Pilbara Exploration Update

HIGHLIGHTS Recent grant of tenure at Balla Balla coupled with completed heritage surveys and regulatory approvals, will allow Novo to complete advanced exploration activities including aircore (AC) drilling in H1 2025. Targeted follow-up rock chip sampling of the Sherlock Crossing historic antimony (Sb) mine yielded grades of up to 4.7% Sb and 146.

7 g/t Au . Rock chip sampling at Miralga , which is prospective for porphyry-related Cu-Au, yielded peak values of 1.2 g/t Au and 4.



4% Cu from intense stockwork veining and alteration. A 400 m by 200 m coherent gold soil anomaly was defined, directly correlating with the high vein density at the margin of a highly altered porphyry intrusion at Shady Camp . New and extended gold in soil anomalies delineated across the Tabba Tabba Shear Corridor , defined a 5 km-long linear soil gold anomaly greater than 20 ppb between No 6 Bore to Kilkenny targets, including elevated rock samples of up to 3.

8 g/t Au . Commenting on the Company’s exploration activity across its Pilbara assets, Mike Spreadborough, Executive Co-Chairman and Acting Chief Executive Officer, said: “Our exploration focus remains on progressing targeted reconnaissance and drilling programs across our project portfolio. The Egina Gold Camp, which is led by our flagship Becher Project, is located in a standout region for exploration and mining and this has been highlighted by the recently announced proposed A$5 billion acquisition of De Grey Mining by Northern Star.

This proposal acquisition which demonstrates the potential of the region as a new major gold production hub. “With De Grey progressing exploration efforts at Becher as part of our Egina joint venture, Novo will focus on ramping up activities across our next set of key projects in the Pilbara. We are at an advanced stage in planning for a maiden drill program at Balla Balla in the first half of 2025 and we will continue reconnaissance work programs along the Tabba Tabba Shear Corridor and at Miralga.

Weare also very excited about the emerging opportunity at the Sherlock Crossing historic antimony mine, with a focus on commencing a maiden RC drill program in 2025. “Following the sale of 38% of our investment in San Cristobal Mining for A$11.5 million, Novo is well-funded to continue its widespread exploration focus on advance key project generation opportunities which will complement our current project portfolio.

” Regional mapping area southeast of Gully Washer, Miralga Project VANCOUVER, British Columbia, Dec. 09, 2024 (GLOBE NEWSWIRE) -- Novo Resources Corp. ( Novo or the Company ) (ASX: NVO) (TSX: NVO) (OTCQX: NSRPF) is pleased to provide an update on the exploration status of projects across its approx.

5,500 sq km prospective landholding the Pilbara, Western Australia ( Figure 1 ). Figure 1: Novo Pilbara tenure showing main projects and significant prospects. EGINA GOLD CAMP The Egina Gold Camp ( EGC ) is located centrally within Novo’s Pilbara tenure and is the Company’s flagship project area.

The EGC covers some 80 km of continuous tenure across prospective stratigraphy of the Mallina Basin, with approximately 900 sq km managed by Novo and 1,050 sq km in the Egina Joint Venture managed by De Grey Mining (ASX: DEG). The EGC hosts Novo’s current high priority Pilbara targets ( Figure 2 ) primarily at Becher in the north, but also with several emerging prospects throughout the southern EGC. This belt has been the main focus for Novo’s 2024 Pilbara exploration programs with drilling completed at Nunyerry North, and mapping and surface sampling of targets along the Tabba Tabba Shear Corridor .

Egina Earn-in/JV (De Grey earning a 50% interest) In June 2023, Novo entered into an earn-in and joint venture agreement with De Grey for the Company’s Becher Project and adjacent tenements within the EGC. De Grey exceeded the A$7 million minimum expenditure commitment on the Egina JV in October 2024 and have committed to a further spend of A$18 million by June 30, 2027, to earn 50% in the project. Northern Star Resources Limited (ASX: NST) recently announced its intention to acquire De Grey for a deal valued at A$5 billion (see NST’s ASX announcement dated 2 December 2024), highlighting the region as a new major gold production hub.

