HIGHLIGHTS

• More than 10,500 m of combined aircore and reverse circulation drilling completed by De Grey Mining (ASX: DEG) at the Becher Project in Q4 2023, as part of the Egina earn-in/JV
• RC drilling at Lowe confirmed gold mineralisation associated with a deformed intrusive sill, with a best intercept of 8 m at 4.74 g/t Au from 96 m, including 3 m @ 11.88 g/t Au from 100 m (MSRC0031)
• Follow-up RC drilling into a base metal-gold corridor previously defined by Novo at Heckmair, intersected a significant zone of base metal-gold mineralisation from the two RC holes targeting the corridor. Results include:
  • 10 m @ 0.12 g/t Au, 29.7 g/t Ag, 0.3% Cu, 1.5% Pb and 1.8% Zn from 40 m (MSRC0016)
    including 3 m @ 0.20 g/t Au, 59.8 g/t Ag, 0.9% Cu, 2.4% Pb and 2.2% Zn from 47 m
  • 24 m @ 0.2 g/t Au, 13.2 g/t Ag, 0.1% Cu, 1.0% Pb and 0.1% Zn in hole MSRC0017 from 105 m (MSRC0017)
    including 6 m @ 0.48 g/t Au, 20.8 g/t Ag, 0.2% Cu, 1.4% Pb and 2.8% Zn from 105 m
• The base metal corridor trends WNW through the Heckmair intrusion, with broad intervals of anomalous base metals and low-level gold mineralisation mapping a fault to over 1.5 km in strike
• Resampling of anomalous gold zones from Novo’s 2023 AC program completed by De Grey, has verified broad zones of gold anomalism associated within granitic intrusions
• De Grey plans to target the Becher area with follow up AC and RC drilling to be completed at priority targets Heckmair and Lowe in 2024

Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said, “This set of results from the recent drilling is very exciting.

“De Grey has a total of 39,000 m of drilling planned under this program. This ground is going to get some focused exploration attention with De Grey required to spend up to A$25 million at Becher and adjacent tenements within 4 years, to earn a 50% direct interest in the Egina JV. In this programme, a minimum $7 million will be spent within 18 months, so we expect a good flow of results going forward.

What excites us the most at Novo is that the Egina JV tenements are considered highly prospective for significant intrusion related gold deposits, with similar attributes to the 12.7 Moz Au (JORC 2012) Hemi Gold Project. De Grey understand the enormous potential of this ground, and this is just the start of an exciting exploration partnership.”

Novo Resources Corp. (ASX: NVO) (TSX: NVO & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on drilling results at the Becher Project, which is part of the Egina earn-in and joint venture with De Grey Mining (ASX:DEG).

De Grey commenced AC and RC drilling at the Becher Project in Q4 2023, testing the Heckmair and Lowe intrusions, and the Irvine and Bonatti shear corridors, with over 10,500 m completed to date.

Figure 1: Location of Novo tenements, the Egina JV area and priority projects in the Pilbara

EGINA GOLD CAMP

The Egina Gold Camp is Novo’s highly prospective gold belt in the Pilbara and includes the priority Becher and Nunyerry projects (Figure 1). This belt comprises a series of structurally complex, gold-fertile corridors, hosted by rocks of the Mallina Basin in the north and mafic / ultramafic sequences further south. These corridors trend towards De Grey’s 12.7 Moz Au (JORC 2012) Hemi Gold Project¹ to the north and northeast.

Novo’s tenure forms a contiguous package of approx. 80 km strike length directly along this trend and has been one of the main focus areas for Novo’s exploration programs over the last eighteen months, culminating in the Egina JV with De Grey and delineation of the Nunyerry North gold prospect.

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¹ _{Refer to De Grey’s public disclosure record for further details including news release Hemi Gold Project Resource Update, 21 November 2023, relating to De Grey’s Hemi. Withnell and Wingina mining centres. No assurance can be given that a similar (or any) commercially viable mineral deposit will be determined at Novo’s Becher Project.}

EGINA JV AND BECHER PROJECT

Novo’s early-stage reconnaissance work at Egina successfully identified the Becher Project as highly prospective and a high priority. The Company commenced AC drilling in late 2022 continuing into 2023, generating excellent results and indicators of potential discovery success. In June 2023, De Grey recognised the potential of Becher as a key growth asset and entered into the Egina JV under which De Grey will fund an exploration program over a four-year period for a spend of up to A$25 million, earning a 50% interest in the project.

Since commencing field work on the Egina JV ground in August 2023, De Grey has completed 7,536 m of AC drilling (271 collars) across several greenfields targets (Appendix 2).

In addition, ongoing interpretation of Novo’s previous AC program yielded three priority targets based on gold and base metal anomalism, warranting a follow up program of 4,154 m of RC drilling (29 collars) (Appendix 2), which was completed at the Lowe, Heckmair and Irvine targets. No significant results (>0.1 g/t Au) were returned from AC drilling at Irvine or Bonatti, although RC hole MSRC0030 at Irvine returned 1 m @ 6.3 g/t Au (Appendix 1 – Table 1).

Lowe

Lowe is located ~20 km WSW of Hemi. The prospect includes an interpreted 5.2 km long, synclinal layered sill, fractionated from pyroxenite at the base up to gabbro and diorite. It is substantially thicker on the northern side of the syncline and likely truncated by a fault and juxtaposed with altered metasediment to the south.

