HIGHLIGHTS

Commenting on the Company’s Pilbara exploration activity, Mike Spreadborough, Executive Co-Chairman and Acting Chief Executive Officer, said “We have been methodical in our assessment of advanced gold and antimony targets over the first half of 2025, which has set Novo up for a busy second half of exploration.

“We have identified several compelling targets including the Sherlock Crossing prospect, where our highly experienced geological team has defined a 1.5km antimony anomaly, which we will be a priority for drilling in the short term.

Importantly, the price of gold continues to strengthen and global interest in antimony continues to grow rapidly, which places Novo in an exciting position as we execute on these programs and complete drilling over the coming months.

“Furthermore, Novo is pleased that Northern Star Resources, Novo’s new partner in the Egina Farm-in and Joint Venture arrangement (following the completion of its acquisition of De Grey Mining), has commenced reviewing key data for future exploration work. The Egina JV area covers a large and strategic land position in the prospective Mallina Basin and importantly, the Egina Gold Project tenements are highly prospective for significant intrusion related deposits and share similar attributes to the nearby Hemi deposit.”

PERTH, Western Australia, June 19, 2025 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQX: NSRPF) is pleased to provide an update on its Pilbara-wide exploration completed during H1 2025, including the Balla Balla Gold Project AC drill program. In the Pilbara the focus for the second half will be on high-grade gold and gold-antimony exploration projects.

Novo has also been actively exploring its New South Wales projects, undertaking RC drilling at the Tibooburra Gold Project (results pending) and preparation work, including mapping and geochemical sampling, at the John Bull Gold Project. Drilling is expected to commence at John Bull in early Q3 2025 (weather and access approval permitting).

Figure 1: Novo Tenure showing the Egina Gold Camp, Balla Balla Gold Project, and gold prospects.

PILBARA EXPLORATION PORTFOLIO

Balla Balla Gold Project

Balla Balla is an early-stage exploration project centred on the Sholl Shear Zone (Figure 1)¹. In April 2025, Novo completed a maiden AC program testing several prospects over a 10 km trend, targeting the Sholl Shear Zone and interpreted splay faults under shallow cover.

A total of 187 AC holes for 5,996 m were completed on regionally spaced lines varying from 640 m to 2.8 km apart (Figure 2). Hole depths range from 5 m to 79 m with cover varying between 5 m to 35 m depth (average 22 m). Samples were collected as 3 m composites for the entire hole and assayed for gold using fire-assay, and a bottom of hole (BOH) sample was taken and assayed for gold and a 52-multielement suite using fire assay and four-acid digest. Seven holes have been selected with intense sulphide mineralisation, quartz veining or strong alteration for multi-element assaying with results from two holes pending.

Figure 2: AC collar locations on interpreted regional geology and structure

Peak results from broad zones of low-level anomalism associated with the Sholl Shear includes 114 ppb Au (Figure 3). However, numerous additional anomalies have been defined by BOH and select hole multielement assay. These include:

• 1 m @ 96.8 ppm Ag and 8.1 ppm Sb from 28 m in YUA0113 (BOH sample)
• 1 m @ 182 ppm Sb and 6.72 ppm Ag from 44 m in YUA0054 (BOH sample – multielement assay results for entire hole pending)
• Anomalous Bi, Sb and Te from 57 m to 78 m in YUA0161, with peak results of 71.6 ppm Bi, 47.3 ppm Sb, and 6.23 ppm Te (multielement assay for entire hole)
• Anomalous Mo, Sb, Au, Te from 45 m to 74 m in YUA0162, with peak results of 70 ppb Au, 14.50 ppm Bi, 99.7 ppm Mo, 11.0 ppm Sb and 11.8 ppm Te (multielement assay for entire hole)
• 1 m @ 299 ppm Cu and 24.7 ppm Sb from 43 m in YUA0182 (BOH sample)
• 12 m @ 277 ppm Cu, 303 ppm Zn and 11.5 ppm Sb from 30 m in YUA0185 (multielement assay for entire hole)

Refer to Appendix 1 for collar details and peak gold results. Refer to Appendix 2 for end of hole and downhole multielement assays.