Figure 2 Location of the Egina Gold Camp and Balla Balla Gold Project tenure with major structural corridors over aeromagnetic imaging. Nunyerry North Follow up RC drilling was completed at Nunyerry North in Q4 2024, testing extents of known mineralisation, and stepping out to additional targets defined by soil sampling, mapping and rock chip sampling. A series of encouraging intercepts were reported from the 34-hole, 3,942 m program 1 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) 17 m at 1.85 g/t Au from 25 m, including 7 m at 3.55 g/t Au from 25 m (NC063) Although numerous intercepts have been reported at Nunyerry North, results from the RC program have not delineated extensive nor continuous gold mineralisation at depth, and at this stage an economic resource appears unlikely.

Follow-up work is a low priority at Nunyerry North as Novo focusses further north along the EGC. Tabba Tabba Shear Corridor Exploration has progressed to the north of Nunyerry North in Q3/Q4 2024 to expand first pass surface geochemical coverage on the ~ 60 km long fertile Tabba Tabba Shear Corridor, with new targets identified from re-interpretation of geology and observations from Nunyerry North drilling. Most of the Corridor is underexplored, as access is difficult and significant parts are covered with shallow alluvium and colluvium or overlain by Fortescue Group basalt.

Only minimal parts have been drill tested by Novo (Nunyerry North) and (previous holder) Kilkenny Gold NL (Kilkenny North) 1 . Several new targets have now been tested with first pass surface geochemistry ( Figure 3 ). Soil sample grids at a nominal 40 m x 160 m spacing targeted structural intersections of faults and shears, particularly where folded stratigraphy or minor intrusions are noted.

Soil sampling returned peak results of 794 ppb Au, and from 1,308 samples collected. Opportunistic rock sampling included a best result of 3.8 g/t Au from 127 samples collected.

See Appendices 1 and 2 for all significant results. Recent exploration results are encouraging. The most significant results returned to date define a coherent linear soil gold anomaly greater than 20 ppb Au trending between No 6 bore to Kilkenny North over ~ 5 km strike, with elevated rock samples of up to 3.

8 g/t Au associated with narrow brecciated zones and stringer veins ( Figure 3 ). Additional surface sampling and follow-up on delineated anomalies is planned for 2025, to expand on geochemical coverage over the district. In addition, heritage negotiations will be prioritised to access and assess the Teichman Top prospect where previous explorers obtained high-grade surface results including 25.

5 g/t Au and 32.3 g/t Au from rock samples 1 . Figure 3 : Gold in soil geochemistry and main prospects of the Tabba Tabba Shear Corridor BALLA BALLA GOLD PROJECT Novo executed a Determination Wide Aboriginal Heritage Protection Agreement with the Kariyarra Aboriginal Corporation 1 , enabling the grant of application E47/4703 in November 2024, critical to Novo’s targeting strategy for the Balla Balla Project ( Figure 1 and Figure 2 ).

A site avoidance heritage survey has been completed with Kariyarra, and a Programme of Work has been approved by the regulator (DEMIRS), enabling first pass AC drilling to be conducted over priority shear corridors in H1 2025 ( Figure 4 ). The AC program targets potentially fertile structures and splays of the Sholl Shear Zone under shallow cover. Figure 4 Balla Balla Project geology showing the Sholl Shear Zone and complex folded stratigraphy KARRATHA DISTRICT Exploration in the Karratha District ( Figure 1 ) has advanced several drill targets, including North Whundo, Railway Bore and East Well ( Figure 5 ) 2 .

