Follow-Up Drilling to Commence at Nunyerry North and New Targets Defined Near Karratha

HIGHLIGHTS

Nunyerry North

• At Nunyerry North, a ~4,000 m RC drill program is to commence next week following significant results from the maiden drill program. The program will test multiple new targets along strike of known mineralisation and down plunge of existing intercepts.
• Significant intercepts from the maiden RC program at Nunyerry North¹ included:
  • 6 m @ 6.12 g/t Au from 37 m (NC017)
  • 11 m @ 2.52 g/t Au from 22 m, including 6 m at 4.19 g/t Au from 22 m (NC014)
  • 13 m @ 1.89 g/t Au from surface (NC004)
  • 4 m @ 5.71 g/t Au from 40 m (NC015)
  • 17 m @ 1.34 g/t Au from 37 m, including 4 m at 3.77 g/t Au from 50 m (NC022)
  • 14 m at 1.14 g/t Au from 39 m, including 4 m at 2.16 g/t Au from 41 m (NC006)
• The upcoming Nunyerry North drilling program successfully qualified for the Western Australian State Government Exploration Incentive Scheme (EIS), awarding up to A$180,000 towards direct drilling costs for the campaign. The EIS is an initiative aimed to encourage exploration in Western Australia for the long-term sustainability of the State's resources sector.

Becher (Egina JV)

• Egina Earn-in/Joint Venture partner De Grey Mining is scheduled to commence aircore and RC drilling programs in Q2 2024. Programs will include aircore drilling for target generation and RC drilling for follow-up target testing at Heckmair, Irvine and Lowe.

Karratha District

• Recent exploration in the Karratha district has advanced several drill targets, including North Whundo, Railway Bore and East Well.
• Primary target North Whundo is defined by a significant 1.2 km long Cu-Pd-Au anomaly, with highly anomalous rock chip results including peak values of 4.1 g/t Au+Pt+Pd and
  3.9 % Cu.
• At Railway Bore, rock chip results include 9.6 g/t Au, 11.9% Cu and 26 g/t Ag from malachite rich breccia in a swarm of felsic intrusion-hosted quartz veins.
• At East Well, a 450 m long copper pXRF soil anomaly > 200 ppm Cu delineates the intersection of a high-grade quartz vein trend and a Au-PGE-Cu breccia trend.
• A maiden RC drilling program is planned to test these three prospects for Au and Au-Cu (+/-Pt and Pd) mineralisation in early Q3 2024, after completing priority Nunyerry North drilling.

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¹ Refer to the Company's news release dated 27 March 2024

VANCOUVER, British Columbia, May 01, 2024 -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce that a ~4,000 m RC drill program at Nunyerry North, which is located in the southern Egina Gold Camp (EGC), will commence next week following completion of heritage clearance and earthworks. The follow-up drill program will test significant gold targets generated during the maiden drill program in 2023.

In addition, a maiden RC drill program is planned to test three significant gold and gold-copper(+-platinum-palladium) targets in the Karratha District, which were defined by a combination of mapping, surface geochemistry and historic geophysics (IP chargeability) with programs to be completed at North Whundo, Railway Bore and East Well. This ~3,500 m program is scheduled to start immediately after completion of the Nunyerry North drilling program.

Also in the Egina Gold Camp, Earn-in and JV partner De Grey Mining (De Grey) is scheduled to commence aircore (AC) and RC programs in Q2 2024. AC drilling will be completed for target generation, and RC drilling completed for follow-up target testing at Heckmair, Irvine and Lowe.

Figure 1: Novo tenure showing priority project areas in the Egina Gold Camp and Karratha District

Nunyerry North (70% Novo / 30% Creasy Group)

The Nunyerry North prospect lies in the southern EGC, located ~150 km from Port Hedland. The prospect is located along the southern extent of the Tabba Tabba Shear, a deep tapping gold-fertile structural corridor, where Novo has focussed exploration over the last eighteen months.

Novo completed a maiden RC drilling program of 30 holes for 2,424 m at Nunyerry North in Q4 2023, generating significant gold intercepts in quartz vein arrays (some of which are blind at surface) hosted in a particular basalt unit.

