Pilbara Exploration Update

HIGHLIGHTS

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 -- 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 Ltd. (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 program¹ 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 samples¹.

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 Corporation¹, 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 Au³.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 Sb⁴.

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 August⁵ 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 exploration⁵.

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% Zn⁴ (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 testing⁶.

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 tenements⁷ 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 Project⁸. 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.)

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

Figures accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/96b803af-ed72-482f-9c62-7cc901f3a9c7
https://www.globenewswire.com/NewsRoom/AttachmentNg/1f4e4107-7abc-4072-b0c8-d1f358cd5ac0
https://www.globenewswire.com/NewsRoom/AttachmentNg/0c1e314b-a28a-48de-9aea-f47f1b3efdae
https://www.globenewswire.com/NewsRoom/AttachmentNg/a0de1d96-229f-4311-b60d-08299f395dcb
https://www.globenewswire.com/NewsRoom/AttachmentNg/40512dfd-98f9-4dd7-9154-20f26b4a0af3
https://www.globenewswire.com/NewsRoom/AttachmentNg/72374aa5-05f9-4fc9-ba97-e2c161238bfd
https://www.globenewswire.com/NewsRoom/AttachmentNg/78188191-d6fd-4d93-bd76-fd3de87b3683
https://www.globenewswire.com/NewsRoom/AttachmentNg/95397563-4193-4af3-8ba6-2d3ec934c82d
https://www.globenewswire.com/NewsRoom/AttachmentNg/2977fc08-3d7d-4049-8201-52a6defc6fdd
https://www.globenewswire.com/NewsRoom/AttachmentNg/fb1d3896-711d-43fc-ac7e-bbfd94cb0ad4