A maiden RC drilling program is planned for 2025 to test these three prospects for Au and Au-Cu (+/-Pt and Pd) mineralisation once heritage and regulatory approvals are obtained. Figure 5 Location of the Karratha District drill targets PILBARA ANTIMONY-GOLD EVALUATION Sherlock Crossing The historic Sherlock Crossing antimony mine was discovered in 1906 and operated during 1907 to 1916. According to historic records, the mine initially produced 16 tonnes of concentrate grading 53% Sb and 10.

9 g/t Au to 72.9 g/t Au and in 1916, a further 5.66 tonnes of concentrate grading 42.

2% Sb and 15.6 g/t Au 3 .Novo previously conducted surface soil and rock sampling at Sherlock Crossing ( Figure 2 ) with peak results of 1.

71 g/t Au and 592 ppm Sb 4 . During follow up exploration, Novo recently collected an additional fourteen rock samples targeting mineralised material associated with the historical antimony mine, and vein material along strike of the mine towards the south. These samples returned exceptional results including 4.

7% and 3.1% Sb, and 146.7 ppm and 35.

3 ppm Au . These samples are hand selected from mining spoils and may not be indicative of mineralisation in the district but do validate the high grades reported historically from mining activities ( Figure 6 ). See Appendix 3 for all results.

The accessible extent of historical mining is constrained to a small area, with additional workings described in historic literature now entirely covered by flood transported sands and clay. The minimal outcrop is part of a north-south trending structural corridor, entirely untested by modern exploration. Based on the new results and historic information, Novo is now progressing Programme of Work and heritage approvals for a maiden RC drill test in 2025.

Figure 6 Rock sample Sb results over mapped geology at Sherlock Crossing. Latest results are shown as larger squares. MIRALGA Surface sampling and mapping was recently conducted at the Miralga district in the East Pilbara ( Figure 7 ), following the execution of a Determination Wide Aboriginal Heritage Protection Agreement with the Nyamal Aboriginal Corporation in August 5 2024.

The project is located on the eastern flank of the North Pole Dome where porphyry style Cu-Au and epithermal Au-Ag-Cu-Pb-Zn vein and breccia-style mineralisation have been historically observed. Geophysical and remote sensing interpretation, coupled with review of existing geochemical datasets identified several targets on Novo’s tenure, some of which have seen little to no historical exploration 5 . Figure 7 East Pilbara tenement location map, showing Miralga District and key prospects.

Shady Camp At Shady Camp, an altered porphyritic intrusion of dacitic composition intrudes shallowly dipping basalt-andesite-chert stratigraphy, with both the intrusion and intruded stratigraphy strongly kaolin and chlorite altered. The intrusion hosts several phases of high-density veining, including shallow crustal level vuggy quartz veins, and stockwork style quartz veining that displays multiple hydrothermal events. It is cut by a strongly to intensely foliated and brecciated shear zone, showing intense goethite / hematite / limonite alteration, trending to the southwest.

A locally brecciated quartz vein system flanks the intrusion, and strikes > 1.4 km to the north ( Figure 8 ). A broad scale pXRF soil sampling program was completed over a nominal 40 m by 160 m grid incorporating the intrusion, shear zone, and quartz vein system, and delineated a 3.

5 km long Cu anomaly , which was resampled by -80 mesh soil sampling and analysed for gold and base metals using aqua regia for 33 elements. A total of 737 soil samples were collected on a 40 m by 80 m grid or 40 m by 40 m grid and returned a peak of 848 ppm Cu and 89 ppb Au. Selective rock sampling includes peak results of 1.

16 g/t Au and 4.4% Cu. See Appendix 4 and 5 for significant results.

Coherent gold mineralisation is associated with the mapped high vein density and the margin of the intrusion. A broad low-level gold anomaly over > 4 ppb forms an ellipse of 200 m by 400 m, with a 50 m by 200 m core of Au > 32 ppb ( Figure 8 ). Elevated gold and most of the significant Cu mineralisation is associated with the quartz vein system and the altered shear zone, which may relate to remobilisation along these structures.