Peak Au-Ag-Bi-Sb-Cu-Mo is present at Ramquarry and south Babbage along the Sholl Shear and are related to sub-massive pyrite mineralisation, strong silica-chlorite alteration an/or zones of intense quartz veining, indicating significant hydrothermal activity. Peak silver values are related to an interpreted fold axis in regional magnetics and porphyritic mafic intrusion.

Further work, once all results are returned, will include assaying full holes for the multielement assay suite in anomalous areas, spectral imaging on selected intervals to determine alteration mineralogy and rock composition, and petrology on selected samples. After the full results are returned and interpreted along with other high-level studies, follow-up and extensional drilling will be planned if warranted.

Figure 3: AC collar locations over regional geological interpretation and airborne magnetics, showing maximum downhole gold values

Sherlock Crossing

Novo completed a soil sampling program to extend coverage of an antimony in soil anomaly and high order stream sediment anomaly, to the southwest of the Sherlock Crossing historic workings area (Figure 4). Samples were collected on a 40 m x 80 m grid.

Results define a strong and coherent antimony anomaly extending over 1.5 km in strike length, and a width of 200 m. Peak soil sample results include 85 ppb Au and 48.3 ppm Sb (Figure 4). Anomalous antimony occurs in a strongly altered and sheared ultramafic unit which sporadically outcrops over 2.3 km strike, trending under colluvial cover to the south. Rock samples from the highly sheared and altered ultramafic, returned results of up to 0.22% Sb without significant quartz veining.

Refer to Appendix 3 for all soil sample results, and Appendix 4 for all rock sample results.

All heritage and compliance approvals have been obtained to enable a maiden RC drilling program adjacent to the historical Sherlock Crossing workings to test promising gold and antimony mineralisation, where targeted rock chip sampling yielded grades of up to 4.7% Sb and 146.7 g/t Au².

Drilling is planned for H2 2025. Meanwhile, detailed mapping and sampling will continue to assist in targeting the core of the soil anomaly to the southwest.

Figure 4: Sherlock Crossing, showing extended soil anomaly > 15 ppm Sb to the SW of the proposed first pass drilling area at the Clarke Mine²

Egina Gold Camp – Egina Earn-in/JV (Northern Star earning a 50% interest)

Northern Star Resources Limited (ASX: NST) recently finalised its acquisition of De Grey Mining (ASX: DEG). The NST group has commenced reviewing previous data in planning for future exploration programs in the Becher and surrounding area.

In June 2023, Novo entered into an earn-in and joint venture agreement with De Grey for the Company’s Becher Projectand adjacent tenements within the Egina Gold Camp. De Grey exceeded the A$7 million minimum expenditure commitment under the earn-in in September 2024 and is required to spend a further A$18 million by June 30, 2027, to earn a 50% interest in the Becher Project at which time an unincorporated joint venture would be established.³

Egina is located near the 13.6 Moz Hemi Gold Project⁴. No assurance can be given that a similar (or any) commercially viable mineral deposit will be determined at Novo’s Egina Project.

Egina Gold Camp - Tabba Tabba Shear Corridor

Exploration of the Tabba Tabba Shear Corridor, part of Novo’s Egina Gold Camp, progressed in 2024, with first pass surface geochemistry and mapping now covering the central part of the Corridor. Novo has prioritised obtaining access to the Teichman prospect (Figure 5), located within the Yandeyarra Reserve⁵, where previous explorers obtained high-grade surface results from several prospects over 2.3 km strike, including 25.5 g/t Au and 32.3 g/t Au from rock samples⁶.

Approval to carry out low-impact exploration activities on parts of Novo’s tenements within the Yandeyarra Aboriginal Reserve has now been achieved. The proposed work will comprise up to ten days of mapping and targeted rock sampling. Only limited modern exploration has been undertaken in the Yandeyarra Reserve.

