Mr. Mike Spreadborough reports

EXPLORATION STATUS UPDATE

Novo Resources Corp. has provided an update on current exploration programs and proposed 2024 drilling programs across its Western Australian and Victorian gold portfolio.

In Q4 2023, successful exploration work continued at the Egina gold camp in the Pilbara, Western Australia, with aircore (AC) and reverse circulation (RC) drilling programs completed at the Becher project and significant results received from shallow RC drilling in the maiden drill program at Nunyerry North.

At the Belltopper gold project in Victoria, diamond drilling continues on the planned six-hole program.

Egina gold camp

The Egina gold camp is Novo's highly prospective gold belt in the Pilbara and includes the priority Becher and Nunyerry projects. This belt comprises 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 Mining Ltd.'s 12.7-million-ounce-gold (JORC 2012) Hemi gold project to the north and northeast.

Novo's tenure forms a contiguous package of approximately 80 kilometres strike length directly along this trend and has been one of the main focus areas for Novo's exploration and joint venture programs over the last 18 months, culminating in the Egina earn-in/joint venture with De Grey and delineation of the Nunyerry North orogenic gold prospect.

In addition to the Egina earn-in/JV and the expanding greater Nunyerry project area, several other priority gold targets are also being progressed along the main structural corridors within the Egina gold camp. These prospects form part of Novo's regional reconnaissance program in 2024.

Egina JV (De Grey earning a 50-per-cent interest)

De Grey commenced AC drilling at Becher in October, 2023, as part of its planned 39,000-metre program of AC, RC and diamond drilling.

A total of 271 infill AC holes were drilled for 7,536 m in Q4 2023, targeting the Heckmair/Irvine and Bonatti prospects. In addition, RC drilling is continuing, with the first 29 drill holes for 4,154 m completed focusing on the Heckmair/Irvine and Lowe prospects.

Final assays are anticipated in Q1 2024.

De Grey has completed drilling for the year and will resume drilling in the new year.

Nunyerry North (Novo 70 per cent/Creasy Group 30 per cent)

Nunyerry North is a high-priority exploration target with significant prospectivity, located in the southern part of the Egina gold camp. Novo recently completed a maiden 2,424 m shallow RC program, which tested high-grade surficial gold anomalism across a strike length of approximately 500 m and immediately defined several zones of mineralized quartz veining, some of which appear blind at surface (refer to the company's Australian Securities Exchange announcement dated Nov. 15, 2023).

Gold mineralization is hosted in arrays of quartz veins with minor sulphides including pyrite, pyrrhotite and chalcopyrite. The vein arrays trend between two north-dipping shear zones and are hosted in a 60 m wide zone of mafic to high-MgO basalt within an ultramafic dominant package.

The maiden drill program only tested a small area of the overall Nunyerry North project area. Results from the RC program were highly encouraging and warrant further follow-up work. The prospective stratigraphy continues along strike toward the east and repeats west of the Aurora fault. RC drilling to test these positions is planned for H1 2024. The plunge of mineralization in the strike extent tested to date is well understood, and a deep diamond drilling program is also being proposed to test for additional repeats of mineralization at depth, as well as down-plunge continuations.

Balla Balla gold project (Novo 100 per cent)

Balla Balla is an emerging exploration project covering an area over 1,200 square km, located in the northwestern Pilbara. The project has been focused on the Sholl shear corridor and associated potentially fertile structural corridors under cover. Geophysical interpretation and research of historical data completed in 2023 have advanced understanding of prospectivity in the project area and further delineated targets for follow-up work in 2024. The project area is prospective for intrusion-related gold mineralization in addition to structurally hosted gold.

Tenement E47/4923 has been recently granted, and overall discussions with native title partners are progressing, further enabling access for exploration programs in 2024.

Belltopper gold project (Novo 100 per cent)

Diamond drilling of multiple high-grade targets at the Belltopper gold project in Victoria continues, with first two deep diamond holes completed. To date 917.7 m of a planned six-hole, approximately 2,300 m of drilling is complete, testing structural and intrusion-hosted/related gold targets, including high-tenor induced polarization geophysical anomalies.

Diamond drilling will recommence in early January, 2024, completing the remaining four planned drill holes.

About Novo Resources Corp.

Novo explores and develops its prospective land package covering approximately 7,500 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. 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 (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 other than information concerning De Grey's Pilbara gold project. Ms. De Luca is Novo's general manger, exploration.

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