Novo Reports Management Change

Rhea-AI Summary

Novo Resources Corp. has announced the resignation of Mr. Rob Humphryson as CEO and director, thanking him for his contributions since the company's establishment in 2017. Following his departure, Mr. Mike Spreadborough, currently Executive Co-Chairman, will serve as acting CEO. The Board of Directors now includes Dr. Quinton Hennigh, Mr. Michael Barrett, Mr. Ross Hamilton, and Ms. Amy Jo Stefonick. Novo focuses on its Beatons Creek Project and holds a land package of approximately 12,500 square kilometers in the Pilbara region of Western Australia, continuing to seek opportunities for value growth.

Positive

• Mike Spreadborough has been appointed as acting CEO, ensuring continuity in leadership.
• Novo's strategic focus remains on the Beatons Creek Project, which may enhance shareholder value.

Negative

• The resignation of a long-serving CEO could lead to uncertainty regarding future strategic direction.

VANCOUVER, British Columbia, April 13, 2022 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) advises that Mr. Rob Humphryson has resigned as a director and Chief Executive Officer. The Company would like to thank Mr. Humphryson for his invaluable contributions throughout his tenure at Novo.

“Rob was one of the first additions to the Novo team when we officially established our base in Perth, Western Australia in 2017,” commented Dr. Quinton Hennigh, Non-Executive Co-Chairman of Novo. “In a matter of months, Rob built a high-performing team who tackled the Company’s aggressive growth goals in the Pilbara. Rob also led the development of a strong team culture which guided the Company’s transition from exploration to production in late 2020. On behalf of the Company’s directors, employees, and stakeholders, I would like to sincerely thank Rob for five years of dedication and leadership and we wish him all the best for future endeavours.”

Mr. Mike Spreadborough, who joined the Company as a director in January 2021¹ and transitioned to the position of Executive Co-Chairman² in August 2021, will serve as the Company’s acting Chief Executive Officer. In addition to Mr. Spreadborough, the Company’s Board is currently comprised of Dr. Hennigh, Mr. Michael Barrett (independent director), Mr. Ross Hamilton (independent director), and Ms. Amy Jo Stefonick (independent director). Mr. Ronan Sabo-Walsh remains as the Company’s Chief Financial Officer and Corporate Secretary, and Mr. Leo Karabelas remains as the Company’s VP, Corporate Communications.

ABOUT NOVO

Novo operates its flagship Beatons Creek Project while exploring and developing its prospective land package covering approximately 12,500 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.

“Michael Spreadborough”

Michael Spreadborough

Executive Co-Chairman

_________________________
¹ Refer to the Company’s news release dated January 13, 2021.
² Refer to the Company’s news release dated August 5, 2021.

FAQ

What does the recent leadership change at Novo Resources mean for NSRPF investors?

The appointment of Mike Spreadborough as acting CEO may ensure stability, although it could also introduce uncertainty regarding strategic decisions.

Why did Rob Humphryson resign from Novo Resources?

Rob Humphryson resigned as part of a leadership change, marking a transition for the company.

What are the implications of Rob Humphryson's resignation for the company’s operations?

His resignation might affect the company's strategic direction, as he played a key role in its growth.

How is Novo Resources planning to maintain its growth after the CEO resignation?

Novo Resources aims to maintain its growth by focusing on the Beatons Creek Project and leveraging its geological expertise.