analysed by multi-pot PhotonAssay™. The larger sample methodology may better resolve any coarse gold component. These assays are pending.

Figure 3: Nunyerry North long section (looking NNW) showing m x g/t Au (downhole width)

Estrid Fault

Three holes were drilled into the Estrid Fault target where high-order soil anomalies and surface alteration and veining defined the mineralised corridor. All three holes generated significant gold intercepts, including:

• 13 m at 2.68 g/t Au from 66 m, including 3 m at 10.41 g/t Au from 66 m (NC046)
• 11 m at 2.20 g/t Au from 84 m, including 1 m at 18.06 g/t Au from 86 m (NC046)
• 2 m at 6.30 g/t Au from 15 m (NC062)
• 17 m at 1.85 g/t Au from 25 m, including 7 m at 3.55 g/t Au from 25 m (NC063)

See Appendix 1 for hole details and Appendix 2 for complete assay results.

Hole NC046 intersected strong silica-sericite alteration (Figure 4).

Figure 4: NC046 drill chips showing altered basalt, labelling assay result (Au, top) and mineral / alteration intensity / vein percent (bottom).

None of the drilling was at optimal angles due to the terrain and these holes may have drilled at low angles to mineralisation along the fault, although true orientation of mineralisation cannot be determined at this stage. Mineralisation is open along strike for several hundred metres.

Porphyry Target – Three holes were drilled into the Porphyry target where Novo rock chip samples have returned several positive results from brecciated quartz veins⁵. The porphyry is up to 1 km long by 85 m wide in outcrop and disseminated pyrite is common throughout, with areas showing up to 5% disseminated to blebby pyrite.

Drilling intersected a porphyritic rhyolite to rhyodacite with pyrite (+/- chalcopyrite) mineralisation, with a best result of 7 m at 0.1 g/t Au, coinciding with elevated pXRF assays on RC powder of up to 0.21% Cu.

Results to date do not warrant immediate follow up in the direct target area. However anomalous Au and Cu results are encouraging for exploration prospectivity in the district, as porphyry style mineralisation was not previously recognised in this area.

Aurora West – A broad soil anomaly was tested at Aurora West, in stratigraphy interpreted to be the offset basalt host to mineralization at the Main Lode #1. Whilst quartz veins and minor sulphide were intersected in a number of holes, no significant intercepts were recorded.

Egina JV Update

De Grey is currently progressing the first stage of its earn-in at the Egina JV, with a minimum spend of A$7 million to be completed in 18 months (December 2024). De Grey needs to invest up to A$25 million on exploration at Becher and adjacent tenements within 4 years to earn a 50% direct interest in the JV.

Follow-up aircore and RC drilling programs commenced at Novo’s flagship Becher Project by De Grey in late May 2024, with two rigs concurrently conducting a proposed approximate 28,000 m combined drill program. The RC drill program is focussed initially at Heckmair and has been designed to follow up on encouraging results at Lowe, Heckmair, and Whillans.

The AC drill program has commenced at Lowe and aims to provide better geochemical coverage over structural and intrusion targets. At 30 June 2024, a total of 38 RC holes for 4,975 m and 201 AC holes for 16,955 m had been completed. Results are expected in late Q3 2024.

Tabba Tabba Shear Corridor

The Tabba Tabba Shear Corridor is a deep NE trending mantle tapping structure/series of structures in the Southern Egina Gold Camp (Figure 1) and host to numerous gold occurrences.

The 60 km strike of the Tabba Tabba Shear Corridor on Novo tenure (Figure 5) is underexplored, as access is difficult and significant parts of the corridor are covered with shallow alluvium, colluvium and sand, and part of the corridor is overlain by Fortescue Group Basalt.

Novo have recently completed a re-interpretation of the corridor utilising new advances in understanding from geology, geochemistry, and remote sensing/geophysics, and based on results from Nunyerry North, previous reconnaissance style exploration during 2019 to 2023 and the understanding of Hemi. Several conceptual targets have been identified, with most having received little to no historical exploration.

Figure 5: Tabba Tabba Shear Corridor

Conceptual targets focus on structural intersections of faults and shears within the Tabba Tabba Shear Corridor, particularly where folded stratigraphy and / or minor intrusions are noted.

The Kilkenny prospect was explored by Kilkenny Gold NL (Kilkenny) in the late 1990s and comprised several short costeans and 18 shallow percussion holes for a total of 530 m drilled, following up a coherent gold in soil anomaly. Despite the very small program, Kilkenny returned best costean samples of 8 m at 4.2 g/t Au, 8 m at 2.1 g/t Au, and drilling results of 5 m at 5.0 g/t Au from 9 m (ACN05) and 5m at 1.7 g/t Au from 14 m, including 2 m at 3.5 from 14 m (ACN13)⁶.

