Novo Resources - NSRPF STOCK NEWS

Novo Resources Corp. reported key developments for Q4 2024, including three new high-prospectivity farm-in/JV deals strengthening its Australian exploration portfolio. The company secured approximately 1,520 sq km at the Toolunga Project and executed binding terms for the John Bull and Tibooburra Gold Projects.

Notable exploration results include high grades of up to 4.7% Sb and 146.7 g/t Au from rock chip sampling at Sherlock Crossing, and peak values of 1.2 g/t Au and 4.4% Cu at Miralga. De Grey Mining satisfied its A$7 million minimum expenditure commitment and committed to an additional A$18 million spend by June 2027.

The company maintains a strong financial position with A$12.1 million in cash and A$43.8 million in investments as of December 31, 2024. Novo also completed the sale of its remaining 20% Quartz Hill JV interest for A$850,000 and 38% of its San Cristobal Mining shareholding for A$11.5 million.

Novo Resources Corp. (TSX: NVO) (ASX: NVO) (OTCQB: NSRPF) has announced its transition from the OTCQX to the OTCQB market in the United States, effective immediately. The company will trade under the ticker symbol NSRPF on the OTCQB, a premium tier of OTC Markets Group offering increased visibility and higher compliance standards.

The company maintains its primary listings on the TSX and ASX under the symbol NVO. Executive Co-Chairman Michael Spreadborough stated this transition aligns better with their current growth stage and provides a more cost-effective platform. Novo Resources is an Australian-based gold explorer with approximately 5,500 square kilometres of land in Western Australia's Pilbara region and the 22 square kilometre Belltopper project in Victoria.

Key projects include the Egina Gold Camp, where De Grey Mining is farming-in to form a JV at the Becher Project through A$25 million exploration expenditure within 4 years for a 50% interest.

Novo Resources Corp. (NSRPF) has executed binding term sheets for two high-grade gold projects in New South Wales, Australia: the John Bull Gold Project (80% interest option) and Tibooburra Gold Project (70% interest option). The John Bull project features significant historical intersections, including 160m @ 1.2 g/t Au, and a 900m long gold anomaly. The Tibooburra project covers 630 sq km with over 200 historic workings and has shown impressive drill results, including intersections of 30m at 4.03 g/t Au and 8m at 40.5 g/t Au.

Both projects align with Novo's strategy of identifying projects with >1 Moz Au potential. The company plans to conduct >2,000m drilling programs at both sites in H1 2025. Following the recent sale of San Cristobal Mining investment for A$11.5 million, Novo is well-funded for its 2025 exploration initiatives.

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.