Figure 8 Gold soil geochemistry over simplified geology at Shady Camp West. Gully Washer Surface pXRF sampling at Gully Washer generated a modest Cu anomaly around the high-grade vein breccia outcrop where rock samples collected by Novo in 2021 returned peak results of 14.8 g/t Au, 10,083 g/t Ag (342 oz/t Ag), 3.

8% Cu, 28.3% Pb and 3.6% Zn 4 ( these results are not necessarily representative of mineralisation in the district ).

This anomaly is flanked by two larger surface pXRF Cu anomalies to the northeast and southwest, both of which strike for approximately two kilometres. Follow up -80 mesh soil sampling and mapping will be conducted after the wet season. FORWARD PROGRAMS Pilbara At the Egina JV , De Grey have committed to a further spend of A$18 million by June 30, 2027 and are compiling and analysing results from recently completed work programs to developing follow-up programs, including targeted RC and diamond drilling.

Once additional heritage permits and clearances are in place, De Grey will be well-positioned for exploring additional target areas that have previously seen little to no modern exploration, with planned activities ranging from early-stage ground gravity surveys, surficial geochemical surveys, geological mapping through to AC drilling for target generation and sub-surface geological mapping and follow up RC and DD target testing 6 . Novo plans to conduct maiden AC drilling at Balla Balla in H1 2025. Mapping and sampling campaigns are also planned to continue along prioritised areas of the Tabba Tabba Shear Corridor in the EGC and at Miralga .

Smaller and more targeted follow up sampling and mapping is planned on the antimony targets at Sherlock Crossing and Southeast Wyloo . This work is designed to delineate maiden RC drill programs to test scale and tenor of possible mineralisation, to be drilled in conjunction with the Karratha District drill targets. Harding Dam JV In December 2023, Novo entered into a tenement sale agreement, joint venture agreement, and coordination agreement with SQM Australia Pty Ltd (SQM) 7 , a wholly owned subsidiary of Sociedad Química y Minera de Chile S.

A., in relation to five of Novo’s prospective lithium and nickel exploration tenements (Priority Tenements) in the West Pilbara. SQM paid Novo A$10 million (C$8.

84 million) for a 75% interest in the Priority Tenements with Novo retaining a 25% interest, along with 100% ownership of the gold, silver, PGE, copper, lead and zinc mineral rights. SQM have a 12-month period to elect to include additional Novo Pilbara tenements 7 in the joint venture on the same terms. A decision on these option tenements is due by mid-December 2024.

Tenement Rationalisation The Company’s exploration programs across key Pilbara areas continue to identify priority targets for exploration follow-up drilling. At the same time, these exploration programs recognise tenure that provides little further exploration value or follow-up. As a result, tenure which does not complement Novo’s exploration strategy continues to be relinquished to reduce land tenure holding costs.

The Company currently manages an estimated ~5,500 sq km of 100% owned tenure, of which 465 sq km is under Joint Venture. In addition, ~1,650 sq km of tenure forms the Egina Joint Venture (De Grey) or Harding Dam Battery Metal Joint Venture (SQM Priority 1 tenements), both managed by JV partners. Novo has reduced annual holding costs by engaging Joint Ventures, or by relinquishing or divesting tenure of limited prospectivity.

Authorised for release by the Board of Directors. CONTACT QP STATEMENT Ms. Karen (Kas) De Luca (MAIG), is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects , responsible for, and having reviewed and approved, the technical information contained in this news release.

Ms De Luca is Novo’s General Manager Exploration. JORC COMPLIANCE STATEMENT The information in this news release that relates to new exploration results at Novo’s projects in the Pilbara is based on information compiled by Ms De Luca, who is a full-time employee of Novo Resources Corp. Ms De Luca is a Competent Person who is a member of the Australian Institute of Geoscientists.

