Mr. Mike Spreadborough reports

SUCCESSFUL RC DRILL PROGRAM COMPLETED AT NUNYERRY NORTH

Novo Resources Corp. is having continued drilling success at the Egina gold camp in the Pilbara, Western Australia, with significant results returned from final gold in photon assay in the company's maiden reverse circulation (RC) drill program at Nunyerry North. The Nunyerry North project is a 70:30 joint venture with the Creasy Group.

Highlights:

• Continued exploration success in the Egina gold camp, Novo's highly prospective gold belt in the Pilbara, Western Australia.
• Thirty holes, for 2,424 metres of shallow reverse circulation drilling, were completed at Nunyerry North in the maiden drill program.
• All gold photon assay results have now been received, including best new intercepts of:
  • 11 metres at 1.98 grams per tonne gold, including seven m at 2.92 g/t Au (NC014);
  • Four m at 4.15 g/t Au, including two m at 7.42 g/t (NC015);
  • Five m at 1.84 g/t Au (NC017);
  • Seven m at 1.38 g/t Au (NC022);
  • Eight m at 1.31 g/t Au (NC024);
  • Four m at 3.56 g/t Au (NC027), including two m at 6.06 g/t Au.
• Significant coarse nuggety gold was recognized at surface, with continuing assessment of coarse gold grade variability in drilling.
• Nunyerry North follow-up drilling is planned for the first half of 2024, including targeting down plunge and at depth for repeat structures, and on more regional stepout targets.
• De Grey Mining is rapidly progressing its drilling program and committed expenditure under the Egina joint venture arrangements. De Grey recently completed 192 infill air core drill holes (5,251 m) at Becher as part of an initial 39,000 m drill program. Results are pending.
• Reverse circulation drilling of approximately 5,000 m in greater than 35 drill holes has also commenced to test key targets defined by Novo at the Heckmair, Irvine and Lowe prospects within the Becher area.

Novo executive co-chairman and acting chief executive officer Mike Spreadborough said: "It is exciting to see a significant grade increase in the Nunyerry North results and especially close to surface. Plans are already in place for a follow-up program testing new shoots at depth and the eastern down-plunge extension, as well as a number of other targets within a two-kilometre radius.

"We are also eagerly awaiting drill results from De Grey's recently completed air core drilling program at the Becher project, which is part of our Egina farm-in and joint venture area, and are very excited to announce that reverse circulation drill testing has commenced, targeting mineralization at Heckmair, Irvine and Lowe, as a follow-up to the outstanding work the Novo team conducted in 2022 and 2023 at Becher."

Targeted RC drilling is also under way at the Becher project, where De Grey Mining has plans to test the Heckmair, Irvine and Lowe prospects before year-end. De Grey have recently completed 192 infill air core drill holes for a total of 5,251 m at Becher, as part of its planned initial 39,000 m drill program. Results are expected over the next four to five weeks.

The Egina gold camp is a contiguous tenement package, targeted on a series of structurally complex, gold-fertile corridors, hosted by rocks of the Mallina basin in the north and mafic/ultramafic sequences farther south. These corridors trend toward De Grey's 11.5-million-ounce Hemi gold project to the north and northeast. This tenure has been one of the main focus areas for Novo's exploration programs over the past 18 months, culminating in the Egina JV with De Grey, and delineation of the Nunyerry North orogenic gold prospect. Several prospects remain to be tested in the southern part of the corridor in 2024.

Nunyerry North drill program

Novo recently completed its maiden drill program of 30 holes, for 2,424 m of shallow RC drilling, at Nunyerry North, with positive results for the program. Angled drill holes averaged 81 m depth and ranged from 36 m to 120 m in depth.

These were conducted on 40 m to 60 m spaced sections in two areas over the strongest gold-in-soil anomaly, with holes approximately 20 m apart on section. All holes were drilled oriented perpendicular to the estimated mineralized trend, with the intersected widths representative of the true width of the mineralization.

Results received include best intercepts of:

• 11 m at 1.98 grams per tonne gold, including seven m at 2.92 g/t Au (NC014);
• Four m at 4.15 g/t Au, including two m at 7.42 g/t (NC015);
• Eight m at 1.31 g/t Au (NC024);
• Four m at 3.56 g/t Au (NC027), including two m at 6.06 g/t Au.

