Significant New Gold Targets in the Mosquito Creek Basin

• New basin-wide exploration strategy implemented in the Mosquito Creek Basin ("MCB") proving successful in identifying high priority targets
• New targets identified at Finucane over two parallel zones of gold and pathfinder anomalism in soil sampling, extending the prospective Middle Creek Fault further east. Each zone trends some five kilometres, with gold assays reporting up to 907 ppb

• Surface rock sampling at Sayshell reported assays up to 66.6 g/t gold and 26.5 g/t gold, and ~240 grams of gold was recovered from surface nuggets, with results defining a new mineralised corridor > 500 m in strike, north of the Blue Spec Shear
• Finucane and Sayshell follow-up exploration programs include aircore drilling planned for 2023
• A review of the Beatons Creek gold project ("Beatons Creek") Mineral Resource¹ is being progressed following completion of drilling in 2022
  

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"Our exploration team has done an excellent job identifying an exciting pipeline of targets across the Mosquito Creek Basin," commented Mr. Mike Spreadborough, the Executive Co-Chairman, Acting CEO, and a director of Novo. "When working through the exploration results and geophysical data from 2022, the team identified a compelling opportunity to implement a new basin-wide exploration strategy in the Mosquito Creek Basin focused on identification of targets with the potential to host more than 100 koz gold. Finucane and Sayshell prospects are the first two targets identified in this work for follow up exploration in 2023.

"The Company plans to execute an aggressive exploration program in 2023 as we focus our efforts on systematic exploration across our large Pilbara landholding. I am looking forward to the year as we execute a busy exploration season and seek success via discovery."

https://www.globenewswire.com/NewsRoom/AttachmentNg/8d6bc82e-80b6-4c21-aaf2-05674995e0b0
Mapping and sampling on the Sayshell structural trend

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_{¹ Refer to the Company's news releases dated November 2, 2022 and December 16, 2022.}

VANCOUVER, British Columbia, Feb. 09, 2023 -- Novo Resources Corp. ("Novo" or the "Company") (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an exploration update on the MCB (Figure 1), located in the Nullagine District of Western Australia.

Assay results and geophysical data have now been received for exploration programs completed in 2022, part of a new basin-wide exploration strategy focused on identification of targets in the MCB with the potential to host more than 100 koz gold. Finucane and Sayshell prospects are the first two targets identified in this work for follow up exploration in 2023.

Exploration in 2023 is expected to generate additional opportunities across the MCB by focussing on tenure where limited historical exploration has been conducted by targeting mineralisation under cover and by utilising new techniques for direct targeting.

Results referred to in this news release are not necessarily representative of mineralisation throughout the MCB.

https://www.globenewswire.com/NewsRoom/AttachmentNg/59aa17b2-c6ff-419f-8907-b56b1ab40c13
Figure 1: Location map showing Novo tenure in the Nullagine District

Finucane

During 2022, an infill and extensional soil sampling program was conducted over the Finucane prospect and surrounding area. Existing broad spaced soil sampling showed encouraging results, suggesting extensions to known significant mineralised trends.

Arsenic in soil results is used as a critical pathfinder for gold exploration and is seen to define clear mineralised trends in areas of sufficient soil sampling density. The Middle Creek Fault is well defined by strong gold and arsenic anomalism in soil sampling (Figure 2), up to the Finucane prospect, where sampling density is sparse. The Fault is interpreted to continue east but is poorly constrained around strong deformation related to a major north - south trending fault corridor. The soil sampling results from the Novo program defined two strong parallel coherent arsenic anomalies, now confirming the position of the eastern extension of the Fault and its gold mineralisation potential (Figure 3). Each anomaly is over 5 km in strike length and both have coinciding elevated gold grades, including a best assay of 907 ppb gold. Refer to Appendix 1 for relevant results.

https://www.globenewswire.com/NewsRoom/AttachmentNg/5f3a522d-1c3c-4ecc-adb6-c15a88b0f12f
Figure 2: Novo tenement map highlighting mineralised corridors delineated by arsenic in soils contours

This area is now ready for targeted mapping and rock sampling, with a focus on identifying drill targets to delineate additional gold mineralisation on this tenure, where Novo has retained 100% gold and silver rights².

Sayshell Trend

Novo has consolidated tenure over the Sayshell Trend, a regional structure parallel to the Middle Creek Fault and Blue Spec Shear (Figure 2). Zones of anomalous gold were recognised from disparate historical work from various operators. Novo has commenced systematic soil sampling and field mapping, with some work already completed in 2022, to better define anomalous trends along this under-explored part of the MCB.

Field mapping and rock sampling focussed on an area where initial reconnaissance recovered approximately 240 grams of gold from 300 nuggets at 58 sites from metal detecting earlier in the field season.

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_{² Refer to the Company's news release dated December 15, 2022.}

https://www.globenewswire.com/NewsRoom/AttachmentNg/f77b6f5f-c239-4fbb-a343-352546774f1e
Figure 3: Arsenic contours at Finucane, showing the continuation of the Middle Creek Fault

Rock sampling results to date include best results of 66.6 g/t gold and 26.5 g/t gold from 1,006 sample sites collected by Novo. The eastern part of the Sayshell Trend is of particular interest, with identification of a > 500 m strike zone of gold anomalism in potentially gold mineralised quartz vein arrays (Figure 4). Refer to Appendix 1 for relevant results.

New results align with historical data. Additional historical results along strike of the Sayshell Trend and in parallel shears are yet to be followed up with detailed mapping. Historical results were collected by several companies using several methodologies that cannot always be fully validated and are used as a guide for further exploration only. Metal detecting, soil sampling, and detailed mapping will continue in 2023 as a precursor to aircore and/or reverse circulation drilling.