See Appendix 3 for hole details and Appendix 4 for complete assay results.

At Teichman Top, several historic workings are present, and modern exploration includes results of 25.5 g/t Au and 32.3 g/t Au from rock samples⁷. This prospect is located within the Yandeyarra Reserve and has not been accessible in recent years due to the requirement to complete access agreements.

Drilling and surface sample results may not be representative of mineralisation in the district.

Novo has recently commenced mapping and surface sampling over prospective parts of the Tabba Tabba Shear Corridor to delineate targets for potential future drill testing. The initial program comprises six mapping areas and approximately 1,200 surface soil samples, with opportunistic rock and stream sediment samples where appropriate.

BALLA BALLA GOLD PROJECT

The Balla Balla Gold Project (Figure 6) includes Novo granted tenements and tenement applications immediately north of the Egina Gold Camp (Figure 1) and overlaps with the Kariyarra and Ngarluma / Yindjibarndi Native Title Determination areas.

Novo reports that a Determination Wide Aboriginal Heritage Protection Agreement (the Agreement) has been signed between Novo and the Kariyarra Aboriginal Corporation. The execution of this Agreement streamlines the interactions between Novo and the Kariyarra People and confirms Novo’s commitment to open, honest and transparent dealings with the Traditional Owners of the Pilbara Region. The Agreement also provides for compensation payments for the benefit of the Traditional Owners which are customary and in line with normal commercial terms for similar agreements of this nature.

The Agreement enables the grant of tenement application E47/4703 at Balla Balla, which is prospective for gold, base metals, and lithium mineralisation. A cultural site avoidance heritage survey has already been completed with Kariyarra, jointly organised by Novo and SQM with a final report expected within the next few weeks. This survey will enable AC drilling to commence after the grant of the tenement.

The Balla Balla Gold Project covers a significant flexure of the Sholl Shear Zone, a major crustal suture between the Central Pilbara Tectonic Zone and the Karratha Terrane. The Sholl Shear Zone is a NE – SW striking mylonite zone, trending parallel to the Mallina Shear and Tabba Tabba Shear Corridor, with a series of linking structures, including the Loudens Fault and Wohler Shear. Novo holds approximately 60 km of strike length over the Sholl Shear Zone at Balla Balla, including several splay structures.

Figure 6: Balla Balla Project geology showing Sholl Shear Zone corridor and complex folded stratigraphy

The Sholl Shear Zone and surrounds are prospective for orogenic and intrusion related gold, base metal mineralisation and lithium, and Novo intends to rapidly progress exploration by regional AC traverses over key targets.

Novo retains upside to this lithium potential with the HBMJV, where SQM have paid A$10M for a 75% interest in five of Novo’s tenements. Under the HBMJV, SQM will be the manager and Novo is free carried until a decision to mine. Novo also retains the gold, silver, PGE, and copper / lead / zinc mineral rights⁸.

Balla Balla AC Drilling

Several conceptual targets on Novo’s tenure have been identified through comprehensive analysis and interpretation of geophysical and remote sensing data, existing geochemical datasets and searches through historic reporting over the broader area. Many of these targets have received little to no historical exploration presenting new opportunities for discovery and development.

Tenement application E47/4703 shows significant geological complexity in magnetic data in proximity to the deep mantle tapping Sholl Shear Zone. South of this shear, the stratigraphy comprises interbedded varying sedimentary units of the Mallina Formation and to the north is a fault-bound wedge of Mallina Formation adjacent to felsic volcaniclastics and porphyry dacites & rhyolites of the Red Hill Volcanics. These are also intruded by the young mafic-ultramafic rocks of the Sherlock Intrusion and crosscut by late dolerite dykes (Figure 6).

The complex geological setting and evidence of folded stratigraphy in a potential extension of the Loudens Fault provides a compelling region for a first pass AC drilling program primarily targeting gold and copper mineralisation. Novo has designed a preliminary 8,000 m AC program pending tenement grant and finalisation of the heritage survey. Drilling is expected to commence in Q4 2024.

The program comprises regional drill lines to test approximately 10 km of target strike extent. Lines are designed at a nominal spacing of 320 m or 640 m, preferentially targeting interpreted structures and fold closures. This program will utilise the same refined and optimised in-field sampling methodology and dispatch as that used at the Becher Project during 2023 AC drilling. The technique led to rapid sample collection, dispatch and laboratory turnaround times.

This program is aimed at determining bedrock geochemistry to generate a coherent litho-geochemistry dataset driving geological understanding and enabling identification of mineralogical systems and their primary controls.

ANALYTIC METHODOLOGY

Nunyerry North RC chips were split directly off the cyclone on the drill rig at one metre intervals and sent to Intertek Genalysis in Perth, Western Australia with the entire sample smart crushed to -3 mm (NVO02 prep code), with a 500 g split sample analysed for gold using PhotonAssay™ (PHXR/AU01). Remaining drill spoil was retained on site in numbered green bags.