Significant intercepts from RC drilling at Nunyerry North¹ include:

• 6 m @ 6.12 g/t Au from 37 m (NC017)
• 11 m @ 2.52 g/t Au from 22 m, including 6 m at 4.19 g/t Au from 22 m (NC014)
• 13 m @ 1.89 g/t Au from surface (NC004)
• 4 m @ 5.71 g/t Au from 40 m (NC015)
• 17 m @ 1.34 g/t Au from 37 m, including 4 m at 3.77 g/t Au from 50 m (NC022)
• 14 m at 1.14 g/t Au from 39 m, including 4 m at 2.16 g/t Au from 41 m (NC006)

Figure 2: Nunyerry North geological interpretation, 2023 drill hole locations and drill target areas.

A program of ~4,000 m follow-up RC drilling is scheduled to commence next week at Nunyerry North, testing strike extensions of known mineralisation where high-grade surface gold in soil anomalism is present; down plunge of existing intercepts; and for repeat lodes at depth.

The upcoming Nunyerry North drilling program successfully qualified for the Exploration Incentive Scheme (EIS), awarding up to A$180,000 towards the drilling campaign.

The EIS is a Western Australian State Government initiative that aims to encourage exploration in Western Australia by co-funding 50% of direct drilling costs. The qualification process is highly competitive and only selected projects that meet eligibility criteria are accepted for participation. The EIS funding is designed to address significant knowledge gaps and critical uncertainties in an underexplored area.

The Nunyerry North program comprises deep and early diamond holes to be drilled from June 2024 to fast-track development of the prospect.

Egina Earn-in/JV (De Grey earning 50% interest)

The Egina Earn-in and JV is located in the northwest of the EGC. De Grey plan to commence exploration field programs in Q2 2024, which will include: a high-resolution aeromagnetic survey over the Becher and Heckmair area; ground gravity surveys in select areas; AC drilling planned for target generation; and RC drilling for follow-up target testing at Heckmair, Irvine and Lowe.

Field-based exploration activities will progress subject to access to the Yandeyarra Reserve, cultural heritage surveys and permitting.

Karratha District

Recent exploration in the Karratha District has advanced several drill targets, including North Whundo, Railway Bore and East Well.

A maiden RC drilling program is planned to test these three high-priority prospects for Au and Au-Cu (+-Pt and Pd) mineralisation immediately after completing the Nunyerry North drilling.

Figure 3: Karratha District showing Novo tenure and significant prospects

North Whundo (Cu-Au-PGE target)

North Whundo is an outstanding target, delineated by a significant 1.2 km long Cu-Pd-Au anomaly, with highly anomalous rock chip results including peak values of 4.1 g/t Au+Pt+Pd and 3.9 % Cu (Appendix 1).

North Whundo was defined by Westfield Minerals in the early 1970s as prospective for Cu-Ni, near the contact of a large structurally complex, layered mafic/ultramafic intrusive complex. Westfields conducted mapping, drilling, and induced polarization surveys (IP) and defined three targets², but did not analyse for Au, Pt or Pb. Results and technical information from Westfield Minerals are historical and do not meet current reporting requirements. Information was disclosed in annual exploration reports filed by Westfield Minerals on the Western Australian Department of Energy, Mines, Industry Regulation and Safety's ("DEMIRS") website in 2004 and utilised to assist exploration targeting.

Novo conducted 80 m x 40 m spaced soil sampling in 2023, returning a very high order 1.2 km long high-order Cu-Pd-Au-(Pt) soil anomaly at >550 ppm Cu and 30 ppb Pd. Peak soil values include 1,233 ppm Cu, 125 ppb Pd, 536 ppb Pt and 66 ppb Au. The linear anomaly trends northwest, parallel to the margins of the mafic/ultramafic intrusion with a secondary 1 km long anomaly of the same magnitude trending east-west (Figure 4).

Rock chip sampling by Novo also returned highly anomalous results over 1 km strike including peak values of 4.1 g/t Au+Pt+Pd and 3.9% Cu, and up to 0.74 g/t Au and 3.32 g/t Pd. Mineralisation includes disseminated and stringer forms in moderate south dipping zones, truncated by a swarm of NW trending faults. The target style is interpreted to be structurally modified magmatic Cu-Au-Pd.

Results listed for North Whundo are not necessarily representative of mineralisation across the district.

Figure 4: Karratha district prospects and Cu surface geochemistry over 1XD magnetic data.

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² Refer to Westfield Minerals N.L 1972 Annual Report Mt Roe - North Whundo M.C.'s - WAMEX Open File Data Report A3348.