MCB District Exploration

Novo is progressing a new exploration strategy in the MCB focused on identification of targets with the potential to host more than 100 koz gold. Finucane and Sayshell prospects are the first two targets identified in this work for follow up exploration in 2023.

A new strategy for district evaluation at Nullagine commenced in 2022, with additional geophysics to extend gold mineralisation trends and understand structural setting, targeting new mineralisation styles and mineralisation under cover.

https://www.globenewswire.com/NewsRoom/AttachmentNg/2ee1b61c-494e-4b8a-a769-42618aa2d39b
Figure 4: View along a section of the quartz-veined shears of the Sayshell Trend, including nugget locations, surface workings and trends of mineralised quartz vein sets

High resolution gravity data was collected from 5,127 station points at a staggered 150 m by 150 m grid, extending the coverage of the existing detailed gravity survey from 70 sq km to 200 sq km. This survey now covers the entire known position of the Middle Creek Fault, with extensions to the fault just delineated from the Finucane soil sampling program not yet covered.

Gravity data, in conjunction with existing datasets such as high-resolution aeromagnetics and radiometrics, and hyperspectral HyMapper^TM data is used to identify additional drill targets for testing early in the field season. This study has already started to define new previously unknown targets and extensions to new mineralised structural trends such as the Sayshell Trend.

An aircore drilling program is currently being designed to test newly defined targets and target extensions.

Beatons Creek Mineral Resource Review

The Company released an updated Mineral Resource estimate at Beatons Creek in late 2022 which included an Indicated Mineral Resource of 3.05 million tonnes at 2.4 g/t Au for 234,000 oz Au and an additional Inferred Mineral Resource of 0.83 million tonnes at 1.6 g/t Au for 42,000 oz Au³ (the "2022 MRE").

Development drilling is now completed over Beatons Creek, complimenting the 2022 MRE. The 2022 MRE is being reviewed in the context of final assay results which are anticipated in Q1 of 2023.

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_{³ Refer to the Company's news releases dated November 2, 2022 and December 16, 2022, as well as the technical report prepared pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The technical report, entitled "NI 43-101: Mineral Resource Update, Beatons Creek Gold Project, Nullagine, Western Australia" (the "Technical Report"), with an effective date of June 30, 2022 and an issue date of December 16, 2022, was prepared for Novo by Dr. Simon Dominy (FAusIMM(CP) FAIG(RPGeo) FGS(CGeol)), Ms. Janice Graham (MAIG), Mr. Jeremy Ison (FAusIMM), and Mr. Royce McAuslane (FAusIMM) (collectively, the "QPs"). The QPs are qualified persons as defined under NI 43-101. The Technical Report is available under the Company's profile on the SEDAR website at www.sedar.com (filing date: December 16, 2022) and on the Company's website at www.novoresources.com.}

QP STATEMENT

Mr. Alwin Van Roij (MAIG, AusIMM) is the qualified person, as defined under NI 43-101, responsible for, and having reviewed and approved, the technical information contained in this news release, except for technical information pertaining to the 2022 MRE³. Mr. Van Roij is Novo's Exploration Manager - East Pilbara.

ASSAY METHODOLOGY

The soil sampling program conducted by Novo at Finucane comprises 777 samples and were collected from approximately 10 cm below the surface. Material was sieved to < 400 µm, with the fines sent to Intertek Genalysis ("Intertek") in Perth for gold and 32 multi-element analysis via 25-gram Aqua Regia digest with an MS finish (Table 1).

Rock samples at Sayshell (Table 2) were collected from outcrop, with comprehensive quantitative and qualitative geological data collected. Approximately 3 - 5 kg of material is collected by hand, representatively sampling across geological features. Samples are submitted to Intertek in Perth, where samples collected in 2022 are crushed and split into two ~ 500-gram jars and assayed for gold using PhotonAssayTM. QAQC protocols included insertion of a certified blank approximately every 50, and PhotonAssayTM certified standards at approximately every 50 samples. Further to this, Intertek inserts certified blank material and standards at the rate of 2 per hundred. One of the PhotonAssayTM jars is then pulverised and analysed for an additional 48 elements using four-acid digest, with an MS finish. Samples collected in 2020 and 2021 were crushed, pulverised, and submitted for gold analysis via 50 gram fire assay.

Metal detecting is conducted with a Minelab GPZ 7000 used by an experienced operator contracted to Novo. All gold is GPS located, and relevant data collected in a nugget register.

ABOUT NOVO

Novo explores and develops its prospective land package covering approximately 10,500 square kilometres in the Pilbara region of Western Australia, including the Beatons Creek gold project, along with two joint ventures in the Bendigo region 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 stakeholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.

On Behalf of the Board of Directors,
Novo Resources Corp.
"Michael Spreadborough"
Michael Spreadborough
Executive Co-Chairman and Acting CEO

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that the Company is in a strong financial position to commence drilling and execute a busy exploration season and seek success via discovery, the suggestion that there are significant targets in the MCB, that exploration across the MCB in 2023 is expected to target new opportunities and focus on tenure where limited exploration has been conducted including under cover mineralisation by utilising new techniques for direct targeting, that the Finucane area is now ready for targeted mapping and rock sampling, and that Novo is progressing a step-change exploration approach to explore for significant targets in the MCB. 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 management's discussion and analysis for the nine-month period ended September 30, 2022, which is available under Novo's profile on SEDAR at www.sedar.com. 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.

APPENDIX 1:

Table 1: Finucane significant soil sampling results - greater than 20 ppb gold.

Table 2: Significant rock sample results from Sayshell, showing all results greater than 0.5 g/t gold.