Nova Royalty Corp. Provides Update On Its Investment In The Vizcachitas Project

Nova has been notified that Los Andes Copper Ltd. (TSX-V:LA) ("LAC"), the 100% owner of the Vizcachitas project ("Vizcachitas"), has filed a Pre-Feasibility Study ("PFS") for Vizcachitas on April 11, 2023, representing a significant milestone in the advancement of the project. The PFS, titled "Vizcachitas Project Pre-Feasibility Study Valparaíso Region, Chile NI 43-101 Technical Report" dated March 30, 2023 with an effective date of February 20, 2020, was prepared for LAC by Tetra Tech, and has been filed under LAC's profile at www.sedar.com.

LAC reported highlights⁽¹⁾ of the PFS in a press release dated April 11, 2023, which include:

• Proven and Probable Reserves of 1.22 billion tonnes at 0.36% copper, 136 parts per million ("ppm") molybdenum, 1.1 grams per tonne ("g/t") silver, which equates to a copper equivalent ("CuEq") grade of 0.40%⁽²⁾.
• Proven Reserves of 302 million tonnes (Mt) at 0.41% copper, 135 ppm molybdenum, 1.2 g/t silver;
• Probable Reserves of 918 Mt at 0.34% copper, 136 ppm molybdenum, 1.1 g/t silver.
• Measured and Indicated Resources of 14.8 billion pounds CuEq.
• Measured Resources of 2.605 billion pounds copper, 84 million pounds molybdenum and 11 million ounces silver;
• Indicated Resources of 10.416 billion pounds copper, 442 million pounds molybdenum, and 43 million ounces silver; and
• Inferred Resources of 15.4 billion pounds CuEq (13.747 billion pounds copper, 495 million pounds molybdenum, 55 million ounces silver).
• Initial Life of Mine ("LOM") of 26 years producing 8.763 billion pounds copper, 273.3 million pounds molybdenum and 32.7 million ounces silver, based on a new plant design with a mill throughput of 136,000 tonnes per day.
• Annual average copper production of 183,017 tonnes for the first eight years (LOM average of 152,883 tonnes of copper).

Pursuant to Nova's royalty purchase agreement with RCF VI CAD LLC (see Nova news releases February 10 and June 10, 2021 for additional information), an affiliate of Resource Capital Funds VI L.P. ("RCF VI"), the Company issued 1,361,936 shares (the "Consideration Shares") to RCF VI (reflecting a milestone payment in the amount of US$1,500,000 satisfied in common shares of Nova and priced based on a 30-day volume weighted average trading price up to and including April 14, 2023). The Consideration Shares will be subject to a 4-month hold period.

Nova Royalty Corp. is a copper-focused royalty company. Nova has assembled a portfolio of royalties on a significant proportion of the next generation of major copper projects located in 1st-tier jurisdictions, providing investors exposure to some of the most critical resource assets for the clean energy transition. These projects are being advanced by the world's premier mining companies, which include First Quantum, Lundin Mining, Hudbay, Anglo American and Glencore, among others. The Company is headquartered in Vancouver, British Columbia and is listed on the TSX Venture Exchange under the trading symbol "NOVR" and on the US OTCQB under the trading symbol "NOVRF".

On Behalf of Nova Royalty Corp.,

(signed) "Alex Tsukernik"
President and Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Except where otherwise stated, the disclosure in this press release relating to the Vizcachitas project is based on information publicly disclosed by the owners or operators of this property and information/data available in the public domain as at the date hereof and none of this information has been independently verified by Nova. Specifically, as a royalty holder, Nova has limited, if any, access to the property subject to the NSR. Although Nova does not have any knowledge that such information may not be accurate, there can be no assurance that such third party information is complete or accurate. Some information publicly reported by the operator may relate to a larger property than the area covered by the NSR. Nova's royalty interests often cover less than 100% and sometimes only a portion of the publicly reported mineral reserves, mineral resources and production of a property.

Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this press release, including any references to mineral resources or mineral reserves, was prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Canadian standards for public disclosure of scientific and technical information concerning mineral projects differ significantly from the requirements of the U.S. Securities and Exchange Commission under subpart 1300 of Regulation S-K (the "SEC Modernization Rules"). Nova is not currently subject to the SEC Modernization Rules. Accordingly, the scientific and technical information contained or referenced in this press release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC. Modernization Rules.

Technical information contained in this press release originates in the public disclosure set out above and has been reviewed and approved by Christian Rios, AIPG Certified Professional Geologist, Advisor to Nova and a Qualified Person as defined in NI 43-101.

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, exploration and expansion potential, production, recoveries and other anticipated or possible future developments on the Vizcachitas project, current and potential future estimates of mineral reserves and resources; future commercial production from the Vizcachitas project. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Nova to control or predict, that may cause Nova's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk factors set out under the heading "Risk Factors" in the Company's annual information form dated March 23, 2023 and other filings available for review on the Company's profile at www.sedar.com. Such forward-looking information represents management's best judgment based on information currently available. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

SOURCE Nova Royalty Corp.



Contact
Greg DiTomaso, Vice President, Investor Relations, Phone: (416) 433-2801, Email: greg@novaroyalty.com