NOVO RES CORP - NSRPF STOCK NEWS

Novo Resources Corp. has successfully closed the first tranche of its sale of 15 million shares of New Found Gold Corp. A total of 8.25 million shares were sold to Eric Sprott at C$8.35 per share, generating approximately C$68.9 million. The second tranche, comprising 6.75 million shares at C$8.45 per share, is set to close on August 5, 2022, with gross proceeds of about C$57.0 million. Novo's current cash position is around C$91 million, and the funds will enhance exploration efforts in the Pilbara and expedite a feasibility study for the Beatons Creek project.

Sumitomo Corporation has converted its notional interest in Novo's Egina project, acquiring a 1.36% equity stake in Novo. This conversion, resulting in 3,382,550 common shares issued, comes with a twelve-month hold period. Both companies are discussing new exploration opportunities in the Pilbara region of Western Australia, including base metal prospects. Novo aims to advance its basement gold targets at Egina and explore Au-Cu and Ni-Cu-Co targets at Southcourt and Andover. This collaboration marks a significant step for Novo in its expansion efforts.

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.

Novo Resources Corp. has agreed to sell 15 million shares of New Found Gold Corp. for C$125.9 million, with a 9.3% premium to the market. This transaction will leave Novo debt-free, with a projected cash balance of C$97 million. The sale will accelerate exploration efforts in Western Australia and Victoria, particularly for the Beatons Creek project. The first tranche of 8.25 million shares will settle on April 27, while the second tranche of 6.75 million shares is set for August 5, 2022.

Novo Resources Corp. (OTCQX: NSRPF) reported strong Q1 2022 results from its Beatons Creek project, with gold production increasing by 4.2% to 13,378 oz and revenue rising 6.7% to C$31.9 million. Despite challenges from COVID-19 affecting its workforce and supply chain, the company maintained a cash balance of C$22.0 million and a substantial investment portfolio valued at C$135 million. The production forecast for H1 2022 is 27,000 to 30,000 oz Au. Operational improvements include high-grade recovery from new materials, with an optimistic outlook for upcoming resource updates.

Novo Resources Corp. reports its financial results for the year ended December 31, 2021, achieving $112.2 million in revenue from the sale of 49,232 ounces of gold. The company recorded a net loss of $59.3 million in Q4 2021, with an adjusted EBITDA of $(5.2 million). Total cash costs were $1,865 per ounce, significantly impacting profitability, as evidenced by a one-time non-cash gain of $85.6 million and a non-cash impairment charge of $46.9 million.

Novo Resources Corp. (OTCQX: NSRPF) reported high-grade gold results from rock chip sampling at the historic Pilgrims Rest Gold Mine in Western Australia. Significant findings include grades of 91.16 g/t Au and 30.15 g/t Au over a 200 m strike. The exploration confirms the potential for broad mineralization zones tied to the historic main reef. Mining at Pilgrims Rest ceased in 1927 after producing over 11,347 ounces of gold. Novo plans further exploration, including mapping, sampling, and drilling, to advance its projects in the Pilbara region throughout 2022.

Novo Resources Corp. reported successful gold exploration results from the Nunyerry North prospect in the Pilbara region, with a coherent high-order gold anomaly over 640 m. Ten soil samples exceeded 1 g/t Au, with peak results of 2.3 g/t Au and 30.3 g/t Au from rock chip sampling. This development supports Novo's strategy to enhance its gold and battery metals portfolio. Immediate follow-up work includes further soil sampling and planning for drilling in 2022, while the company holds a 70% interest in the exploration license.

Novo Resources Corp. (OTCQX: NSRPF) announced an upcoming webinar to update on exploration activities in Western Australia and Victoria. Scheduled for February 2, 2022, at 1:00 PM PST / 4:00 PM EST, the event will be hosted by Focus Communications & Cory Fleck. Participants can submit questions before the event by emailing leo@novoresources.com. Novo focuses on its Beatons Creek gold project, covering about 12,500 square kilometers in the Pilbara region.