First-pass drilling has defined several zones of mineralized quartz veining. Main Lode No. 1 is essentially "blind" (only a small area of the target outcrops) and several other mineralized zones identified during reconnaissance drilling are completely blind. The primary target in the western part of the drilled area, Main Lode No. 1, has shown consistency in all sections and has a south-southeast dip of approximately 60 degrees and an interpreted shallow plunge to the east.

Mineralization is hosted in arrays of white quartz veins with minor sulphides, including chalcopyrite. The vein arrays trend between two north-dipping shear zones, the Freyda and Skadi shear zones, and are hosted in a 60 m wide zone of fine-to-medium-grained, mafic-to-high-magnesium-oxide basalt within an ultramafic-dominant package. It is important to understand that this maiden drill program only tests a small area of the overall Nunyerry North prospect.

It is recognized from surface work that the Nunyerry North prospect has significant visible gold or coarse nuggety gold, which provides challenges to obtain accurate assay results. Novo is conducting trials on the best methodology and sample size to allow accurate reporting of the gold assays.

Intercepts from the first four drill holes were sent for one-kilogram screen fire assay (total gold) to assess coarse gold variability. Most gold intercepts were enhanced using screen fire assay, with comparisons (see an attached table) including:

• Four m at 1.0 g/t Au, rereporting as four m at 1.76 g/t Au using screen fire assay;
• Seven m at 0.75 g/t Au, rereporting as eight m at 1.42 g/t Au using screen fire assay.

A further five intercepts have been sent for one kg screen fire assay.

Nunyerry North forward exploration program

Based on the highly encouraging results from the maiden RC drilling program, further work at Nunyerry North will include:

• Three-dimensional targeting and detailed geological and structural modelling;
• Additional RC and diamond drilling to test extensions to the known mineralization, and the southern and western soil anomalies, in the first half of 2024;
• Generation of high-resolution aerial photography and digital elevation model (DEM) for the entire target area;
• Intercepts from five additional drill holes sent for one kg screen fire assay to assess coarse gold variability, in preparation for future work programs;
• Detailed mapping and rock chip sampling in areas outside of the current limit of mapping;
• Petrological studies to define host rock composition, alteration and sulphide mineralogy.

Becher exploration update

Novo's highly prospective Becher project is located approximately 28 kilometres from De Grey's 9.5-million-ounce Hemi gold deposit, at the northeastern end of the Egina gold camp. Novo completed approximately 61,000 m of AC drilling at Becher in 2022 and 2023, exploring for intrusion-hosted and shear-related gold deposits, similar to De Grey's gold deposits at the Mallina project. In June, 2023, Novo entered an earn-in arrangement that may result in the formation of the Egina JV with De Grey on the Becher project and other Novo tenements. De Grey is required to spend $25-million (Australian) within four years to earn a 50-per-cent JV interest (including a requirement for a minimum spend of $7-million (Australian) in the first 18 months).

As part of the exploration commitment, De Grey recently completed 192 infill AC drill holes for a total of 5,251 m at Becher, part of its planned initial 39,000 m program of AC, RC and diamond drilling. Results are expected over the next four to five weeks.

De Grey has also commenced greater than 35 RC drill holes for approximately 5,000 m up to a planned depth of 280 m. RC drilling will test significant zones of gold geochemistry in three prospects, including Heckmair, Irvine and Lowe.

Analytic methodology

One-metre cone split samples of RC chips were split directly off the cyclone on the drill rig and were sent to Intertek Genalysis in Perth, Western Australia, with the entire sample smart crushed to minus-three millimetres (NVO02 prep code), with a 500 g split sample analyzed for gold using photon assay (PHXR/AU01).

Quality assurance/quality control for RC samples are inserted at a rate of four by 600 g standards per 100, four by 600 g blanks per 100 and four riffle split duplicates per 100, providing a total of 12 per cent QA/QC. Intertek also inserts customized Chrysos-certified standards at a rate of two per 100.

The first four drill holes were also assayed using four-acid digestion and 50 g charge fire assay (FA50/OE) as a comparative exercise, after pulverizing a cone split duplicate sample to minus-80 mesh (SP64 FA50/OE). The first four significant intercepts were also analyzed by one kg, 106-micrometre screen fire assay with ICP-OES finish (code SF 100/OE), using the Chrysos and coarse rejects.

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

About Novo Resources Corp.

Novo explores and develops its prospective land package covering approximately 9,000 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.

Qualified person statement

Karen De Luca (MAIG) 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, other than information concerning De Grey's Pilbara gold project. Ms. De Luca is Novo's general manager of exploration.

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