Figure 5: Main prospects of the Tabba Tabba Shear Corridor

Southeast Wyloo

During H2 2024, Novo completed a review of the Sb-Au potential across its Pilbara ground holding. In addition to Sherlock Crossing, Southeast Wyloo was also ranked highly for antimony potential and includes two, 2 km-strike high-order antimony (± gold) stream sediment anomalies, where reconnaissance rock chip sampling completed in mid-2023 yielded peak results of 387 g/t Ag, 2.4% Cu, 0.38%, and 0.52 g/t Au, 5.0% Pb and 1.6% Zn⁷.

Plans are in place to complete mapping and rock chip sampling during H2 2025 in preparation for drill program planning.

Authorised for release by the Board of Directors.

CONTACT

QP STATEMENT

Mrs. 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. Mrs De Luca is Novo’s General Manager Exploration.

JORC COMPLIANCE STATEMENT

New Exploration Results

The information in this news release that relates to exploration results at Novo’s Pilbara tenure is based on information compiled by Mrs De Luca, who is a full-time employee of Novo Resources Corp. Mrs De Luca is a Competent Person who is a member of the Australian Institute of Geoscientists. Mrs 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'. Mrs 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.

Previous Exploration Results

The information in this news release that relates to previously reported exploration results at Novo’s Pilbara tenure is extracted from:

each of which is available to view at www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the competent persons findings are presented have not been materially modified from the original market announcements.

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, 2024 (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.

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¹ Refer to Novo’s ASX announcement dated 20 March 2025 - Aircore drilling to commence at Balla Balla.
² Refer to Novo’s ASX announcement dated 10 December 2024 - Pilbara Exploration Update
³ Refer to Novo’s ASX announcement dated 10 October 2024 – De Grey reaches minimum spend at Novo’s Egina Gold Project
⁴ Refer to De Grey’s ASX Announcement, Hemi Gold Project mineral Resource Estimate (MRE) 2024, dated 14 November 2024
⁵ Refer to Novo’s ASX announcement dated 10 December 2024 - Pilbara Exploration Update
⁶ Refer to Novo’s ASX announcement dated 30 August 2024 – Nunyerry North High-Grade Gold Zone extended and Egina Gold Camp exploration targets advanced
⁷ Refer to Novo’s ASX announcement dated 12 September 2024 – Evaluation of Pilbara Antimony-Gold Potential Generates Positive Results

ABOUT NOVO

Novo is an Australian based gold explorer listed on the ASX and the TSX focussed on discovering standalone gold and copper 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. In addition to the above, Novo is part of two prospective farm in agreements in New South Wales.

Novo’s key project area in the Pilbara is the Egina Gold Camp, where Northern Star Resources Limited (ASX: NST) 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 Northern Star’s 12.7 Moz Hemi Project^#. Novo is also advancing gold exploration south of Becher in the Egina Gold Camp, part of the Croydon JV (Novo 70%: Creasy Group 30%). Novo continues to undertake early-stage exploration elsewhere across its Pilbara tenement portfolio.

Novo has also formed a lithium joint venture with SQM in the Pilbara which provides shareholder exposure to battery metals.

Novo has recently strengthened its high-quality, Australian based exploration portfolio by adding the TechGen John Bull Gold Project in the New England Orogen of NSW, and Manhattan Tibooburra Gold Project in the Albert Goldfields in northwestern NSW. Both projects demonstrate prospectivity for significant discovery and resource definition and align with Novo’s strategy of identifying and exploring projects with > 1 Moz Au potential. These high-grade gold projects compliment the landholding consolidation that forms the Toolunga Project in the Onslow District in Western Australia.

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.

^{#Refer to De Grey’s ASX Announcement, Hemi Gold Project mineral Resource Estimate (MRE) 2024, dated 14 November 2024. No assurance can be given that a similar (or any) commercially viable mineral deposit will be determined at Novo’s Becher Project.}

Appendix 1: Collar locations for Balla Balla AC program with peak downhole Au (ppb) listed. All coordinates are in GDA2020, zone 50.

Appendix 2: AC multi-element data for elements relevant to the mineralisation style and reported in this release. Bold values are considered anomalous for the district. Negative values are below detection.

Appendix 3: Soil sample results for Au, Sb, and As, relevant to the mineralisation style and reported in this release. Bold values are considered anomalous for the district