NOVO RES CORP - NSRPF STOCK NEWS

Novo Resources Corp. has released an updated Mineral Resource estimate for the Beatons Creek gold project effective June 30, 2022. The estimate indicates an Indicated Mineral Resource of 3.05 million tonnes at 2.4 g/t Au for 234,000 oz Au, and an Inferred Mineral Resource of 0.83 million tonnes at 1.6 g/t Au for 42,000 oz Au. The new estimate reflects a decrease in both open pit tonnes and ounces compared to previous estimates, primarily due to revised mineralization models. Mining operations have transitioned into care and maintenance pending further feasibility studies.

Novo Resources Corp. has reported promising gold exploration results from its drilling program in the Becher Area of the Egina District. Highlights include 20 meters at 0.67 g/t Au from aircore drilling, part of a 30,000-meter program. Over 650 holes have been completed, showing potential for significant mineralization aligned with De Grey Mining's Hemi gold deposit. Future reverse circulation drilling is scheduled for November 2022 to explore these findings further. The exploration indicates that the Egina District may develop into a standalone gold production hub.

Novo Resources Corp. has reported a strong performance for Q3 2022, with gold production of 13,137 ounces and gross revenue of C$28.0 million. This brings total production for the year to 39,125 ounces, exceeding operational guidance. The company maintains a robust cash balance of C$65.3 million, which will fund ongoing exploration and feasibility studies. No lost-time injuries were recorded, demonstrating a commitment to safety. However, the company faces challenges due to COVID-19 related cost increases and is preparing to address environmental appeal queries related to its Phase Two operations.

On September 6, 2022, Novo Resources Corp. (OTCQX: NSRPF) provided an update on its comprehensive exploration programs across its 11,000 sq km Pilbara portfolio in Western Australia. Key advancements include ongoing drilling at the Morto Lago and Milburn targets, with assays pending. A significant 30,000 m aircore drilling program is set to commence in the Becher area, potentially linked to De Grey Mining's Hemi gold discovery. High-grade results from Nunyerry North and the Malmsbury project bolster investor interest, with multiple ongoing and planned drilling programs expected to yield further positive outcomes.

Novo Resources Corp. (OTCQX: NSRPF) reported financial results for H1 2022, highlighting revenue of $61.6 million from gold sales of 25,742 ounces, averaging $2,394 per ounce. Q2 2022 revenue was $29.7 million with a net loss of $(18.8 million), resulting in a net loss of $(31.7 million) for H1 2022. The company held $74.9 million in cash and liquid assets. Production will pause due to operational adjustments, with expectations to produce 9-11koz Au by Q3 2022. Exploration remains a priority, with $11.4 million spent in H1 2022.

Novo Resources Corp. has commenced a 4,500m RC drilling program at Purdy’s North, targeting prospective gold and nickel-copper deposits. The drilling will focus on Milburn and Morto Lago, near significant discoveries by Azure and Artemis. Heritage surveys have been completed, allowing access to these sites. Advanced geophysical techniques, including IP and FLEM surveys, have refined target locations. The region is promising, with historical rock chip assays showing gold values up to 6.63 g/t, indicating potential for significant mineralization.

Novo Resources Corp. (OTCQX: NSRPF) announced that the Western Australian EPA determined that its approvals submission for the Fresh mineralization component of the Beatons Creek gold project does not require an assessment under the Environmental Protection Act. This allows Novo to initiate discussions with the Department of Mines for mining approval. The company aims to transition to Phase Two mining upon approval and final investment decision after a feasibility study. Cautionary statements highlight the risks of production and economic viability without prior feasibility studies.

Novo Resources Corp. (OTCQX: NSRPF) reported operational updates for Q2 2022, producing 12,610 ounces of gold, totaling 25,988 ounces for H1 2022, aligning with revised guidance. The company's revenue for Q2 2022 was C$29.7 million, reflecting sales of 12,378 ounces of gold. As of June 30, 2022, Novo's cash balance stood at C$74.8 million, supporting exploration efforts. The feasibility study for the Beatons Creek Fresh mineral resource is on track for completion in Q4 2022. However, the company is awaiting regulatory approval for Phase Two operations.

Novo Resources Corp. (OTCQX: NSRPF) announced that all proposed resolutions at its annual general meeting held on June 28, 2022, were passed. This included the election of all director nominees as outlined in the management information circular dated May 2, 2022. Key voting results showed strong support for the nominees, with percentages of votes in favor ranging from 82.16% to 98.23%. The company continues to focus on its flagship Beatons Creek gold project and exploring a land package of approximately 11,000 square kilometers in the Pilbara region of Western Australia.