Ms 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'. Ms 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 Novo’s projects in the Pilbara is extracted from each of Novo announcements referred to in endnotes 1 – 4 below that were released to ASX, and which are available to view at www.

asx.com.au .

The Company confirms that it is not aware of any new information that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. FORWARD-LOOKING STATEMENTS Some statements in this news release may contain “forward-looking statements” within the meaning of Canadian and Australian securities law and regulations. In this news release, such statements include but are not limited to planned exploration activities and the timing of such.

These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo’s annual information form for the year ended December 31, 2023 (which is available under Novo’s profile on SEDAR+ at www.sedarplus.

ca and at www.asx.com.

au ) in the Company’s prospectus dated 2 August 2023 which is available at www.asx.com.

au . Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements.

If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements. ______________________________ 1 Refer to announcement dated 29 August 2024 – Nunyerry North High-Grade Gold Zone extended and Egina Gold Camp exploration targets advanced (released to ASX on 30 August 2024). 2 Refer to announcement dated 1 May 2024 – Follow-Up Drilling to Commence at Nunyerry North and New Targets Defined Near Karratha (released to ASX on 2 May 2024).

3 Maitland, a Gibb (1919) Antimony deposits in Western Australia, Geological Survey of Western Australia, State Government of Western Australia 4 Refer to announcement dated 11 September 2024 – Evaluation of Pilbara Antimony Gold Potential Generates Positive Results. 5 Refer to announcement dated 15 August 2024 – Exploration to Expand into the East Pilbara (released to ASX on 16 August 2024). 6 Refer to announcement dated 10 October 2024 – De Grey Reaches A$7M Minimum Spend at Egina Gold Project and Continues Investment.

7 Refer to announcement dated 18 December 2023 – Strategic Joint Venture with Global Lithium Produced SQM. 8.Refer to De Grey’s ASX announcement, Hemi Gold Project Resource Update, dated 21 November 2023.

No assurance can be given that a similar (or any) commercially viable mineral deposit will be determined at Novo’s Becher Project. 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 5,500 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.

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 Project 8 .

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 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. An Exploration Target as defined in the JORC Code (2012) is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource.

Accordingly, these figures are not Mineral Resource or Ore Reserve estimates as defined in the JORC Code (2012). The potential quantities and grades referred to above are conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. These figures are based on the interpreted continuity of mineralisation and projection into unexplored ground often around historical workings.

The Exploration Target has been prepared in accordance with the JORC Code (2012). as detailed in the Company’s ASX announcement released on 25 September 2024 (available to view at www.asx.

com.au ). The Tonnage range for the exploration target is 1.

5Mt to 2.1Mt, the Grade range is 6.6g/t Au to 8.

4g/t Au and the Ounces range from 320koz Au to 570 koz Au. The Company confirms that it is not aware of any new information that material affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the original market announcement continue to apply and have not materially changed. Dr Christopher Doyle (MAIG) and Dr Simon Dominy (FAusIMM CPGeo; FAIG RPGeo), are the qualified persons, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information relating to the exploration target.

Dr Doyle is Novo’s Exploration Manager - Victoria and Dr Dominy is a Technical Advisor to Novo. Appendix 1 Surface sample results for the Tabba Tabba Shear Corridor Project, listing all significant results for soil samples (> 20 ppb Au) (All sample locations are GPS located on MGA_2020 zone 50) Appendix 2 Surface sample results for the Tabba Tabba Shear Corridor Project, listing all significant results for rock samples (> 0.1 ppm Au) (All sample locations are GPS located on MGA_2020 zone 50) Appendix 3 Surface rock sample results for Sherlock Crossing, listing elements relevant to this mineralisation style (All sample locations are GPS located on MGA_2020 zone 50) Appendix 4 Surface sample results for the Miralga Project, listing all significant results for soil samples > 10 ppb Au or > 100 ppm Cu for elements relevant to this mineralisation style (All sample locations are GPS located on MGA_2020 zone 50) Appendix 5 Surface sample results for the Miralga Project, listing all significant results for rock samples > 20 ppb Au or > 200 ppm Cu for elements relevant to this mineralisation style (All sample locations are GPS located on MGA_2020 zone 50) Appendix 6 - JORC Code, 2012 Edition – Table 1 Section 1: Sampling Techniques and Data (Criteria listed in the preceding section also apply to this section.

) Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc).

These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report.

In cases where ‘industry standard’ work has been done this would be relatively simple (e.g., ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’).

In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g.

, submarine nodules) may warrant disclosure of detailed information. Rock chips samples were collected by grab sampling 1 – 3 kg of material which were dispatched to Intertek Genalysis, Western Australia for analysis. Sample sites were selected based to be representative on the lithology sampled, and the same sampling technique was employed at each sample site where possible.

Rock sample results are typically intended to complement geological mapping, except for Sherlock Crossing, where rock samples selected to validate historic high grades from mining activities . Soil samples of 200 g were collected from small pits 2 cm – 20 cm depth and sieved to <80#. All soils were analysed via aqua regia digest and assayed for 33 elements, including gold (AR25/MS33) pXRF readings of soils were taken at Miralga to inform <80# soil sampling using a NITON XLT5 model and were used to aid field interpretation and identification of anomalous target mineralogy and pathfinder elements.

The Niton pXRF machine was calibrated daily. Drill type (e.g.

, core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g., core diameter, triple or standard tube, depth of diamond tails, face-sampling bit, or other type, whether core is oriented and if so, by what method, etc).

No drilling was undertaken. Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. No drilling was undertaken. Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged.

No drilling was undertaken. If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

For all sample types, the nature, quality, and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled. Rock chip samples were dried, crushed and pulverised (SP64) by Intertek Genalysis to create a 50 g charge, then assayed for Au by fire assay FA50/MS and for 48 elements using four acid digest – MS finish (4A/MS). Soil samples required no prep and were analysed for 32 elements by aqua regia digest with MS finish (lab method AR25/MS).

pXRF readings of soils were taken using a NITON XLT5 model and were used to aid field interpretation and identification of anomalous target mineralogy and pathfinder elements. The Niton pXRF machine was calibrated daily. The sampling techniques and sample sizes are considered appropriate for this style of mineralisation.

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.

g., standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (if lack of bias) and precision have been established. The rock chip sample assay methodology is considered appropriate for the style of mineralisation tested.

The method includes inserting 2 CRM standards and 2 blanks per 100 samples or at least one of each per sample submission. The soil sample assay methodology has low level detection for gold and multi-elements and is considered appropriate for soil geochemistry for outcropping or near surface mineralisation. The method includes insertion of at least 2 blanks 2 CRM standards and 4 field duplicates per 100 samples.

pXRF readings of soils were taken using a NITON XLT5 model and were used to aid field interpretation and identification of anomalous target mineralogy and pathfinder elements. This is appropriate for first pass reconnaissance and anomaly definition. The machine is calibrated daily and at least four CRMs are inserted per 100 samples and at the start and end of the day.

No QAQC issues were detected. The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes.

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. Primary data was collected in the field and stored using database compatible excel templates which were then forwarded to the database manager email for upload to the Geobank (v2022.

5) database, buffered through a validation portal that ensures code and primary record compliance. Geobank is a front-end UX/UI tender software platform (developed and sold by Micromine) attached to a SQL v15.1 server.

Assay data were loaded from lab certificates received from the registered laboratory by an internal database manager or external database consultant, and industry-standard audit trails and chain-of-custody was adhered to. Verification included checking the data against original logs and utilising laboratory certificates. No adjustments of the assay data were made.

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.

All surface sample reconnaissance locations were recorded in by hand-held GPS using the GDA 2020 zone 50 co-ordinate system. Data spacing for reporting of Exploration Results. Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

Whether sample compositing has been applied. Limited rock samples are taken and are indicative of potential grade tenor. These do not necessarily represent or imply any continuity or scale potential.