QA/QC for RC samples are inserted at the rate of 2 x 600 g standards per 100, 2 x 600 g blanks per 100 and 4 duplicates per 100, providing a total of 8% QA/QC. Field duplicates are collected from the cone splitter at the time of drilling. Intertek also inserts PhotonAssay™ blanks and certified standards at the rate of 4 per hundred.

All significant sample intervals greater than 0.3 g/t Au or part of an interval that falls within an interpreted mineralisation shape were resubmitted for multiple PhotonAssay™ analysis. This comprised a total of 265 samples, selected from remaining crushed material available in the laboratory, averaging four pots per analysis. Samples were analysed ‘in full’ by splitting the crushed material into multiple PhotonAssay™ jars (PHXR/AU01) with a maximum of five jars.

Kilkenny constructed trenches through soil and rubble to ensure sampling could target rock in situ. Samples were collected by hand over two metre intervals along the trench and perpendicular to stratigraphy, with most costeans approximately 20 metres long. Samples were submitted to Genalysis Laboratories and analysed for gold via Fire Assay (AAS, 0.01 g/t detection limit).

Drilling by Kilkenny was completed with a 600cfm/250psi AC hammer rig, with each meter captured in green bags which have since been rehabilitated. From the green bags, four metre composite samples were speared and submitted to Genalysis Laboratories and analysed for gold via Fire Assay (AAS, 0.01 g/t detection limit). Composites greater than 1 metre were speared on site and resubmitted for re assay.

Kilkenny does not report duplicate samples or insertion of CRMs or blanks, and historical results are not considered representative of mineralisation in the district.

QP STATEMENT

Mrs. Karen (Kas) De Luca (MAIG), is the qualified person, as defined under NI 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information contained in this news release. Mrs De Luca is Novo’s General Manager Exploration.

There were no limitations to the verification process and all relevant data and records were reviewed and verified by a qualified person (as defined in NI 43-101).

JORC COMPLIANCE STATEMENT

The information in this news release that relates to exploration results for Novo’s gold project portfolio in the Pilbara is based on information compiled by Mrs De Luca, who is a full-time employee of Novo Resources Corp. Mrs De Luca is a Competent Person who is a member of the Australian Institute of Geoscientists.

Mrs De Luca has sufficient experience that is relevant to the style of mineralisation and the type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mrs De Luca consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

The information in this news release that relates to previously reported exploration results at Nunyerry North is extracted from Novo’s announcement titled Upgraded Nunyerry North Drill results deliver high-grade intercepts up to 6.12 g/t Au released to ASX on 27 March 2024 and which is available to view at www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original news release, and that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market.

ABOUT NOVO

Novo is an Australian based gold explorer listed on the ASX and the TSX focused on discovering standalone gold projects with > 1 Moz development potential. Novo is an innovative gold explorer with a significant land package covering approximately 6,700 square kilometres in the Pilbara region of Western Australia, along with the 22 square kilometre Belltopper project in the Bendigo Tectonic Zone of Victoria, Australia.

Novo’s key project area is the Egina Gold Camp, where De Grey Mining (ASX: DEG) is farming-in to form a JV at the Becher Project and surrounding tenements through exploration expenditure of A$25 million within 4 years for a 50% interest. The Becher Project has similar geological characteristics as De Grey’s 12.7 Moz Hemi Project⁹. Novo is also advancing gold exploration at Nunyerry North, part of the Croydon JV (Novo 70%: Creasy Group 30%), where 2023 exploration drilling identified significant gold mineralisation. Novo continues to undertake early-stage exploration across its Pilbara tenement portfolio.

Novo has also formed lithium joint ventures with both Liatam and SQM in the Pilbara which provides shareholder exposure to battery metals.

Novo has a significant investment portfolio and a disciplined program in place to identify value accretive opportunities that will build further value for shareholders.

Please refer to Novo’s website for further information including the latest corporate presentation.

Appendix 1 – Nunyerry North 2024 RC drill hole locations in MGA_2020, zone 50

Appendix 2 – Nunyerry North 2024 RC drill results at a 0.3 g/t Au cut-off and 3 m internal dilution. Higher grade sections are at a 1.0 g/t Au cut-off and 1 m internal dilution.

Appendix 3 – Kilkenny 1998 Costean and Drill Collar locations in MGA_2020, zone 50, converted from AGD 84, zone 50.

Appendix 4 – Kilkenny 1998 AC drill results and costean results at a 0.3 g/t Au cut-off and 3 m internal dilution. Higher grade sections are at a 1.0 g/t Au cut-off and 1 m internal dilution.