Novo Appoints Michael Spreadborough, Highly Credentialled Executive, as Executive Co-Chairman

Rhea-AI Summary

Novo Resources Corp. has appointed Mr. Michael Spreadborough as executive co-chairman, marking a significant leadership change. He transitions from an independent director role as Dr. Quinton Hennigh becomes non-executive co-chairman but remains involved in exploration efforts. Mr. Rob Humphryson continues as CEO, steering the company from exploration to production. The executive shift aims to enhance Novo's growth in the Pilbara region and improve operational excellence as it focuses on its flagship Beatons Creek gold project and innovative sorting technologies.

Positive

• Appointment of Michael Spreadborough as executive co-chairman, expected to enhance leadership.
• Continued focus on operational excellence and exploration in the Pilbara region.
• Dr. Quinton Hennigh remains engaged, ensuring continuity in strategic initiatives.
• Rob Humphryson's ongoing leadership supports the transition from exploration to production.

Negative

• None.

Well regarded mining executive to drive next phase of Novo’s growth as premier Pilbara gold explorer and producer

VANCOUVER, British Columbia, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce that Mr. Michael Spreadborough, currently one of the Company’s independent directors (refer to the Company’s news release dated January 13, 2021), has been appointed by Novo’s board of directors to the role of executive co-chairman.

Dr. Quinton Hennigh, the Company’s long-serving chairman and president, is transitioning to non-executive co-chairman of the Company and will remain actively involved with Novo’s exploration teams as efforts continue across the Pilbara and with Novo’s Victorian joint venture partners. Dr. Hennigh will also continue to engage with Novo’s shareholders and stakeholders.

Mr. Rob Humphryson continues in his longstanding role as Chief Executive Officer and director, reporting to the executive co-chairman. Mr Humphryson has successfully transitioned Novo from a pure-play explorer to its exciting new phase as a producer and explorer, and he will continue in his role to drive progress across operations and including a heightened focus on Novo’s mechanical sorting programs.

The change to the executive team structure will drive the next phase of Novo’s growth as the premier producer and explorer in the Pilbara region, along with the full exploitation of Novo’s interests in Victoria, Australia.

Novo remains focused on sustaining long-life production using its Golden Eagle processing facility, developing mechanical sorting technology to transform the exploitation of Novo’s nuggety conglomerate deposits, and to continue its focused exploration programs on the highly prospective 14,000 km² Pilbara exploration tenements.

“Mr. Spreadborough joined the Company in January 2021 and immediately became an integral part of the team,” commented Dr. Hennigh. “Michael brings a wealth of Australian resource industry operational experience and international executive public company experience with both TSX and ASX-listed issuers to Novo. As the Company transitions to steady state operations, Michael’s operational expertise and guidance will be invaluable. The other directors and I look forward to advancing Novo’s operational efforts and future growth.”

“Dr. Hennigh has guided the Company from exploration to production in just over a decade, which is a rare feat in the industry,” commented Mr. Michael Spreadborough. “I would like to thank Quinton, the Board, and Novo’s management team for their support and I look forward to guiding the Company to operational excellence.”

About Novo

Novo is commissioning its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 14,000 square kilometres in the Pilbara region of Western 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. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.

On Behalf of the Board of Directors,

Novo Resources Corp.

“Quinton Hennigh”

Quinton Hennigh

Non-Executive Co-Chairman

FAQ

What is the significance of Michael Spreadborough's appointment as executive co-chairman for NSRPF?

Michael Spreadborough's appointment is significant as it brings operational expertise to Novo Resources, potentially driving growth and enhancing leadership during the company's transition to steady production.

How does the leadership change impact Novo Resources' future operations?

The leadership change is expected to improve operational focus and efficiency, supporting Novo's ambitions in the Pilbara region and the development of its Beatons Creek gold project.

Who remains in leadership roles at Novo Resources following the transition?

Dr. Quinton Hennigh transitions to non-executive co-chairman, while Rob Humphryson continues as CEO, ensuring continuity in leadership and strategic direction for the company.

What are Novo Resources' future projects after the leadership changes?

Novo Resources is focused on advancing its Beatons Creek gold project and further developing its exploration tenements in the Pilbara region, alongside enhancing its mechanical sorting technology.