Soil samples at the Tabba Tabba prospects were taken on a nominal grid of 40 m by 160 m orientated to be perpendicular to the interpreted strike of the system, with minimal infill conducted at 20 m x 80 m. pXRF and soil sample grids at Shady Camp West (Miralga) were taken at a nominal spacing of 40 m by 80 m, with infill soil sampling conducted at 40 m by 40 m. Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. pXRF soil and soil sample grids were orientated to best intersect the lithological and structural trends at right angles. For regional targets, these orientations are not known until the first pass geochemical data is corrected.

Infill sampling is completed to better cover the extent of possible mineralisation. The measures taken to ensure sample security. All samples are stored and managed on site by internal staff.

Samples are then transported by reputable companies to a registered laboratory where they are stored in a locked facility before being tracked and processed through the preparation and analysis system at the laboratory. The results of any audits or reviews of sampling techniques and data. No audits have been undertaken.

Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.

The Gully Washer and Shady Camp West prospects are part of the Miralga Project and are located on Exploration License E45/4922, approximately 25 km west of Marble Bar. The tenement is 100% held by Nullagine Gold Pty Ltd, a wholly owned subsidiary of Novo, and is in good standing There are no known Registered Heritage Sites within this tenement. A geological heritage site is located within the Dresser Formation and relates to Archean stromatolites.

A larger reserve is planned to further expand the protection of these oldest fossils. As the geological heritage site is related to the Dresser Formation where stromatolites occur, it is not expected to impact on the remainder of the tenement prospective for porphyry mineralisation. The prospects fall under the granted Nyamal Native Title determination WC1999/008 and is subject to a land access and mineral exploration agreement with the Nyamal Aboriginal Corporation.

The Tabba Tabba Shear Corridor comprises ten granted tenements and three tenement applications held by Meentheena Gold Pty Ltd, Grant’s Hill Gold Pty Ltd, or Nullagine Gold Pty Ltd, all wholly owned subsidiaries of Novo. Tenements E47/3467, E47/2973, and tenement application E47/5155 are under Joint Venture with the Creasy Group, where Creasy retains a 30% interest. The tenure falls under the granted Nyamal Native Title determination WC1999/014 and is subject to a land access and mineral exploration agreement with the Yindjibarndi Aboriginal Corporation.

An access agreement is not yet in place with the Mugarinya group to access the Yandeyarra Reserve over E47/3467, although discussions are progressing Sherlock Crossing is located on Exploration License E47/3825, held Karratha Gold Pty Ltd, a wholly owned subsidiary of Novo Resources. The prospect falls under the granted Ngarluma Native Title determination WC1999/014 and is subject to a land access and mineral exploration agreement with the Nglaruma Aboriginal Corporation. There are several Registered Heritage Sites within this tenement, however not overlapping with the immediate exploration area.

Acknowledgment and appraisal of exploration by other parties. In 1969 – 1970, Anglo American conducted a large stream sampling program comprising 1,345 samples, analysed for Cu, Ni, Pb, and Zn. AMAX conducted surface sampling and costeaning during 1980 and 1981, delineating the Fred’s Well Creek prospect.

Haoma Mining explored the district from 1998 to 2018, mostly focussing on the North Pole prospect outside of current Novo tenure, and various small barite deposits. Sipa Resources explored the current Gully Washer prospect and conducted surface rock sampling and drilled six shallow RC drill holes. Results include up to 20.

7 g/t Au from rock sampling and a best of 1 m at 6.22 ppm Au from RC chips. Numerous companies had worked in the general area in the past including CRA Exploration Pty Ltd Explored, 1981 (A10873) & 1995-1995 (A44168, A47363), Mark Creasy, 1996 (A47385), Kilkenny Gold NL, 1998 (A54099, A54394) and 2004 (A68128), Bullion Minerals-Farno McMahon Pty Ltd, 2008 (A77811, A81531) 2016 - 2018 Rockford Metals Ltd (Creasy Group).