A small RC drilling program of 10 holes (1,786 m) was completed by De Grey in late 2023. This drilling intercepted mineralisation in two holes in what is interpreted to be the same structure (Figure 2). 8 m at 4.7 g/t Au from 97 m was intersected in hole MSRC0031, and 4 m at 0.6 g/t Au from 144 m was intersected in MSRC0032 (Appendix 1 – Tables 1 and 3). Mineralisation is hosted within strongly foliated and sheared pyroxenite and gabbro with prominent sericite alteration, quartz veining and pyrite.

Planning of follow up drilling in 2024 is underway.

Figure 2: Cross section at Lowe showing interpreted geology with recent intercepts

Heckmair

After commencing the earn-in with Novo, De Grey undertook a comprehensive program of field reconnaissance and re-splitting 4 m composite samples of historic drilling where anomalous gold or base metals had been intercepted.

Interpretation of geophysics, geochemistry and geological data highlighted elevated gold and Pb-Zn-Ag values in AC drilling within the Heckmair intrusive body, associated with a 1.5 km long, WNW-trending fault zone which De Grey interpreted from aeromagnetic data (Figure 3).

Figure 3: Heckmair Prospect – aeromagnetic/gravity images with bottom of hole lead anomalism in AC drilling

A follow-up RC program comprising 19 holes (2,368 m) returned strong base metal results (Appendix 1 – Tables 2 and 3) including:

• 10 m @ 0.12 g/t Au, 29.7 g/t Ag, 0.3% Cu, 1.5% Pb and 1.8% Zn from 40 m (MSRC0016)
  including 3 m @ 0.20 g/t Au, 59.8 g/t Ag, 0.9% Cu, 2.4% Pb and 2.2% Zn from 47 m
• 24 m @ 0.2 g/t Au, 13.2 g/t Ag, 0.1% Cu, 1.0% Pb and 0.1% Zn in hole MSRC0017 from 105 m (MSRC0017)
  including 6 m @ 0.48 g/t Au, 20.8 g/t Ag, 0.2% Cu, 1.4% Pb and 2.8% Zn from 105 m

The best gold intercept from the RC drilling was 2 m at 2.8 g/t Au in hole MSRC0013.

De Grey note other deposits and prospects within the Mallina Basin show that base metal anomalism can be associated with gold mineralisation.

The Heckmair Fault shows evidence for broad-scale fluid flow within a fault conduit with favourable scale, and De Grey considers it to be a priority target, with follow up RC drilling planned for 2024.

Figure 4: Heckmair cross section (619120E)

ANALYTICAL METHODOLOGY – AC DRILLING

AC drilling is utilised as a first pass technique testing for gold mineralisation and anomalous pathfinder geochemistry in basement rocks under cover. The drilling methodology is rapid and low cost, with a low impact footprint, enabling large systematic programs to be completed in a cost effective and timely manner.

One metre AC drill samples are collected from the drill rig through a cyclone and placed on the ground in piles for geological quantitative and qualitative logging. These piles are then speared as four-meter composites.

All AC chip samples were sent to ALS in Perth, Western Australia and each sample was dried, split, crushed and pulverised to 85% passing 75µm. 11 elements assayed with aqua regia mass spectrometry (ALS Lab Code ME-MS43) with an additional 29 elements assayed with aqua regia ICP-AES finish (ALS Lab Code ME-ICP43), and trace-level gold by 25 g aqua regia (ICP-MS). All aircore holes end with a 1 m bottom of hole sample using the ME-MS61 method with Au by 30 g fire assay (Au-ICP21). Anomalous aircore composites, greater than 0.1 ppm gold over 4 m, are re-split to 1 m samples and were assayed using 30 g Au fire assay with ICP finish (ALS Lab Code, Au-ICP21) and high-grade results >10 ppm Au were assayed by fire assay and gravimetric finish (ALS Lab Code Au-GRA21). Multielement analysis was conducted using four acid digest followed by ICP-MS finish for 61 elements (ALS Lab Code ME-MS61™).

QAQC procedures for the program include insertion of certified coarse blanks (minimum rate 2%), certified standards (CRMs minimum rate 2%), and routine duplicate sampling.

ANALYTICAL METHODOLOGY – RC DRILLING

RC drilling allows for deeper testing of anomalies delineated by aircore drilling, and other geological direct targeting methods such as surface mapping and sampling, where bedrock is exposed at surface.

RC sampling utilized a cone splitter on the rig cyclone and drill cuttings were sampled on 1m intervals. All RC chip samples were sent to ALS in Perth, Western Australia and each sample was dried, split, crushed and pulverised to 85% passing 75µm. All RC drilling samples were assayed using 30 g Au fire assay with ICP finish (ALS Lab Code, Au-ICP21) and high-grade results >10 ppm Au were assayed by fire assay and gravimetric finish (ALS Lab Code Au-GRA21). Multielement analysis was conducted using four acid digest followed by ICP-MS finish for 61 elements (ALS Lab Code ME-MS61™).

QAQC procedures for the program include insertion of certified coarse blanks (minimum rate 2%), certified standards (CRMs minimum rate 2%), and routine duplicate sampling.

There were no limitations to the verification process and all relevant data was verified by a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects by reviewing analytical procedures undertaken by ALS.

ABOUT NOVO

Novo explores and develops its prospective land package covering approximately 7,500 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. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders.

APPENDIX 1

Table 1: Significant new RC results (>2 gram x m Au) – Intercepts – 0.5 g/t Au lower cut, 4 m maximum internal waste

Table 2: Significant RC gold and base metal results – Intercepts – 0.5% Pb lower cut, 4m maximum internal waste

Table 3: Location of significant new RC results

APPENDIX 2

Table 1: Egina JV RC and AC drill hole locations 2023 program