NOVO RES CORP - NSRPF STOCK NEWS

Novo Resources Corp has secured a strategic land position of approximately 1,520 sq km in the Onslow District of Western Australia through the Toolunga Project. The acquisition includes a binding term sheet for a 70% interest option in OD4 Rocklea's Cane River Project and direct pegging of 6 new exploration licenses.

The project area is underexplored and shows potential for precious and base metal discovery, with geochemical signatures suggesting Intrusion Related Gold, porphyry, and Iron Oxide Copper Gold deposit styles. Historical mining centers have reported significant findings, including assay results up to 3.1% Cu, 33% Pb, and 125ppm Ag at the Range No. 2 Prospect.

Located ~80 km northwest of Black Cat Syndicate's Paulsens Gold Mine, the project aligns with Novo's exploration strategy targeting >1 Moz Au potential. The company plans to conduct regional exploration campaigns upon tenure grant.

Novo Resources Corp provided an update on its exploration activities across its Pilbara, Western Australia projects. Key developments include:

- Grant of tenure at Balla Balla with planned aircore drilling in H1 2025

- High-grade samples from Sherlock Crossing mine with up to 4.7% Sb and 146.7 g/t Au

- Rock chip sampling at Miralga yielded 1.2 g/t Au and 4.4% Cu

- Discovery of a 5 km-long gold anomaly along Tabba Tabba Shear Corridor with samples up to 3.8 g/t Au

The company is well-funded following the A$11.5M sale of 38% stake in San Cristobal Mining. De Grey Mining has committed to spend A$18M by June 2027 to earn 50% in the Egina JV project.

Novo Resources Corp. (NSRPF) has completed the sale of 38% of its shareholding in privately-owned San Cristobal Mining for A$11.5 million (C$10.5 million). The sale price exceeds the current internal fair value per share on Novo's balance sheet as of September 30, 2024. Following the transaction, Novo's remaining stake in San Cristobal is estimated at A$19 million (C$17 million).

The proceeds will fund exploration programs in Western Australia and Victoria, and A$3 million will be used to repay the first portion of deferred consideration owed to IMC Holdings. Post-sale, Novo's cash balance stands at A$16.7 million (C$15.3 million) as of December 04, 2024. The transaction will result in capital gains tax of A$1.4 million payable in Q1 2025.

Novo Resources Corp has sold its remaining 20% stake in the Quartz Hill Joint Venture and its 100% interest in Gold and Silver rights to Austroid Australia Pty for A$850,000 (CAD $774,000) in cash. The transaction aligns with Novo's strategy to focus on gold exploration in the Pilbara, including the Egina JV. Despite this sale, Novo shareholders maintain exposure to battery metals through the Harding Battery Metals Joint Venture with SQM Australia, where Novo retains a 25% interest after receiving A$10 million for a 75% stake sale in December 2023.

Novo Resources reported significant Q3 2024 exploration results from drilling programs in Western Australia and Victoria. At Nunyerry North, drilling extended high-grade Main Lode to 500m strike with notable intercepts including 13m at 2.68 g/t Au. At the Egina Gold Project, partner De Grey Mining completed 34,180m of AC drilling and 9,129m of RC drilling, satisfying its A$7M minimum expenditure commitment. The Belltopper Gold Project delivered multiple new gold intercepts, including 6.0m @ 4.37 g/t Au. The company maintains a strong financial position with A$6.7M cash and A$44.6M in investments as of September 2024.

Novo Resources Corp. (ASX: NVO) (TSX: NVO) (OTCQX: NSRPF) has released its 2024 Sustainability Report, highlighting the company's progress over the past year. The report, available on Novo's website, demonstrates the company's continued commitment to sustainability as it executes its exploration strategy.

Key points from the report include:

• Novo's transition from an operator to a gold explorer
• Divestment of the Nullagine Gold Project
• Completion of multiple joint ventures
• Listing on the ASX

Executive Co-Chairman and Acting CEO Mike Spreadborough emphasized the company's focus on aligning activities with its values and commitment to sustainability. Novo plans to continue listening to stakeholders, supporting its people and communities, and minimizing risks while maximizing opportunities in the coming year.

De Grey Mining has satisfied its initial A$7 million minimum expenditure commitment on exploration at the Egina Gold Project, a joint venture with Novo Resources Corp. The project, located near De Grey's 12.7 Moz Hemi Gold Project, is considered highly prospective for significant intrusion-related gold deposits. De Grey has completed 34,180 m of AC drilling and 9,129 m of RC drilling across four main prospects, as well as a drone magnetic survey.

Anomalous gold results include 6m @ 1.2g/t Au at Heckmair, 4m @ 2.1g/t Au at Irvine, and 8m @ 4.7g/t Au at Lowe. De Grey now has the right to earn a 50% joint venture interest by spending an additional A$18 million through June 30, 2027. The combined Egina Gold Project and De Grey's tenure forms a strategically significant land position covering approximately 2,500 sq km in the Mallina Basin.

Novo Resources Corp. (OTCQX: NSRPF) has released a video update on its Belltopper Gold Project, located 120 km northwest of Melbourne. The project is near Agnico Eagle's Fosterville Gold Mine and has historical gold production exceeding 60 million ounces. Novo's recent six-hole, 2,529 m diamond drill program in Q2 2024 yielded new significant gold intercepts, including two new gold reefs with substantial strike potential. The Belltopper Announcement defined an Exploration Target of approximately 1.5Mt - 2.1Mt at 6.6 g/t Au to 8.4 g/t Au, containing 320 koz to 570 koz of gold. The company aims to grow this Exploration Target and systematically test high-priority targets, including Fosterville-style, Bendigo-style, and intrusive-igneous targets. The information is compliant with the JORC Code (2012), but further exploration is required to estimate a Mineral Resource.

Novo Resources Corp. has defined an Exploration Target for its Belltopper Gold Project in Victoria, Australia. The target, based on seven high-priority reefs, estimates 1.5-2.1 Mt at 6.6-8.4 g/t Au for 320-570 koz Au. Belltopper is located in the Bendigo Tectonic Zone, approximately 50 km SSW of the Fosterville Gold Mine.

The project shows diverse mineralization styles, including potential for Intrusion Hosted/Intrusion Related and Fosterville-style high-grade gold. Recent drilling programs have yielded significant gold intercepts across various structural targets, including the discovery of two new gold reefs with strike potential.

The Exploration Target is based on geological modeling, historical data, and recent drilling results. It focuses on narrow, discrete, continuous structures that can be traced up to 1.5 km in strike. The company aims to expand the target while systematically testing high-priority, drill-ready conceptual targets.