Railway Bore & East Well

The Railway Bore Cu-Au target is an E-W trending complex array of malachite-bearing brecciated quartz veins and sericite-silica-sulphide altered suite of porphyritic felsic intrusions. The target strikes over 300 m and is open under regolith along strike. Peak rock chip results include 9.6 g/t Au, 11.9% Cu and 26 g/t Ag (Appendix 1).

The East Well Cu-Au-Pd target is a 60 m wide > 200 ppm Cu in soil anomaly (pXRF) trending over a strike of 450 m and with a peak pXRF soil result of 1,750 ppm Cu. Anomalous Cu-Au (+/- Pt-Pd) mineralisation is associated with an E-W shear along the contact of a mafic intrusive suite and basement felsic volcanics. Mineralisation includes malachite-bearing, brecciated and silica-altered gabbro with quartz-carbonate stockwork veining. Rock chip sampling returned peak values including 1.3 g/t Au, 214 ppb Pd, 46 ppb Pt and 0.6% Cu (Appendix 1).

Railway Bore lies immediately southwest of a swarm of narrow high-grade gold quartz veins with peak rock sample values of 133.2 g/t Au and anomalous Cu and Bi. These veins trend over ~5 km strike towards East Well, where they manifest as a single narrow high-grade vein and return values up to 73.9 g/t Au. The strong gold results and geochemical associations along this ~ 5 km trend suggests the presence of a larger, potentially intrusion related system.

The above results at Railway Bore and East Well are not necessarily representative of mineralisation across the district.

Forward Exploration Program

The ~4,000 m RC follow-up drilling at Nunyerry North is scheduled to commence next week.

Novo's maiden RC drilling program at the North Whundo, Railway Bore and East Well prospects is scheduled to start in Q2 2024 and will total ~3,500 m to test Au and Au-Cu (+/- Pt-Pd) targets defined by a combination of mapping, surface geochemistry and historic geophysics (IP chargeability and anomalies).

De Grey Mining is scheduled to commence drilling programs in Q2 2024, which includes AC drilling for target generation and RC drilling for follow-up target testing at Heckmair, Irvine and Lowe.

ANALYTIC METHODOLOGY

Rock chip samples of 1 - 3 kg were submitted to Intertek commercial Genalysis ("Intertek") in Perth, Western Australia where they were dried and crushed to -3 mm and pulverized to 75 µm or better (prep code SP64), with a > 85% pass, then assayed for Au by 50 g charge fire assay FA50/OE and for 48 elements using four acid digest - MS finish (4A/MS). Selected samples were assayed for Pt and Pd in addition to Au using 50 g charge fire assay FA50/OE. Elements that reported above the upper detection limit for 4A/MS were reanalysed using method 4AH/OE.

A minimum of 2 CRM standards relevant for the style of mineralisation and 2 blanks were submitted per 100 samples.

Soil samples were sieved to < 80 mesh and submitted to Intertek for aqua regia to analyse for 33 elements. Selected samples were assayed using 25 g charge fire assay FA25/MS for Au, Pt and Pd.

A minimum of 2 CRM standards, 2 blanks and 4 field duplicates were submitted per 100 samples.

pXRF readings of soils and rock chips 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 and checked against reference material four times per 100 samples and at the start and end of each day.

There were no limitations to the verification process and all relevant data was verified by a qualified person/competent person (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) and the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, Appendix 2) respectively) by reviewing QAQC performance of inserted reference material and the analytical procedures undertaken by Intertek.

ABOUT NOVO

Novo explores and develops its prospective land package covering approximately 7,000 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.

Authorised for release by the Board of Directors.

CONTACT

QP STATEMENT

Ms 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. Mrs De Luca is Novo's General Manger Exploration.

JORC COMPLIANCE STATEMENT

The information in this report that relates to rock chip sample results at the Karratha District (North Whundo, Railway Bore and East Well) is based on information reviewed and approved 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 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 the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

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 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.

APPENDIX

Appendix 1 - Rock sample results for the Karratha District
(All sample locations are GPS located on MGA_2020 zone 50.)

Appendix 2 - JORC Code, 2012 Edition - Table 1

Section 1: Sampling Techniques and Data

(Criteria listed in the preceding section also apply to this section.)

Section 2: Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

(No Section 3 or 4 report as no Mineral Resources or Ore Reserves are reported in this Appendix)

Photos accompanying this announcement are available at:

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https://www.globenewswire.com/NewsRoom/AttachmentNg/345c47f5-847d-48d5-8593-0d8d203faa49

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