Rockford Metals were the first company to define the Nunyerry North Prospect as a target. Upon granting, geological reconnaissance, rock chip, soil and stream sampling was completed targeting gold associated with the Mallina Formation, quartz veins within Archean mafic/ultramafic greenstone belt rocks and regional locations. In 2018, an aeromagnetic/radiometric survey was completed over the Nunyerry Project by Rockford Metals Ltd at 30 m sensor height and 50 m line spacing for a total of 21,829-line kilometres.

Aarex 1997 (A53516 – A49869) collected thirty-five samples from outcrop or from the dump surrounding the main historical excavation at the Clarke Mine. The highest sample result was 84.8 g/t gold which averaged 68.

5 g/t over four assays. Ascent Mining 2002 (A66185) - collected twenty-one rock chip samples from Sherlock Crossing, located at the site of the historical Clarkes antimony mine, returning up to 98.8 g/t Au and 0.

83% antimony Ourwest Corp 2007 (A76553) – collected eleven rock chip samples which gave peak results of 3.78 g/t Au and 1390 ppm Sb. No other known work of relevance has been undertaken by other parties.

Deposit type, geological setting, and style of mineralisation. The Miralga Project is located on the eastern flank of the North Pole Dome. The North Pole monzogranite has intruded an Archean sequence of mafic to felsic volcanics and volcaniclastics and is prospective for porphyry-style and epithermal vein-style mineralisation within the Panorama Formation.

Known porphyry mineralisation is present outside of Novo’s tenure at Miralga Creek B, where Au-Ag-Cu mineralisation is associated with a stock-like Archaean porphyry, high-level dykes and epithermal veins. The Tabba Tabba Shear Corridor is a 60 km northeast trending corridor of anastomosing shear zones. Several flexures in zones of structural complexity or around more rigid stratigraphy are being explored for mineralisation.

The Fortescue overlies parts of the Corridor. Sherlock Crossing is orogenic Au-Sb vein hosted mineralisation along a major N to NNE trending structure, hosted in basalt to ultramafic rocks of the Archaean Louden Volcanics (2.95 Ma).

Mineralisation occurs in poorly outcropping zones of sheeted to stockwork quartz veins with stibnite and gold on the eastern flood plain of the Sherlock River. A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes, including Easting and northing of the drill hole collar, Elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar, dip and azimuth of the hole, down hole length and interception depth plus hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

No drilling was undertaken. In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g.

, cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.

No drilling was undertaken. These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g., ‘down hole length, true width not known’).

No drilling was undertaken. Rock sample results are indicative in nature and, whilst representatively sampling the target lithology, do not contain any width or length information other than a qualitative description of the target. Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported.

These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Refer to the body of the release for appropriate maps and diagrams. Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

Due to the large number of samples, not all results are reported in Appendices 1, 2, 4, and 5, with a representative cut off selected for each project and sample type. For Sherlock Crossing, all rock samples are reported. When not all samples are included in the relevant appendix, the excluded samples are clearly shown and labelled in the Figures in the body of the release.

pXRF results are not listed in an appendix, and not released as absolute numbers. These results are utilised by the field geologist to determine the design of the follow up soil sample grids. Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

No additional data. The nature and scale of planned further work (e.g.

, tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. Refer to the body of the release.

No Section 3 or 4 report as no Mineral Resources or Ore Reserves are reported in this Appendix Figures accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/96b803af-ed72-482f-9c62-7cc901f3a9c7 https://www.

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com/NewsRoom/AttachmentNg/72374aa5-05f9-4fc9-ba97-e2c161238bfd https://www.globenewswire.com/NewsRoom/AttachmentNg/78188191-d6fd-4d93-bd76-fd3de87b3683 https://www.

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